OoTheNigerian

sometimes, I make a lot of sense.

Nigerian VC Firm Invests Into Social Mobile Music Service, Spinlet.

15 June 2011 by Oo Nwoye

Spinlet, a cloud-based music streaming and storage app maker based in Finland has received a significant undisclosed investment from Verod Capital an emerging markets investment firm based in Nigeria, with interests across several sectors.

via Nigerian VC Firm Invests Into Social Mobile Music Service, Spinlet | TechLoy.

I am quite surprised but happy all the same that a Nigerian based VC firm is traveling all the way to Finland to make it’s first Internet startup investment. The good news is that African startups no longer  have the excuse “there are no VC’s here”. The bad news is that if a Nigerian based VC firm does not deem it worthy to invest in a local internet startup, how do we expect the foreign ones to have faith in us?

PS: This is my first ‘commentary styled’ post here. It makes me feel less bad/lazy about not posting often.

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I am a founder of Fonebase Labs, a Nigerian technology company. Our products are Fonenode - a telephony API, Callbase , a virtual contact center and WriteRack the best way to tweetstorm. Feel free to holla at me (ositanwoye@gmail) if need be.

7 comments | Categories: Commentary, Nigeria, Technology | Tags: ,

  • ST

    I think it’s not as much an investment as a fee to have the rights to bring the startup to Nigeria.  

    • It is listed under “our companies” http://www.verodcapital.com/ourcompanies.html so it might well be a normal investment.

      • Why not confirm before posting if you’re not sure?

        • I am commenting on Loy’s post. I assume he confirmed it. But the our companies page sort of confirms it bah?

  • Savar

    ^^^sounds more like a franchise deal then.

  • Savar

    ^^^sounds more like a franchise deal then.

  • IT is listed under “our companies” http://www.verodcapital.com/ourcompanies.html