Start-up support firm launches $1.5m accelerator fund

LeadPath Nigeria, latest technology start-up accelerator to begin operations in Nigeria, has launched a $1.5 million fund in Lagos.

The firm at the launch engaged key stakeholders in the Lagos technology ecosystem, including other angel investors, entrepreneurs and developers. Starting with a $1.5 million fund, LeadPath Accelerator will make seed investments in start-ups doing business in software applications, mobile applications, electronic payments and big data.

LeadPath is led by Olumide Soyombo, a technology entrepreneur based in Lagos. A serial entrepreneur, Olumide sits on the board of several organisations including Lead Path Global Asset Management, Bluechip Technologies , Bluechip Haulage and Logistics Limited, Global Executive Management (GEM) Ltd, Accutrade Nigeria Ltd, and West Acton Ltd.

Also on the Leadpath team line-up are Kazeem Tewogbade, a first-class honours holder from the University of Ibadan with over 15 years of experience in the information technology industry, and Tope Ajao, who is programme manager and has more than a decade of work experience in IT, financial services and telecommunications.

LeadPath also has on its advisory board seasoned technology investors and strategists which include Mike Silvey, Richard Lewis and Amit Saxena, all of whom have decades of experience building, scaling and investing in technology companies.

According to Soyombo, the accelerator’s typical investments range between $25,000 to $100,000 in the first instance, as well as follow-on investments from LeadPath and other venture funds. LeadPath will also offer office space, mentorship and other services such as (legal, accounting, tax, etc.) to their investees, helping them achieve scale and success in a promising but challenging market.

With its network of venture capital interests in Silicon Valley and around the world, LeadPath is able to secure millions of dollars in follow-on investment for members of the accelerator programme that show the capacity to take their execution to the next level.

Tomi Davies, chairman of the Lagos Angel Network, said “there should be 10 more of these in Lagos at least.” Davies was enthusiastic about the new accelerator and expressed his support for platforms that support Nigerian technology business at the early stages.