It would provide US$30,000 – US$75,000 investments in startups in the country and hope to build sustainable businesses.
Njoku said: “In Africa, we’re witnessing an exciting metamorphosis, from a tech ‘scene’ to a tech ‘revolution’, where Lagos is very much the gateway for the entire continent. The creativity, talent, the spirit of entrepreneurship is here but Nigeria’s business eco system isn’t set up to adequately support start-ups in their earliest days. Our intention with SPARK is to act as the catalyst to a period of aggressive and exciting growth in Africa’s internet sector.”
The company will focus on well-defined and scalable revenue models and has, to-date, seed funded or created 13 startups, including a travel lodging site, a Christian dating site and a propertyletting site.
Companies in the SPARK network currently employ 80 people and SPARK also plans to expand to create or fund 7 more companies by the end of this year.
