Cascador has deployed more than $5 million in funding to seven Nigerian and Africa-focused startups, reinforcing investor confidence in scalable businesses despite Nigeria’s difficult economic environment marked by inflation, currency pressure and high operating costs.
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The funding was announced during Cascador’s second annual Pitch Day held in Lagos, where more than 300 investors, lenders, founders, mentors and business leaders gathered to engage with startups operating across agriculture, clean energy, artificial intelligence, financial intelligence and technology sectors.
The largest funding package went to Agriarche, an agribusiness company founded by Deina Mayaki, which secured a $1.7 million debt facility to support expansion plans. Clean energy company Koolboks received $1.4 million, while Powerstove secured $1.2 million. First Electric received $357,000, and Fortics got $142,000.
Data and intelligence platform Stears secured $450,000 in equity investment, while AI startup Indigenius AI received $250,000 in equity funding, reflecting increasing investor interest in African artificial intelligence and data-driven startups.
The investments were made through Cascador’s Catalytic Fund, a funding initiative that provides up to $5 million annually in debt and equity financing to selected graduates of the organisation’s ScaleUp programme.
The latest funding round highlights growing attention on what many investors describe as the “missing middle” within Africa’s startup ecosystem. While many early-stage startups can access grants, accelerator programmes and seed funding, growth-stage businesses often struggle to secure larger financing needed to scale operations, expand into new markets and create jobs.
Speaking during the event, Agriarche founder Deina Mayaki said the Cascador ScaleUp programme helped the company improve its market strategy and become more prepared for expansion funding.
“The programme helped us refine our approach to growth and funding. This facility will support our expansion plans and strengthen our operations,” she said.
Cascador founder Dave DeLucia said the organisation has now deployed more than $9 million through Pitch Day funding initiatives over the last two years.
According to him, Cascador has supported over 70 startups since 2019, with participating companies collectively raising more than $125 million in additional funding after going through the programme.
“We are building a pipeline of entrepreneurs that can scale businesses delivering both commercial returns and measurable social impact,” DeLucia said.
Industry stakeholders at the event noted that the latest investments reflect a broader shift in Nigeria’s startup funding landscape, where investors are increasingly backing companies with proven traction, revenue potential and clear execution models rather than focusing only on early-stage ideas.
The sectors represented by the funded startups also align with areas attracting stronger investor interest across Africa. Agriculture remains critical to Nigeria’s food security and economic diversification efforts, while clean energy startups such as Koolboks and Powerstove are addressing electricity and energy access challenges affecting millions of households and businesses.
Meanwhile, investments into Stears and Indigenius AI point to rising confidence in African-built artificial intelligence, data intelligence and analytics solutions as businesses and institutions increasingly rely on technology-driven decision-making tools.
Indigenius AI also received additional recognition at the event after winning the NSIA Prize for Innovation worth $10,000. Koolboks received a separate $10,000 award for Best Pitch presentation.
Discussions during the event also focused on alternative financing structures capable of helping African startups access long-term and patient capital. Participants stressed that funding alone is often insufficient for startups trying to scale in challenging markets such as Nigeria.
Mentorship, strategic guidance, partnerships and access to networks were identified as equally important factors for sustainable business growth.
Daniel Ayoade of Verod Capital Management said startups must focus on becoming investment-ready if they want to scale successfully.
“Capital readiness, not just capital itself, is what helps businesses grow sustainably,” Ayoade said.
For Nigeria’s startup ecosystem, the funding announcement comes at a time when many businesses continue to face rising borrowing costs, infrastructure gaps and foreign exchange instability.
However, the latest deployment by Cascador suggests that investors remain willing to support founders with strong business models, measurable impact and realistic growth strategies despite current economic uncertainties.
Applications have already opened for the next Cascador ScaleUp cohort as the organisation seeks to identify more African entrepreneurs building scalable businesses capable of driving economic growth and job creation across the continent.
