Where to Find & GET Startup Funding in NIGERIA & UK (2025)

Securing funding is a critical step for startups aiming to scale and succeed, especially in active markets like Nigeria and the UK. Understanding the available funding options in 2025 can help founders navigate this complex landscape effectively.

1. Government Grants and Support Programs

United Kingdom:

• Innovate UK SMART Grants: These grants support innovative projects in any field. They are competitive and require a strong proposal demonstrating significant innovation.
• Small Business Research Initiative (SBRI): This initiative provides funding for businesses to develop products that address specific public sector challenges. It’s an excellent way to secure funding while contributing to public sector innovation.

Nigeria:

• Central Bank of Nigeria’s Creative Industry Financing Initiative (CIFI): This scheme offers loans to businesses in the creative sectors, including music, fashion, and film. It aims to stimulate growth in these industries with flexible terms.
• SMEDAN Grants: The Small and Medium Enterprises Development Agency of Nigeria provides grants and loans to nurture entrepreneurship and support business development at the grassroots level.

2. Venture Capital and Angel Investors

United Kingdom:

• Venture Capital Firms: The UK boasts a robust venture capital scene, with firms investing across various sectors. Startups should research firms that align with their industry and growth stage.
• Angel Investors: Individual investors often provide early-stage funding in exchange for equity. Networks like the UK Business Angels Association can connect startups with potential angel investors.

Nigeria:

• Active Investors: Firms such as Acuity Venture Partners, Co-Creation Hub Nigeria, and EchoVC Partners are notable investors in the Nigerian startup ecosystem. They focus on sectors ranging from technology to consumer goods.

3. Crowdfunding

Platforms like GoFundMe, Kickstarter, and Indiegogo have democratized fundraising, allowing startups to raise small amounts of money from a large number of people. This approach not only provides financial support but also helps build a community of supporters invested in the startup’s mission.

4. Alternative Financing Options

• Peer-to-Peer Lending: This involves borrowing funds directly from individuals through online platforms, often with more flexible terms than traditional banks.
• Corporate Partnerships: Collaborating with established companies can provide funding, mentorship, and market access. Many corporations have innovation programs to support startups.

5. Research and Development (R&D) Tax Credits

United Kingdom:

• R&D Tax Credits: The UK government offers tax incentives to companies investing in innovation. Startups engaged in research and development can benefit from these credits to reduce their tax liabilities.

Conclusion

Navigating the funding landscape can be challenging, but the right strategy and guidance can make all the difference. Whether you’re exploring grants, investors, or alternative financing, knowing what works best for your startup is key to success.

At Mercy Elroi, we specialize in helping founders like you secure the funding you need to scale your business. With personalized strategies and expert advice, Iyabo Bello and the team are here to support your journey.

Don’t let funding challenges hold you back—book a session with Iyabo today and take the first step toward unlocking your startup’s potential. Let’s make 2025 your breakthrough year!