Jason Njoku, Bastian Gotter and Mary Remmy-Njoku launched Spark, the Lagos-based Internet Group that invests in Nigerian start-ups, a few months back. (If you missed it, read it HERE). They launched with a $1m investment fund and have just announced that due to huge interest in their company, they have secured another $2million from a pool of 17 international high net individual investors, based on a $10m valuation for the three month old company. It seems that the world now firmly has its eyes on Nigeria for exciting Internet companies to invest in!
Spark companies employ 130 people across the nine launched companies in Lagos, three of which have already secured second-round seed investments totaling an additional $700k from Njoku and Gotter. Continue...
Spark’s goal is to revolutionize Nigeria’s angel investment eco-system, focusing on the country’s Internet startup scene.
In an official press release, Jason Njoku of iROKOtv fame says: “Every Spark company we have invested in already generates revenue which we feel is essential to the survival of any Internet start-up in Nigeria. Bastian and I were impressed with their output, as were our investors, hence we have been able to raise the sum of $2m in nine days. We expect to raise more money in the coming months to cement Spark as one of the preeminent Internet groups in Nigeria and Africa.”
Njoku and Gotter will use the $2m to expand the company’s offices, initially in Lagos, before opening Spark hubs across Nigeria. The investment will also provide further follow-on rounds of seed-investments for Spark companies.
To-date, Spark has invested in some of Nigeria’s most exciting Internet startups including hotel room booking site, hotels.ng the undisputed leader in hotel room booking service in Nigeria; bus.com.ng; Nigeria's number one bus ticketing website and ToLet.com.ng, who are revolutionising the customer facing lettings space in Nigeria.
Bastian Gotter, Spark Managing partner adds: “Spark companies now have the capital behind them to invest in technology, good staff, building out their inventory – whatever is required to make them into a stronger long-term business. Jason and I have previously been vocal on the shortcomings of Nigeria’s business eco-system and how investment does not reach the right people. With this additional investment of $2Mn, we are now able to channel even more funds to the companies who will one day lead the continent’s Internet space.”
Congratulations to these guys making big moves in the Internet world and attracting international investment - we hope their companies go on to make Nigeria proud and put us on the map for new, cool internet companies.
Check out the businesses they have invested in so far: Hotels.ng, Christians.com.ng, Bus.ng, Giddimint.com.ng, Borro.com.ng, Insured.ng, ToLet.com.ng, Foto.com.ng, and Drinks.ng