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Nigerian FinTech startup, Duplo secures $4.3 million seed fund

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Duplo, a B2B payments business in Nigeria, announced on Wednesday to have secured $4.3 million in venture investment. This comes only seven months after the company announced a $1.3 million pre-seed investment. This takes the total amount raised to $5.6 million.

The round included participation from Liquid2 Ventures, Soma Capital, Tribe Capital, Commerce Ventures, Basecamp Fund, and Y Combinator, existing investor Oui Capital also participated.

Nearly four months ago, Y Combinator notified the entrepreneurs in its network of the potential effects of the global venture funding slowdown. The accelerator has previously warned that investors were likely to reduce their investment activity.

While this has been true in other areas of the globe, African startups have not suffered the same effect as the rest of the world, apparently raising money at will.

Duplo’s co-founder and CEO, Yele Oyekola, claimed that having a good team solving a big problem meant they could raise capital more easily.

“I think we’re solving a very big problem, in a very big market, and with a very good team. We didn’t find difficulties in raising money, and I think a lot of founders, once you’re solving a very important problem with a good team and some growth, I think investors will still back you regardless of the downturn that is happening globally.”

According to the FinTech startup, a $1.3 million pre-seed investment was raised in February, making the total funds raised to be $5.6 million.

Speaking on the funding round in a statement, Yele Oyekola, said: “We have seen a lot of innovation in consumer payments in Africa in recent years but business-to-business payments have largely stayed the same.

“We strongly believe that there is a great opportunity to catalyze growth and maximize business opportunities across the continent by removing the bottlenecks that hinder the seamless flow of money between businesses, and we are excited to have raised funding from this exciting group of investors to deliver this much-needed transformation.

“We’re also trying to expand into new verticals. Initially, we started with the FMCG industry; now we’ve seen interest in the construction industry, telecoms, and these major mid-sized enterprise businesses, and set up the foundation to scale across the continent hopefully in the next nine to 12 months,

He added;

“When we raised our pre-seed round, the idea was to build the initial product and understand the market, but the opportunity was endless, and that’s why we went back out to raise a seed round to help us scale faster within Nigeria. For us, it’s just trying to double down on our approach, capture as much market value as possible, and help educate the market.”

Duplo is a Lagos-based fintech startup that enables businesses in Africa to digitize their receivables and payables, reduce time-to-cash, lower transaction costs, and generate more revenue from their business customers.

Duplo has made it their mission to make B2B payments as simple as P2P payment apps as they are backed by top investors, including Tribe Capital, Commerce Ventures, Liquid2 Ventures, Basecamp Fund, Soma Capital, YCombintaor, Oui Capital, and others.

Duplo has gained popularity with FMCG distributors and finance teams of midsize and enterprise organizations since its launch in January 2022, assisting them in digitizing and streamlining the way money travels between them and their business partners.

Oyekola previously worked as a product lead at Carbon, another Nigerian finance startup, where he oversaw the development of the company’s purchase now, pay later product. He has previously worked for the United Nations as an economic policy officer.

Despite his background in finance, he credits his inspiration for founding Duplo to his grandmother, who was a Nestlé distributor.

His Grandmother was said to have struggled with the company’s finances owing to the lack of a solid payment option.

According to a recent Duplo analysis which included surveyed opinions of more than 1,000 business owners from Kenya, Nigeria, South Africa, and Egypt on the situation of B2B payments, 41.2% of firms must wait up to a day to receive payments, 39.5% must wait a week, 14.8% must wait a month, and 4.4% must wait more than a month before they can receive their payments.

Surprisingly, fewer than 3% of respondents reported no problems with current payment alternatives for their firms. These are the obstacles that Duplo hopes to overcome, and Oyekola said that the startup’s goal is to make B2B payments as smooth as consumer payments are now.

Apart from the FMCG sector, Duplo plans to focus on areas such as construction, medical services, pharmaceuticals, and health. Long term, the company intends to serve every industry while offering new services such as purchase now, pay later, and overseas remittance.

 

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Introduction to Network Market Research and Competitive Analysis

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Introduction to Network Market Research and Competitive Analysis

Market research and competitive analysis are crucial components of effective network management. By gathering and analyzing data about customer needs, market trends, and competitor activities, organizations can make informed decisions that drive business growth and success.

The Importance of Network Market Research and Competitive Analysis

Customer Insights: Market research helps organizations to gain a deeper understanding of customer needs, behaviors, and preferences. This information is critical for developing products, services, and marketing strategies that resonate with customers and drive business growth.

Market Trends: Understanding market trends is essential for staying ahead of the competition. Network market research provides organizations with valuable insights into current and future market trends, enabling them to make informed decisions about product development, pricing, and marketing.

Competitor Analysis: By analyzing competitor activities, organizations can gain a better understanding of the competitive landscape, identify potential threats, and develop strategies to stay ahead of the competition.

Key Components of Network Market Research and Competitive Analysis

Customer Surveys and Focus Groups: Gathering customer feedback through surveys and focus groups is a critical component of market research. This information helps organizations to understand customer needs and preferences, and make informed decisions about product development and marketing.

Market Segmentation: Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs or characteristics. This information is critical for developing targeted marketing strategies and product offerings.

Competitive Intelligence: Competitive intelligence involves gathering and analyzing information about competitor activities, including product offerings, pricing, and marketing strategies. This information helps organizations to understand the competitive landscape and make informed decisions about product development, pricing, and marketing.

The Benefits of Network Market Research and Competitive Analysis

Improved Product Development: By understanding customer needs and preferences, organizations can develop products and services that better meet the needs of their target market.

Increased Market Share: Effective network market research and competitive analysis helps organizations to gain a deeper understanding of market trends and stay ahead of the competition, enabling them to capture a larger share of the market.

Increased Profitability: By making informed decisions about product development, pricing, and marketing, organizations can improve profitability and drive business growth.

Example: Sarah, a market research analyst for a large tech company, she is responsible for conducting market research and competitive analysis for the company. Through her efforts, Sarah has been able to gather valuable insights into customer needs and preferences, as well as market trends and competitor activities. This information has been critical for the company’s product development and marketing strategies, leading to increased market share and profitability.

Best Practices for Network Market Research and Competitive Analysis

Set Clear Objectives: Before conducting market research or competitive analysis, it’s important to have clear objectives in mind. This helps to ensure that the information gathered is relevant and useful for decision-making.

Use Multiple Data Sources: Gathering data from a variety of sources can provide a more comprehensive picture of the market and help to validate findings. This can include sources such as customer surveys, focus groups, industry reports, and competitor websites.

Use a Mixed Methodology: Combining qualitative and quantitative research methods can provide a more in-depth understanding of customer needs, behaviors, and preferences. For example, using a combination of customer surveys and focus groups can provide both numerical data and anecdotal evidence.

Keep Up-to-Date: Market trends and competitor activities are constantly evolving, so it’s important to regularly conduct market research and competitive analysis to stay informed. This can be done on an annual or bi-annual basis, depending on the organization’s needs.

Collaborate with Other Teams: Market research and competitive analysis can benefit from collaboration with other teams within the organization, such as product development, sales, and marketing. This can help to ensure that the information gathered is relevant and useful for decision-making across the organization.

Network Market Research and Competitive Analysis Tools

Survey Tools: Online survey tools, such as SurveyMonkey and Google Forms, can be used to gather customer feedback through surveys and focus groups. These tools are user-friendly and allow organizations to gather data quickly and efficiently.

Market Intelligence Platforms: Market intelligence platforms, such as CB Insights and Owler, provide organizations with access to industry reports, competitor data, and market trends. These platforms are a valuable resource for organizations looking to gain a deeper understanding of the market.

Data Analytics Tools: Data analytics tools, such as Google Analytics and Tableau, can be used to analyze customer data, market trends, and competitor activities. These tools provide organizations with valuable insights into customer behavior and market trends, enabling them to make informed decisions about product development and marketing.

Example: John, a market research manager at a large retail company, is utilizing a combination of survey tools, market intelligence platforms, and data analytics tools to gather and analyze data about customer needs, market trends, and competitor activities. With this information, John is able to make informed decisions about product development, pricing, and marketing, leading to increased market share and profitability for the company.

Conclusion

Network market research and competitive analysis are essential components of effective network management. By using the right tools and following best practices, organizations can gather valuable insights into customer needs, market trends, and competitor activities, enabling them to make informed decisions that drive business growth and success.

Stay ahead of the competition and invest in network market research and competitive analysis today.

By gathering and analyzing data about customer needs, market trends, and competitor activities, organizations can make informed decisions that drive business growth and success. So start building your network and gather valuable insights today!

 

 

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The Power of Network Entrepreneurship and Innovation

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The Power of Network Entrepreneurship and Innovation

Have you ever heard of the saying, “It’s not what you know, but who you know”? This statement holds true in many aspects of life, including business. Network entrepreneurship and innovation are powerful tools that can help young African entrepreneurs grow their businesses and succeed in today’s competitive marketplace.

What is Network Entrepreneurship?

Network entrepreneurship is the process of building relationships and networks within a community to create business opportunities and drive innovation. This type of entrepreneurship involves leveraging the power of connections to bring together people, resources, and ideas to create something new and valuable.

The Benefits of Network Entrepreneurship

Access to Resources and Support One of the biggest benefits of network entrepreneurship is the access to resources and support that entrepreneurs can gain from their connections. Whether it’s financial support, mentorship, or introductions to potential customers, having a strong network can provide entrepreneurs with the resources they need to grow their businesses.

Collaboration and Innovation Another benefit of network entrepreneurship is the ability to collaborate and innovate with others. By bringing together people from different backgrounds and industries, entrepreneurs can generate new ideas and find creative solutions to challenges.

Increased Visibility and Opportunities Finally, network entrepreneurship can also increase visibility and create new opportunities for entrepreneurs. Having a strong network can help entrepreneurs reach new customers, secure new partnerships, and gain exposure to new markets.

The Growth of the African Startup Ecosystem

In recent years, the African startup ecosystem has experienced significant growth, with more and more young entrepreneurs turning to network entrepreneurship to drive innovation and growth. With the support of organizations like the African Development Bank and venture capital firms like CRE Venture Capital, African entrepreneurs are building networks and collaborating to create new and exciting business opportunities.

One example of a successful African startup that leveraged network entrepreneurship is Jumia, an online marketplace that allows African consumers to buy and sell products online. Jumia was founded in 2012 and has since grown to become one of the largest e-commerce platforms in Africa, with operations in over 14 countries.

The success of Jumia is a testament to the power of network entrepreneurship in Africa. By leveraging its network of customers, suppliers, and investors, Jumia has been able to grow and innovate, becoming a leading player in the African e-commerce market.

What is Innovation?

Innovation refers to the process of creating something new and valuable. In the context of entrepreneurship, innovation is often associated with the development of new products, services, or business models.

Why is Innovation Important for Entrepreneurs?

Competitive Advantage Innovation is critical for entrepreneurs because it provides a competitive advantage in the marketplace. By developing new and unique products or services, entrepreneurs can differentiate themselves from their competitors and stand out in the market.

Increased Revenue Innovation can also lead to increased revenue for entrepreneurs. By introducing new and improved products, entrepreneurs can tap into new markets and reach new customers, driving sales and growth.

Improved Customer Experience Finally, innovation can also improve the customer experience. By continually improving their products and services, entrepreneurs can meet the changing needs and preferences of their customers, resulting in increased customer loyalty and satisfaction.

The Rise of Fintech in Africa

One example of innovation in Africa is the rise of fintech, or financial technology. With the help of innovative technology, fintech companies are providing African consumers with access to financial services that were previously unavailable, such as mobile banking, online lending, and digital payments.

One of the most successful fintech companies in Africa is M-Pesa, a mobile money and financial services platform founded in Kenya in 2007. M-Pesa revolutionized financial services in Kenya by providing millions of people with access to financial services through their mobile phones. The company’s success has since inspired similar services in other African countries and around the world.

M-Pesa’s success is a clear example of how innovation can drive growth and improve access to financial services for people in Africa. The company’s innovative technology has provided millions of people with access to financial services that were previously unavailable, helping to increase financial inclusion and drive economic growth in Kenya and beyond.

How to Leverage Network Entrepreneurship and Innovation for Success

Build Strong Relationships To be successful in network entrepreneurship, it’s important to build strong relationships with others in your community. This means reaching out to potential partners, investors, and customers and actively working to build and maintain these relationships.

Foster a Culture of Innovation Innovation is key to success in entrepreneurship, and entrepreneurs need to foster a culture of innovation within their businesses. This means encouraging employees to come up with new ideas, testing new products and services, and continually improving upon existing offerings.

Stay Up-to-Date on Industry Trends Finally, it’s important for entrepreneurs to stay up-to-date on industry trends and emerging technologies. By staying informed about the latest developments in their industries, entrepreneurs can identify new opportunities for innovation and stay ahead of the competition.

Conclusion

In conclusion, network entrepreneurship and innovation are powerful tools for young African entrepreneurs looking to grow their businesses and succeed in today’s competitive marketplace. By building strong relationships, fostering a culture of innovation, and staying informed about industry trends, entrepreneurs can leverage these tools to drive growth and create new and exciting business opportunities.

We hope this blog post has provided valuable insights and inspiration for young African entrepreneurs. We believe that with the right approach and the right mindset, network entrepreneurship and innovation can help drive economic growth and improve the lives of people in Africa and around the world.

 

 

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Usain Bolt Gets Duped Of $12 Million Savings

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Usain Bolt Gets Duped Of $12 Million Savings

Usain Bolt, the Olympic sprinting champion from Jamaica, lost millions of dollars in his account with Kingston-based Stocks and Securities Ltd.

The legal team for the racing star stated they are prepared to launch a lawsuit if doing so would allow them to recoup the $12 million that inexplicably vanished from Bolt’s account.

According to a statement made by Bolt’s attorneys, there is reportedly just $12,000 still in Usain Bolt’s account.

“The account was part of Bolt’s retirement and lifetime savings,” his lawyer, Linton P. Gordon, told Fortune magazine over the phone. It’s distressing news for anyone, and certainly in the case of Mr Bolt, who established this account as part of his private pension,” Gordon said on Wednesday.

“We will be going to court with the matter” if the company does not return the funds, Gordon said. It is a grave disappointment, and we are hoping that the matter will be resolved in a way that Mr Bolt will recover his money and be able to live in peace.”

The business’ response was: Stocks & Securities Ltd. stated in a statement on January 12 that it had informed law authorities of the fraudulent activities by a former employee.

It said that it has tightened standards and taken steps to safeguard consumers’ assets.

The “alleged fraudulent operations at SSL that are reported to have affected the accounts of Mr. Usain Bolt and other persons” are being investigated, according to a second statement made on Monday by the Jamaica Constabulary Force.

The Jamaican government participates: Nigel Clarke, the finance minister for Jamaica, asserted SSL had perpetrated “alarming and vile fraud” on Tuesday night and vowed to “bring all perpetrators to account.”

According to the Associated Press, Mr. Bolt’s account with the business was established as a pension for both of his parents as well as the eight-time Olympic gold medalist sprinter.

After dominating the sprinting world for a decade, reviving a sport ravaged by drug scandals, and becoming as well-known as Muhammad Ali, Bolt announced his retirement in 2017.

 

 

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