Nine Nigerian startups have secured over $3 million in debt funding from Cascador, a Lagos-based accelerator, to enhance their operations and reposition for global competitiveness. The funding was unveiled at Cascador’s first Pitch Day held in Lagos, spotlighting its commitment to mid-stage entrepreneurs.
The beneficiaries—Crop2Cash, Oriki, N.E.A.T, Adunni Organics, Sycamore, DoChase, Drive45, 24Seven, and ExCare—are all alumni of the Cascador programme, which has supported around 60 businesses since its launch in 2019.
Cascador CEO noted that the funding is exclusive to programme graduates and tailored to meet the specific operational needs of each company, many of which operate in sectors like manufacturing and agriculture. She emphasized that Cascador’s approach diverges from traditional venture capital, focusing on debt rather than equity to enable sustainable scaling.
About 74 percent of participating businesses preferred debt financing, prompting Cascador to partner with Sterling Bank. This partnership allows startups to access loans at approximately 20 percent interest, with added benefits like collateral waivers, reduced rates, and flexible repayment terms of up to five years.
The programme goes beyond financing. Cascador Founder emphasized the inclusion of mentorship and capacity-building as key components to help startups maximize their capital and prepare for future investments.
Sterling Bank’s Managing Director described the collaboration as a bridge to bankability, helping ventures navigate the challenges of growth and scale sustainably.
The event also highlighted the launch of a $2 million Catalytic Fund, co-created by Cascador and Sterling Bank, to unlock new growth opportunities across high-impact sectors in Nigeria.
