Lagos, Nigeria – Cascador, an entrepreneurship platform focused on Africa, has deployed over $5 million in growth capital to seven high-impact startups in Nigeria. The funding, announced at Cascador’s second annual Pitch Day in Lagos, highlights investor interest in Nigerian entrepreneurs amid prevailing economic conditions.
More than 300 investors, lenders, mentors, and business leaders gathered at the event to engage with founders operating in sectors such as agriculture, clean energy, financial intelligence, artificial intelligence, and technology. The largest tranche of funding, a $1.7 million debt facility, was secured by Agriarche, an agribusiness company led by Deina Mayaki. Other beneficiaries included Koolboks, which received $1.4 million; Powerstove, with $1.2 million; First Electric, securing $357,000; and Fortics, with $142,000.
Equity funding totaling $450,000 was allocated to Stears, a data and intelligence firm, while Indigenius AI, an artificial intelligence startup, received $250,000 in equity investment. These investments were facilitated through Cascador’s Catalytic Fund, which provides up to $5 million annually in debt and equity financing to graduates of its ScaleUp programme.
The initiative emphasizes support for growth-stage businesses, a segment often referred to as the “missing middle” in African entrepreneurship. While many startups successfully access early-stage funding, fewer secure the larger capital pools necessary for operational expansion, job creation, and market entry, according to industry observers. Deina Mayaki, Agriarche founder, noted that the ScaleUp programme assisted her company in refining its market strategy and funding approach, which contributed to securing the new credit facility for expansion.
Dave DeLucia, founder of Cascador, stated that the organization has now deployed in excess of $9 million through its Pitch Day events over the past two years. He added that this strategy helps develop a pipeline of entrepreneurs capable of scaling businesses that deliver both commercial returns and social impact. Since 2019, Cascador has supported 70 startups, which have collectively raised over $125 million in additional funding, DeLucia said.
Analysts suggest that this capital deployment signals a gradual adjustment in Nigeria’s investment landscape, where investors are increasingly prioritizing businesses with demonstrated traction over exclusively early-stage ventures. The sectors represented by the funding recipients also indicate growing areas of investor focus. Agriculture continues to be a critical sector for food security and economic diversification, while clean-energy companies like Koolboks and Powerstove are addressing challenges related to electricity access. Investments in Stears and Indigenius AI also underscore increasing confidence in data-driven and artificial intelligence solutions emerging from the African continent.
Further recognition was extended to Indigenius AI, which received the NSIA Prize for Innovation worth $10,000, and Koolboks, which also received $10,000.