fund·ing
/ˈfəndiNG/
Noun
Money provided, esp. by an organization or government, for a particular purpose.
The action or practice of providing such money.
Synonyms
financing
Sarah Lacy who I totally adore got the exclusive on our announcement of Spark raising $2Mn. Just wanted to share some thoughts on that.
The Nigerian (and African) Funding Ecosystem
$5–35k — idea development — think ccHub, friends and family LAN.
$50–300k — seed round — where incubators MEST, 88MPH, and Spark live.
$500 — $1,5Mn — angel investment — ??? Show me the money?
$2–5Mn — series A — Tiger Global, Kinnevik AB, Intel Capital and Adlevo Capital.
When we conceived Spark we thought about it along the lines of writing $50k cheques and seeing startups mushroom into top tier internet companies. Then we danced with reality. $50k is nothing in Nigeria if you want to develop a category-leading internet company. So, we adjusted our expectations in terms of money invested and upped the commitment (read cash) w...