Five Nigerian startups have received €120,000 (about N196.05m) from the Orange Corners Innovation Pitch Competition.
The startups that won the funding include Deluxe Creation Studios; Film Anatomie Manufacturing; Tquart Food; Klay Functional Foods & Production Limited and Nutrition4Kids NG.
In a statement from the organisers of the event on Thursday, the entrepreneurs would have access to a €120,000 startup capital comprising a 75 per cent grant and a 25 per cent loan provided by the Netherlands Enterprise Agency.
“This support will enable these promising entrepreneurs to further develop and scale their businesses, contributing to economic growth and job creation in Nigeria,” the organisers said.
Orange Corners is an initiative of the Kingdom of the Netherlands launched in Nigeria in 2019 and implemented by the FATE Foundation. It is currently present in 22 countries within Africa and The Middle East.
“We are enthusiastic about providing early-stage funding to empower these aspiring young Nigerian entrepreneurs. Our support will facilitate the ideation, development, testing, and prototyping of their innovations, while also assisting them in establishing a robust business model and structure.
“This strategic approach aims to position them for successful business expansion and readiness to attract additional investments,” the Executive Director of FATE Foundation, Adenike Adeyemi, said.
For the ninth cohort, which was held in December, 20 businesses were assessed by a jury comprising the Economic & Trade Adviser, Netherlands Consulate General, Lagos; Sonia Odije-Fajusigbe, Gift Iyere of Ecosystem Partnership, Sterling Bank Plc; Investment Manager, VEROD Capital, Gbenga Abogan, and Project Manager Social Sustainability Nigerian Breweries Plc, Emete Tonukari.
“Our goal is to contribute to an enabling entrepreneurship ecosystem that will ensure business success, reduce unemployment, and increase National wealth,” Odije-Fajusigbe said as she addressed the entrepreneurs.
The Orange Corners Incubation Programme supports 20 entrepreneurs with enterprise development knowledge, mentoring, access to the market, and funding to grow their businesses.
To date, the programme has supported 180 entrepreneurs with funding valued at over N807m for prototype development, market testing and growth capital.
About 45 per cent of these businesses are female-owned.
Meanwhile, the call for applications for the 10th cohort of the incubation programme is currently ongoing.
