The United States Consular General, Rick Swart, has reaffirmed the U.S. government’s commitment to strengthening trade and investment ties with Nigeria, describing entrepreneurship and innovation as critical drivers of economic growth and bilateral relations.
He made this statement at the 2026 Cascador Pitch Day, where over $5 million in growth capital was deployed to seven innovative African entrepreneurs. These entrepreneurs pitched their vision and growth strategies before an influential audience of business leaders and a distinguished panel of judges.
This year’s event brought together more than 300 investors, lenders, mentors, and ecosystem builders for high-value conversations with founders scaling impactful companies across Nigeria. Pitch Day is the culmination of Cascador’s annual Catalytic Fund deployment cycle, a funding initiative that provides up to $5 million per year in tailored support to Cascador’s ScaleUp alumni through a blend of debt and equity investments, while celebrating the entrepreneurs who have grown through its ecosystem.
Finalists were selected based on their ability to absorb and multiply the value of capital, education, and networks, as well as their potential for social impact, including job creation and service to underserved communities.
“The government of the United States is focused on trade and private sector investment as the foundation for sustainable growth and partnership across the African continent. We engage African nations not as aid recipients, but as commercial partners,” Swart said.
Swart stressed that Nigeria’s vibrant entrepreneurial ecosystem continues to attract American investors, adding that the country’s innovative startups have played an important role in deepening economic ties between both nations.
Highlighting the growing commercial relationship, he disclosed that Nigeria remained America’s second-largest trading partner in sub-Saharan Africa, with bilateral trade reaching nearly $15 billion in 2025, representing a 15 percent increase from the previous year. He attributed part of the growth to the U.S.-Nigeria Commercial and Investment Partnership, a private sector-led initiative that brings together policymakers and business leaders from both countries to address trade and investment challenges.
The partnership, he explained, focuses on agriculture, the digital economy, and infrastructure, with both governments working to reduce trade bottlenecks, improve policy predictability, and facilitate business opportunities. Swart also noted that many Nigerian startups have successfully attracted international capital, with about 70 percent either raising significant investment or incorporating in the United States to align with global standards for financial disclosure and investment readiness.
He encouraged entrepreneurs to leverage opportunities offered by the American business community, including programs designed to support U.S.-incorporated startups operating in Nigeria. The Consular General further assured participants of continued U.S. support through trade, investment, and strategic partnerships, urging Nigerian innovators to view the United States as a long-term partner for growth and expansion. He congratulated the entrepreneurs participating in the pitch competition and wished them success in their business ventures.
At the event, Deina Mayaki of Agriarche, the largest funding recipient from the 2026 Catalytic Fund, shared her experience. “Cascador’s ScaleUp program built upon my team’s ability to translate learning into action by helping us refine our message and market position, adjust our funding strategy, and adapt without defensiveness. The Catalytic Fund due diligence team assessed Agriarche’s financial strength, resourcefulness, and track record of success, and they rewarded our high-potential for scale and impact today by awarding a new N2.5 billion credit facility to power our growth,” she said.
“In just two years, Pitch Day has awarded more than $9 million to growth-stage African founders, helping to build a new generation of entrepreneurs equipped to scale transformative businesses. We’re now looking for the next cohort of exceptional founders to join our 2026 ScaleUp program and hope to see them on stage at the next Pitch Day,” said Dave DeLucia, founder of Cascador.
According to him, Cascador’s focus extends beyond financial returns, emphasizing support for enterprises capable of creating jobs, driving productivity, and delivering measurable social impact. He noted that the organization supports both technology-driven firms and businesses operating in the real economy, with the aim of strengthening Nigeria’s entrepreneurial ecosystem.
DeLucia added that Cascador’s ScaleUp Program works with an elite cohort of entrepreneurs to strengthen leadership, sharpen strategy, and prepare founders to scale sustainably. Through this approach, he said Cascador is helping build the next generation of high-impact African businesses. Since 2019, it has supported 70 companies that have collectively raised more than $125 million.
The Chief Executive Officer of Cascador, Trish Thomas, said the program prioritizes established businesses with proven traction, typically averaging at least one billion naira in annual revenue and about two years in operation. She added that Cascador’s approach responds to shifting venture capital trends by offering more patient, flexible financing while supporting enterprises addressing critical social and economic challenges across Africa.
The 2026 Pitch Day Funding Recipients are: Deina Mayaki (Agriarche) – Debt N2.5 billion ($1.7 million); Deborah Gael (Koolboks) – Debt N2 billion ($1.4 million); Okey Esse (Powerstove) – Debt N1.8 billion ($1.2 million); Daniel Komolafe (First Electric) – Debt N500 million ($357,000); Femi Oyewole (Fortics) – Debt N200 million ($142,000); Preston Ideh (Stears) – Equity $450,000; and Yinka Iyinolakan (Indigenius AI) – Equity $250,000.
The firm announced applications for the 2026 ScaleUp Program open until June 15 to transformative leaders ready to take their companies to the next stage of growth by accessing the connections, resources, and capital required to scale their businesses. In addition to investment capital, two entrepreneurs received recognition for innovation and pitch quality, with $10,000 awarded by Nigeria Sovereign Investment Authority (NSIA) as a Prize for Innovation and $10,000 awarded by the judges’ panel for Best Pitch. NSIA Prize for Innovation is Indigenius AI, while best pitch is Koolboks.
The Pitch Day featured a high-level panel discussion titled “Innovative Capital Deployment Structures in Nigeria,” moderated by DeLucia, which brought together leading voices across the investment, financial, and public sector ecosystem, including Idris Bello of LoftyInc Capital, Danladi Verheijen of Verod Capital, Darlington Nwankwo of Sterling Bank, Ada Osakwe of Agrolay Ventures & Nuli, and Ijeoma Taylaur of NSIA. The session explored creative capital deployment strategies needed to help growth-stage businesses access patient equity, working capital, concessionary debt, and the strategic support required to scale sustainably.
Two 2025 Catalytic Fund capital recipients shared their performance and impact post-funding. Babatunde Akin-Moses of Sycamore said: “Truly catalytic capital should create companies that eventually no longer need it: That is what it did for Sycamore. Our recent commercial paper raise was oversubscribed by 230 percent.” Seyi Adefemi of Drive45, the largest capital recipient last year, added: “There are founders across Africa solving real problems and building resilient businesses. What they often lack is the financial and non-financial support to cross the gap between potential and scale. Cascador helped Drive45 cross that gap.”
