by Ali Kennedy | Jul 24, 2026 | News
July 24, 2026, Op-Ed | By Oyin Solebo
Africa’s startup ecosystem has mastered the art of the launch. Accelerators and incubators have achieved exactly what they were designed to: help founders bring ideas to life, find early traction, and secure that first institutional check. But design has limits. When those same companies are ready to scale, the support that carried them begins to thin. This is the messy middle—and it’s where too many promising companies quietly stall or die.
As companies move from startup to scaleup, the challenge shifts to building systems that allow a business to grow beyond its founder: robust financial management, structured hiring, institutional governance, and distributed leadership. Scaling without this infrastructure is like accelerating without steering; growth may come, but it is difficult to control or sustain.
Closing this gap means moving from instinct-led execution to structured, scalable growth. In practice, this means stronger financial health, decentralised leadership, good governance, and capital matched to strategy.
Ensuring founders are ready to absorb capital
Before looking to fundraise, founders must answer a fundamental question: who is actually driving revenue, and is it the right customer?
Many growth-stage founders can tell you their total customer count. Fewer can articulate which segment is the most valuable: which generates the highest lifetime value, at an acquisition cost the business can sustain? Customer retention tells the real story: strong retention signals something worth scaling. Weakening retention is an early warning that growth is filling a leaking bucket.
The risk is scaling before this picture is clear: pouring capital into the wrong customer. Getting this right reorients everything that follows.
A company can also be growing, profitable on paper, and still die. Cash cycles—the gap between earning revenue and collecting cash—can pose an existential threat. Rapid scaling worsens this; without continuous working capital modeling, a company risks insolvency despite its growth.
Currency fluctuations also add complexity for companies that often operate across multiple currencies. Founders must develop treasury discipline, mastering conversion timing, reserves, and hedging. They also need fluency in unit economics to ensure growth builds, rather than erodes, enterprise value.
More importantly, on the organisational side of the business, founders need to learn how to delegate. Africa’s most resilient founders have survived on resourcefulness, navigating funding winters, currency crises, thinning talent pools, and unforgiving markets. That scrappiness is a genuine superpower, until it becomes the ceiling.
Growth-stage founders are rarely taught organisational design or effective delegation. Many become the bottleneck, a key reason why 90% of African startups fail. Securing top talent requires unfamiliar skills: identifying exceptional candidates, selling the vision, and crafting creative compensation packages. Equity, deferred pay, part-time experts, and advisory boards can bridge talent gaps when the salary budget isn’t there yet.
Governance is also a cornerstone for growth and one of the most underleveraged tools in the growth-stage founder’s kit. Early boards often consist of family, friends, and early believers – not through neglect, but because no one had shown them what a growth-stage board should look like or how to evolve it.
The stakes compound with scale. A startup can operate informally early on, but at the growth stage, they face real contractual liability and closer regulatory scrutiny that require higher legal and compliance frameworks.
A board can feel like oversight a founder didn’t ask for. But that framing undersells what good governance actually offers: accountability that sharpens the founder, plus expertise, connections, and counsel a founder couldn’t yet afford to hire.
Aligning capital to strategy
Africa’s funding ecosystem has defaulted to frameworks developed in Western markets – Simple Agreement for Future Equity (SAFE) notes and equity raises as the standard instruments of growth. But capital should be chosen with intention, matched to what the business actually needs.
Debt funding hit a record $1.64 billion across the continent in 2025, up 63% year-on-year, suggesting founders are increasingly exploring a broader range of financing options. As more founders and lenders develop the track record and instruments to make debt work in African market conditions, equity should increasingly be reserved for what it is actually designed to fund: risk, not timing. Scaling requires evaluating the full capital stack: balancing equity dilution against debt covenants while exploring strategic partnerships, Development Finance Institutions (DFIs), and revenue-based structures. Catalytic or concessional capital can further bridge the gap to commercial readiness.
An early-stage company with no revenue history, collateral, or track record may have no choice but equity, while a growth-stage company with recurring revenue can hold a fundamentally different credit proposition. The ecosystem must meet founders with capital matched to strategy.
Africa’s founders have proven they can build. Helping them scale will shape far more than individual companies; it will shape African economies. Success will require an ecosystem designed to support founders beyond the early stage, with the same quality of guidance, resources, and institutional support they received at the start. It is time to build the infrastructure for scale.
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Oyin Solebo is the COO at Cascador, an Africa-focused platform for growth-stage founders building businesses that make an impact. She also serves as Advisor at Cone Ventures Studio, co-founding and scaling Africa-focused ventures, and as Senior Advisor at Ventures 54. Previously, she was Managing Director of the ARM Labs Lagos Techstars Accelerator, Techstars’ flagship Africa-based programme.
TECHCABAL Article
by Ali Kennedy | Jun 8, 2026 | News
CONDIA
June 8, 2026 | By Benjamin Dada
Cascador, an impact-focused accelerator for growth-stage founders in Africa, announced $5 million in equity and debt funding to seven startups at Pitch Day 2026, which was held on June 3, 2026, in Lagos, Nigeria.
“In just two years, Pitch Day has awarded more than $9M to growth-stage African founders, helping to build a new generation of entrepreneurs equipped to scale transformative businesses,” said Dave DeLucia, Founder of Cascador.
Pitch Day happens at the end of every Cascador ScaleUp program cycle, which spans about 12 weeks. This year’s event brought together more than 300 investors, media representatives, and ecosystem builders for conversations with founders scaling impactful companies across Nigeria. Unlike Y Combinator’s Demo Day, where only the latest batch of startups can pitch, Cascador allows its alumni from other batches to participate. Thereby extending the value of the program beyond the current season, till when the alumni might be ready for scale-up capital. On the flip side, this also means that not every recent batch participant will get to pitch, unlike YC. One of the two equity beneficiaries from the Cascador Pitch Day 2026 event was from another cohort, Stears.
“Back in 2021, I joined Cascador with the intention of learning how to be a better leader…When we pivoted exclusively to financial data in 2023, the Cascador team was there again, supporting us as we learned the B2B ropes. On Wednesday at Pitch Day, what started as an educational opportunity became something more tangible as Cascador invested $450k in equity to back our growth,” said Stears co-founder and CEO, Preston Ideh.
Other acceleration programmes tend to have standard deals, funding type and amount, which can prove sub-optimal for some startups. For instance, the leading global accelerator invests $500,000 for 7% equity in the business. However, Cascador, through its $5M Catalytic Fund, tailors the financing to the needs of the business. The Fund can provide debt, equity, guarantees, and collateral support in partnership with Sterling Bank. Of the seven 2026 fund recipients, two got equity deals: Stears (Preston Ideh) with $450,000 and Indigenius AI (Yinka Iyinolakan) with $250,000, while the remaining five got debt funding deals of ₦2.5 billion ($1.7M) to Agriarche (Deina Mayaki), ₦2.5 billion ($1.4M) to Koolboks (Deborah Gael), ₦1.8 billion ($1.2M) to Powerstove (Okey Esse), ₦500 million ($357k) to First Electric (Daniel Komolafe), and ₦200M ($142K) to Fortics (Femi Oyewole).
Deina Mayaki of Agriarche, the largest funding recipient from the 2026 Catalytic Fund, shared her experience, “Cascador’s ScaleUp program built upon my team’s ability to translate learning into action by helping us refine our message and market position, adjust our funding strategy, and adapt without defensiveness. The Catalytic Fund due diligence team assessed Agriarche’s financial strength, resourcefulness, and track record of success, and they rewarded our high-potential for scale and impact today by awarding a new ₦2.5B credit facility to power our growth.”
Not every startup that begins an acceleration programme can complete it, as the realities of running a business and the intensity of the programme conflict. In 2025, eleven startups began the Cascador ScaleUp Program, but one, Chekkit, dropped.
Application for Cascador’s 2026 ScaleUp is still open
Since 2019, it has supported 70 companies that have collectively raised more than $125 million. All eyes are now set on the programme’s next cohort. “We’re now looking for the next cohort of exceptional founders to join our 2026 ScaleUp program and hope to see them on stage at the next Pitch Day,” DeLucia said.
Applications for the 2026 ScaleUp Program are open until June 15, 2026, as pre-program preparations begin on August 17, 2026. The programme covers logistics for selected founders, offers a $5,000 stipend upon successful completion, and $50,000 in pitch prizes awarded at Pitch Day.
The Judges for the Pitch Day prizes were Iyin ‘E’ Aboyeji of Future Africa and Nneke Eze of Vested World, and Daniel Adeoye of Verod Capital Management. Speaking about his experience with Cascador, Adeoye said, “Two years judging Pitch Day, plus a season as faculty for the Cascador ScaleUp program, taught me something the term sheets never capture: capital readiness, not capital, is what turns funding into scale. The founders on stage today walk away with customer pipelines, team training, mentorship, and bespoke support, the connective tissue that lets them multiply what they raise. This is not an accelerator. It is ecosystem architecture, and these founders are its proof.”
In addition to investment capital, two entrepreneurs received recognition for innovation and pitch quality. The Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation awarded $10,000 to Indigenius AI, while Koolboks received $10,000 for the Best Pitch, awarded by the panel of judges.
CONDIA Article
by Ali Kennedy | Jun 5, 2026 | News
The Guardian
June 5, 2026 | By Silver Nwokoro
The United States Consular General, Rick Swart has reaffirmed the U.S. government’s commitment to strengthening trade and investment ties with Nigeria.
He describes entrepreneurship and innovation as critical drivers of economic growth and bilateral relations.
He stated this at the 2026 Cascador Pitch Day where over $5M of growth capital was deployed to seven innovative African entrepreneurs, who pitched their vision and growth strategies before an influential audience of business leaders and a distinguished panel of judges.
This year’s event brought together more than 300 investors, lenders, mentors, and ecosystem builders for high-value conversations with founders scaling impactful companies across Nigeria.
Pitch Day is the culmination of Cascador’s annual Catalytic Fund deployment cycle, a funding initiative that provides up to $5M per year in tailored support to Cascador’s ScaleUp alumni through a blend of debt and equity investments, while celebrating the entrepreneurs who have grown through its ecosystem. Finalists were selected based on their ability to absorb and multiply the value of capital, education, and networks, as well as their potential for social impact, including job creation and service to underserved communities.
“The government of the United States is focused on trade and private sector investment as the foundation for sustainable growth and partnership across the African continent. We engage African nations not as aid recipients, but as commercial partners,” he said.
Swart stressed that Nigeria’s vibrant entrepreneurial ecosystem continues to attract American investors, adding that the country’s innovative startups have played an important role in deepening economic ties between both nations.
Highlighting the growing commercial relationship, he disclosed that Nigeria remained America’s second-largest trading partner in sub-Saharan Africa, with bilateral trade reaching nearly $15 billion in 2025, representing a 15 per cent increase from the previous year.
He attributed part of the growth to the U.S.-Nigeria Commercial and Investment Partnership, a private sector-led initiative that brings together policymakers and business leaders from both countries to address trade and investment challenges.
The partnership, he explained, focuses on agriculture, the digital economy and infrastructure, with both governments working to reduce trade bottlenecks, improve policy predictability and facilitate business opportunities.
Swart also noted that many Nigerian startups have successfully attracted international capital, with about 70 per cent either raising significant investment or incorporating in the United States to align with global standards for financial disclosure and investment readiness.
He encouraged entrepreneurs to leverage opportunities offered by the American business community, including programmes designed to support U.S.-incorporated startups operating in Nigeria.
The Consular General further assured participants of continued U.S. support through trade, investment and strategic partnerships, urging Nigerian innovators to view the United States as a long-term partner for growth and expansion.
He congratulated the entrepreneurs participating in the pitch competition and wished them success in their business ventures.
At the event, Deina Mayaki of Agriarche, the largest funding recipient from the 2026 Catalytic Fund, shared her experience.
“Cascador’s ScaleUp program built upon my team’s ability to translate learning into action by helping us refine our message and market position, adjust our funding strategy, and adapt without defensiveness. The Catalytic Fund due diligence team assessed Agriarche’s financial strength, resourcefulness, and track record of success, and they rewarded our high-potential for scale and impact today by awarding a new N2.5B credit facility to power our growth,” she said.
“In just two years, Pitch Day has awarded more than $9M to growth-stage African founders, helping to build a new generation of entrepreneurs equipped to scale transformative businesses. We’re now looking for the next cohort of exceptional founders to join our 2026 ScaleUp program and hope to see them on stage at the next Pitch Day.” Founder of Cascador, Dave DeLucia said.
According to him, Cascador’s focus extends beyond financial returns, emphasising support for enterprises capable of creating jobs, driving productivity and delivering measurable social impact.
He noted that the organisation supports both technology-driven firms and businesses operating in the real economy, with the aim of strengthening Nigeria’s entrepreneurial ecosystem.
DeLucia added that Cascador’s ScaleUp Program works with an elite cohort of entrepreneurs to strengthen leadership, sharpen strategy, and prepare founders to scale sustainably. Through this approach, he said Cascador is helping build the next generation of high-impact African businesses. Since 2019, it has supported 70 companies that have collectively raised more than $125 million.
The Chief Executive Officer of Cascador, Trish Thomas said the programme prioritises established businesses with proven traction, typically averaging at least one billion naira in annual revenue and about two years in operation.
She added that Cascador’s approach responds to shifting venture capital trends by offering more patient, flexible financing while supporting enterprises addressing critical social and economic challenges across Africa.
The 2026 Pitch Day Funding Recipients are; Deina Mayaki (Agriarche) – Debt ₦2.5B ($1.7M); Deborah Gael (Koolboks) – Debt ₦2B ($1.4M); Okey Esse (Powerstove) – Debt ₦1.8B ($1.2M); Daniel Komolafe (First Electric) – Debt ₦500M ($357K); Femi Oyewole (Fortics) – Debt ₦200M ($142K); Preston Ideh (Stears) – Equity $450K and Yinka Iyinolakan (Indigenius AI) – Equity $250K.
The firm announced applications for the 2026 ScaleUp Program open until June 15 to transformative leaders ready to take their companies to the next stage of growth by accessing the connections, resources, and capital required to scale their businesses.
In addition to investment capital, two entrepreneurs received recognition for innovation and pitch quality, with $10,000 awarded by Nigeria Sovereign Investment Authority (NSIA) as a Prize for Innovation and $10,000 awarded by the judges’ panel for Best Pitch.
NSIA Prize for Innovation is Indigenius AI while best pitch is Koolboks.
The Pitch Day featured a high-level panel discussion titled “Innovative Capital Deployment Structures in Nigeria,” moderated by DeLucia which brought together leading voices across the investment, financial, and public sector ecosystem, including Idris Bello of LoftyInc Capital, Danladi Verheijen of Verod Capital, Darlington Nwankwo of Sterling Bank, Ada Osakwe of Agrolay Ventures & Nuli, and Ijeoma Taylaur of NSIA. The session explore creative capital deployment strategies needed to help growth-stage businesses access patient equity, working capital, concessionary debt, and the strategic support required to scale sustainably.
Two 2025 Catalytic Fund capital recipients shared their performance and impact post-funding.
Babatunde Akin-Moses of Sycamore said: “Truly catalytic capital should create companies that eventually no longer need it: That is what it did for Sycamore. Our recent commercial paper raise was oversubscribed by 230 per cent.”
Seyi Adefemi of Drive45, the largest capital recipient last year adds: “There are founders across Africa solving real problems and building resilient businesses. What they often lack is the financial and non-financial support to cross the gap between potential and scale. Cascador helped Drive45 cross that gap.”
The Guardian Article
by Ali Kennedy | Jun 5, 2026 | News
ThisDay Live
June 5, 2026 | Esther Oluku
Cascador, Africa-focused growth-stage accelerator, Wednesday, deployed over $5 million in funding to seven Nigerian businesses at its 2026 Pitch Day event.
History
The pitch day, the second in the series, is the culmination of its annual catalytic fund deployment cycle, a funding initiative that provides up to $5 million per year in tailored support to Cascador’s scaleup alumni through a blend of debt and equity investments, while celebrating the entrepreneurs who have grown through its ecosystem.
Finalists were selected based on their ability to absorb and multiply the value of capital, education and networks, as well as their potential for social impact, including job creation and service to underserved communities.
Speaking at the programme held in Lagos, the Founder of Cascador, Dave DeLucia explained that in just two years, the pitch day has awarded more than $9 million to growth-stage African founders, helping to build a new generation of entrepreneurs equipped to scale transformative businesses.
“We are now looking for the next cohort of exceptional founders to join our 2026 scaleup programme and hope to see them on stage at the next pitch day,”he stated.
This year’s event hosted more than 300 investors, lenders, mentors and ecosystem builders for high-value conversations with founders scaling impactful companies across Nigeria.
History
Among recipients of the fund are: Deina Mayaki (Agriarche) – Debt N2.5 billion ($1.7m); Deborah Gael (Koolboks) – Debt N2 billion ($1.4m); Okey Esse (Powerstove) – Debt N1.8 billion ($1.2m); Daniel Komolafe (First Electric) – Debt N500 million ($357,000); Femi Oyewole (Fortics) – Debt N200 million ($142,000); Preston Ideh (Stears) – Equity $450,000; and Yinka Iyinolakan (Indigenius AI) – Equity $250,000.
Deina Mayaki of Agriarche, the largest funding recipient from the 2026 catalytic fund, shared her experience.
According to her, “Cascador’s scaleup programme built upon my team’s ability to translate learning into action by helping us refine our message and market position, adjust our funding strategy, and adapt without defensiveness.”
She said the catalytic fund due diligence team assessed Agriarche’s financial strength, resourcefulness and track record of success, adding that they rewarded their high-potential for scale and impact by awarding a new N2.5bn credit facility to power their growth.
ThisDay Live Article
by Ali Kennedy | Apr 1, 2026 | News
Cascador is expanding support for growth-stage African startups through its ScaleUp Program and a planned $5M catalytic capital pipeline. The article highlights Cascador’s focus on helping “real economy” businesses scale through leadership development, strategic mentorship, and long-term operational growth.
Read the full article on BusinessDay →
by Ali Kennedy | Apr 1, 2026 | News
Cascador’s 2026 ScaleUp Program is expanding support for growth-stage African founders through leadership development, strategic mentorship, and pathways to catalytic capital. The article highlights Cascador’s continued focus on helping entrepreneurs build scalable, resilient businesses capable of driving long-term economic impact across the continent.
Read the full article on Techpoint Africa →
