Omidyar Network invests US$600,000 in Nigerian media company, Stears Business

Omidyar Network and other Nigerian investors have provided seed equity of US$600,000 in Stears Business, a Nigerian media company. Stears Business provides online business news analysis and insights through its network of journalists and professionals in banking, consulting, law, academia, government and civil society. Stears Business was founded in 2017 by a team of Nigerian economists, lawyers and engineers (Preston Ideh, Abdul Abdulrahim, Foluso Ogunlana & Michael Famoroti) while they were all studying in the London School of Economics and other institutions in the UK.

Omidyar Network is an impact investor with a global network of innovators, entrepreneurs, technologists, advocates, investors, activists and organizations with total investment commitments of US$1.6-billion and capital already deployed in profit-seeking investments of US$751-million. The company operates both a limited liability company and a foundation. The equity stake taken up by the new investors in Stears Business was undisclosed.

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