Venture Capital firm, Echelon Capital, has announced its plans to invest US$1 million in Nigerian tech and non-tech start-ups.
The VC firm aims at kick-starting its plans to fund start-ups that need funding, in February, 2021.
The funding, according to Echelon Capital, is in a move to bridge the funding gap in Africa, which is dominated by foreign investors, who many believe, do not understand the terrain.
According to a report by African Private Equity and Venture Capital Association, only about 20% of venture capital funding in Africa, over the last five years, came from African-based investors.
Reports also show that Nigeria is the country with the second-largest investors on the African continent, trailing behind the foreign investors.
Echelon Capital founder, Sunday Olorunsheyi, revealed in an interview that his Venture Capital firm would invest millions of dollars into different startups across the African continent over the next ten years.
Mr Olorunsheyi added that the VC firm will, however, begin the expedition with a US$1 million investment, which would be injected directly into Nigerian-owned startups.
The VC firms, according to its founder, has open a portal for indigenous start-ups that needs funding, to apply for its $1 million investment, which is targeted at Nigerian-based start-up.
The application form can be accessed here.
Sunday Olorunsheyi, founder of Echelon Capital, is an international business leader.
He holds two Master’s degrees in Business Administration and Public Administration from Business School Netherlands, and Ladoke Akintola University, Ogbomoso, respectively.
Sunday Olorunsheyi is also the co-founder of Pertinence Group, a multi-billion naira business that was founded in 2012.
He also sits on the board of several companies, and arms himself with over 20 years experience in business building.