EchoVC Partner, an experienced seed and early stage technology venture capital firm focused on financing and cross-pollinating leading technologies, teams and business models in Nigeria and select markets in sub-Saharan Africa said it is targeting to raise its funding base to $50 million.
EchoVC, the sole manager of the federal government’s pioneering ICT Innovation Fund, a $10 million commitment from the government to make seed and early-stage investments in high-growth technology start-ups which made four investments in Nigeria in 2015 said it anticipates making up to 10 seed-stage investments in 2016.
Managing partner, EchoVC, Eghosa Omoigui, said it is talking to existing investors including a mix of domestic and foreign institutional investors and asset managers. It makes investments of $25,00-$1.5 million per startup with a goal of making 40–50 investments throughout the life of the fund.
“Our focus will be on technologies that support underserved populations. Investments will target high-growth services and scalable products in select markets, with distinct and sustainable competitive advantages, all of which affect daily life and provide essential services in large growing markets” he said.
He said their specific technology sectors of interest will include consumer internet and services, data, mobile, social, digital media, content and advertising, E/M-commerce, software, linguistics, gaming, business intelligence, last-mile services, tech‐enabled services and enterprise infrastructure.
Omoigui said Nigeria, as one of the main growth drivers for Africa, is also one of the primary growth drivers for the firm.