Cascador Invests Over $3m in Nigerian Startups through Debt Funding

Sunday Ehigiator

Cascador, a leading accelerator for mid-stage Nigerian entrepreneurs, has disbursed over $3 million in debt funding to nine Nigerian startups to enhance their operations and accelerate their growth.

Nine Nigerian startups, out of over 60 applicants, emerged as recipients of the funding after a highly competitive pitch day event held in Lagos over the weekend, including Crop2Cash, Oriki, N.E.A.T, Adunni Organics, Sycamore, DoChase, Drive45, 24SEVEN, and ExCare.

According to Cascador CEO, Trish Thomas, “The funding is only available to alumni of our Cascador program. There are about 60 companies now that have gone through the program. The nine finalists you see today have been awarded over $3 million in debt and equity.The selection process was a highly competitive one. We focused on companies with a proven track record, good operational management, and a trajectory for scaling social impact and operations.

“Interestingly, 74 per cent of applicants requested debt funding, indicating a strong preference for working capital over equity. This trend reflects the unique needs of Nigerian entrepreneurs, many of whom are seeking sustainable growth rather than rapid exit strategies.”

Earlier in his address, Cascador Founder Dave DeLicia highlighted the transformative power of the accelerator’s training, mentorship, and networking opportunities. He emphasised that these benefits hold even greater value than the funding itself.

According to him, “At Cascador, we’re looking for two key qualities: business acumen and discipline to execute scalable, sustainable companies that drive social impact. We’re sector-agnostic, with a diverse range of businesses, from cosmetics to microfinance banks. They’ll be competing for at least $3 million in funding.”

Speaking about the impact of the partnership with Cascador, the Managing Director/CEO of Sterling Bank, Abubakar Suleiman, said it is aimed at building businesses that can meet commercial standards of bankability.