Nigerian early-stage investment firm, Ventures Platform, has announced a new partnership with the US-Nigeria Council to set up the Corporate Leaders Funds. According to some reports, the Corporate Leaders Funds is a $10 million investment pool for start-ups developing with technical competency and innovative solutions.
USNC is excited to be partnering with @vplatformhub to bring this to life! https://t.co/j2Mxwk78pO
— Eliot Pence (@EliotPence) July 13, 2018
“We’re pleased to partner with such an important organization as the US-Nigeria council to make this journey possible,” said Kola Aina, founding Partner of Ventures Platform.
This news follows the recent trip of the Nigerian Vice President, Prof. Yemi Osinbajo to California. Last week, Prof. Osinbajo toured both Silicon Valley and Hollywood, participating in investment meetings and visiting tech firms like Google. Now it appears the partnership between Ventures Platform and the US-Nigeria Council is the first recorded benefit from this trip.
Big Corporations Get Chance to Invest in Nigerian Innovators
Interestingly, the fund allows participation from top Nigerian corporations giving them a chance to invest in the domestic start-up ecosystem. This is significant because top Nigerian corporations have rarely delved into start-up investing.
We are thrilled to be an investor in Piggybank [@PiggyBankNG] and go on this journey with them as they help Nigerian millennials save. https://t.co/GNPfkirLYb
— Ventures Platform Fund (@vp_fund) May 31, 2018
“We’re really excited about the opportunity to get Nigerian corporations and corporate leaders involved in the supporting the inevitable future, and we’re pleased to partner with such an important organization as the US-Nigeria Council to make this journey possible,” said Kola Aina.
Investing companies will be strategically aligned, with objectives of the fund’s corporate backers who are primarily members of the US-Nigeria Council.
Also, the Corporate Leaders Fund will target post-MVP stage companies and provide them with funds up to $250,000 initially. And it also promises potential funds later on too.
Now, the post-MVP stage is an important stage for start-up innovation. This is the post-production phase where innovations are finally brought to the market. But failure to generate enough traction will most likely have a negative impact on the start-up.
The Corporate Leaders Fund aims to support start-ups scale beyond this stage. The fund will provide them with “access to market and distribution growth support and partnerships, talent development, technology and expertise from fund backers and partners.”
About Ventures Platform
Ventures Platform is a Nigerian accelerator and investment company based in Abuja. The company which runs a 4-month incubation programme in Nigeria’s capital originally provided accepted start-ups with funding of up to $20,000.
Launched in 2016, the VC has gone on to finance innovations from enterprising start-ups. Some of these include PayStack, WeSabi, Accounteer, Kangpe, Printivo, PiggyBank, among others.
However, to bolster its investment portfolio, the VC firm expanded its operations into Lagos in December 2017. It also increased its investments from $20,000 to $40,000.
To apply for funding from the Corporate Leaders Fund or any other Ventures Platform funding, you can click here.
Technext Newsletter
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!