A $1.5 million fund for technology startups has been launched in Nigeria.

Dubbed ‘LeadPath Nigeria’, the founders behind the fund say it has commenced operations and even has a startup workspace in Lagos.

LeadPath Nigeria says its $1.5 million seed fund is focused on startups doing business in software applications, mobile applications, electronic payments and big data.

The accelerator is headed by Olumide Soyombo, an entrepreneur based in Lagos with ventures ranging from technology and finance to logistics.

Also on the LeadPath Nigeria team are Kazeem Tewogbade, and Tope Ajao, who have experience in IT, financial services, strategy and telecoms. On the accelerator's advisory board are Mike Silvey, Richard Lewis and Amit Saxena, all of whom have experience building, scaling and investing in technology companies in Silicon Valley and further afield.

Soyombo says the accelerator's typical investments range between $25,000 to $100,000 in the first instance, as well as follow-on investments from LeadPath and other venture funds.

LeadPath also offers office space, mentorship and other services such as legal, accounting and tax support to startups.

“The accelerator is situated in the heart of Yaba, where Nigeria's technology startup revolution is currently gaining steam,” says the fund in a statement.

“LeadPath Nigeria's choice of location is predicated mainly on the growing concentration of technology startups and entrepreneurs, attracted by the likes of the Co-Creation Hub and iDEA,” adds LeadPath.

LeadPath also plans to call on technology startups that to be part of its first accelerator in the next few weeks.

Other startups that are already in the Leadpath portfolio include Bluechip Technologies, Simer, Afriqbuy and Enreach.