LA News: December 2023
Lagos Angel Network
LAN's mandate is to enable the Nigerian Business Ecosystem through education, early deals and public sector advocacy.
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What’s Inside?
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Making the News
Check out these leading African investment moves from November 2023!
CIF Appoints Nigerian, Tariye Gbadegesin as CEO
The $11 billion multilateral lender Climate Investment Funds, which works with the World Bank and others to accelerate investment in the developing world, has appointed Tariye Gbadegesin as its new chief executive, the first African to take the helm.
Nigerian Fintech FrontEdge Secures $10 Million to Boost African Cross-Border Trade
FrontEdge, a Nigerian fintech startup based in Lagos, has successfully raised $10 million in a seed round of funding, with over 70% of the capital contributed through debt financing.
Binance in Africa, the dashed hopes of a crypto giant
Under investigation by US authorities, the CEO of the cryptocurrency exchange has chosen to resign from his company in order to preserve it.
Germany invests €4bn in African green projects at Compact with Africa Conference
Germany signed a $500m renewable energy and gas deal with Nigeria and pledged to invest €4bn ($4.3bn) in African green energy projects by 2030 at the G20 Compact with Africa (CwA) Conference in Berlin this week.
The fallout from the weirdness at OpenAI
Five very weird days passed before it seemed that Sam Altman would stay at Openai after all.
Africa Healthcare Network (AHN) Secures $20 Million in funding led by Africa50 and AfricInvest for a continent-wide expansion
Africa Healthcare Network (AHN), a leading provider of dialysis services in Africa, has secured $20 million in equity and debt funding, from Africa50 and AfricInvest, two leading African institutions, and Tokyo-based Ohara Pharmaceutical Co., Ltd.
Aduna Capital to launch a $20 million fund for Northern Nigerian startups
Abuja-based VC firm, Aduna Capital is currently raising funds to establish a $20 million fund to back tech startups in Northern Nigeria.
Inaugural gender impact investment summit outlines ways to bridge financing gap
The Impact Investors Foundation (IIF)’s first gender impact investment summit, which was co-hosted by the Nigeria National Board for Impact Investment, outlined ways to bridge the gender financing gap in Nigeria.
Khosla Ventures Nears $3B For Funds Even As Venture Slows
Khosla Ventures, the firm which has backed such companies as OpenAI, DoorDash and Block, is closing in on raising $3 billion across a trio of funds even as the venture market continues its slowdown, per a report in The Wall Street Journal.
Slowdown in VC funding for impact startups does not bode well for meeting SDG goals
Sharp declines in venture capital flows to impact startups impede progress towards the UN Sustainable Development Goals, and there is little sign of a pick-up in the near-term.
Ivory Coast gets West Africa's first electricity asset-backed security
IFC, EAIF to invest in $98mn energy bond for program to finance connection of 800,000 households to national grid over next four years, with revenue collected from energy tariffs to back bond; looking to deepen capital markets to expand energy access
Japan’s SBI Holdings commits $40M to anchor Novastar Ventures’ future funds
SBI Holdings, a Japanese financial services conglomerate and one of the largest venture capital firms in the East Asian country, has made a $40 million multifund commitment to anchor Pan-African VC firm Novastar Ventures’ future funds.
The 5 Biggest Artificial Intelligence Trends For 2024 by Forbes
It’s been a year since OpenAI released ChatGPT, opening the door to seamlessly weave AI into the fabric of our daily lives, propelling industries into the future and even prompting regulatory shifts. In this exploration, Forbes discusses the fifth trend and works its way to the pinnacle.
领英推荐
Our ED Reflects
Market Outlook for 2024: Foster Sustainability in Angel Investing via Corporate Governance
Read a high level overview of the state of angel investing in Nigeria, including regional variations, trends, challenges, and opportunities, particularly in the area of corporate governance as we prepare for 2024.
Don’t Miss This
AXA Innovation Exchange Program Cohort II Demo Day, December 1, 2023
Demo Day is a pivotal moment for the AXA incubator program, showcasing the impressive innovations and growth achieved by their participating startups. Invite-only.
Investor Dinner: Introducing the ARM Labs Lagos Techstars 2023 Cohort, December 1, 2023
The ARM Labs Lagos Techstars Accelerator Program started again on November 13, 2023. Invite-only.
Funding Opportunity for Nigerian Founders - develoPPP Ventures Cohort 2 Open!
To find more details about the program, please visit here. The application deadline is December 31, 2023.
Launch of the Nigeria Startup Portal
The startup portal will drive the identification and aggregation of Nigerian startups, venture capital companies, accelerators, innovation hubs, incubators and ANGEL INVESTORS in order to facilitate engagement and support for ecosystem players.
Rapid Fire with LAN Angels
For our December Member Spotlight, we were delighted to put the fabulous Biola Alabi in the hot seat. Biola is a General Partner at Acacia and Deputy Chair of LAN.
What's the most valuable entrepreneurial/investment lesson that you've learned in the past six months?
Timing is everything. For example, if we look at how quickly ChatGPT has been integrated into our lives, it was probably about timing--the timing it was released, the number of people now online, how quickly things can go viral--this changed everything for ChatGPT in comparison to previous platforms. In addition, finding the right team continues to be one of the critical lessons which continues to return for me. Startups are hard to build, and teams make all the difference. When I invest, I look at the team, not just the founder, but how they build a sustainable team around them. Finally, never stop learning, lean into the things you don't understand, ask questions, and just continuously be curious.
Talent Marketplace
Calling all member angels! Showcase open roles in your funds and startups to elevate opportunities and connect with top talent!
Join the Community!
Interested to join our community? Then join the waitlist here!
What do you get with membership?
Community!
We plan to hold our next member-only community event first thing in January. As usual, this will be an opportunity to meet your favorite ecosystem leaders, founders and investors to educate us more on the ecosystem, discuss new ideas and meet other members.
Deals!
Our next set of deals will be released in February. If you are interested in accessing investment opportunities, then join the waitlist.?
And the best thing is that it’s free!
That’s right–as a new member, you will not be required to pay a membership fee for your first three months.
So, what are you waiting for? Join the waitlist!
Of course, if you would like to discuss further, please don’t hesitate to reach out by booking a meeting.
We look forward to welcoming you!