VGG launches funding arm, to invest US$10 million in African startups in two years

Venture Garden Group (VGG), a holding company for a group of FinTech entities that provide innovative, data-driven, end-to-end technology platforms, has officially launched its funding arm at an event in Lagos.

Known as GreenHouse Capital, its mission is to promote and support tech entrepreneurs in Africa, especially those lacking encouragement and funding but have great startups.

GreenHouse Capital will invest in entrepreneurs with not just home grown startups but those with potential to scale globally.

The funding arm aims to invest US$10 million in two tranches of US$5 million in such startups in the next two years. Already, US$3 million of the first tranche has been invested in 13 tech startups.

The startups – AppZone, PrepClass, Rensource, Electronic Settlement Limited (ESL), MaxNG, Riby, TalentBase, PlaySpread, Devcenter, SureBids, TutorNG and Flutterwave – were showcased at the launch.

SureBids, which is currently 500 Strong, Flutterwave, the startup Iyin launched after leaving Andela, and MaxNG, which was part of TechStars Fall 2015 NYC Class, have all received funding from foreign investors.

The launch of the funding arm and the showcase of the aforementioned startups took place on August 11, 2016 at the Oriental Hotel, Lekki, Lagos.

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