Jason Njoku is the co-founder of IrokoTV, a mobile entertainment and internet TV platform that’s particularly popular for its impressive catalogue of African ‘Nollywood’ movies.
But the struggle in the early days of this business was not as glamourous.
After failed attempts at previous businesses in the UK, Jason returned to Nigeria in 2010 to build relationships with local movie producers and purchase content rights for his new startup, IrokoTV.
Cash was tight, and starting this business would have been impossible without the £90,000 contribution of Jason’s friend and business partner, Sebastian.
Since then, the growth of IrokoTV has been remarkable. To date, the business has attracted up to $40 million in investment funding from foreign investors, mostly venture capital investors.
Its investors include Tiger Global, a New York-based private equity firm, and Investment AB Kinnevik, a Swedish venture capital investor.
Venture capital firms invest more than $140 billion every year in startups and growth businesses across the world. But in Africa, venture capital is only just starting to pick up and they’re very interested in funding highly-scalable businesses that have significant profit potential.
In January 2016, IrokoTV raised $19 million in additional funding to expand its business into Francophone countries in Africa.
In summary, by using a combination of business partnerships and venture capital, Jason has been able to successfully raise significant amounts of capital to grow a company that was described by Forbes Magazine as “the Netflix of Africa.”
I explore business partnerships and venture capital in more detail inside the free course.