As a startup operating out of Nigeria, your best shot at funding is from a venture capital firm.

Besides the initial funding you raised from savings, family and friends, the VCs come in to provide much needed mentoring and cash to take the business to the next level.

In Nigeria, there are quite a few of them. But here are the top 5 that have demonstrated their skill at identifying viable startups and investing in them.

1. CcHUB: 


Co-creation Hub, CcHUB identifies itself as a social innovation centre dedicated to acceleration of social capital and technology for economic prosperity.

If you have any smart idea and you submit it to CcHUB, they help you fine-tune and even get funding.

Also Read: Check Out How Old Some Of Your Favourite Startups Will Be In 2018

CcHUB is not a typical venture capital firm but over the past 5 years, it has through its incubation programme empowered several startups including BudgIT, Traclist, Mamalette, GoMyWay, Wecyclers etc.

At the moment, they have announced their incubation programme for 2018 which provides opportunity for participating startups to get between 10 to 100-million-naira funding.

2. Lagos Angel Network:

The Lagos Angel Network, LAN has been described in several quarters as the premier angel network in Nigeria and one of the most active in Africa.

It adopts a kind of crowdfunding model where members pull funds together to invest in a viable startup.

Every quarter, startups pitch their ideas before the LAN members who decide whether to commit to funding or not.

Last year, two startups in Lagos, Café Neo and Big Cabal Media got a funding round of up to $250,000, about 100 million naira from LAN.

3. Ventures Platform:

Venture Platform launched in June 2016 and it has been an early stage aggressive investor.

According to Ventures Platform, each year, it chooses 15-20 companies to join its 16 weeks mentorship and growth driven accelerator program in Lagos, investing $40,000 in each company.

Read More: 4 Nigerian Tech Startups To Watch In 2018

During the program they focus on 3 things; building great products; talking to users and selling.

Accepted startups enjoy hands-on mentorship, support from their team on specific areas like; growth, product and business development and access to the Ventures Platform Network for life.

Within the past few years, its portfolio has grown to include startups such as Paystack, MyPadi, Kangpe, and tens of others.

4. EchoVC Partners:

EchoVC Partners describes itself as an experienced seed, early stage & growth technology venture capital fund focused on financing and cross-pollinating leading technologies, teams and business models in Sub-Saharan Africa and North America.  

Over the past four years, EchoVC has made early stage investments running into hundreds of millions of naira in Nigeria alone. It has also invested in startups in East Africa and North America.

Startups that have benefitted from EchoVC investment include high profile startups such as hotels.ng, Printivo, Cars45, S & T Media, and Ma3route in Nairobi, Kenya.

Also Read: 'Nigeria’s E-Commerce Is Cursed By Cash-On-Delivery'

5. SPARK:

Spark has refused to define itself as a venture capital firm. This is how SPARK defines itself: “We are not a fund and we are not an incubator; we are a company that builds companies. We focus on Lagos, Nigeria as the gateway to Africa.

"We focus on well-defined and scalable revenue models. We are a collection of internet people. We are SPARK.”

Whatever it chooses to call itself, it is clear that if you have a good idea that can fetch money, lots of it, whether in the near or long term, SPARK would invest in it.

SPARK as a matter of fact has been at the forefront of tech investment in Nigeria.

As at today, it has its hands in quite a few of the thriving tech startups in Nigeria such as hotels.ng, drinks.ng, tolet.com.ng, OgaVenue, etc.

Also Watch: Talking Tech With Founder of EchoVC Partners, Eghosa Omoigui - Part 1