TradeLenda, Niteon, Two Others Receive N20m Seed Capital

**As Iwendi Tasks Nigerian Tech Innovators on Nature-Based Solutions

By Dipo Olowookere

Four Nigerian tech innovators have received a seed capital of N20 million after impressing the judges at the 2024 DBN Techpreneur Summit organised by the Development Bank of Nigeria (DBN) in Lagos on Thursday, July 10.

The winners of the funding support were Niteon, PowerLab Limited, Powerful Technology, and TradeLenda. They were among the 20 tech innovators who pitched their ideas at a DealRoom put together in partnership with Addium Capital.

It was to bridge the gap between capital seekers and investors, thereby catalysing funding opportunities and fostering regenerative growth within the Nigerian tech ecosystem.

The participants were drawn from green/renewable energy, recycling, fintech, e-commerce, business financing, insurance, nutrition, health, agriculture, transportation, automobile spare parts, and other sustainable sectors.

The keynote speaker of the summit, Mr Celestine Iwendi, an international scholar and Head of the Centre of Intelligence of Things at the University of Bolton in the United Kingdom, charged Nigerian tech innovators to focus more on nature-based solutions that can help in addressing the numerous social and environmental challenges in the country.

Speaking on the theme of the programme, Catalysing Tech Innovation: Empowering Entrepreneurs for Regenerative Growth, Mr Iwendi said there was a huge market for tech innovations in Nigeria with the myriad social, economic and environmental challenges facing the country.

“The growth of the tech sector has been catalysed by increased Internet penetration and smartphone adoption, and Nigeria is benefitting from local and foreign investors in the tech sector. Lagos is Nigeria’s tech hub and the only city in Africa included in the Global Top 100 Startup Ecosystems for 2023, meaning Nigeria is coming up. With a population of over 200 million coupled with multifaceted social, economic and security challenges, Nigeria offers a vast market for tech-driven solutions,” he submitted.

Commenting on the rationale behind the DealRoom, the chief executive of DBN, Mr Tony Okpanachi, explained that it was to provide an opportunity for innovators in the country to network with potential investors, thereby catalysing funding opportunities and fostering regenerative growth within the Nigerian tech ecosystem.

He added that it was to also encourage entrepreneurs to develop innovative solutions that not only drive financial returns but also generate positive social and environmental impacts specifically for Nigeria.

“By providing a platform for startups to pitch their ideas, network with investors, and explore funding opportunities, the summit seeks to bridge the gap between innovative tech ventures and capital infusion.

“This emphasises the importance of fostering an environment conducive to investment in Nigerian technology startups, driving economic growth and accelerating job creation.

“This underscores the importance of aligning entrepreneurial endeavours with the broader goals of sustainable development, creating a more inclusive and resilient economy,” he stated.

Business Post reports that DBN organised the Techpreneur Summit to further bolster the growth of Micro, Small and Medium Enterprises (MSMEs) within Nigeria’s innovation ecosystem.

As stated by Mr Okpanachi, the bank has continued to support small business owners since its inception in 2018, with 72 per cent of the beneficiaries being women and 24 per cent youth.

“In addition to lending, DBN also provides technical assistance to Participating Financial Institutions (PFIs) to encourage them to lend to the MSMEs. But that’s not all, DBN also assists in capacity building for MSMEs through our various initiatives, one of which is the Techpreneur Summit, which was initiated to better understand the needs of Nigeria’s tech ecosystem to provide sustainable financial solutions to them,” he stated.