Regardless of where you are in your tech startup, you need money to keep running your business and your ability to raise money will determine how far you will go.

Understanding the different needs at each stage of financing will also give you the confidence to present to investors and reach a final deal.

There are organizations that can finance your startup once you can clearly articulate your financial needs, market niche, business goals, long-term goals, and other elements of your business. These organizations are alternatives to banks because banks have a stricter process that typically requires collateral and significant sales volume.

Therefore, you may want to find out about other ways or organizations that can offer funding for startups. Here are some of them:

Angel of Lagos Network

Lagos Angel Network (LAN) was founded in 2014 as a members-only network of angel investors supporting early-stage businesses in Lagos, Nigeria through funding and mentoring. Many start-ups in Lagos have received funding from LAN members since it was founded.

growth capital fund

Growth Capital Fund is owned by CCHub, which is Nigeria’s first social innovation fund, to provide drivers driving social change in Nigeria. GC-Fund helps high-potential early-stage companies develop our next-generation infrastructure through the use of technology. Investors in the GC-Fund include Omidyar Network, Bank Of Industry and Venture Garden Group.

entrepreneurship platform

Ventures Platform is an early-stage growth fund that helps post-MVP teams scale their businesses. Ventures Platform invests in Africa’s boldest entrepreneurs and helps them build great businesses around their ideas. Kola Aina, angel investor, founded Venture Platform. Startups like MobileForms, GeroCare, Accounteer, Jalo, PiggyBank, Wesabi and others are included in the Ventures Platform portfolio.

Capital Greenhouse

Greenhouse Capital was founded in January 2016 by Venture Garden Group. It is an independent investment holding company that has become the largest fintech investment holding company in Africa through direct investments in African technology companies that underpin and spin-off banking services. GreenHouse Capital has made some investments in well-known Nigerian startups to date. To date, GreenHouse Capital has made some investments in popular Nigerian startups such as Flutterwave, Max.NG, Rensource, Riby and TalentBase.

spark – spark Capital

SPARK capital provides seed funding and support to startups with well-defined and scalable revenue models. SPARK was founded by IrokoTV’s Jason Njoku and currently has over 9 portfolio startups with him, including Hotels NG, Paystack, OgaVenue, Drinks NG and others.

microtraction

Microtraction invests in smart and resourceful founders. resourceful founders who are building high-growth, technology-driven businesses in billion-dollar markets. R, the platform has invested in Nigerian startups like Cowrywise, BuyCoins and Wallet.ng, Allpro and Thank-U-Cash.

Echo from venture capital partners

EchoVC Partners is a seed capital and startup company dedicated to financing and fostering the exchange of ideas among the best teams, technologies and business models in sub-Saharan Africa and North America. EchoVC brings a disruptive approach to investing at the technology intersection of consumer, media, data and devices by leveraging Silicon Valley knowledge transfer as a driver of early growth and has a blended network of local and international connections. Popular investments made by EchoVC include Hotels NG, Cars45, Lifebank, MyPadi, and Printivo.

the next titan

The Next Titan is a business reality show that is the Nigerian version of The Apprentice and is currently sponsored by Heritage Bank and Tingo Mobile.

The program consists of a group of aspiring entrepreneurs housed in one place and required to complete various business related activities. These housemates are then eliminated from the competition on a weekly basis until a winner is declared.

The selection process consists of three stages. The first is the general audition, where all registrants gather for a launch event. Each housemate will have to make the case for why a new idea or venture deserves funding from The Next Titan.

The number of days for the launch event will depend on the number of people who need to audition. These pitches are made to a panel of judges and the winners will be sent to a training camp where a final round of selection will take place.

Tony Elumelu Foundation (TEF)

The Tony Elumelu Foundation (TEF) is a mentoring, coaching and funding platform to fund 10,000 African entrepreneurs with US$100 million by 2024. TEF strengthens African startups and the ecosystem by providing financial support in 54 different countries to through its flagship entrepreneurship program.

Applicants undergo 12 weeks of intense online training with world-class mentors and access to the TEF community. Selected applicants will receive US$5,000 in seed funds, as well as access to further investment.

TEF’s training program is structured to categorize entrepreneurs based on their skills and experience. It provides them with the knowledge and skills necessary to launch or expand their business.

To apply, you just need to be a permanent resident of any country in Africa. Your startup must also be in the ideation stage or not be a business with more than 5 years.

The Anzisha Award

One of the organizations that supports the financing of start-ups with significant funding in Africa is the Anzisha Award for young entrepreneurs. Around $200,000 is awarded annually for business support and prize money to very young entrepreneurs from across Africa as part of the Anzisha Prize. It is one of the largest awards in Africa for the youngest entrepreneurs aged 15-22.

For the past decade, the Anzisha Award has provided much-needed resources and advocacy for young aspiring business leaders.

The program monitors the business it supports and the entrepreneur’s progress for three years. When a company demonstrates exceptional development and initiative, it is rewarded with a variety of resources, including free online courses, discounted cloud services, and cash grants.

At the end of the second year, startup founders will present their business progress and achievements in hopes of winning a funding portion of around $50,000 in total organizational rewards.


Note: This list is not exhaustive.