Nigerian Internet company Spark has announced that it has raised US$2mn investment from a group of 17 global high-net individual investors to expand its offices in Lagos
Internet entrepreneurs Jason Njoku, Bastian Gotter and Mary Remmy-Njoku launched the Nigerian startup investment fund when they set up a US$1mn fund, aiming to form an angel investment eco-system in Nigeria.
After Spark was set-up back in May this year a number of individuals from Lagos, Singapore and London met with Njoku and Gotter to explore ways in which they could invest private capital into Africa.
“We set out to grow the Spark companies to be market leaders. This requires capital. Our companies are laser focused, totally exceeding our initial expectations and showing increasingly strong metrics," said Jason Njoku, Spark managing partner.
“We expect to raise more money in the coming months to cement Spark as one of the preeminent Internet groups in Nigeria and Africa," Njoku added.
Spark companies currently has 130 employees across nine companies that it has set-up, with its revenues totalling US$50,000 per month, it said.
