Lagos-based entrepreneur support organisation Cascador awarded ₦7.7bn (approx. $5.63m) in catalytic funding and $20,000 in prizes to seven Nigerian startups at its 2026 Pitch Day, the group has announced.
The event, held in Lagos, saw the largest award go to Agriarche, an agricultural technology company that facilitates commodity trading between farmers and industrial buyers. Agriarche received ₦2.5bn (approx. $1.83m), the biggest single investment of the day.
Clean energy, healthcare, agriculture, artificial intelligence, data infrastructure, solar refrigeration and clean cooking were all represented among the recipients. Seven startups were selected from a pool of founders who completed Cascador’s 12‑week accelerator programme.
First Electric, which provides solar energy as a service through mesh grids and mini‑grids, secured ₦500m (approx. $366,000). Koolboks, a solar‑powered refrigeration company, received ₦2bn (approx. $1.46m). Powerstove, which manufactures smokeless cookstoves that generate electricity from bio‑pellets, was awarded ₦1.8bn (approx. $1.32m). Data and intelligence platform Stears, clean cooking technology firm Powerstove, and AI startup Indigenius AI were also among the recipients.
In addition to the catalytic funding, Koolboks won the $10,000 Cascador Best Pitch Prize, and Indigenius AI received the $10,000 NSIA Innovation Prize, sponsored by the Nigeria Sovereign Investment Authority (NSIA).
Sector focus
The funding allocation reflects a deliberate emphasis on sectors critical to Nigeria’s economic development. Agriculture, which employs more than 60% of Africa’s population, has historically attracted less venture capital than technology‑focused sectors. Agriarche’s digital platform, Kasuwa, connects smallholder farmers, aggregation hubs and industrial buyers while providing market intelligence and real‑time analytics. The platform serves more than 12,000 farmers and has facilitated over 50,000 tonnes of commodity trade valued at more than $12m.
Nigeria’s energy sector also received significant backing. First Electric deploys mesh‑grid technology in rural communities, focusing on off‑grid electrification. The company has been building solar plants and mini‑grids in areas with limited access to the national electricity grid. Koolboks addresses the lack of refrigeration infrastructure in sub‑Saharan Africa, where an estimated 700 million people lack reliable cold storage. Its solar‑powered units serve small businesses and healthcare facilities, using a pay‑as‑you‑go financing model.
Powerstove’s clean cooking technology targets a different aspect of energy poverty. The company manufactures IoT‑enabled stoves that run on bio‑pellets produced from agricultural waste. The stoves generate electricity during cooking, providing power for mobile phones and small appliances. The company says it has sold more than 100,000 products across Nigeria.
Stears, which provides financial data and intelligence on African markets, secured $450,000. The company, founded in 2017, operates a subscription‑based platform used by businesses and professionals investing or operating in Africa.
Indigenius AI, formerly known as CDIAL (Centre for Digitisation of Indigenous African Languages), received $250,000. The startup builds multilingual voice AI systems for customer service, supporting languages including Hausa, Igbo, Yoruba and Pidgin. The company’s AI agents are designed to automate customer support for banks and telecom operators, reducing waiting times and bypassing the conventional phone menu system.
Cascador’s funding model
Cascador, established in 2019, runs an annual accelerator programme for mid‑stage Nigerian entrepreneurs. The organisation selects participants for a 12‑week programme that includes virtual sessions, site visits and an in‑person intensive week at Lagos Business School. Founders receive a $5,000 personal development stipend, and alumni become eligible to apply for the Cascador Catalytic Fund.
The Catalytic Fund is an annual facility, launched in partnership with Sterling Bank in May 2025. The fund provides a combination of debt, equity, guarantees and collateral investments, tailored to each business’s cash flow patterns. Sterling Bank acts as fund custodian and structuring partner, while Cascador provides a first‑loss guarantee to reduce lending risk. The fund targets mid‑stage SMEs in healthcare, logistics, education, manufacturing, agri‑business and financial inclusion.
Additional partners include the Nigeria Sovereign Investment Authority (NSIA) and the Development Bank of Nigeria (DBN), which sponsor innovation awards at pitch events.
The funding round comes at a time when Nigeria’s startup ecosystem is navigating tighter capital conditions. Nigerian startups raised $78.6m across 15 disclosed deals in the first quarter of 2026, a 28% year‑on‑year decline. The funding environment has become more concentrated, with larger startups accounting for the majority of capital raised, and investors increasingly prioritising profitability and clear revenue paths over rapid expansion.
Cascador’s approach differs from traditional venture capital in that it focuses on alumni of its accelerator programme, providing both developmental support and access to capital. Since its launch, Cascador says it has supported more than 60 entrepreneurs who have collectively raised over $55m.
The 2026 cohort included founders selected from more than 400 applicants. Cascador has previously supported companies that have gone on to participate in programmes such as Y Combinator, TechStars and Harambe.