Nigerian trade tech firm Norebase closes US$1M in pre-seed round to back African companies

NIGERIA –Nigeria-based trade technology firm, Norebase has closed US$1M pre-seed funding round to allow companies to start, scale, and operate in any African country.

The round was co-led by Samurai Incubate and Consonance Investment with participation from Sahil Lavingia (Gumroad) and Kinfolk VC.

The round also attracted participation from Future Africa, Ventures Platform, Microtraction, Boleh Venture, Voltron Capital, Wuri Ventures, Afropreneur, and several angel investors.

The start-up will use the funding to accelerate the company’s plans to build a plug-and-play company incorporation technology, broaden its trademark registration technology stack, bolster its existing team of world-class talent and develop more research-led solutions.

Founded in 2021, Norebase is building Africa’s company and trademark platform that simplifies the start and scale processes for businesses in the continent and beyond.

Based in Lagos, Nigeria, Norebase describes its goal as a platform that lets businesses “start, scale and operate in any African country.

Norebase is building a future where starting a business or expanding a business in any African country is as simple as clicking a single button,” said Tola Onayemi, CEO of Norebase.

We are deliberately building the single digital infrastructure and technology tools that will power trade across the continent.”

The start-up has rolled out Norebase Incorporation API, an application programming interface service that lets other companies provide incorporation services to their customers through their websites.

Norebase API lets these companies offer customers a form, which is then transmitted to Norebase to register a business on the customer’s behalf.

The company’s goal is to encourage prosperity across Africa at a time when the continent’s GDP is projected to reach US$29 trillion over the next three decades.

A recent report by African Private Equity and Venture Capital Association (AVCA) noted that VC firms injected a record US$5.2 billion into African start-up firms in 2021, a nearly fivefold increase from the year before, when funding dipped due to COVID-19.

The financial sector made up 60% of last year’s VC investments by value and nearly one-third of the deals by volume last year.

The report found that Nigeria had the highest level of VC investment in Africa in 2021, ahead of South Africa.

Most of Africa’s VC deals came from early-stage funding rounds, although late-stage funding also increased substantially in 2021, including a nearly fortyfold increase in money raised in Series C financing efforts.

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