Lagos-based Internet group, Spark has raised a $2million investment from a syndicate of 17 international high net individual investors, based on a $10m valuation to revolutionize Nigeria’s investment eco-system, focusing solely on the country’s Internet startup scene.
Jason Njoku, Spark Managing partner says: “We set out to grow the Spark companies to be market leaders. This requires capital. Our companies are laser focused, totally exceeding our initial expectations and showing increasingly strong metrics. Every Spark company focuses and generates revenue which we feel is essential to the survival of any Internet startup in Nigeria.”
Another Spark Managing partner, Bastian Gotter, also adds: “Capital here in Nigeria is prohibitively expensive for most, so start-ups tend not to be able to grow at the rate that is required to become a mature and profitable business. Spark companies now have the capital behind them to invest in technology, good staff, building out their inventory”
Spark companies currently employ 130 people across the nine launched companies, three of which have already secured second-round seed investments totaling an additional $700, ooo from Njoku and Gotter, primarily to build upon their current market leading positions, compete more effectively and enable them to expand fast enough to meet consumer demand.