Cascador deploys over $5 million across seven Nigerian startups at Pitch Day

Cascador has deployed more than $5 million in growth capital across seven Nigerian tech startups at its second annual Pitch Day, Disrupt Africa reported on 8 June. The event took place on 3 June. The money came through Cascador's Catalytic Fund, a $2 million annual initiative for Cascador alumni.

Who received what

Five companies received debt. Agriarche took $1.7 million, Koolboks $1.4 million, Powerstove $1.2 million, First Electric $357,000 and Fortics $142,000. Two received equity: Stears got $450,000 and Indigenius AI $250,000. Agriarche's debt is a NGN2.5 billion credit facility, which a company representative, Deina Mayaki, said would help "power our growth".

About Cascador

Cascador says it has supported more than 60 entrepreneurs since 2019, and that they have collectively raised over $55 million. Founder Dave DeLucia said: "In just two years, Pitch Day has awarded more than US$9 million".

At a glance

• Investor: Cascador (Catalytic Fund)
• Raised: More than $5 million in total
• Round: Debt for five companies, equity for two
• Recipients: Agriarche, Koolboks, Powerstove, First Electric, Fortics, Stears, Indigenius AI
• Markets: Nigeria
• Key figure: More than $9 million awarded across two Pitch Days