Monday, September 21

‘500 Startups’ hits Nigerian tech companies with investment campaign

Nigerian technological companies and startups are in for a huge boost as recent announcement has seen investment firm, 500 Startups, plan on investing in Nigerian tech companies. 500 Startups is a US based organization that are interested in helping startups and growing companies to fulfill their potentials by providing the much needed resources (finance, mentorship and the full package) to these businesses, helping them grow in the process. It is an early stage seed funding programme for these emerging businesses.

This won’t be the first time that 500 Startups would be coming to Africa as it already has effect on 10 other markets in the continent such as Kenya, South Africa, Ghana and Egypt.

Planned for Nigerian market only is a massive $2 million fund which would be pumped into the growth and development of startups and tech companies relating to software, e-commerce, marketplace and all other similar companies.

It is believed that when these gets implemented, it would go a long way to boost the Nigerian economy, help us to achieve much more diversity and reduce the reliance on crude oil while building a more technological sane and oriented society.

It should also be noted that as a result of the growth spurt in the Nigerian Technology scene, another US-based Startup accelerator which goes by the name Techstars have also promised to invest in Nigeria.

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