Nigerian Tech Investment Company SPARK Supports Internet Startups
Nigerian tech investment company SPARK was launched a year ago by internet entrepreneurs Jason Njoku and Bastian Gotter of iROKOtv and Nollywood fame. The “company that builds companies” has so far raised $2 million from a wide range of investors and funded 13 start-ups with between $35,000 and $75,000 each. The funded companies include a hotel room booking site, a Christian dating site and a property-letting site that employs more than 80 people.
The Nigerian Internet scene is fast becoming one of Africa’s most prolific and exciting sectors, but many entrepreneurs are struggle to make the transition from idea to business, due to prohibitive start-up costs, a lack of on-the-ground angel investment opportunities, a lack of access to trusted mentorship and business bureaucracy.
“SPARK was established because there was an opportunity. It was established because we thought there was a lack of people exploring that opportunity. There was a lot of young entrepreneurs who were trying, but Nigeria is not an easy place to do business,” Gotter told Voice of America in an interview.
“SPARK will put some money to work, will find some great young entrepreneurs and we will fund them with money to explore the opportunity the internet is giving us.”