Dear healthcare founder,

Are you about to raise funds for your startups? Today and tomorrow, I’ll share 7 broad categories of investors that have a track record of investing in Nigerian healthcare with some examples. Keep reading for categories 1 to 3!

1. Angel Investors and Syndicates

These are typically high net worth individuals who believe in you and what you are building. Angel investors typically invest in early rounds and with smaller check sizes and can invest either as individuals or via an angel syndicate. Nigerian professionals (particularly doctors) in the diaspora have been a great source of angel investment in Nigerian healthcare.

Examples include Bold Angel Fund and the Lagos Angel Network.

2. Accelerators and Incubators

These are startup programs that provide business operations support, mentorship, and investment readiness, making them a great option for young companies and first-time founders. Many top tier accelerator/incubator programs will also offer some equity investment as part of their programs. 

Examples include Y Combinator, Techstars, and Founders Factory Africa.

3. Nonprofits and Foundations

Nonprofit organizations and foundations are known for giving grants to support organizations that align with their missions, but some are able to make equity and debt investments as well. Depending on the kind of work you do, it is possible to get support from this funding group at any stage, though many tend to invest in earlier rounds rather than later ones. This investor group cares a lot about social impact, so be prepared to demonstrate the positive impact you make and to do more impact reporting.

Examples include Gates Foundation, Mulago Foundation, CRI Foundation, and Netri Foundation.

That’s all for today. Tomorrow, we’ll go through the other 4 categories of investors actively investing in Nigerian healthcare.