Jason Njoku has built one of Africa’s leading movie streaming companies, Irokotv. See how he raised capital. It was a packed interview with deep insights from the trailblazer.
Jason Chukwuma Njoku plays a critical role in the foundation and development of contemporary culture and technology in Africa. He co-founded IROKO Partners in 2010 and, a year later, launched
iROKOtv through a series of transformative changes, from the regular DVD rental marketplace
to owning Africa’s largest video-on-demand platform for Nollywood movies.
With his entrepreneurial ingenuity, Jason has continued to re-write the history of African mainstream media via his masterstroke innovations in the industry.
The London-born serial entrepreneur has also invested in several other African startups, including Hotels.ng, Tolet.com.ng, Drinke.ng etc., and regularly flies around the world to discuss entrepreneurship, innovation, and technology.
In his interview with Business Elites Africa in one of our 40 Under 40 Editions, Njoku tells his startup funding story. See how he got funding to build Irokotv.
BEA: How did you raise Capital for Irokotv — An African movie streaming giant?
Jason Njoku: In 2011, I jumped on a plane to Lagos and pounded the streets of Alaba Market, in an attempt to figure out Nollywood’s chaotic and informal distribution market. I was supported with seed funding from my friend from Manchester University Bastian Gotter.
At that stage, there was no business plan, no pitch deck. Just a friend who shared my vision looked at the numbers and saw an opportunity, Interestingly enough, before we raised capital, we were actually already a profitable enterprise, and I’hadn’t really started thinking about institutional investment.
In mid-2011, I spent time with a TechCrunch writer, Sarah Lacy, who was in town writing about Lagos’ tech ecosystem. She wrote an article about Nollywood and IROKO, and almost immediately after the story was published, we were contacted by Tiger Global who were interested in leading on our Series A.