Café Neo & Big Cabal Media have raised N50 million (USD $251,156) from the first Lagos StartUp DealDay, organized in March by the Lagos Angel Network (LAN) beating nearly 250 applications that applied to the fund.
Cafe Neo and Big Cabal Media were the best two out of an initial shortlist of ten, and then to a final shortlist of five ventures that were invited to the final pitch round. Café Neo is a coffee chain with 11 outlets in Lagos with plans to expand across Africa while Big Cabal Media are the publishers of TechCabal, Zikoko and Radar.
According to the organizers, Lagos StartUp DealDay 2 will bring together LAN members, angel investors and the entire Lagos startup ecosystem to select a handful of startups to pitch to investors and stand opportunity to raise equity funding. Shortlisted startups will be announced on June 20th for a pitching session on June 30th. The organizers say eligible ventures must have a N5-25 million capital requirement and be in the early customer/revenue stage.