Investment syndicate platform Arise is inviting applications from entrepreneurs to its pitching competition, with NGN1 million (US$3,174) on offer to startups in return for a five per cent equity stake.
Arise aims to bridge the gap in funding for early stage ventures, including ideas, through the creation of investment syndicates. Investors contribute a monthly fee of NGN30,000 (US$95) each to the syndicate, which invests in startups. In this way, investors share the risk of each investment, and are able to get involved with multiple startups rather than concentrating all their activity on one venture.
To select startups for investment, Arise is calling for applications from Nigerian entrepreneurs. Five to 10 startups will be invited to pitch live to a panel of judges – comprising syndicate members, as well as external judges – on October 14 in Lagos.
The panel will vote to decide which startup receives NGN1 million (US$3,174) in investment, with the syndicate taking a five per cent equity stake in return.
For this edition of the pitching event, Arise is focusing in particular on fintech companies.
Startups can apply here, until October 9.
New investor syndicates are also encouraged to join.
