Lagos, largest city in Nigeria is a dynamic city with a population of about 15 million people. With its vibrant and thriving startup scene, Lagos is known for its entrepreneurial spirit and technological advancements on the continent. This is one of many reasons why Persistent has this year revitalized its presence there, corresponding with the growth of our Nigerian team. Recognizing this potential, we are committed to continue developing our network in the region by establishing relationships in the Nigerian climate community, as well as identifying promising startups, particularly in the fields of Agtech and Circular Economy.
Persistent’s initial investment in Lagos began with our partner company, Rensource, a Commercial and Industrial (C&I) solar developer, in 2016. This set the stage for subsequent investments in other promising climate ventures, resulting in a total of 4 partner companies in Nigeria following our exit from Daystar in 2022. We’ve expanded our support to include Beacon Power Services, specializing in energy efficiency, Oolu, an off-grid solar company, and Migo, a credit enabler. Additionally, we’ve extended our commitment by investing in other climate-focused companies operating in the West African region.
In correspondence with this, over the last year, we have built a team of 4 members based in Lagos and Abuja, working on different projects and capacities within the organization.
As Persistent expands its operations in Nigeria, we are actively seeking to identify and work with startups that align with our mission of combating climate change and promoting sustainability across the continent. We believe that Lagos, with its vibrant startup scene and entrepreneurial spirit, has the potential to become a hub for innovative climate solutions for all of Africa.
Want to get a glimpse of our experience in Lagos, watch our Lagos video here.