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500Startups Venture Capital to Invest in Technology in Nigeria



500Startups Venture Capital is planning to invest in technology in Nigeria. If the plan goes through, it will be the 10 investments the company has made in the continent of Africa in a number of its countries such as Egypt, Ghana, Kenya and South Africa.

The company has more than $175 million funds to be used for investment. According to the report by Bloomberg Business, the company has expressed its desire and readiness to invest in the Nigeria tech space by 2016. It described Nigeria as one of the most inviting places for investors that will like to invest in technology.

As reported by Bloomberg Business, Andrea Barrica, a partner of 500Startups Venture Capital in Mountain View which is based in California said on Wednesday that the company would want to invest in one or two of technology companies in Nigeria within the next year. Barrica said that the Nigeria market was an attractive one because of its big population and increasing access to technology.

Barrica said that the company was planning to include Nigeria assets to 10 investments it has already made in African countries like South Africa, Kenya, Ghana and Egypt.

Several companies such as Boulder and TechStars which is a Colorado based company have expressed their interest to invest in Nigeria. 500Startups is the latest venture-capital firm to indicate interest to make investment in Nigeria.

Barrica who was in Lagos in September to meet with business owners said that the 500Startups was interested in investing in software, online marketplaces, technologies and e-commerce. The company has plan to put $200million in investment in similar sectors across the world.