CBO Investment Management has partnered the British Council to provide seed funding worth US$2,500 to three Nigerian IT entrepreneurs who emerged as winners and finalists at the Entrepreneurs Pitching Contest organised as part of the British Council Creative Industries Expo in Lagos.
The overall winner was Sulaiman Teslim Olalekan, founder of Shopinfo.com.ng, a mobile app that helps shoppers source goods in local shops, check stock availability and compare prices, was the overall winner at the contest.
Two runners-up also took home funding – David Ugoagbara of online marketplace Priceleakers.com, and Ayodele Elegba of Comicpanel.org, an online hub for comics and related industries.
“The early stages of any business are absolutely crucial for entrepreneurs. By supporting these startups during their formative years, we are relieving them of the financial concerns, so they can focus on other key areas that contribute to the overall success and growth of their businesses,” said Chuka Mordi, director of CBO Investment Management.
“We included a pitching contest for the first time this year in order to showcase the hidden talent among Nigeria’s creative and digital entrepreneurs and bring them to the attention of potential financiers, mentors and partners. We are delighted that CBO Investment Management recognised the value in this program and stepped up to support the next generation of entrepreneurs,“ said Nkiru Asika, chief executive officer (CEO) of Enterprise Creative, a development agency for the creative industries and the producers of the British Council Expo.
CBO has invested over US$49 million and returned over US$70 million to investors, and is actively investing and raising a US$150 million private equity fund focused on investments within the West African region.
