Delivery platform ShapShap secures investment from GreenTec Capital

NIGERIA – ShapShap, a delivery platform that specializes in deliveries in Africa’s fragmented logistics industry, has received an undisclosed investment sum from GreenTec Capital Partners, an Africa-focused venture capital firm. ShapShap is currently providing last-mile deliveries in Abuja and Lagos, Nigeria, using an all-in-one platform that connects customers, drivers, and merchants. GreenTec will help ShapShap through the VC’s Venture Building concept under the terms of the agreement. The startup’s significant traction drew GreenTec’s attention. More than 30,000 orders have been processed for more than 4,000 consumers on ShapShap platform, and…

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Fintech Flutterwave acquires digital online platform Disha to grow its base

NIGERIA – Flutterwave, a fintech company, has acquired digital online platform Disha, that enables digital creators to curate, sell digital content, portfolios and receive payments from their audience worldwide. Flutterwave’s acquisition aims to improve the process of digital content creation for Disha users, enabling them to earn value for their creativity using the platform’s new payouts and collections solution. Disha has acquired over 20,000 users organically over 12 months. The acquisition will help grow its base by providing users with the ability to make, receive and withdraw money from their…

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B2B marketplace Sabi secures US$6m to support its growth

NIGERIA – Sabi, a B2B marketplace serving the informal sector, has received US$6 million bridge round led by CRE Venture Capital to support its continued fast-paced growth in Nigeria and beyond. This bridge round financing will help fuel the company’s rapid growth as it eyes new markets including South Africa, which is also home to a multi-billion dollar informal sector. Sabi’s bridge round follows the company’s seed round closed in mid-2020 which also attracted leading international investors including Janngo Capital, Atlantica Ventures, and Waarde Capital. “We are excited to have…

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FinTech company Busha raises US$4m to deepen its market position

NIGERIA – Busha, a Nigeria-based digital platform that helps people buy, sell and store cryptocurrency, has raised seed funding of US$4.2 million in a round led by Jump Capital. Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors also participated in the financing round. According to the company, the new funding will go towards deepening its market positioning in Nigeria, the leading crypto economy in Africa where all of its users are based. Founded in 2018 by CEO Michael Adeyeri and Chief Product Officer (CPO) Moyo…

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Startup Mecho Autotech secures funding to improve its business

NIGERIA – Mecho Autotech, an on-demand auto repair and maintenance platform for individuals and businesses has secured an undisclosed amount of funding from VC firm Ingressive Capital as it bids to improve the quality and reliability of auto care services. The funding also saw participation from Tekedia Capital Investment, and Mono’s CEO Abdul Hassan. The investment from Ingressive Capital, a Nigeria-based seed-stage investment firm, will help introduce the startup to large organisations and fast-track its growth. Mecho Autotech was co-founded by Olusegun Owoade and Ayoola Akinkunmi, and it was officially…

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Mobilty startup Treepz closes seed round, acquires Uganda’s Ugabus

NIGERIA – Treepz, a Nigerian shared mobility startup, has closed out its seed round at US$2.8 million and expanded to Uganda with the acquisition of bus company Ugabus. The startup raised a further US$1.6 million in funding, closing its seed round at US$2.8 million, with additional funding coming from the Google for Startups Black Founders Fund Africa, Japanese VC firm Uncovered Fund and Dubai-based VCs including Blanford Capital and Jonomi Capital. Egypt-based fund Jedar Capital also participated in the round with follow-on investments from previous investors. The startup earlier this…

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Salpha Energy Nigeria secures US$1m from All On to scale its distribution business

NIGERIA – All On, a Shell-funded impact investment firm, has announced a US$1 million investment in Salpha Energy Nigeria to scale the company’s solar home systems distribution business. Salpha energy is focused on bottom-of-the-pyramid customers in rural and remote areas, peri-urban areas, including the Niger Delta. The investment will be used to increase Salpha’s inventory and product range, Expand sales channels and customer service infrastructure and test more flexible Pricing models to sustainably manage rural customers in states across Nigeria including in Niger Delta. Goziem Okubor, senior investment associate, All-on…

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Nigerian lending marketplace Evolve Credit launches cloud lending software

NIGERIA – Evolve Credit, the Nigerian lending marketplace, has launched Configure, its new cloud lending software that it says will power thousands of new loan providers over the next five years. Configure is an affordable bank-level core lending platform that enables lenders to build, launch, and manage any type of loan product end-to-end across multiple distribution channels. Speaking at the Press Conference, Akan Nelson, Founder and CEO of Evolve Credit, stated that Evolve Credit’s vision has always been the same: to make access to credit and financial products more inclusive,…

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Transcorp appoints Joseph Adegunwa as new Chief Financial Officer

NIGERIA – The Board of Transnational Corporation of Nigeria Plc has announced the appointment of Mr Joseph Adegunwa, as the new Chief Financial Officer of the Company, effective from November 15, 2021. This is according to a statement signed by the Group Company Secretary, Kofo Olokun-Olawoyin, and filed with the Nigerian Exchange Limited (NGX). Joseph Adegunwa is an astute finance expert with experience in Finance, Audit, Advisory, Strategy and Investment Management. He has worked in different sectors including but not limited to banking, real estate, advisory and investment management, among…

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Aboki Africa startup raises pre-seed funding to scale up its product

NIGERIA – Aboki Africa, a money transfer startup, has raised an undisclosed round of pre-seed funding to help it expand its team and scale its product. The startup’s pre-seed funding round was led by Mr Abdul Hassan, CEO of fellow Nigerian fintech Mono, and also includes Niche Capital, Ingressive Capital, Decimal Point Ventures and other strategic investors. The capital will be invested in scaling its product and expanding its core team. “We built Aboki Africa out of necessity. I have had personal experiences with the pain points we are trying…

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