LeadPath tech accelerator launches $1.5-million startup fund in Nigeria

There’s a new startup space blooming in East Africa and it’s all about leveraging Africa’s latest tech trends. Nigerian accelerator LeadPath recently unveiled its US$1.5-million fund and startup workspace to the Lagos tech community. The accelerator has a strong focus on startups doing business in software apps, mobile apps, electronic payments and big data.

According to serial entrepreneur and head of LeadPath, Olumide Soyombo, the accelerator’s investments ranges between US$25,000 to US$100,000 and includes follow-up investments from itself and other venture funds. The accelerator boasts an international network of venture capitalists.

The advisory board includes Mike Silvey, Richard Lewis and Amit Saxena, all of whom have decades of experience building, scaling and investing in technology companies in Silicon Valley and beyond. Other members of the team are Kazeem Tewogbade and Tope Ajao who possess decades of experience in IT, financial services, strategy and telecoms.

Apart from the moolah and exposure, LeadPath will offer participating startups office space, mentorship and access to other crucial services such as (legal, accounting, tax) to help them achieve scale and success.

Based in Yaba, Leadpath Nigeria’s choice of location is based on the growing concentration of technology startups and entrepreneurs, attracted by the likes of the Co-Creation Hub and iDEA.

In the weeks to come, Leadpath will be making a public call for technology startups that want to be part of its first acceleration round. Startups are already in the Leadpath portfolio include Bluechip Technologies, Simer, Afriqbuy and Enreach.