Endeavor has partnered with Omidyar Network,to launch in Nigeria in a move to support entrepreneurs and companies that have passed through the initial start-up phase and who demonstrate the potential for rapid expansion and scale.
With a population of 20 million people, Africa’s largest city Lagos is one of the leading centers of high-growth entrepreneurship across the continent. The size of the potential market in Nigeria is also notable for the success of companies in traditional sectors such as consumer, personal care, insurance and other financial services.
“We’re thrilled to launch Endeavor in Nigeria with strong support from Omidyar Network, continuing our expansion in Sub-Saharan Africa,” said Endeavor Co-founder and CEO Linda Rottenberg. “With the entrepreneurship ecosystem in Lagos growing rapidly, Endeavor Nigeria is well-positioned to make a big impact by providing vital support for the most promising entrepreneurs and emerging companies as they grow and look to scale.”
Endeavor Nigeria will be led by Eloho Omame, a former investment banker and private equity investor. Endeavor Nigeria will work identify and support high-impact entrepreneurs and businesses from multiple sectors to help them scale significantly and reinvest back into the country.
“Endeavor’s trademark support will be of tremendous help to Nigerian entrepreneurs at a crucial point in their journeys; when they are poised to scale their businesses,” said Omidyar Network Managing Partner Matt Bannick. “We at Omidyar Network congratulate the Endeavor team on their continued expansion into Sub-Saharan Africa, and look forward to seeing Endeavor Nigeria’s contribution to a growing ecosystem of entrepreneurship.”
Founded in 1997 by Linda Rottenberg and Peter Kellner, Endeavor has helped over 1,600 of these entrepreneurs build more than 1000 companies across 30 markets, which generated combined revenues of $10 billion in 2017.