Africa-focused entrepreneurship platform Cascador has deployed more than $5 million in growth capital to seven high-impact startups, underscoring growing investor confidence in Nigerian entrepreneurs despite economic headwinds.
- +Cascador injects $5m into Nigerian startups driving impact
The funding was announced at Cascador’s second annual Pitch Day held in Lagos, where over 300 investors, lenders, mentors and business leaders gathered to engage with founders building solutions in agriculture, clean energy, financial intelligence, artificial intelligence and technology.
The funding was announced at Cascador’s second annual Pitch Day held in Lagos, where over 300 investors, lenders, mentors and business leaders gathered to engage with founders building solutions in agriculture, clean energy, financial intelligence, artificial intelligence and technology.
The largest funding package went to Agriarche, an agribusiness company led by Deina Mayaki, which secured a $1.7 million debt facility. Other beneficiaries included Koolboks, which received $1.4 million; Powerstove, $1.2 million; First Electric, $357,000; and Fortics, $142,000. Data and intelligence company Stears secured $450,000 in equity funding, while AI startup Indigenius AI received $250,000 in equity investment.
The investments were made through Cascador’s Catalytic Fund, which provides up to $5 million annually in debt and equity financing to graduates of its ScaleUp programme.
Beyond the size of the funding, the significance of the initiative lies in its focus on growth-stage businesses, a segment often described as the missing middle of African entrepreneurship. While many startups can access early-stage funding, fewer are able to secure the larger pools of capital needed to expand operations, create jobs and enter new markets.
Speaking at the event, Deina Mayaki, Agriarche founder said the ScaleUp programme helped her company refine its market strategy and funding approach, leading to the new credit facility that will support expansion plans.
Dave DeLucia, Cascador founder said the organisation has now deployed more than $9 million through Pitch Day over the past two years, helping to build a pipeline of entrepreneurs capable of scaling businesses that deliver both commercial returns and social impact.
According to him, Cascador has supported 70 startups since 2019, with those firms collectively raising more than $125 million in additional funding.
Industry observers say the latest capital deployment highlights a gradual shift in Nigeria’s investment landscape, where investors are increasingly backing businesses with proven traction rather than focusing solely on early-stage startups.
The funding recipients also reflect sectors attracting growing investor attention. Agriculture remains critical to food security and economic diversification, while clean-energy businesses such as Koolboks and Powerstove are addressing electricity access challenges. Meanwhile, investments in Stears and Indigenius AI signal rising confidence in data-driven and artificial intelligence solutions emerging from Africa.
Additional recognition was given to Indigenius AI, which won the NSIA Prize for Innovation worth $10,000, while Koolboks received a $10,000 award for Best Pitch.
A key discussion at the event focused on innovative financing structures that can help African businesses access patient capital, working capital and long-term investment support. Participants argued that funding alone is not enough and that mentorship, networks and strategic guidance are equally important for sustainable growth.
That message was echoed by Daniel Ayoade of Verod Capital Management, who noted that capital readiness, not just capital itself, is what enables businesses to scale successfully.
For Nigeria’s startup ecosystem, the latest funding round offers a positive signal at a time when businesses continue to face high borrowing costs, currency pressures and infrastructure challenges. It also demonstrates that investors remain willing to back founders who can show strong execution, measurable impact and a clear path to growth.
With applications already open for the next Cascador ScaleUp cohort, the organisation hopes to identify a new generation of African entrepreneurs capable of turning local innovations into scalable businesses that create jobs and drive economic development across the continent.
