Nigeria LAN to raise $ 500,000 to support startups

Lagos Angel Network (LAN) has developed a new platform set to raise about N 100 million (US $ 500,000) for startups in the country.

The platform dubbed “Startup DealDays” are pitch events to be run by the Lagos Angel Network quarterly, with the first event scheduled on Thursday, March 31.

Lagos StartUp DealDays will bring LAN members, other angel investors and Lagos startup ecosystem players together and provide an avenue for the very best startup ventures (across sectors) to pitch for guaranteed funding. Each participating investment syndicate will deploy a minimum of N5 million (US $ 25,000) on the day.

“Using Lagos StartUp DealDays as a springboard, LAN expects to raise N100 million from its members and the early stage investment community at large for Lagos startups during 2016,” states the Startup DealDays announcement posted on the VC4Africa website.

Partners expected to present during the event include VC4Africa, TechCabal, the Africa Business Angel Network (ABAN), Lagos based hubs, incubators and accelerators.

Applications are now open and will close on Tuesday March 15, 2016 and interested startups are invited to apply using the online platform Shortlisted startups will be announced/contacted on March 21, and entrepreneurs will be invited to make formal pitches at the Lagos StartUp DealDay on March 31. Pitches will be delivered to a small, closed panel of investors.

LAN  is the premier network in Nigeria and one of the most active in Africa. Founded in 2014, LAN with foremost Nigerian investor, Dotun Sulaiman as Chairman and Tomi Davies, Collins Onuegbu, Tokunboh Ishmael, Dipo Adebo, Segun Olukoya and David Richards as board members, is helping to create a network of business angels that put startup funding and mentoring into early-stage ventures in Lagos, Nigeria. Since its creation, LAN members have invested in over a dozen Lagos startups.