According to a recent Vanguard report, the Federal Government of Nigeria has concluded plans to release a N300 billion seed fund that is expected to help give tech startups a much needed boost. The fund which would target the creation of 35,000 jobs in Nigeria will “…work in concert with the $50 million target seed fund which investment company, Echo VC, has promised to inject for the growth of African tech startups.”
The fund will be solely managed by Echo VC – an experienced seed and early stage technology-focused venture capital fund, and will focus on filling the seed fund and early stage financing gaps in tech startups. Last year, Echo VC made four investments in Nigeria, (two of which include Printivo and Hotels.ng) and plans to make up to 10 seed-stage investments this year.
Addressing the public, Eghosa Omoigui, Echo VC Managing Partner explains that the company’s “strategy underpins a disruptive approach; to invest at the intersection of consumer, media, commerce, data technology & mobile devices layered by network knowledge.” The company’s strategy includes investing between $25,000 to $1.5 million per startup; with the goal of investing in up to 50 startups throughout the lifecycle of the fund with a focus on e-commerce, software, linguistics, business intelligence, consumer internet and services, data, mobile, social, digital media, content and advertising, as well as gaming, last mile and services.
Image Credit: BellaNaija