The Lagos Angel Network (LAN) has opened applications for its last quarterly DealDay for 2016, having invested NGN50 million (US$160,000) in two ventures since the series began.
The third DealDay of the year to be hosted by LAN taked place on November 16, bringing together angel investors and other members of the Lagos startup ecosystem.
Shortlisted startups will be privately notified before the end of October, when they will also be presented with term sheets for negotiation.
Eligible ventures must be no more than two years old, have revenue-generating customers, and have a capital requirement of between NGN5 million (US$16,000) and NGN25 million (US$79,000).
LAN has invited its members to form syndicate groups that will invest through the DealDay. While syndicate leadership and registration is restricted to LAN members only, membership in syndicates is not limited to members of LAN, but also to ABAN-accredited investors.