Lagos Angel Network to Raise N100 million in 2016 for Lagos StartUps

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The Lagos Angel Network (LAN) aims to raise N100 million in 2016 for Lagos startups and has invited participation in its first investment event for 2016 at the inaugural ‘Lagos StartUp DealDay’, a quarterly event set for March 31st.

Using Lagos StartUp DealDays as a focal point, LAN expects to energise investments in Lagos startups by raising N100 million from its members and the investment community at large and from some of its partners.

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.

Lagos Startup DealDay FlyerEach 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.

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.