South/South-East Angel Network Makes First Investments in 2 Nigerian Startups
The South/South-East Angel Network (SSEAN) has finally made its first investments in 2 Nigerian Startups 10 months after it launched. The two recipients of the network’s funding, Agritech startup, Alphotazi Farms and Energytech startup Greenage both received N1.8 million ($5,000) and N7.2 million ($20,000) respectively.
An integral part of the African Business Angel Network, the SSEAN was launched in a bid to boost investment and mentoring opportunities for startups in the South-South and South-East zones of Nigeria. And nearly a year after it was launched, it now has startups in its portfolio.
“I believe the teams are solving global problems with local resources and will scale with the right support, mentoring and a more inclusive ecosystem.”Charles Emembolu, SSEAN Member
GreenAge technology is an inverter and solar panel original equipment manufacturer based in Enugu. Started by 5 undergraduates of the University of Nigeria, Nsukka (UNN), the startup produces and distributes solar-powered inverters. And in a short amount of time, the startup has been able to hold its place as a leading local manufacturer of critical components for off-grid power solutions.
In the last one year, the startup has had its inverters installed in about 108 projects across 16 States in Nigeria. And now with the latest investment from SSEAN, the startup would be able to automate its production process.
This latest funding also sees GreenAge Technologies become the most funded tech startup in South-Eastern Nigeria. This is after previously winning N5.4 million ($15,000) at Genesys Ignite in November 2018 and raising an undisclosed amount from a private investor which brings the total venture funding raised to about N21 million ($60,000).
SSEAN’s other portfolio startup, Alphotazi is an agritech startup currently testing out their locally fabricated modular cassava processor. Operating from Benue but based in Enugu, the startup is looking to build these processing plants across Nigeria and help farmers sell both online and offline via its e-commerce arm: Garri.ng.
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