SEDC Launches $500,000 Venture Capital Program for Southeast Asian Startups

The Southeast Development Commission (SEDC) has introduced a merit‑based venture capital program to provide equity investment for young entrepreneurs in the Southeast.

During a pitch presentation in Enugu yesterday, SEDC’s Managing Director and Chief Executive Officer, Mark Okoye, explained that the initiative targets two primary obstacles for startups in the region: limited access to finance and insufficient founder support.

Okoye said the program aligns with President Bola Tinubu’s Renewed Hope Agenda and is part of broader efforts to stimulate innovation, industrialisation, and the digital economy in the Southeast.

“The commission will invest $500,000 in 30 startups,” he said. “This is not a grant or a loan; it is an equity investment based on merit and transparency.” He added, “This is not empowerment. It is a merit‑based, transparent, governance‑secured process.”

Startups that already have operations and market traction may receive up to $20,000, while early‑stage innovators can obtain a minimum of $5,000 to develop minimum viable products.

Over 1,200 startups applied within the first three weeks of the program. After independent screenings and interviews, the number was narrowed to 50 finalists, who pitched in Enugu for the final 30 slots.

“The selected beneficiaries will participate in a three‑month support program that covers mentorship, corporate governance, accounting, and business development,” Okoye said.

Executive Director of Finance on the SEDC governing board, Stanley Ugochukwu Ohajuruka, noted that independent professionals from the venture‑capital ecosystem were engaged as judges to ensure transparency and credibility in the selection process.