Cascador Launches $5M Fund for Nigerian Startups

Cascador has launched a $5 million fund aimed at supporting high-growth Nigerian startups as part of its Catalyst Fund initiative. This fund will be deployed annually, with the goal of providing tailored support to startups in their scale-up phase.

The announcement was made during the Pitch Day event in Lagos, where seven Nigerian businesses were recognized for their potential to absorb significant capital and create social impact, including job creation. Notable recipients of the fund include Deina Mayaki's Agriarch, which received N2.5 billion ($1.7 million), Deborah Gael's Koolbok with N2 billion ($1.4 million), and Okei Ess's Powerstov with N1.8 billion ($1.2 million).

The Catalyst Fund is designed to help entrepreneurs refine their market strategies and adapt to changing conditions. Dave DeLucia, founder of Cascador, emphasized the importance of supporting African founders in building new generations of entrepreneurs.