LAN Raises N50m For StartUp Deal Day Winners
- techtigerinc
- Apr 11, 2016
- 1 min read
The Lagos Angel Network LAN's held its first Startup Deal Day event on 31st March, 2016 in Lagos and according to LAN, it was a resounding success!
The StartUp Deal Day is a quarterly pitch event organised by LAN to identify top startups across all sectors and the top 3 winners of the event are guaranteed funding. According to Collins Onuegbu, founder at Signal Alliance and a member of the board of directors of LAN, the goal of the event is to raise N100m annually through LAN members and members of the early investment community. He was pleased to announce that they were able to raise N50m at this event, which was twice their target amount of N25m.
Out of the 238 companies that applied only 57 were selected. 10 of these startups made it through to second stage while only 5 startups made it to the final. These 5 startups were allowed to pitched their startups to potential investors and the business community at the event and 3 of them were successful were able to attract investment.
LAN is argueably one of the most active angel networks in Nigeria and is believed to be Africas largest angel network. Since its establishment in 2014, LAN has been working to create a network of angels interested in investing in and mentoring early-stage ventures. Till date, LAN members have invested in dozens of startups across the country.
The event was organised in conjunction with VC4Africa, TechCabal, the Africa Business Angel Network (ABAN), Lagos based hubs, incubators and accelerators. LAN has already announced that the Startup DealDay Q2 will hold sometime in June, 2
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