Nigerian Internet Entrepreneurs Launch Angel Investment Company

Nigerian Internet Entrepreneurs Launch Angel Investment Company

From Ventures Africa.

Nigerian CEO Jason Njoku and partner Bastian Gotter of iROKOtv plan to invest $1 million in SPARK, a new Lagos-based company that seeds startup Nigerian tech and Internet companies and entrepreneurs.

SPARK hopes to fill the vacuum that exists in Nigeria’s angel investment ecosystem (at the $30,000 to $75,000 funding level,) according to a statement from the company in a Ventures Africa report.

“In Africa, we’re witnessing an exciting metamorphosis from a tech ‘scene’ to a tech ‘revolution’, where Lagos is very much the gateway for the entire continent,” said Njoku, managing partner of SPARK, in the report.

Nigeria’s business environment isn’t set up to support startups, Njoku said. “Our intention with SPARK is to act as the catalyst to a period of aggressive and exciting growth in Africa’s Internet sector.”

SPARK has already seeded 13 startups including a hotel room booking site, Christian dating site and a property-leasing site. Companies in the SPARK network employ 80 people, according to the report.

iROKOtv is one of Africa’s first mainstream online movie steaming websites and provides Nigerians with films on demand.

Read more at Ventures Africa.