Quite a low-key week on the Nigerian tech sector as no visible product launch made major headlines, a drastic fall from the previous week.
While, on the surface, it seemed difficult to link a factor for being responsible for the circumstance, the just concluded Muslim festivity, however, could be responsible.
Howbeit, two major news on VC launch and AfriLab‘s membership featured Nigeria.
During the week, Nigerian early-stage angel investor, Olumide Soyombo, launched Voltron Capital.
The new initiative is a pan-African VC firm that will make pre-seed and seed investments in elite tech founders.
Quite impressive as the firm will look out to spotlight founders tackling critical problems in the continent’s largest markets.
A win-win for Nigeria and Africa, and we cannot but look forward to updates on the development.
Pan-African innovation hub network, AfriLabs, during the week, expanded its membership to include 24 new organs.
The membership included Nigerian hubs alongside other hubs from other African countries such as Kenya, Ghana et al.
The new addition takes the total member to 292 across 49 countries including Black Innovations Africa – Jos, Nigeria; Mentors Innovation Hub – Yola, Nigeria; Grazac – Abeokuta, Nigeria; Opolo Global Innovation – Lagos, Nigeria amongst others.
No major product launch
No major equity raiser
Also, the week didn’t feature a major equity raiser by Nigerian startups and founders.
Aside being a rare case, it’s surprising especially for the influx of funds recorded by other startups and founders from other African countries.
For instance, Ivory Coast-based fintech startup, Julaya, closed a US$2 million in pre-Series A funding.
Also, Gupshup, a conversational messaging platform, secured over $200M with its latest $240 million.
Thank you for joining us this week. That will be all. Take care and stay here for more updates.
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