The Lagos Angel Network (LAN) has announced plan to raise NGN100 million for startups in Lagos; the network has also announced plans to hold its first investment event for 2016 tagged the Lagos StartUp DealDay.
The network said Lagos Startup DealDay is a quarterly event and the first edition will hold on Thursday, March 31st. It will bring together LAN members, other angel investors and Lagos startup ecosystem players together at a pitch event where the very best ventures and startups (across sectors) will receive funding.
Using Lagos StartUp DealDays as a focal point, LAN aims to energise investments in Lagos startups by raising N100 million from its members and the investment community at large. Partners include VC4Africa, the Africa Business Angel Network (ABAN), hubs, incubators and accelerators.
In preparation for March 31st, LAN has invited the formation of syndicate groups that will lead investments in the shortlisted startups. Confirmed syndicates include TechnoVision (led by Tomi Davies) and Sasware (led by Collins Onuegbu), with more expected to join.
Each syndicate will commit to investing a minimum of N5 million on the day. Syndicate membership is not limited to members of LAN, but open to self-accredited investors with an interest in early stage investing.
VC4Africa’s platform will curate startups and ventures for Lagos StartUp DealDay and pitch materials will be available on the platform for investors and syndicates to review and shortlist in the run up to the event.
Shortlisted startups will be announced on March 21st, and those entrepreneurs will be invited to make formal pitches at the Lagos StartUp DealDay on March 31st to a closed group of angels. Selection criteria include a N5-25 million capital requirement and early customer/revenue businesses. Prototype or concept stage ventures will not be considered.
Interested startups and investors are invited to visit the Lagos StartUp DealDay page on the VC4Africa platform (www.VC4Africa.biz) for additional information.
