Three syndicates of angel investors are to invest NGN50 million in 3 early stage startups that pitched at the Lagos Startup DealDays, an event which took place on March 31, 2016.
Following the call for applications, nearly 250 startups applied for the program. This number was brought down to an initial shortlist of ten startups by the participating investors.
After further due diligence, five startups were shortlisted for the final pitch. These startups pitched in front of a closed panel of LAN members, Deal Day judges and syndicate participants.
After the pitches, three startups were selected for NGN50 million investments. The full details of the investments will be announced in due course.
The event was organized in partnership with VC4Africa, TechCabal, the Africa Business Angel Network (ABAN), Lagos based hubs, incubators and accelerators.
Lagos StartUp DealDays is a quarterly pitch event where the very best startup ventures (across sectors) are guaranteed funding.
It is the brainchild of The Lagos Angel Network (LAN), a premier angel network in Nigeria and one of the most active in Africa.
Through Lagos StartUp DealDays, LAN is looking to raise NGN100 million from its members and the early stage investment community at large for Lagos startups during 2016.
The next Lagos StartUp DealDays will hold on June 30, 2016. Applications will open soon via VC4Africa.
The 2014-founded Lagos Angel Network is helping to create a network of business angels that put startup funding and mentoring into early-stage ventures in Lagos, Nigeria.
Since its creation, LAN members have invested in over a dozen Lagos startups.