TechStars, the U.S venture capital firm with more than $265 million under management, said it’s seeking opportunities in the Nigerian information and communication technology industries as Africa’s largest oil producer attempts to diversify its economy.
“Absolutely, we are interested in investing in Nigeria,” especially in firms where “there is a large software and technological component,” said Jason Seats, a partner at the Boulder-based company, on Tuesday in an e-mailed response to questions. “There is a growing class of knowledge workers in Nigeria and unquestionably, over time, the economy will become less dependent on oil.”
Seats, who was in Lagos, Nigeria’s commercial capital in September to meet business owners, said TechStars targets viable startups for equity by investing in convertible debt.
The company has a fund of $155 million for investments in the next two to three years. In Nigeria, it has a stake in a courier and delivery service company, Seats said, without giving details.
Nigeria unveiled an information and communication policy in 2012 to boost investments in these industries and to drive growth in non-oil sectors including agriculture, manufacturing and services.
The government wants to increase broadband penetration fivefold from 4 percent of the population, according to the National Broadband Plan for 2013-2018.
