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12 investors to provide seed funds for tech start-ups

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By Emeka Aginam

No fewer than twelve individual investors under the umbrella of the Lagos Angels Network , (LAN) are to provide seed funds for start-up entrepreneurs in the technology industry.

The individual investors boosted by LAN will include some captains of the IT industry, Angel Champion Tomi Davies, MD/CEO, TechnoVision Communications, Dotun Sulaiman, MD, Dortune Venture Capital Limited, Chinedu Okpareke, CFO, OandO Supply & Distribution, Andrew Nwani, MD, Dataflex, Fatumata Soukouna, MD/CEO SSL Consulting, Funke Opeke, CEO, Main One Cable, Demola Aladekomo, MD, Chams plc, Samuel Nwanze, CEO, HH Capital, Wole Lawani, Partner, Hyve Ltd, and Damola Adegbite, Contracts Manager, Chevron Corp.

Others include, Femi Adewunmi, Head, Procurement & Contracts, Notore Chemical Industries Ltd and Adekalu Balogun, MD, Kyautae Integrated Ventures Limited.

Each of these Angles, it was gathered has committed to supporting Lagos start-ups to grow their businesses by providing cash funding and mentoring time to the entrepreneural teams leading the Nigerian technology start-ups.

Although there is limit to their investment, the 14 members of LAN and the 6 others on the awaiting list are expected to commit at least one million naira each year for five years to the investment pool.

The project, like the Lagos Innovation Hotspots Map, Silicon Lagoon, i-HQ and others is backed by Innovate Lagos, the Lagos Innovation Advisory Council which was launched by Governor Babatunde Raji Fashola, in September 2011.

It would be recalled that over100 start-ups had applied to compete for the LAN seed funding with 16 being shortlisted and only seven finally being selected to pitch their start-ups to the Angels at an event held at the DBI Lagos campus last week.

Tomi Davies of TechnoVision who spoke at the inaugural pitch event said:

“We are don’t just invest cash. We are also investing our time to ensure that they succeed. We are going to guide the teams and make our networks available to them to enable them grow in the knowledge economy. The aim is to grow tech entrepreneurship in the country”, he explained.

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