The Southeast Development Commission (SEDC) is floating N70 billion through a flagship Southeast Venture Capital Program to provide funding to startups in eastern Nigeria.
The program provides two categories that every shortlisted startup must fit into to be considered. An Incubator category for early startups with a $5,000 seed fund for successful candidates. An accelerator category for advanced tech firms with a $20,000 seed fund as a prize.
30 startups in eastern Nigeria will be considered for the SEVC program, and registration has been extended to April 3rd to increase exposure. The program is meant for select tech startups within the following sectors.
- Manufacturing and Industrial Tech
- Agritech and Food Systems
- Fintech and Financial Inclusion
- Commerce and Logistics
- Healthtech
- Clean Energy
- Edtech
- Creative Economy
- Proptech
- Digital Economy and Saas
What Qualifies You for the SEVC Program Shortlist
To be considered for the Southeast Venture Capital Program, your startup needs to meet certain requirements aligned with the two available categories. Core requirements for the SEVC program include
- A live Product already in the market.
- Clear evidence of customer validation and early traction, such as paying customers, recurring usage, and revenue growth.
- Typically 12-24 months of operating history or equivalent evidence of sustained execution
- A strong founding team with relevant domain and execution experience.
- An operational base and active market presence in South-East Nigeria.
- A working Prototype or validated MVP.
- A committed founding team able to participate fully in the program.
The Southeast Venture Capital Program is the flagship program of the SEDC, aimed at injecting N70 billion into the eastern Tech economy. It represents the first material impact the Commission will have in the region after months of strategic sessions and ideation.
The SEDC CEO, Mark Okoye, has some experience in public administration and also recruited a team of experts to manage the venture capital program. The SEDC is the youngest regional development commission in the country.
