Jason Njoku pulls the plug on 4 more SPARK-invested startups

by | Jun 18, 2015

In a blog post in reaction to 88mph’s decision to stop investing in African startups , iROKOtv and SPARK founder, Jason Njoku, officially announced they’re letting go of 4 startups considered failed businesses.

Jason Njoku started SPARK with his partner and Co-Founder Bastian Gotter, as a foray into angel investing in Nigeria. Most popular in their portfolio is Hotels.ng, which recently raised $1.2 million in Series A funding.

The 4 startups are Bus.com.ng (an online bus ticketing service ), Insured.ng (an insurance comparison platform), Giddimint.com.ng (an online fashion store) and Christians.ng, an online dating platform for Christians.

Advertisement

We are in the valley of death. We were a little too early. Bus, Insured, Giddimint and Christians we consider to be dead or non-active. That’s the reality. The lack of funding and us unable to go past the $250,000 bench mark meant we had to let go.

SPARK’s decision to stop investing in the above startups doesn’t necessarily connote that they are dead, as they may continue operations with alternative sources of funding, if they wish to. It will be interesting to observe how these 4 startups fair in the long run. We wish them luck.

Meanwhile, on a lighter note, Celestine Ezeokoye threw a jab at Jason Njoku in the wake of the announcement.

For those who may not know, Celestine is famous for turning down $25,000 seed investment from Jason Njoku’s SPARK, rather opting for a no-equity $5000 seed fund from the Tony Elumelu Foundation, to start his own bus ticketing startup Tiketmobile. Jason Njoku, who moved on by investing in Bus.com.ng — which he happens to be pulling the plug on now — did not hesitate to gloat when Celestine Ezeokoye’s Tiketmobile eventually failed. Tiketmobile has since risen from the proverbial ashes, albeit having pivoted to on-demand airport transportation service.

Múyìwá Mátùlúkò
Múyìwá Mátùlúkò

Chief Servant. I bully myself because I make me do what I put my mind to.

Advertisement


Are you in tech and you are looking at getting a foreign remote job or you want to move abroad? Fill this form and you will get the BEST resources to help you get that high paying remote job as well as japa easily! WAGMI!

Subscribe
Notify of
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Jerulo
Jerulo
6 years ago

Karma Karma ?

Recent News

Reclaiming stolen African artefacts

Reclaiming stolen African artefacts

On #TechpointDigest, Victoria Fakiya (@latoria_ria) discusses how Traction wants to stop fake alerts, Canza Finance’s journey, Esaal’s $1.7m seed round, and JABU’s $15m series A.

[PODCAST] Relooting African art with NFTs

[PODCAST] Relooting African art with NFTs

What do you think about an NFT project that wants to reclaim Africa’s lost artefacts? Well, the editorial team had some interesting thoughts, and you can listen to this and other stories on today’s episode of #TechpointAfricaPodcast.

$2 million to drive learning via WhatsApp 

$2 million to drive learning via WhatsApp 

On #TechpointDigest, we discuss how major players in the African mobility space can change the mobility narrative, FoondaMate’s $2 million funding, Twitter Create, and AMP’s $5.6 million seed round.

[PODCAST] Taxing calls to give you healthcare

[PODCAST] Taxing calls to give you healthcare

The Nigerian government wants to tax phone calls to provide better healthcare. In today’s edition of the #TechpointAfricaPodcast, we discuss possible implications and upsides to this.

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Blockchain Explorer

Analysis oninnovation, regulations, and trends inthe blockchain sector, as it concerns Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap