Lagos Angel Network (LAN) has announced that it is committed to investing not less that ₦100 million in Lagos-based startups in 2016, Techpoint reports. For startups based in Lagos, this is a tremendous opportunity with Lagos Angel Network that can not be left to chances.
“Investing as a group makes an investment easier and less risky than if one investor had to take on all of the cost and exposure from a single deal.” This is the ideal adopted by the Lagos Angel Network (LAN) syndicate in crowdfunding ventures and startups they deem worthy of such fund.
Earlier this year, LAN announced that they were going to raise ₦100 million for Lagos-based startups in 2016. Using Deal Days as a focal point, LAN expect to energize investments in Lagos startups by raising the aforementioned amount from its members, the investment community at large (angel investors and Lagos startup ecosystem players) and, through a pitch competition, funding startups and ventures with the best idea.
Investors who want to access the startup pool on “Deal Day” are invited to form or join syndicates. Each syndicate is, in turn, required to invest a minimum of ₦5 million on the day — startups will be able to request between ₦5 – ₦25 million.
“Easier said than done”, one might say. But having successfully deployed the model in what was the first series of a quarterly event, held on March 31st, LAN claims to have raised the sum of ₦50 million which was invested both in Big Cabal Media and Café Neo.
Lagos Startup Deal Day 2, held on the 30th of June, was the second in a series of Deal Days that the network made a feature in its annual calendar. LAN syndicates have picked 3 out of 5 ventures that made it to the final pitches. A total of 177 applications were received, which later got trimmed down to an initial shortlist of 10.
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After a pre-pitch session, a second shortlist of five ventures was formed, members of which were invited to the final pitch round. Pitches were made in front of a closed panel of LAN members, Deal Day judges and syndicate members.
Following the final pitches, four LAN syndicates committed to invest in 3 of the 5 ventures. The ventures are active in a diverse range of industries including FinTech, transport-tech and manufacturing. The ventures will receive funding subject to successful financial and legal due diligence. Up until now the names of the ventures is yet to be released, but we’d keep you updated as further findings bubble up.
The next Lagos Startup Deal Day will hold on September 29th, 2016.