Cascador, an investment and training platform focused on growing African tech startups, has recently made a significant contribution to Nigeria’s startup ecosystem. At its second annual Pitch Day held in Lagos, the organisation deployed over $5 million in growth capital to seven innovative Nigerian tech startups.
These seven startups are building solutions that directly address everyday challenges faced by Africans, ranging from food security and clean energy to localised artificial intelligence and market data. The funding was provided through the Cascador Catalytic Fund, an initiative designed to give financial backing to businesses that make a strong social and economic impact on the continent.
Stepping Up For African Tech Startups Since Its Inception
Since it launched in 2019, Cascador has focused on the very specific mission of helping African tech startups who already have real market traction but need the right strategy and capital to scale up. Over the years, the platform has supported 70 companies, and these alumni have collectively gone on to raise more than $125 million in additional funding.
What makes Cascador different from standard global startup programs is how they give out money. Many international investors only offer a fixed amount of cash in exchange for a piece of the company, known as equity. This approach does not work for every business.
Through its Catalytic Fund, Cascador works in partnership with local financial institutions like Sterling Bank to offer flexible financial support. This means a company can receive money as low-interest loans (debt) or as an equity investment, depending on what the business actually needs to succeed. In just two years of running its Pitch Day events, Cascador has poured more than $9 million directly into the hands of growth-stage African business owners.
Heavy Support for Agriculture and Clean Energy
The largest portion of the $5 million pool went to companies building physical infrastructure, particularly in farming and renewable energy. These are sectors where startups usually need heavy machinery, warehouses, and hardware, making traditional bank loans very difficult to get without massive collateral.
The 7 seven Nigerian tech startups that benefited from Cascador’s recent funding are Agriache, Koolboks, Powerstove, First Electric, Fortics, Stears and Indigenous AI. Below is a breakdown of Cascador’s recent funding round.
1. Agriache
Agriarche an agricultural technology startup led by Deina Mayaki, walked away with the largest single chunk of funding. The company secured a ₦2.5 billion debt facility, which is valued at approximately $1.7 million.
Agriarche works to fix the broken supply chains in Nigerian farming by making buying, selling, and food distribution more transparent and efficient for farmers and major market buyers.
Clean energy also took centre stage, with three companies securing major funding to solve Nigeria’s electricity problems. They include Koolboks, Powerstove and First Electric.
2. Koolboks
Koolboks secured $1.4 million in debt funding to expand its business of making solar-powered refrigerators. These fridges are vital for small shop owners, healthcare centres, and food sellers who lose money every time the national grid fails. The founder of Koolboks, Deborah Gael, also won an extra $10,000 cash prize for delivering the best pitch of the day.
3. Powerstove
Powerstove secured $1.2 million in debt funding to scale up its clean cooking technologies. The company builds stoves that cook food faster while using less fuel, which helps ordinary families save money and protects the environment from excessive wood cutting.
4. First Electric
First Electric raised $357,000 in debt to advance its clean mobility and electric transport solutions, helping to build cheaper, cleaner alternatives for transportation across the country.
Investing in Healthcare, Data, and Local Artificial Intelligence
The remaining funds were distributed among companies working in health, data analytics, and local technology development, reflecting the growing diversity of Nigeria’s tech space.
5. Fortics
Fortics, a healthtech company focused on expanding medical delivery networks so that more everyday Nigerians can access reliable healthcare services, secured $142,000 in debt funding.
6. Stears
Stears, a well-known financial and data intelligence platform, raised $450,000 in equity funding. Stears provides accurate data and market insights that help international investors and local policymakers make smart decisions about the African economy.
7. Indigenius AI
Indigenius AI secured $250,000 in equity investment. This company is breaking new ground by building artificial intelligence and voice tools that understand and speak local African languages, making technology accessible to people who do not speak English. The innovative nature of their work also earned them the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation, which came with an additional $10,000 cash reward. The company recently featured in an exclusive interview with Techpolyp.
Building a New Generation of Resilient Nigerian Tech Startups
For the Nigerian tech startups that received funding, the money is only one part of the benefit. The journey to the pitch stage required participating in a rigorous 12-week training program designed to sharpen their leadership skills and financial discipline.
Deina Mayaki, the founder of Agriarche, explained that the training helped her team turn what they learned into real, practical actions. It pushed them to refine their message, understand their true market position, and adjust their funding strategy without being defensive. Because the due diligence team saw their financial discipline and track record, they felt confident enough to back them with the massive multi-billion naira credit facility.
Dave DeLucia, the founder of Cascador, expressed great optimism about the future of the initiative. He noted that the goal is to build a new generation of African entrepreneurs who are fully equipped to grow highly successful, transformative businesses.
With the 2026 Pitch Day concluded, Cascador is already preparing for the next chapter. The platform is looking for the next group of exceptional business owners to join its upcoming ScaleUp program, aiming to bring even more high-impact Nigerian tech startups onto the big stage next year.
