TechLoy reports about an investment of a Nigerian based venture capital firm in a Finnish based Spinlet. It is very evident that Nigeria’s VC market is getting interesting and people that develop marketable IPs will surely find opportunities in the nation. The challenge is moving towards IP creation; the funding will come. And it is most likely going to come from an unexpected source. While the model could be to build to sell to big companies, it is even possible that a local company can acquire for consolidation.
The next phase of Nigeria’s web renaissance is coming as the price of bandwidth crashes. If that happens, a lot of people will find opportunities in the web ecosystem and business will boom. As we take care of the payment systems via mPayment, Nigeria will be a haven for mobile and web commerce within the next few months. And now is the time to get a footprint in the space.
Back to Spinlet. What is this company? From their website:
Spinlet is a Finland-based digital media distribution Company that produces innovative, cloud-based streaming music and media storage applications primarily for the fast-growing mobile markets of Africa, Asia, and Eastern Europe. Spinlet’s technology enables music artists to connect with their fans worldwide via web and mobile interfaces. The Company has a strong intellectual property portfolio and launched its first cloud-based music service in 2010. Spinlet is currently expanding its product catalogue and service availability by working with local mobile service operators and leading music labels in its target markets.
So they offer the following:
- Seamless music sync and stream playback
- Manage tracks in your phone library
- Create playlists with ease
- Search by artists, tracks and genre
- Check-In with your music
The Nigerian VC firm is Verod Capital. This is certainly a giant with tentacles spread across many sectors. It is invested in the following companies: H.F.P. Engineering Ltd, Rotoprint Ltd, GZI Industries Ltd, Howard Roark Ltd which span construction to chemicals.
Verod is an investment and financial advisory boutique focused on Nigeria and West Africa. We seek to create long-term value for our investors and provide positive economic impact through our portfolio companies. Verod looks for high growth companies generating strong cash flow. Verod is opportunistic in nature – we are willing to source talent and build new companies in addition to investing in traditional buy-outs and restructurings of existing businesses.
Fascinating that a Nigerian based VC firm is putting money in Finland. That shows the liquidity capability of some of the emerging VCs in Africa. We see this as a paradigm shift in the old global order. And more will follow.