Starting Iroko TV was difficult for Jason Njoku, and the success of his business was dependent on his perseverance and consistency in raising funds and capital for his business.
The biggest challenge to entrepreneurs worldwide may be access to money. And each year, thousands of driven individuals, particularly in Africa, give up on their business concepts, endeavors, and aspirations simply because they are unable to secure funding.
Lack of funds is typically a convenient justification for starting a business. That much is true. In reality, I’ve discovered that capital is more plentiful and accessible in the modern world
Here’s the success story of a business man that had challenges getting capital, and made it at last.
IrokoTV, a mobile entertainment and internet TV platform with an excellent library of African “Nollywood” films, was co-founded by Jason. However, this business’s early struggles were not as spectacular.
Jason moved to Nigeria in 2010 to establish relationships with local film producers and buy content rights for his new startup, IrokoTV, after previous ventures in the UK ended in failure. Without Sebastian, Jason’s friend and business partner, who contributed £90,000, starting this company would not have been possible due to a lack of funds.
IrokoTV has grown remarkably since that time. The company has so far received up to $40 million in investment money from overseas investors, the majority of whom are venture capitalists.
Among its investors are Swedish venture capitalist Investment AB Kinnevik and New York-based private equity company Tiger Global.
Every year, venture capital firms spend more than $140 billion on start-ups and expanding companies all around the world. However, venture capital is only now becoming more active in Africa, where they are keen to support highly scalable enterprises with substantial profit margins. IrokoTV raised an extra $19 million in finance in January 2016 to grow its operations in Francophone nations in Africa.
In conclusion, Jason has been successful in raising significant amounts of capital to expand a business that Forbes Magazine called “the Netflix of Africa” by combining commercial relationships and venture capital.