Nigerian startups are set to receive a boost from the founders of Nollywood’s online streaming service iROKOtv, after they secured US$1 milllion of funding to set up investment fund SPARK.
Jason Njoku and Bastian Gotter, who founded iROKO partners, are aiming to fill the need for US$30,000 – US$75,000 investments in startups in the country and hope to build sustainable businesses.
Njoku said: “In Africa, we’re witnessing an exciting metamorphosis, from a tech ‘scene’ to a tech ‘revolution’, where Lagos is very much the gateway for the entire continent.
“The creativity, talent, the spirit of entrepreneurship is here but Nigeria’s business eco system isn’t set up to adequately support start-ups in their earliest days.
“Our intention with SPARK is to act as the catalyst to a period of aggressive and exciting growth in Africa’s internet sector.”
Gotter said they believed Nigerian startups were struggling to find suitable incubators to help them at the beginning of their development.
He said SPARK will be able to offer startups that quality “back room assistance” and advice on “all aspects of their business”.