History appeared to have been made as a group of Angel Investors representing Networks from across Africa & the Diaspora collaborated to back Trove Finance – a Nigerians Fintech Startup.
The Syndicate comprises members from Lagos Angel Network (LAN), SSE Angel Network (SSEAN), and Diaspora Angel Network (DAN).
Trove allows Nigerians to invest in 3000+ Nigerian, US & Chinese Stocks , Bonds and ETFs from the tap of a button with tiny amounts of money.
The Deal was announced via Diaspora Angel Network’s Twitter handle on Monday June 8, 2020 but ticket size wasn’t disclosed.
Speaking about DAN’s involvement, Gerard Olisa-Ashar of Diaspora Angel Network said, “Our primary purpose is to find, mentor and fund talented entrepreneurs in Africa that are unleashing potential to create real value to improve the lives of Africans through technology.
We believe we are fulfilling the first half of that purpose by closing this deal and we look forward to helping Tomi and his team unleash more potential and create more value.” –
Reacting, Oluwatomi Solanke – Trove’s Co-Founder and CEO said, “Having the wealth of experience and support from the LAN-SSEAN and the DAN community rooting for our success is invaluable to my team and I.
“We are excited to work and liaise with them as we continue to democratize the financial landscape and inch towards our goal of creating a level playing field for all investors across the continent to participate in the global financial system. We welcome the
syndicate and are stoked about the endless opportunities that can come out of this”
On his part, Kelechi Abah of SSEAN said, “we are excited about Trove and the value they create and look forward to an exciting future with them. This deal fulfills SSEAN’s goal of supporting Nigerian teams building world class solutions.”
Speaking on behalf of LAN, Mrs. Funmi Oyetunji said, “At LAN we believe Trove is bringing a real solution through the deployment of technology and solving a huge problem – access to stock and
wealth at a global stage for Africans.
The Trove team has demonstrated commitment to creating and growing value for both clients and investors and we are excited to travel on this journey with them.”
In a statement, Tomi Davies, President, African Business Angel Network said “This innovative cross-network syndication is the first of its kind and something I expect to see more of as Angel investing starts to grow in Africa”
The investment, alongside funding from existing investors, will allow the Startup to accelerate growth and fortify their team for the road ahead.