Venture Capital Echelon Capital has announced plans to inject US$1 million in funding in Nigerian tech startups beginning February 2021.
The Venture Capital which invests pre-seed funds in exceptional African startup founders with capital-efficient businesses that leverage technology to scale globally also announced that it has plans to invest millions of dollars into startups in Africa over the next ten years.
“One thing that gives my team and I joy is that founders who are prepared, built capacity and have positioned their businesses properly will need to worry less about accessing funding,” Echelon Capital founder, Sunday Olorunsheyi said.
Sunday is a successful international business leader with experience spanning over 20 years building businesses in different sectors of the economy. He is the co-founder of Pertinence Group, which began its operation in 2012 and is now a multi-billion-naira business.
Sunday also sits on the board of 12 companies, including Globarel Group. For more than five years, Sunday Olorunsheyi has written cheques to about 20 successful startups.
Echelon Capital Venture Capital is sector-agnostic and looks out for both tech and non-tech startups. According to Olorunsheyi, Echelon Capital is on the lookout for Nigerian startups with outstanding products, a strong team, capital efficiency, execution strategy, and profits.
Commenting on the future of startups in Nigeria, Sunday said decentralized investments will take over as individuals leverage startup funding platforms to make direct investments. He also noted that there will huge demand for crowdfunding platforms adding that more people will leverage them to invest in infrastructures that could help SMEs scale globally.