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.
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.