In August 2013, “successful” entrepreneur turned investor, Jason Njoku, raised more than $2 million dollars to create Spark, which he described as a company that builds companies. Of the 13 startups that were seeded in that batch, only three survived. One of them, Hotels.ng is a clear win, delivering at least 5x ROI value upon a $1.2 million series A from Omidyar Network and EchoVC. In theory, Hotels.ng alone could return the value of the first fund, which would not be a bad outcome.
He hinted at it last week, but now it’s clear that Jason is ready to do it again. There’s a new website, scrubbed clean of all the dead skin. Only the CEOs of the three surviving startups — Hotels.ng, Drinks.ng and Tolet.ng are on “the team” along with Jason’s co-founding buddy, Bastian Gotter, and Jason’s wife, Mary Remmy Njoku.
With all this negativity about Nigeria. Feels like the best time to make investments. Thinking Spark II…
It makes sense.