Several notable investors and foundations have played a significant role in supporting Nigerian businesses.
These investors have not only provided financial backing but also valuable guidance and resources to help entrepreneurs succeed.
We understand that securing funding is a crucial step for entrepreneurs and businesses to thrive and grow, so we will provide the names of top investors in Nigerian businesses in this article. Let’s get in.
The Chan Zuckerberg Initiative
Established in 2015, the Chan Zuckerberg Initiative aims to provide solutions to society’s toughest challenges- from eradicating diseases and improving education to addressing the needs of our local communities.
Made up of four funding entities, the Chan Zuckerberg Initiative has invested millions in Andela. Andela is a Lagos-based company that trains and deploys software developers. It was established by Iyinoluwa Aboyejui and Jeremy Johnson,
Another top investor in Nigerian businesses is Seedstars World. They are focused on connecting investors and stakeholders with the next generation of entrepreneurs.
Seedstars have worked very closely with Enel Green Power to source the most innovative business models in the energy sectors and ones that are fostering socio-economic development in rural villages in Africa.
It has supported Medsaf, an e-health startup that is making the process of buying and selling medication in Nigeria’s complex health system easy and efficient.
Bill & Melinda Gates Foundation
Our list will not be complete, if we fail to mention the Bill and Melinda Gates Foundation. This foundation operates with a strong belief that every life has equal value. They fund initiatives in education, world health and population, and community giving.
Last year it launched a $7 million pan-African initiative named “Investing in Innovation.”The initiative focuses on providing grants and commercialisation support to 60 health tech companies over two years. CcHub, Helium Health, Chekkit and BudgIT are some of the startups that have benefited from the foundation.
Tony Elumelu Entrepreneurship Program
Dedicated to empowering African entrepreneurs, the Tony Elumelu Foundation provides a 12-week training program, which includes mentorship and seed capital of $5,000 for selected startups.
According to reports, 15,847 young African entrepreneurs across all 54 African countries have benefited from the program, and startups like CcHub, Chekkit, BudgIT, and Trove are beneficiaries.
This foundation has worked in Nigeria for close to 30 years in a variety of fields, including population and reproductive health, secondary and higher education, criminal justice, and human rights.
It has awarded close to $90 million to Nigerian organisations through its “On Nigeria” project. In 2021, it announced the launch of the Nigeria Youth Futures Fund (NYFF), a $5 million fund that will support and strengthen the youth leadership ecosystem in Nigeria.
Ford Foundation has given grants to startups like CcHub and BudgIT. The American private foundation focuses on advancing human welfare.
Based in New York City, Ford Foundation partnered with the MacArthur Foundation in the Nigeria Youth Future Fund (NYFF) launched in 2021.
Lagos State Employment Trust Fund (LSETF)
This government-owned agency focuses on funding entrepreneurs and small business owners in Lagos State. It has funded startups like GetEquity, Onehealthng.com, DataLeum, and Scholar X.
The Lagos State Employment Trust Funds funds startup through one of its schemes, Lagos Innovates.
The National Association of Nigeria Nurses and Midwives, NANNM, Lagos State Council, has a…