" ITREALMS: VGN gets N3.98 billion investment from CPCIF

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Wednesday, August 12, 2015

VGN gets N3.98 billion investment from CPCIF

The Venture Garden Nigeria (VGN), a diversified fintech company with significant operations in Nigeria has obtained an investment of $20million, about N3.98billion from Convergence Partners Communications Infrastructure Fund (CPCIF).

ITRealms gathered that the investment by Convergence Partners targets a strategic, minority stake in VGN, a company which offers innovative asset rental finance solutions to businesses and equipment suppliers.

Addressing stakeholders on the investment, Tuesday in Lagos, the CEO, Venture Garden Nigeria, Bunmi Akinyemiju, said that the current solutions are tailored for financial services, education, aviation, power, downstream oil and gas and cyber-security.

"We believe that the fintech space is a catalyst for technology-driven transformation in Africa and are pleased to have a specialist investor like Convergence Partners on board, who shares our vision of technology as a key enabler and driver of economic development, for example in the education sector.

"The culture of Convergence Partners is one that aligns well with ours and we are confident that the professionalism, commitment to excellence and fearless approach to disruptive innovation that we strive for, is what they look for in the teams they back. With the support of Convergence Partners, we believe we can accelerate the execution of our strategy, and achieve a wider customer reach," Akinyemiju said.

CPCIF, as the largest fund dedicated solely to ICT infrastructure in Africa, ITRealms reports, is currently deploying capital to build a portfolio of investments across the ICT spectrum, improving access to technology as well as broadband services, the VGN boss stated.

Cyriacus Nnaji/GEE/ED,OPs

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Pix: Bunmi Akinyemiju,

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