Vencap Launches Venture Capital Fund for Start-ups
Investment One Vencap Limited (Vencap), the SME-focused subsidiary of Investment One Financial Services Limited, is calling on start-ups and existing businesses interested in securing Venture Capital funding of between N10 million and N100 million to submit applications.
The 100 per cent online application window, which opened on 20thAugust 2018 and closes at midnight on Monday 10thSeptember 2018, is open to Nigerian registered start-ups and existing businesses irrespective of their geographical location.
While speaking on the significance of initiative titled, ‘Venture Quest 10.0,’ the Managing Director of Investment One Vencap Limited, Dr Ore Sofekun, stated that ‘the Quest,’ is not a competition but a platform provided to enable start-ups and existing businesses with innovative and excellent business ideas access equity or quasi-equity funding.
He said the special call for application was aimed at offering SMEs the opportunity to submit their business plans and receive accelerated assessment within a two to three-month period, saying it coincided with activities lined up for the November 2018, 10th year anniversary of the founding of Investment One Financial Services Limited themed: “Celebrating 10 years of Innovation and Excellence”.
Sofekun said: “Vencap is a sector agnostic investor; so, start-ups and existing businesses in sectors such as agro processing, fintech/tech-enabled, healthcare, light manufacturing, logistics services, renewable energy/recycling, and finished African fashion/ beauty products can apply.”
She pointed out that Vencap was founded in 2016 to provide financial and strategic business support to SMEs – a critical factor to achieving the nation’s non-oil GDP target.
Since inception, Vencap has advised over 80 companies and has invested in four companies spread across building construction, agro processing, health & fitness and ICT sectors, she said.
Vencap is a subsidiary of Investment One Financial Services Limited Group (Investment One). Investment One was established in 2008 as GTB Asset Management Limited, a wholly owned Asset Management subsidiary of Guaranty Trust Bank Plc, licenced by the Securities Exchange Commission (SEC) to provide wealth management, trust, securities brokerage and financial advisory services to individual and corporate clients.