Tofino Capital Ready To Invest N4B In Nigeria New Businesses
TECHDIGEST – A Venture Capital Firms, Tofino Capital says it is ready to invest about N4 billion in Nigerian and other Africa Start-up companies.
Africa Tofino Capital is founded by Eliot Pence and Aubrey and has secured funding from some partners which include large family offices, venture funds and other high net worth investors.
The company says it has already secured about $5 million and will invest $50,000 to $1 million in start-up companies that focused on business to business (B2B).
According to Pence, the company is providing answers to knotty questions surrounding start-ups in Africa and is looking for new businesses from Nigeria and other African countries that require funding.
The report says the company is optimistic of investing between $50,000 and $1 million in pre-seed and seed firms across all sectors but with an emphasis on B2B.
The company has already secured $5 million of a $10 million fund which target young startups in Nigeria, he added.
He stated that Egypt, the Philippines, Nigeria and Bangladesh have an average of $5 per capita of venture investment while China has about $40.
The new funding is expected to provide a substantial boost to the company’s growth and support its plan to strengthen its operational capital and boost its pharmaceutical goods demand across 10 markets in Africa.