One of the challenges that both new and established businesses in Nigeria encounter is raising finance. This has led to the establishment of websites like crowdfunding that assist Nigerian firms in raising financing. The Nigerian system has risen due to its impact on business.

It invariably lessens the pressure that the commercial banking system's bottleneck and certain private investors place on people with entrepreneurial ideas. Even though some of the money raised through crowdfunding is quite tiny, it has helped Nigerian entrepreneurs realize some of their business plans.

Here are few websites where you can raise money for your Nigerian business.

Kickstarter

One of the most popular channels for crowdfunding is Kickstarter, particularly for companies in the creative industries. For more than 224,000 projects, the site has raised more than $6.1 billion. The platform is used by entrepreneurs like singers, curators, writers, fashion designers, programmers, and explorers to carry out their initiatives.

But it adheres to an all-or-nothing philosophy. Before the fundraising period is through, you must be sure you raise all the money required for your company. The money you've raised will be forfeited back to the contributors if you don't do this.

If your company or project receives funding, Kickstarter will take 5% of the total amount raised, excluding the cost of processing payments.

Indiegogo

This crowdfunding website is well-known around the world. The platform provides funding to those that require money to carry out their international company plans. The website serves as a marketplace for cutting-edge goods.

Presently operating in 223 nations, Indiegogo has funded more than $1 billion for more than 650,000 projects.

MicroVentures

One of the first platforms for crowdfunding, MicroVentures, has assisted in the financing of numerous companies. MicroVenturing is not only a platform for crowdfunding, but it is also a venture capital firm.

Before committing to a project, MicroVentures evaluates and analyzes relevant data, including the viability of the proposed business, the team's expertise, and the potential market.

According to the frequently asked questions (FAQ) section of the website, it normally takes six weeks from the time an application is submitted until it is approved and funds are actually disbursed. You should anticipate receiving your funds within two weeks once funding is complete. Accredited and unaccredited investors are both represented in the funding.

NaijaFund

With the help of the crowdsourcing website NaijaFund, anyone can raise money for any cause. This also covers business concepts. The website enables users to link their accounts to social media networks so they can solicit support from friends, family, and the general public for their business concept or other initiative. But 10% of any fund you receive goes to the platform.

CircleUp

One of the top platforms for equity crowdfunding is this one. It works well for a business concept built on customers. The platform provides services like connecting with authorized investors, machine learning insights, and access to specific lines of credit for entrepreneurs for this kind of project.

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