The Nigerian startup ecosystem is flourishing. Aspiring entrepreneurs across the country are packed with innovative ideas, and there’s a growing number of accelerator programmes designed to help them turn those ideas into reality.

Nigeria emerged as the second most attractive market in terms of funding, raising $172 million. Accounting for 23% of the total funding, Nigeria’s share significantly increased from 14% in 2023, moving up from the fourth to the second position.

The Western Africa region closely followed its Eastern counterpart, securing $270 million (35.5%). However, Nigeria’s share in the region was relatively low at 64%, even lower than in 2023 (68%), marking the lowest share across all four key regions.

Within the region, three markets attracted over $10 million in funding: Benin ($50 million through a single deal involving spiro), Ghana ($29 million), and Senegal ($11 million).

365Next: Intensive Support for Early-Stage Startups

365NEXT offers a highly selective programme, choosing only a handful of startups per cycle. If chosen, you’ll embark on a demanding 24-week journey designed to improve your solution and perfect your pitch.

The programme concludes in Demo Day, your chance to connect with a network of potential investors, including angels, venture capitalists, and banks.

What They Offer:

Seed Investment: $8,000 to kickstart your venture.
Equity Stake: 6% ownership in exchange for their investment.
Comprehensive Support: Access to office space, hosting, marketing, legal, and financial services.
Curriculum & Coaching: Tailor-made guidance based on lean startup principles to help you develop a strong business model and build a minimum viable product (MVP).
Expert Assistance: Support in finding product-market fit, defining your target audience, and securing initial validation for your business.
Investor preparation: guidance on preparing for fundraising and Demo Day.

Eligibility:

Located in Nigeria.

Kenyan Entrepreneur’s Guide to Funding and Support Programmes

Apply Here: https://www.f6s.com/365next/apply

Ingressive Capital: Scaling Tech-Enabled Businesses Across Africa

Ingressive Capital is a prominent venture capital firm focused on propelling tech-driven businesses in Sub-Saharan Africa. They invest up to $400,000 per company, typically taking a 10% ownership stake in pre-seed and seed-stage ventures.

They go beyond just funding, providing follow-on investments and connecting founders with a network of leading global investors.

What They Offer:

Investment: Up to $400,000 in funding.
Equity Stake: Typically 10% ownership.
Focus on Traction: They seek post-launch founders with a validated product that addresses a significant problem.
Growth Support: Assistance with business development, partnerships, and financial guidance to help your venture scale.

Eligibility:

Located in Africa.
Tech-enabled company in pre-seed or seed stage.
Post-launch with a strong product addressing a substantial need.

Apply Here: https://www.f6s.com/ingressivecapital/apply

Their dedication to social good is evident across various metrics. They have invested in 40 companies, with half being founded by YC alumni.

Notably, 40% of their portfolio founders are women of color, and your own team reflects this commitment to diversity with 62% being women.

Beyond financial investment,their impact extends to health initiatives, with over $1.5 million in free diagnostics and medical support reaching underserved communities.

Additionally, they have facilitated job creation through your portfolio companies (3.6k+) and through your sister organization, Ingressive for Good.

This 501(c)3 nonprofit equips African youth with the tools they need to succeed, having awarded over 170k scholarships, trained over 139k youths in tech skills, empowered over 60k women, and facilitated over 2k job placements.

Adaverse Accelerator

Focuses on Cardano blockchain and cryptocurrency ventures across various locations (virtual & in-person programme). Offers investment up to $750,000 with a 5% equity stake.

Investment Powerhouse: Adaverse is prepared to invest heavily in your vision. They offer up to $750,000 per company, providing the capital needed to fuel your project’s growth. In exchange for their investment, they take a minimal 5% equity stake, ensuring a win-win partnership.
Flexible and Accessible: Adaverse understands that location shouldn’t hinder innovation. Their programme seamlessly blends virtual and in-person elements, catering to both local and international participants. There are also zero upfront costs to join the programme, making it an accessible launchpad for aspiring blockchain developers.
Stage-Agnostic Support: Whether you’re in the early stages with a budding idea or a more established venture with existing users, Adaverse welcomes you. They support companies at various stages of development, from angel or pre-seed funding to Series A. They even consider ventures that haven’t begun fundraising yet.

Apply Here:https://www.f6s.com/adaverse-accelerator/apply

InquMax Accelerator: supports early-stage climate change startups in Africa. Provides mentorship, up to $160,000 investment (15-20% equity), and a virtual programme.

Network International and J.P. Morgan Payments Partner to Drive South African E-commerce

Apply Here:https://www.f6s.com/inqumax-incubator/apply

AYuTe Africa Challenge Nigeria: targets innovative and technology-driven agricultural businesses in Nigeria. Offers mentorship, up to $20,000 in prizes (virtual and in-person programme).

Remember, this is just a starting point. Do your research to find the accelerator programme that best aligns with your venture’s stage, industry, and location.

With the right support and guidance, you can turn your innovative idea into a thriving African startup success story.

Launch Africa Ventures

Launch Africa Ventures, an early-stage VC firm, has invested US$4.3 million in 16 startups across Africa as part of its second fund. This follows the success of its first fund, which made 133 investments.

The firm, founded in 2020, aims to support African technology-driven ventures and has invested in startups across 11 African countries, with a focus on founder diversity and market potential.

Notably, two Nigerian startups, in the shape of data management startup Periculum and lending marketplace Kredete have secured funding from Launch Africa Ventures.

Visit their website to discuss your interest and make your pitch.