In a bid to strengthen the growth of Small and Medium Enterprises (SME), Investment One Vencap Ltd (VENCAP), has inaugurated an online platform tagged Venture Quest 10.0 for loans between N10m million and N100 million.
Dr.Ore Sofekun, Managing Director, Investment One Vencap said at the inauguration in Lagos on Monday that the online application platform was for start-ups and existing businesses interested in securing Venture Capital funding. Sofekun said that early start-ups and existing businesses interested in securing Venture Capital funding between N10m million and N100 million needed to submit applications.
She said that the 100 per cent online application window, which opened on August 20, 2018, would close at midnight on September 10, 2018.
According to her, applications are open to Nigerian-registered start-ups and existing businesses, irrespective of their geographical location. Sofekun said that ‘the Quest’ was not a competition but a platform provided to enable start-ups and existing businesses with innovative and excellent business ideas access between N10m and N100m equity or quasi-equity funding.
“This special call for applications is aimed at offering SMEs the opportunity to submit their business plans and receive an accelerated assessment within two/three months period,’’ she said.
Sofekun said that the initiative coincided with activities lined up for the10th year anniversary of the founding of Investment One Financial Services Ltd. She said that start-ups and existing businesses in sectors such as agro-processing, fintech/tech-enabled, healthcare, light manufacturing and logistics services, among others, were eligible to apply. Sofekun urged interested applicants to log on to http://www.investment-one.com/vencap/venturequest10-0/.
She noted that Vencap was founded in 2016 to provide financial and strategic business support to SMEs – a critical factor in achieving the nation’s non-oil Gross Domestic Product target. Sofekun said that since inception, Vencap had advised over 80 companies and had invested in four companies spread across building construction, agro-processing, health & fitness and ICT sectors.
VENCAP is a subsidiary of Investment One Financial Services Limited Group (Investment One). It was established in 2008 as GTB Asset Management Ltd, a wholly-owned Asset Management subsidiary of Guaranty Trust Bank Plc and licensed by the Securities and Exchange Commission to provide wealth management, trust, securities brokerage and financial advisory services to individual and corporate clients.