Lagos Angel Network (LAN) has revealed that three ventures have been picked at its second StartUp DealDay held on the 30th of June in Lagos for investment.
The ventures will receive funding from four syndicates that participated in the DealDay subject to successful financial and legal due diligence. The ventures are active in a diverse range of industries: fintech, transport-tech and manufacturing.
LAN says it received 177 applications for this second edition of DealDay. These were whittled down to an initial shortlist of 10 and after a pre-pitch session, a shortlist of five ventures were invited to the final pitch round. Pitches were made in front of a closed panel of LAN members, DealDay judges and syndicate members.
In the first Dealday in March, two ventures, BigCabal Media and Café Neo, were the recipients of N50million raised.
Collins Onuegbu from LAN explains: “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. 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”.
It is expected that the names of three lucky ventures would be announced soon.
The next Startup DealDay will be on September 29th, 2016.
