Move over everyone, a new early stage startup accelerator is in town. The 1.5 million dollar fund and startup workspace dubbed LeadPath Nigeria, is focused on startups doing business in software applications, mobile applications, electronic payments and big data and is run by Lagos-based serial entrepreneur Olumide Soyombo with Kazeem Tewogbade, and Tope Ajao on his team.
According to Olumide Soyombo, the accelerator’s typical investments range between $25,000 to $100,000 in the first instance, as well as follow-on investments from LeadPath and other venture funds. LeadPath will also offer office space, mentorship and other services such as (legal, accounting ,tax etc) to their investees, helping them achieve scale and success in a promising but challenging market.
With its global network of venture capital interests, Leadpath Nigeria is able to secure millions of dollars in follow-on investment for members of the accelerator programme that show the capacity to take their execution to the next level. On the accelerator’s advisory board seasoned are Mike Silvey, Richard Lewis and Amit Saxena, all of whom have decades of experience building, scaling and investing in technology companies in Silicon Valley and beyond.
The accelerator is situated in the heart of Yaba, where Nigeria’s technology startup revolution is currently gaining steam. Leadpath Nigeria’s choice of location is predicated mainly on the growing concentration of technology startups and entrepreneurs, attracted by the likes of the Co-Creation Hub and iDEA.
In the weeks to come, Leadpath will be making a public call for technology startups that want to be part of its first accelerator cohort. Other startups that are already in the Leadpath portfolio include Bluechip Technologies, Simer, Afriqbuy and Enreach.