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The investment supports the company’s next phase of growth while demonstrating TLG’s innovative approach to financing high-quality African businesses, with Cascador playing a key role in structuring the transaction.
9 September, 2026, Lagos – TLG Capital, a leading private credit firm operating across Sub-Saharan Africa, has closed a US$3,000,000 senior debt facility for Drive45 Mobility Limited (“Drive45”), a Lagos-based transportation company providing mobility solutions to international and local businesses across Nigeria. The investment strengthens Drive45’s balance sheet and positions the company for its next phase of growth as demand for mobility services continues to increase across the country.
Founded in 2021, Drive45 has built a focused business aimed at closing Nigeria’s mobility gap, giving international and local businesses access to reliable transportation without the capital burden of vehicle ownership. Today, the company operates more than 170 active vehicles and has recorded no payment defaults in five years of operation.
The facility will support Drive45’s continued expansion, enabling the company to deploy more capital into fleet growth, broaden its customer base, and deepen its presence across Nigeria. In the coming years, it aims to increase its footprint to Port Harcourt, Abuja, Kano, Kaduna and other major business hubs across Nigeria.
The transaction combines TLG’s flexible private credit with a guarantee provided by Cascador, delivered in partnership with Morgan Stanley. Through this innovative partnership, high-growth African businesses like Drive45 can access the institutional capital suited to their growth. Cascador has delivered financial and non-financial resources to the company since Drive45 completed Cascador’s ScaleUp programme in 2024, and this transaction sees Cascador extend that support, this time through a creative financing mechanism.
Isha Doshi, Co-Founder and Partner at TLG Capital, said:
“Drive45 is a prime example of disciplined capital deployment to meet a clear market need. Oluwaseyi and his team have a very clear vision for what mobility can look like in Nigeria’s business community – and they have built a fantastic business around it. TLG is proud to support Drive45 in its expansion journey. This transaction also would not have been possible without Cascador. It’s easy to see how they’ve built an exceptional track record in Nigeria: they combine seasoned experience in the market with a relentless bias towards action. This is exactly the type of partner we look to grow with.”
Oluwaseyi Adefemi, CEO of Drive45, said:
“Mobility access is a capital business, so having the right financial backing is everything. TLG has been a thoughtful partner from day one. They took the time to understand how our business works and structured their capital to fit the growth trajectory we know is possible. Ultimately, their money goes directly towards our plans to reach more businesses across Nigeria. Just as important has been Cascador. They believed in Drive45 from our earliest days, gave us the tools and network to become investment-ready, and have worked alongside us every step of the way to help structure this financing. We’re grateful to have them as long-term partners as we keep scaling,”
Trish Thomas, CEO of Cascador, said:
“So many investors focus on getting capital out the door without thinking about setting companies up for long-term viability. TLG is an exception: not only are they commercially-minded, but they have a unique drive to get things done with speed, imagination, and excellence. Funders looking for true economic impact in Africa should look to TLG as an execution-focused financing partner. This partnership is perfect for a company like Drive45. Oluwaseyi and his team have built a business with real corporate demand and the integrity to match it. That’s exactly what Cascador exists to find, and it’s been a privilege watching them grow into a business ready for commercial capital. We’re thrilled to have played a part in getting them here, and we’re always looking for opportunities to elevate high-performing founders leading sustainable, impactful companies.”
TLG will continue to work closely with Drive45 following the investment through its value creation framework, partnering with management to strengthen governance, ESG monitoring, operational performance and strategic growth initiatives as the business continues to scale.
The Drive45 team was led by Oluwaseyi Adefemi. The TLG Capital deal team comprised Aum Thacker and Rohan Subramanian. Legal counsel for the transaction were Simon Harter, Hannaford Turner, and Wigwe and Partners. Cascador supported the transaction as guarantor and Drive45’s accelerator partner.
About TLG Capital
TLG Capital is a leading private credit fund manager exclusively focused on sub-Saharan Africa. TLG has made 50+ investments and 30+ exits across 20+ African countries since its inception in 2012. TLG’s flagship fund, Africa Growth Impact Fund II (AGIF II), targets small-and-medium enterprises and is anchored by the IFC, Norfund, Swedfund, and Bpifrance. TLG is trusted by more than 100 institutional and individual investors across North America, Europe, Asia, and Africa. For more information, visit www.tlgcapital.com.
About Drive45
Drive45 Mobility is a Nigerian mobility company transforming access to vehicle ownership through a flexible rent-to-own vehicle subscription model. We enable individuals and businesses to access vehicles with manageable payments and minimal upfront capital. Our offering combines vehicle financing with insurance, maintenance, tracking, documentation, and fleet management. Drive45 is building a scalable pathway to affordable mobility and vehicle ownership across Africa. Learn more at www.drive45mobility.com.
About Cascador
Cascador is a Nigeria-focused platform for growth-stage founders, powered by the Empowering Economic Growth Foundation (EEGF), a US-based private operating foundation dedicated to strengthening Africa’s entrepreneurial ecosystem. Since launching in 2019, Cascador has supported more than 70 ventures, which have collectively raised over $125 million in capital and created tens of thousands of jobs. Through its ScaleUp Programme and Catalytic Fund, a $5+ million annual financing vehicle launched 2025, Cascador equips growth-stage founders with mentorship, strategic advisory support, and access to debt, equity and credit guarantees. Learn more and apply at www.cascador.org.
Cascador selects 10 growth-stage Nigerian businesses for its latest Scale Up cohort, with a focus on capital readiness and sustainable growth.
Ten growth-stage businesses have joined Cascador’s latest Scale Up cohort, as the business support platform continues to focus on helping established Nigerian companies overcome the challenges of scaling.
Cascador’s 12-week programme provides selected businesses with training and support across key areas of growth, with participating companies also given the opportunity to pitch for a share of $50,000 in prizes.
The latest cohort was selected from more than 1,000 applications received by Cascador this year.
The selected businesses operate across sectors, including agriculture, wellness, real estate and energy. The cohort also includes technology-enabled businesses such as Venco, SunFi, EHA Clinics and Beauty Hut Africa.
For Cascador CEO Trish Thomas, the organisation’s decision to focus specifically on growth-stage businesses is driven by the financing gap facing companies across Africa.
While startups often attract significant attention from investors, businesses that have already demonstrated demand and are looking to scale can still struggle to access the right type of capital.
Thomas says this financing challenge has also influenced how Cascador has evolved its programme. In recent years, the organisation has placed greater emphasis on preparing businesses to become capital-ready, rather than focusing solely on improving their underlying business fundamentals.
“The biggest shift for Cascador in recent years has been a significant focus on capital readiness and not just business fundamentals,” Thomas said.
That focus has extended beyond training. Cascador has established a Catalytic Fund in partnership with Sterling Bank to provide debt financing to qualifying businesses.
According to Thomas, the fund was developed after months of research and conversations with companies Cascador had previously supported. Some of those businesses had gone on to raise debt financing but found that the structure and cost of that capital created additional pressure as they expanded.
“They were put in a position where even though their companies were scaling in local currency, they were really negatively impacted by the debt servicing requirements,” she said.
The financing challenge is particularly important for growth-stage companies, which may require significantly more capital than they did in their early years but may not yet have access to the funding options available to larger businesses.
Beyond access to capital, Cascador is also looking for entrepreneurs who can translate the lessons from the programme into sustainable growth.
While the businesses in the latest cohort span different industries, Thomas notes that the common thread is the founders’ ability to think strategically and apply what they learn to their companies.
The organisation also considers the broader impact of the businesses it supports, including their contribution to job creation and sustainability goals.
Inclusion remains another focus for the programme. Women-led businesses account for 60% of the latest cohort, highlighting Cascador’s efforts to increase the representation of women entrepreneurs within its programmes.
“The next chapter of Nigeria’s entrepreneurial story will be about what happens when proven businesses get the support they need to scale,” said David DeLucia, co-founder of Cascador. “That is the opportunity this cohort brings, where visionaries, innovators and impact-driven leaders can grow their businesses sustainably with lasting economic value.”
Condia Article
Cascador has selected 10 Nigerian growth-stage companies for its 2026 ScaleUp Programme, signalling a growing shift in Nigeria’s entrepreneurial ecosystem towards businesses solving problems in healthcare, agriculture, energy, manufacturing and other parts of the real economy.
The companies were selected from more than 1,000 qualified applications for the 12-week programme, which begins this month. Cascador said the number of qualified applications more than doubled from 2025, suggesting a growing pool of Nigerian businesses that have moved beyond the startup phase and are seeking support to scale.
The selected companies are Venco, SunFi, ColdHubs, EHA Clinics, Beauty Hut Africa, BEYOND Fitness, Ziba Beach Resort, Tulay Africa, Maanj Agric and Finger Chops.
Read also: Where are the banks, the businesses and the buildings owned by women?
Unlike many African startup programmes that concentrate heavily on fintech and technology businesses, the new cohort spans clean energy, food production, healthcare, agriculture, tourism, minerals, wellness, beauty and property technology.
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Koolboks
Koolboks is scaling solar-powered cold-chain infrastructure across Africa and beyond, helping improve access to reliable refrigeration in communities where traditional cold storage is expensive, unreliable, or unavailable.
In 2025, the company achieved its highest sales to date while expanding operations across Nigeria, Kenya, Uganda, France, and 21 additional countries. Beyond commercial growth, Koolboks’ impact spans food security, healthcare access, climate resilience, and economic opportunity. Its solutions help reduce spoilage and operating costs while supporting women-led enterprises and creating income and skills opportunities for young people.
Koolboks has also raised more than $18M in funding to support its continued expansion and innovation across Africa.