Goodnews as VC Company, Tofino Capital Says It’s Ready to Pour N4 Billion Into New Businesses in Nigeria
- A Venture Capital Firms, Tofino Capital says it ready to invest about N4 billion in Nigerian and other Africa Start-ups
- The company said it has already secured about $5 million and will invest $50,000 to $1 million in start-ups focused on B2B
- According to the founder, Eliot Pence, the company is providing answers to knotty questions surrounding start-ups in Africa
A Venture Capital firm, Tofino Capital is looking for new businesses from Nigeria and other African countries that require funding.
The company is optimistic of investing between $50,000 and $1 million in pre-seed and seed firms across all sectors but with an emphasis on B2B, Nairametrics report says.
Source: UGC
The company has already secured $5 million of a $10 million fund which target young startups in Nigeria.
Providing answers to unanswered questions in Africa
Tofino Capital is founded by Eliot Pence and Aubrey and has secured funding from some partners which include large family offices, venture funds and other high net worth investors.
PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!
According to Pence, Tofino is driven by unanswered questions by the venture community: Why do some of the fastest-growing markets have the lowest per capita availability of venture financing?
He stated that Egypt, the Philippines, Nigeria and Bangladesh have an average of $5 per capita of venture investment while China has about $40.
Driven by startups telling unique stories
The Tofino founder stated that the company is driven by firms like Founders Fund, A16Z and Derris, which state the importance of the founders and the story they are telling.
Tofino Capital invested an unknown amount in pre-seed funding in a Nigerian start-up, Seamless HR, human resources tech-driven firm concentrated on the frontier and emerging markets in 2019.
SeamlessHR went on to raise about $10 million in Series A funding for its growth and regional expansion.
Pharmaceutical company, Africure secures N6.2 billion funding for Pan-African expansion
Legit.ng has reported that Pharmaceutical products makers and distributors, Africure has secured N6.2 billion in seed funding to grow its African market.
The firm secured the funds from BluePeak Private Capital’s $200 million targeted impact fund.
The new funding is meant to provide an important growth to the company and support its plan to strengthen its operational capital and boost demands for its pharmaceutical goods across 10 markets in Africa, reports by Nairametrics indicate.
Source: Legit.ng
