Lagos StartUp DealDay has come and gone but it surpassed the organizers’ expectations. They raised N50m, twice the initial target of N25m.
The plan of the Lagos Angel Network (LAN) is to raise a quarter of the annual N100m target in quarterly deal events.
According to Collins Onuegbu, founder of Signal Alliance in a post on LinkedIn, “LAN had qualified three syndicates led by members to raise money within their syndicates to put in the best companies that applied. With support from VC4Africa, the 238 companies that applied for the DealDay were pruned initially to 57, then to 10 and finally to 5. It was the last five that pitched to investors on the 31st.”
Out of the five companies that pitched, LAN agreed to invest in three they felt were most ready to receive investment. They said the other two will most likely get investment in future DealDay events as they provide them support to become investment ready. Though the names of the companies were not mentioned, it was stated that the three companies were from Retail, Education and media industries.
The next event is on the 30th of June 2016.
