Nigeria Program Helps 70 Startups Raise $100M Since 2019

Nigerian startups caught between early success and major funding rounds finally have a lifeline that doesn't demand massive equity stakes.

Cascador, an entrepreneur support organization in Nigeria, just opened applications for its 2026 ScaleUp Program. The 12-week initiative will select 12 founders who've moved past the startup phase but aren't quite ready for institutional investment.

This timing matters. African startups are facing tighter funding conditions and more cautious investors, making alternative growth paths more valuable than ever.

"Entrepreneurs are the engines of change," says Trish Thomas, CEO of Cascador. "This programme is designed to empower impactful ventures on the cusp of scale for social good."

The program addresses what Programme Director Amanda Etuk calls a persistent funding gap. Many Nigerian businesses outgrow traditional accelerators but remain too early for big institutional checks.

Cascador's solution takes a different approach. Through a 2025 partnership with Sterling Bank, the organization helps businesses access local currency debt at below-market rates, including single-digit interest loans with bank guarantees and collateral support.

"Most businesses need a mix of instruments," Etuk explains. "Some businesses don't have to give up huge equity for growth that they can finance from their revenue."

The results speak for themselves. Since launching in 2019, Cascador has supported over 70 ventures that collectively raised more than $100 million. In 2025 alone, these businesses created 67,000 job opportunities and served 1.7 million customers.

Success stories include fintech Sycamore and mobility startup Drive45, which secured ₦2 billion in financing last year through a rent-to-own vehicle model.

"My forward-thinking approach is now ten steps ahead," says Oluwaseyi Adefemi, Co-Founder and CEO of Drive45. "The programme challenged me to think bigger, refine my vision, and build systems that allow my business to grow sustainably."

The Ripple Effect

What makes Cascador different is its customized approach. Before the program starts, each company undergoes assessments across legal, revenue, technology, operations, and product development areas.

"We don't give a cookie-cutter approach to every problem," Etuk says. With a network of advisers and mentors, Cascador tailors support to each company's specific needs.

To qualify, founders must have operated for at least two years with measurable traction. Cascador seeks coachable leaders ready to translate support into outsized business growth and social impact.

Applications are open now for the 2026 program, offering another dozen Nigerian founders the chance to scale smart instead of just scaling fast.