Frequently Asked Questions.

Find below, the respective answers to your questions. Do you have questions that we are yet to address here? Please send it directly to our support profile in the Slourish community and our team will get back to you in no time.

What is the Slourish platform all about?

Slourish is owned and managed by Slourish LLC; a group of successful entrepreneurs and business professionals who are dedicated to helping young Nigerian businessmen raise the required funds to launch or grow their startups.

The platform being built with Nigerian entrepreneurs in mind, is actually targeted at those interested in taking part in the process of developing the brands as well as create some investments for themselves.

In summary, entrepreneurs apply to get their startup campaigns on Slourish, we carefully vet the business and analyze its value and if it's worth funding, we list it on the platform to be crowdfunded by Slourish Members.

At the end of the day, users can easily invest in any of the startups they believe in and get a return once the startup breaks even. We hope to bring more profitable companies to the market through our crowdfunding services.

Users of this platform have the opportunity to be a part of the development and scaling stage of their favourite brands. They simply create a free account and instantly join the community of business moguls and investment seekers where they can easily source the startup campaigns and support them (invest in, loan,  donate to etc.) in any way they can. With an arsenal of features, they are equipped to also connect and interact with the startups and other members. Sharing ideas, giving suggestions, monitoring investments and staying updated with the progress of the startups can be done with few clicks.

Organizations (including non-profit) who are in need of raising funds to facilitate their operations and would like to do that here are invited to tell us a bit about them through our application form. However, we do not promise that we will accept the application as there are certain things we look out for when approving a startup to get funded through Slourish. First, the business has to be Nigerian-based and registered with the Corporate Affairs Commission and then, we will need to be sure the management teams are trustworthy and reliable to effectively run the organization. This is because we would want to reduce the risk of making our investors pump their money into a startup that is heading down the drain. Also, we do always consider the overall concept of the startup and analyze the plan and marketing strategy.

Anyone who is above the age of 18 and able to carry out financial transactions with no legal implication and without a need for a guardian or third-party supervisor.

There's really no special requirement other than your ability to read and write, able to make decisions. However, all users are expected to have read, understood and agreed to our Terms of service and Funding policy.

It's very easy and straightforward. Simply create an account to access the member area where you can easily find startup campaigns, groups and other features to help you fully utilize our service. All you have to do is locate the startups you love through the campaign menu and invest in them. Then, you can join the groups to stay updated on your investments as well as participate in the process.

Big no! The stock market is designed to get money from you but Slourish.com is built to reduce the risks on your part.

=> You get to support the brand you love and you are in complete control of the startup you invest in. You don't need brokers, you do it yourself.

=> You will likely hold your investment for a long time over 10months (some startups don't break even in 2 more years) before getting a return.

=> You get to actively take part in the process and monitor the progress of the startup you fund. Your ideas and suggestions are implemented and you are like an inside man.

=> You are in a community of several other investors who are working together to help the startup succeed.

=> The money you invest/donate goes directly to the project which is actually used for the right purpose, unlike the stock market where you invest through brokers.

=> Most startups here come with additional perks and givebacks that ensures the investors are appreciated. E.g access to VIP products, discounts, free add-ons etc.

 

Simply tell us a bit about yourself and your business using our application form here and ensure you include a business plan as well as your CAC registration number. Also please crosscheck and make sure the details you fill in are accurate and verifiable because you only have one shot. Once submitted, we will start processing your startup immediately and if it meets our requirement, we will add it Slourish in no time.

Yes. It's as legal as it can get because we basically just keep records of your pledge, store your money for you and distribute them to the startups in tranches and everything is done in full transparency. We are not stock brokers neither are we a financial institution but using your money to grow a business and secure you a return/interest is not a crime in the Nigerian constitution and you are not breaking the law by supporting a business you love.

While we have outlined a few reasons most members have for investing in our vetted startups, investing to make lots of money is certainly not one of them. As a matter of fact, do not invest in a bid to grow rich. Making a return on investment is never guaranteed when investing in a startup. If anything, you should invest because you genuinely want to support the startup and at the end of the day, if the startup succeeds, you get rewarded. It's more rewarding when you invest in something you love.

Sure. In fact, I highly recommend that you diversify your funds into several investments. It's riskier to put in your savings to one business that is not guaranteed to be a success. Instead, split your funds in little bits among a few other startup campaigns. Investing in three or more startups is safer and increases the odds of profitability.

We have taken it upon ourselves to mitigate the risks on your part but still, there is a chance that you could lose all your money. Here's how we handle this - Our strict team is always analyzing the startup and their plans to ensure they are worth funding before adding them to Slourish.com. We don't give the startups your money until it's absolutely necessary and this accords us some opportunity to be able to issue you a refund in case we no longer trust the startup to succeed. We are able to determine this because we monitor the operations of the startups. Also, we distribute the funds to the startups in tranches which makes it difficult to lose everything.

No! You are probably not going to get any return on your investment within your first 6 - 12 months of funding a startup here. Investments are long term based. Slourish won't make you rich overnight. You will have to invest in multiple startups, stay connected and wait for the startups to make a profit before you can get rewarded.

Various kind across several sectors. Virtually any startup can be given a shot to succeed on Slourish no matter the industry including non-profit organizations. There are companies in the tech, real estate, retail, entertainment, agriculture sector etc.

Staying as an investor is not compulsory. Once you find a startup you love, you can support them however you want. You could just share your ideas with them or completely donate your investments to them. We recently added a donation feature that allows a startup (especially a non-profit organization) to create a donation campaign. Some startups may also request for a loan instead while others may prefer to pass out an offer (e.g prelaunch discount sales) to raise the funds they need in getting their products to the market.

Stay active in the community to get updated on when new startups get added. We are always on the lookout for promising Nigerian businesses that need your funding and once one of them applies here, you will gain another opportunity to invest.

Not long enough. It actually depends on the startup as some businesses require a little more digging and analysis but the process is usually completed in about a week.

Easy! Just find a startup you like and click on the 'invest' button on the campaign to fill in your details. Once you are done, click 'next' and pay with your debit card or with your bank and boom! You are now an investor!

Recommended but not mandatory. You could also do a transfer or bank deposit if you don't want to pay with your bank internet portal online or using your debit card.

Only what you can afford to lose. Yes, there is a possibility that the startup may not turn out as successful as you imagined or that it may take a lot longer before you can see any tangible return on your investment so, please invest only what you can afford to live without. There's really no limit. You can invest/donate as little as N10,000 or invest as much as N10,000,000 as long as you can afford it. Overall, you are supporting a startup you believe in.

Your money practically remains in your account until the end of the campaign after which your money moves to an escrow service that protects both you and the startup. Note that if the campaign didn't succeed, your money will be refunded but if it does and you didn't cancel your investment, then, the money gets distributed to the startups in tranches as they meet one milestone after another.

Yes, as long as the campaign is still ongoing and the funds are yet to be transferred to the startup. If the startup has begun operations with the money, then your investment will have to stay valid. You are not under any contract but it's best to only invest in a startup you believe in to minimize issues of refunds.

It's against our policy to contact the startups physically. Your interactions with the startups on Slourish are expected to be limited to questions, answers and suggestions regarding the development of the startup. While we can't stop you from contacting the startups directly, we can only protect your interest when you are a Slourish investor so, we recommend you carry out all your transactions on here.

Sure. Your details are fully encrypted and kept far away from public eyes. Your financial details are only visible to you. We do not store any debit card information. The rest of your information (especially profile and things you post) can also be controlled by you. Simply change the privacy to private and it will be completely hidden. Please see our privacy policy for details.

Yes. Just tick the anonymous investment/donation checkbox on the transaction page after filling in your amount. You could also privatize your overall activities on your account including your profile. This is useful if you want to stay hidden/behind the scenes.

There's no particular timeframe for updates but all startups on Slourish are required to keep you updated on all important steps they take. This is usually done at least once a week but the community is always booming and startups could post an update every hour (if they like).

Givebacks vary and as such it's quite difficult to mention an absolute medium or time. However, physical givebacks get shipped to the investor/donor's address and digital givebacks get issued on the startup's website or through us. Though the startups are required to hand over the giveback to you once you have invested, it may not happen very quickly as some givebacks are likely going to be allocated upon a successful campaign. Nevertheless, we have a record of all transactions and we will ensure everyone gets their givebacks when due.

No. You could actually invest and check back in every week/month but we recommend you say active to join others in helping the startups succeed. Yes, they don't need you to succeed but being active keeps you updated on the process and informed on the latest activities (including Slourish events which you can attend).

ROI is simply talking about money you could make once a startup you invested in becomes profitable and begins sharing dividends. Once you invest some money, the amount you get back is the ROI.

Sure. Once you invest, we quickly take into account your details and issue you a written contract of stock or a convertible note.

Unless you have some chunk of Naira to invest, you should probably don't expect a voting right by investing N10,000. This is to say, most companies keep the voting and decision-making limited to the top management/board of directors and the chances of them consulting you before making a decision is almost non-existent but then again, startups on Slourish.com are expected to keep you in the loop of all major decisions and they may very well ask of your opinion/suggestions or even request for your active participation.

Believe it or not, at one point or the other every investor's percentage ownership has been diluted and most times it's for the better. This is because companies may seek more financing rounds and when that happens, venture capitalists and angel investors who come in then with a bigger chunk of money will also need a share and the company's shares will be reshuffled. This means, your 3% could become 0.5% but then, it could be worth more(owning a 0.5% of a company that is worth N1b is better than owning a 3% of a company only worth N300m) and without such fundings rounds, the company could be bankrupt.

There are a number of ways to cash out of your investment but it all depends on the success of the startup.
=> Your investment could generate over 300% returns if the startup is acquired by another company.
=> The worth of your shares will skyrocket if the startup goes IPO.
=> Once the company breaks even and begin paying dividends, you start getting paid.
=> You can sell your shares to other investors for a profit.

It actually depends on how fast the startup is able to make a profit, go IPO or if the startup gets acquired faster. Loans are repaid quicker since they are usually requested by already thriving businesses who just want to expand. Also, some fast-growing startups do turn out to be stable in less than a year. This means they could start paying you dividends in 6 months.

Be the first to know when new investment opportunities turn up.

 

 


We are not a stock brokerage firm. We simply provide a secure platform to help highly-vetted Nigerian businesses, get crowdfunded and offer rewards, equity, interests and other incentives to their investors and venture capitalists.

However, we protect our investors and business owners' interests by handling the whole process. We rigorously verify and monitor all startups and investments on Slourish.

 

Got questions? See our FAQs. Call 090-7571-4292, Email: [email protected]

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