In a bid to support Small and Medium-scale Enterprise (SMEs) domiciled in the southeastern and south-southern parts of Nigeria, a group, under the aegis of South/Southeast Angel Investor Network (SSEAN), has supported two startups with funds.
Making its first phase of investment, at a deal-day event held in Port Harcourt, Rivers State, recently, SSEAN funded two Agritech Nigerian startups – Alphotazi Farms and Energytech Greenage. The two companies received $5,000 (N1.8 million) and $20,000 (N7.2 million), respectively.
Alphotazi Farm is an agrictech while Energy Greenage is an inverter and solar panel original equipment manufacturer based in Enugu. Greenage was started by five undergraduates of the University of Nigeria, Nsukka (UNN). It produces and distributes solar-powered inverters and has, so far, been able to hold its place as a leading local manufacturer of critical components for off-grid power solutions.
One of the Diirectors of SSEAN, Uche Aniche, said the South-south region is becoming a single market for angel investing, adding that the area is becoming attractive to both investors and startups.
He said the deal day is a special event where network members and others get the opportunity to invest in emerging startups.
“Start-ups for Deal Dey is usually pre-vetted to ensure only those who meet SSEAN investment criteria are shortlisted,” Aniche said.
Also, a member of the SSEAN Board of Trustees and Lead Consultant of Julia Jacks Consulting, Julia Oku-Jacks, expressed her pleasure about the network.
She urged more women-led startups to join the SSEAN ecosystem and capitalise on the opportunities of Deal Dey to learn how to build, sustain and scale their businesses better.
“Deal Dey gives an expanded view of available business and financing options that no serious entrepreneur should miss,” she said.