The Lagos Angel Network (LAN) has announced that applications are now open for the first DealDay event for 2017.
The Lagos StartUp DealDay is a quarterly angel investment round run by the Lagos Angel Network. This first DealDay pitch event for 2017 will take place on Friday, March 24th, and will bring together LAN members, other angel investors and Lagos start-up ecosystem players in a process where the most worthy startup ventures (in target sectors) are guaranteed funding.
As an investment vehicle, in 2016 Lagos StartUp DealDay raised over N100 million from LAN members and the early stage investment community through which it invested in some of the fastest growing start-ups in Nigeria including Café Neo and Big Cabal Media.
Lagos Angel network has this year increased the funding available to ventures through the DealDay to between N25-N50m per venture and restricted participation to only ventures that have been in business for at least two and no more than five years, incorporated with CAC in Nigeria, have a track record of financial performance and paying customers for their products or services.
Shortlisted ventures will pitch to a closed group of angels and syndicates on the 24th of March 2017. The subsequent process of due diligence, agreement and fund disbursement is expected to be concluded by end of April 2017. Investment will be through LANs five syndicates, TechnoVision, Sasware, RODS, RisingTide and Links.
The Lagos StartUp DealDay is a partnership between the Lagos Angel Network, VC4Africa, TechCabal, Africa Business Angel Network (ABAN) and Lagos, Nigeria based hubs and accelerators.