EchoVC, a seed and early stage technology-focused venture capital firm, has announced it plans on making about 10 seed-investments in tech startups this year, according to a report from The Guardian.
EchoVC plans on achieving this by raising about US$50 million investments funds from various such as the Federal Government, angel investors, entrepreneurs, business developers, and others, the report stated.
EchoVC stated that it targets equity and equity-related seed and early stage technology investments in Nigeria (and the broader Pan-African region).
This investment strategy underpins a disruptive approach to invest at the intersection of consumer, media, commerce, data technology and mobile devices layered by networked knowledge.
“We seek to capitalize on Nigeria’s burgeoning period of growth in technology innovation and identify and invest in next generation companies that will lead this technology renaissance across the continent,” Managing Partner at EchoVC, Eghosa Omoigui said at a media interaction in Lagos.
He added, “The fund will also opportunistically evaluate investment opportunities in Ghana, Kenya, Uganda, Rwanda, Tanzania and Ethiopia.”
Also, Eghosa stated that EchoVC makes investments of US$25,000 to US$1.5 million per startup with a goal of making investments throughout the life of the fund.
The fund will be used to invest in startups in the following sectors: consumer Internet and services; data; mobile; social, digital media; content and advertising.
Other sectors are e-commerce and m-commerce; software; linguistics, gaming, business intelligence, last-mile services, tech-enabled services and enterprise infrastructure.
EchoVC recently invested in Printivo, a Nigeria-based digital printing startup. It has also invested in hotels.ng, Nigeria’s foremost and largest online booking platform.
EchoVC is the sole manager of the Federal Government of Nigeria’s pioneering ICT Innovation Fund, where government committed US$10 million to seed and early-stage investments in high-growth technology startups.
The ICT Innovation Fund, which is NGN300 billion strong, is expected to create up to 35,000 jobs in the country.
The Guardian
EchoVC plans on achieving this by raising about US$50 million investments funds from various such as the Federal Government, angel investors, entrepreneurs, business developers, and others, the report stated.
EchoVC stated that it targets equity and equity-related seed and early stage technology investments in Nigeria (and the broader Pan-African region).
This investment strategy underpins a disruptive approach to invest at the intersection of consumer, media, commerce, data technology and mobile devices layered by networked knowledge.
“We seek to capitalize on Nigeria’s burgeoning period of growth in technology innovation and identify and invest in next generation companies that will lead this technology renaissance across the continent,” Managing Partner at EchoVC, Eghosa Omoigui said at a media interaction in Lagos.
He added, “The fund will also opportunistically evaluate investment opportunities in Ghana, Kenya, Uganda, Rwanda, Tanzania and Ethiopia.”
Also, Eghosa stated that EchoVC makes investments of US$25,000 to US$1.5 million per startup with a goal of making investments throughout the life of the fund.
The fund will be used to invest in startups in the following sectors: consumer Internet and services; data; mobile; social, digital media; content and advertising.
Other sectors are e-commerce and m-commerce; software; linguistics, gaming, business intelligence, last-mile services, tech-enabled services and enterprise infrastructure.
EchoVC recently invested in Printivo, a Nigeria-based digital printing startup. It has also invested in hotels.ng, Nigeria’s foremost and largest online booking platform.
EchoVC is the sole manager of the Federal Government of Nigeria’s pioneering ICT Innovation Fund, where government committed US$10 million to seed and early-stage investments in high-growth technology startups.
The ICT Innovation Fund, which is NGN300 billion strong, is expected to create up to 35,000 jobs in the country.
The Guardian
