In an email interview with Bloomberg, venture partner at 500 Startups, Andrea Barrica said, “would like to invest in at least one to two Nigerian tech companies in the next year. Nigeria’s ‘big population and increasing access to technology and payments’ make it an attractive market”.
These “one or two” startups will join 10 others across the continent — in Egypt, Ghana, Kenya and South Africa — which 500 Startups already has investments in. According to Barrica, the firm plans a $200 million fund to invest in such opportunities around the world.
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New Report: Nigerian startups raised $24.7 million in Q2 2019, 40% higher than Q1. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.