The second Lagos Startup DealDay, a quarterly pitch event where the very best startup ventures (across sectors) are guaranteed funding, took place on June 30 and three startups have been pencilled down to receive funds from the participating investors.
Following calls for applications, 177 startups showed interest in the event. This number was reduced to 10 and later to 5 after a pre-pitch session.
The final five then pitched in front of a closed panel of DealDay judges, and Lagos Angel Network (LAN) and syndicate members for a chance to emerge winners.
Three startups, which are active in a diverse range of industries: fintech, transport-tech and manufacturing, came out tops. They will receive funding from four participating syndicates after successful financial and legal due diligence.
“We are happy about the growing level of participation at our DealDay. We have seen this in the quality of startups that came through the system. And diversity both in ownership and the sectors of the economy the ventures are into. We are also impressed with the growth of investors through the syndicates,” Collins Onuegbu from LAN explains.
He added, “Not only are we having more syndicates coming into the program, we are also seeing more investors piling into existing syndicates. LAN is institutionalizing the DealDay to provide Business Angel investors a vehicle to participate in the growing startup ecosystem.”
The DealDay is the brainchild of the Lagos Angel Network (LAN), a premier angel network in Nigeria and one of the most active in Africa.
Through the event, it hopes to raise NGN100 million from its members and the early stage investment community at large for investment in Lagos startups this year.
The first DealDay took place on March 30, 2016. It was highly successful as the participating syndicates raised NGN50 million and invested in two ventures, BigCabal Media and Café Neo.
The next DealDay will hold on September 29, 2016. Applications will open soon so you might want to check back here or here for announcement to that effect.
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.