Reports by Renaissance Capital show that Nigerian tech startups raised a sum of $678 million for every 107 distinct arrangements between January and April this year. The nation represented 31% of the all-out reserves raised by African tech organizations in the four months, which remained at $2.2 billion.
Albeit not so much as was kept in the first quarter, Nigerian tech startups in Q2 202 additionally rounded up a huge numbers of dollars from Venture Capitals and Angel Investors covering various phases of speculations.
Here are the best 10 tech startup bargains that made the news in Q2 2022:
Identitypass ($2.8 million)
Identitypass, a Nigerian character confirmation startup, brought $2.8 million up in seed subsidizing to extend its business. With the financing reported in June, the organization said it wanted to carry out new verticals around consistency, security, and data assortment, drive into new African nations and make fresh recruits to its 14-man group.
The startup had brought $360,000 up in pre-seed speculation last November, carrying its all-out financing to $3.1 million. The most recent subsidizing was driven by MaC Venture Capital with cooperation from different financial backers like Y Combinator, Soma Capital, True Capital Fund, and Sherwani Capital.
Established by Lanre Ogungbe, Niyi Adegboye, and Ebuka Obi, the two-year-old SaaS stage notwithstanding its APIs. The product was worked to improve Identitypass’ development scale and succeed among its rivals on the lookout.
Indicina ($3 million)
Indicina, a credit organization startup, brought $3 million up in June to drive its African development plans. The organization, which presently works in Nigeria and Kenya said it would likewise utilize the asset to construct more items for shopper credit suggestions, and support its framework.
Berlin-settled and dish European funding firm Target Global drove the round, adding to its extensive rundown of interests in Nigerian startups, including Kuda, Kippa, and Edukoya. The association’s accomplice Ricardo Schäefer will join Indicina’s board. Greycroft additionally took part in this round, as well as RV Ventures.
The financial backers pivoted their advantage in Indicina on its remarkable way to deal with taking care of Africa’s credit issue. The organization utilizes data to tackle the advanced qualification issue recently chosen by fragmented reliability appraisals.
ImaliPay ($3 million)
ImaliPay, a Nigerian fintech that prides itself as an all-in-one resource monetary administrations stage, shut a $3 million seed under water and value round in April. The fintech had raised $800,000 pre-seed round in 2020, carrying its absolute raise to $3.8 million.
The round which was driven by Leonnis Investments likewise got follow-on financial backers from VCs, for example, Ten 13, Uncovered Fund. Private backers like Keisuke Honda of KSK Angels and others from Serbia, Kenya, and Norway partook.
The organization said the speculation would go into extending its 50-man group, amping up its technology, and investigating new business sectors like Ghana and Egypt.
Kaltani ($4 million)
Kaltani, a cleaning technology plastic waste reusing organization, got $4 million in seed subsidizing in May to extend its reusing tasks across Nigeria.
Established by Obi Charles Nnanna, Kaltani plans to tackle Africa’s developing plastic waste emergency by advancing the round economy and reusing best practices. The organization’s technology uses data examination, prescient investigation, and geo-planning to guarantee straightforwardness and detectability all through the worth chain.
With the financing, the organization said it intended to open 20 new assortment and conglomeration focuses across Nigeria and increment its staff solidarity to more than 500 individuals.
OnePort 365 ($5 million)
Oneport 365, a digital cargo sending startup that makes it more straightforward to ship freight to, from, and inside Africa, brought $5 million up in seed financing in April to empower its venture into new business sectors across the mainland and push start to finish digitization of cargo the board in Africa.
Portability 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group) drove the seed subsidizing round, which included SBI Investment, Samurai Incubate, Flexport, ODX, a Singaporean organization reserve, and other vital private backers.
The startup’s foundation permits dealers to interface with delivery and inland transportation sellers and deals with the whole cycle. Dealers get GPS-empowered, constant permeability of their shipments and they can see all reports connecting with the shipment through the stage, taking out the relentless course of actually recovering these records from workplaces or delivery line focuses.
Afriex ($10 million)
Afriex, another Nigerian fintech startup, likewise shut a $10 million Series A round in April to extend its blockchain cash move stage. The organization, which was esteemed at $60 million runs a cash move framework that uses blockchain to empower clients to send assets by changing over them into stablecoins, which are digital currencies upheld by hold resources.
Sent off in 2019, the startup established by Tope Alabi and John Obirije had raised a $1.3 million seed round the year before. The most recent subsidizing round was funded by Sequoia Capital China and Dragonfly Capital with support from Goldentree, Stellar Foundation, and Exceptional Capital, among others.
Leatherback ($10 million)
Leatherback, a monetary administrations supplier startup got its most memorable outside interest in April as it got a $10 million pre-seed financing from Zedcrest Capital, the main container African head trading company.
With the financing, the fintech startup, which was being bootstrapped by its pioneers, expressed piece of the asset would be sent to bring Leatherback’s profile up in the fintech space as well as broaden its ability in the numerous nations that it is authorized in and where it is going to be endorsed like South Africa, Egypt, Uganda, India, and the UAE.
ZirooPay ($11.4 million)
ZirooPay, a Lagos and Helsinki-based startup that creates mobile POS payment frameworks intended to work with mobile payments raised $11.4 million Series A round in April. The organization said the financing would work with the development of its payment foundation, speeding up development and developing its group.
The financing round was driven by Lagos-based VC store, Zrosk Investment Management, and furthermore elaborate cooperation from existing financial backers, Nordic Venture Fund. Other private and institutional assets, for example, Fedha Capital and Exotix Advisory likewise participated in the financing. Individual financial backers incorporate Petri Kivinen, the previous overseeing chief at Deutsche Bank; Morgan Stanley and Renaissance Capital; Abiodun Ajai, the chief, Sub-Saharan Africa of Bank of America; Kurt Bjorklund, overseeing accomplice at Permira; Stephane Kurgan, adventure accomplice at Index Ventures; and Jonas Dromberg, previous Bureau boss at Bloomberg.
Umba ($15 million)
Nigerian digital financial startup, Umba, in April brought $15 million up in a Series A subsidizing round, which brought its all out raising money to date to $17.5 million.
The round was driven by VC firm Costanoa Ventures and saw investment from Lux Capital, Lachy Groom, Act Venture Capital, Streamlined Ventures, Palm Drive Capital, Chandaria Capital, and Banana Capital, as well as Monzo fellow benefactor Tom Blomfield.
Umba prides itself as a client-driven, mobile-first digital bank that expands admittance to monetary devices, including current records, bill payments, credits, cashback, P2P payments, and bank transfers. With the subsidizing, the organization said it expected to send off in Egypt, Ghana, and Kenya as well as carry out new monetary items including check cards, investment accounts, and stock exchanges.
Interswitch ($110 million)
One of Africa’s biggest fintech organizations, Interswitch, handled the greatest arrangement by a Nigerian startup in Q2 2022 as it got $110 million in a joint venture from LeapFrog Investments and Tana Africa Capital to scale its digital payment administrations across Africa. The two financial backers said they would be supporting Interswitch’s next section by proceeding with item development and development across the African landmass.
The speculation got in May came very nearly a long time since Interswitch’s last unveiled financing round when Visa paid $200 million for a 20% stake in the organization. Interswitch drives a significant part of the rails for Nigeria’s web-based financial framework and is notable for its retail location terminals, online purchaser payment stages, Quickteller, and Verve, the greatest homegrown charge card conspire in Africa, giving more than 35 million dynamic cards since send off.
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.
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!
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.
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.
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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