• Monday, July 15, 2024
businessday logo


Crocslake to raise $15m to bridge funding gap for Nigerian businesses

Crocslake to raise $15m to bridge funding gap for Nigerian businesses

Mayodele David, managing partner, US Africa Business Forum, has disclosed that Crocslake Business Pitch Marathon is set to raise $15 million to help bridge funding gaps for Nigerian businesses in an attempt to break two Guinness World Records simultaneously.

“We want to get people to fund projects in their local areas; when they fund it, the money goes back to the banking system. So, it’s bigger than Guinness World Records, it’s bigger than Crocslake; we are trying to say let’s find a way to get our money back into the banking system so that the banks will be able to fund businesses,” David said during a recent press conference in Lagos.

According to him, funding raised will go to the banking partners that would be responsible for disbursing the fund to the entrepreneurs. He said further that Nigeria is prime and ready for business on the back of several entrepreneurs that are solving problems, and providing business solutions.

David, who is the initiator of Crocslake Business Pitch Marathon, unveiled plans to attempt breaking two Guinness World Records simultaneously. According to him, the goal was to become the world champions for the longest business pitch and highest fundraiser via livestream globally.

He disclosed that the attempt for the longest business pitch marathon would be three days, and would provide opportunities for Nigerian entrepreneurs to thrive and scale their businesses.

“The forthcoming event, Crocslake Business Pitch Marathon, is both a crowdfunding platform and a business pitch environment where we attempt to break the Guinness World Records in Sanusi Fafunwa, Lagos by October 2024.

“We are getting support from venture capitalists locally and internationally and our focus is on businesses that are solving community based specific problems,” David said.

He further disclosed that the group applied to the Guinness World Records in March 2023, and has received the approval to attempt the challenge. He also disclosed that the event is open for business owners to present their pitches.

Grace Anuforo, team member, Crocslake, said that the record breaking attempt will provide an opportunity for young Nigerian entrepreneurs to participate and move their businesses to the next level.

According to her, there is going to be a global community participation in the business pitches, and that the primary goal is to help bridge the funding gap for talented young Nigerian entrepreneurs. “We believe this is going to be a big way for entrepreneurs to achieve what needs to be achieved.”