$160k funding on offer at Lagos DealDay

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The Lagos Angel Network (LAN) has opened applications for its first DealDay of the year, with the amount of seed funding on offer per startup increased to between NGN25 million (US$79,500) and NGN50 million (US$159,000).

The DealDay event for the first quarter of 2017 will take place on March 24, with sleected startups to pitch before a closed audience of LAN members, angel investors and Lagos startup ecosystem players.

The top startups will receive funding through five investment syndicates; with funding of up to NGN50 million (US$159,000) on offer to each startup.

LAN said higher levels of funding are on offer at this year’s events, due to increased fundraising within the syndicates making investments at the DealDays.

Following the pitch event and any offers made, a due diligence process will be completed with a view to funds being disbursed by the end of April.

To be eligible to apply, startups must be incorporated in Nigeria, be between two and five years old, and have a track record of financial performance and paying customers for their products and services.

Applications are available here, until February 24.

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Inspired and excited by the African tech entrepreneurial scene, Gabriella spends her time travelling around the continent to report on the most innovative tech startups, the most active investors, and the latest trends emerging in the ecosystem.

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