₦airaland Forum

Hello,
Is there anyone here who has had experience securing funding for a startup? Whether from Nigeria or from abroad, whether in Nigeria or abroad?
Please let me know. i really need to get some info.

ruffhandu:
Hello,
Is there anyone here who has had experience securing funding for a startup? Whether from Nigeria or from abroad, whether in Nigeria or abroad?
Please let me know. i really need to get some info.

What info do you need?

dawnomike:
What info do you need?

Terms negotiation, what is expected, sharing formular, etc.

@ dawnomike.
You didn't respond.

ruffhandu:
@ dawnomike.
You didn't respond.

Appologies... So, I belong to some Tech Starup founders group.
If you don't mind, I will introduce you to one or two.
There you can easily have answers to many questions you have about raising VC funds.

Appologies for not replying... Most times, I get too many mentions

dawnomike:
Appologies... So, I belong to some Tech Starup founders group.
If you don't mind, I will introduce you to one or two.
There you can easily have answers to many questions you have about raising VC funds.

Appologies for not replying... Most times, I get too many mentions

Ok, thank you. Are you based in Nigeria? The guy who needs this lives in Europe, but a Nigerian

ruffhandu:
Ok, thank you. Are you based in Nigeria? The guy who needs this lives in Europe, but a Nigerian

Yes, I am based in Lagos,Nigeria

dawnomike:
Yes, I am based in Lagos,Nigeria

Ok. I Await your feedback. Thanks.

dawnomike:
Yes, I am based in Lagos,Nigeria

Bro, I am still waiting o

E go hard getting credit facility. Investors prefer a working company seeking expansion 🤷

id4sho:
E go hard getting credit facility. Investors prefer a working company seeking expansion 🤷

not necessarily, different strokes for different folks.

id4sho:
E go hard getting credit facility. Investors prefer a working company seeking expansion 🤷

Yeah, that is actually the biggest challenge for some start-ups. But the truth is, one can still catch some investors very early with very great business ideas, confidence and strong team, just that the price may be very hefty. And, the chances are of course much much much much less in Nigeria than abroad.

ruffhandu:
Hello,
Is there anyone here who has had experience securing funding for a startup? Whether from Nigeria or from abroad, whether in Nigeria or abroad?
Please let me know. i really need to get some info.

Try pitching your startup to Microtraction. They invest in new startups that have validated their ideas in the market and has at least an MVP. You can Google the name and then take it from there.

Other notable mentions:
- EchoVC
- Tekedia Capital

Slimani:
Try pitching your startup to Microtraction. They invest in new startups that have validated their ideas in the market and has at least an MVP. You can Google the name and then take it from there.

Other notable mentions:
- EchoVC
- Tekedia Capital

Yeah, the idea has not taken off yet so MVP is not ready (funding is needed to handle that). Most of them need numbers to look at, the only number they can get now are assumed numbers.

ruffhandu:
Yeah, the idea has not taken off yet so MVP is not ready (funding is needed to handle that). Most of them need numbers to look at, the only number they can get now are assumed numbers.

No serious investor will invest in a startup idea that has not been validated. Just try and build the simplest version of the product (even if it's on wordpress or WhatsApp) and market it to target customers. If you can get at least 1000 people to pay you, then you'll have an investable business.

Otherwise, what you may need is a grant not a startup investment.

Slimani:
No serious investor will invest in a startup idea that has not been validated. Just try and build the simplest version of the product (even if it's on wordpress or WhatsApp) and market it to target customers. If you can get at least 1000 people to pay you, then you'll have an investable business.

Otherwise, what you may need is a grant not a startup investment.

Some ideas need money to take off bro. If the founder cannot bootstrap, then he needs some sort of support. It may be in the form of early co-founder who has no interest in the product. But, there still exist some agencies that give founders pre-funding financial support to build MVPs, either government or NGOs, they exist.

ruffhandu:
Some ideas need money to take off bro. If the founder cannot bootstrap, then he needs some sort of support. It may be in the form of early co-founder who has no interest in the product. But, there still exist some agencies that give founders pre-funding financial support to build MVPs, either government or NGOs, they exist.

That's why I said what you may need is a grant rather than an investment.

Slimani:
That's why I said what you may need is a grant rather than an investment.

You are right. But also, one can get investment from an investor with very large risk apetite.

ruffhandu:
You are right. But also, one can get investment from an investor with very large risk apetite.

Yes. But most investors with large risk appetite always require startups to have an element of social change in their product.

That is, they'll be more willing to provide angel capital if the startup product has the potential to bring large scale change to a local community, cultural group, or country.

So, ask yourself if your startup idea focuses on community impact and if your business mission is strong enough to inspire angel investors to rally around your company.

Some social startup focus areas:
- climate change
- regenerative medicine
- policy making
- social / economic equality

Slimani:
Yes. But most investors with large risk appetite always require startups to have an element of social change in their product.

That is, they'll be more willing to provide angel capital if the startup product has the potential to bring large scale change to a local community, cultural group, or country.

So, ask yourself if your startup idea focuses on community impact and if your business mission is strong enough to inspire angel investors to rally around your company.

Some social startup focus areas:
- climate change
- regenerative medicine
- policy making
- social / economic equality

The idea bothers on eco-friendliness and economic stabilization. Yeah, it is nouvell, somewhat.