MY THOUGHTS ON INVESTING IN NIGERIAN BASED STARTUPS.
Only just Founded in 2018 Opay Raised $50million (18.2Billion Naira) in Series A Funding.
Months after a number of venture capitalist firm mostly from China joined the Series B funding and Opay got another $120million (43.8Billion Naira) Jesu!!!!
That's some huge fundraising they are ready for Nigerian market that amount of money will make some huge impact.
Opay is Founded by Opera a Norwegian Browser company that was acquired for $600,000 (219billion Naira) some time ago
Opay has more than 200 staff most of which are Nigerians although majority of the owners now come from China.
While our billionaire just dey bury money inside pit and grave foreigners are strategically investing in Nigerian based startups.
They will not open their eyes now oh.
Last week Visa invested $200million in Interswitch.
Transsion a Chinese firm the owners of Tecno mobile invested $40million in PalmPlay
Mark Zuckerberg Facebook founder visited sometime ago, Jack Ma Alibaba Group Founder and Jack Dorsey CEO of Twitter visited Naija this month.
Nigeria is the biggest Market in Africa whose potential has not been scratched.
Our small Startups needs to be groomed and supported. We need to grow and scale and our billionaires should be the investors so that the money stay within Nigeria.
If they fold their hands and watch this companies will be too big to tackle and can monopolize things holding us to ransom. We have complained about MTN and DSTV although some Nigerians own shares too but we need to wake up.
Those stolen billions are useless when not used, infact it is a curse. Invest in Nigeria, the world is a global village if you don't foreigners will and then you can't chase them.
We keep complaining how our currency is not doing well, we need to strengthen the Naira. Money should stay and circulate within Nigeria. If it keeps going out it will negatively affect our currency.
You will see a Nigerian big man with millions/billions that can help grow or scale a startup and even make more money for them. You talk to them about funding na story. They have the money oh. Sometimes just 1, 5 or 10million Naira that can multiply in few months or years.
I am not supporting the throwing of money out in a shallow/porous/useless/fraudulent business. I know some startups are not ready yet, many Nigerian youths are not trained enough or even prepared and lack financial discipline. Many have not delayed their gratification but are just dreamers without deep thought or preparation and personal commitment/investment
But the same Startup we called useless or unprepared will secure grants and equity investment from foreigners. Why ?
Because this company don't put in money and go to sleep, they ensure there are mechanisms to protect their investment. Most times they train the startup founders and team and get more experts to ensure the right decision is take. And that same bad idea or business will blossom. I must sincerely commend the work done by hubs and incubation centers across Nigeria. like Ventures Platform Hub among's others if not for them many startups would have died completely. not forgetting the contributions successful startup founders like Mark Essienan others who are doing so much in supporting younger ones in the ecosystem.
Anyway sha if a foreign brand comes for us my brother we will gladly give out stakes in some of our startups. But if a Nigerian millionaire get in touch and wants to make a deal we are still willing for sure. On the following promising startups with high growth potentials and attractive revenue models
Feel free to contact me for a presentation on the terms
You can be the problem or part of the SOLUTION, My name is Amb. Onyekwere GN and i am an Integral Part of the Solution what about you?