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HomeUncategorizedGlobal investors look up to Nigeria
Uncategorized

Global investors look up to Nigeria

The Freezone Channel
By The Freezone Channel
September 12, 2018
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    Global investors seeking early stage companies that are viable commercially recently turned to Nigeria as the market to be.
     
    Nigerian technology startups have in the
    process become the brides sought after. Especially the viable one with
    quick profit returns in the emerging markets.
     
    Some of these firms like Mines, Tizeti and Paga have attracted millions of dollars in investments into the country.
     
    In early August, Nigerian Fintech
    startup, Mines closed a Series A round of $13 million to continue growth
    in Africa, expand to South America and South-East Asia.
     
    The Series A funding round was led by The Rise Fund, a global fund managed by TPG Growth.
     
    TPG Growth partnered with Mines to drive
    financial access across the world. Mines, the fintech startup
    re-inventing credit in emerging markets also plans to use part of the
    investment for talent acquisition.
     
    A fortnight ago, Paystack, another
    Nigerian payments startup raised $8 million series A from a couple of
    new and existing investors.
     
    The funding has come from China’s
    Tencent, Stripe (which Paystack is cloning), VISA as well as Y
    Combinator. Both Tencent and YC are some of the existing investors in
    the startup. This investment brings Paystack’s total investment
    raised to date to at least $10 million. Last week, two key
    announcements took place.
     
    Tizeti, a Nigerian internet service
    provider (ISP) start-up closed a Series A round investment of $3 million
    which would be used to build more solar-powered towers in Nigeria as
    well as expand unlimited internet services to Ghana.
     
    The company which operates widely as a
    “Comcast for Africa”, builds and operates solar-powered towers in
    Nigeria, while also providing residences, businesses, events and
    conferences with unlimited high speed broadband internet
    access, covering over 70 per cent of Lagos.
     
    The new capital injection was led by 4DX
    Ventures with participation from existing investors Y Combinator
    Continuity, Lynett Capital, Social Capital, Western Technology
    Investment, Friale and Golden Palm Investments.
     
    This follows on from the company’s seed investment of $2.1 million in 2017.
     
     Tizeti will use this
    investment to expand operations outside of Nigeria, and will launch a
    new consumer-facing brand Wifi.Africa later this year, starting with
    neighbouring West African country,
    Ghana.
     
    The company will also make additional
    investments in operations, product development and overall customer
    experience, with a view toward growing profitability exponentially.
     
    This was followed by Paga, a Nigeria
    based mobile payment company, who announced a $10 million Series B2.
    Paga is looking to channel the funding towards global expansion with
    Ethiopia, Mexico, and the Philippines is on top of
    the radar.
     
    Additionally, they are looking to continue with product development.
     
    The round was led by Global Innovation
    Partners – which will take a board seat – with participation from
    Unreasonable Capital as well as existing investors; Goodwell
    Investments, Adlevo Capital and Omidyar Network.
     
    Founded in 2009 by Tayo Oviosu (CEO) and
    Jay Alabraba (Director Business Development), Paga has over nine million
    customers and 17,000 agents across Nigeria.
     
    This recent round brings Paga’s total
    amount of funding raised to date to at least $35 million. In October
    2015, the company closed a $15 million Series B in a round led by Adlevo
    Capital, with participation from Goodwell Investments,
    Omidyar Network and Capricon Investment group.
     
    In May, Nigerian based Lidya in May 2018 received a Series A $6.9 million funding from Omidyar Network.
     
    The Africa-focused fintech platform working to ease access to finance for SMEs across Africa.
     
    Also, in May, Cellulant which operates in
    Kenya and Nigeria raised a total of $54.5 million in funding over 3
    rounds. Earlier in February, SureRemit, a Nigerian blockchain startup,
    raised $7 million to develop its non-cash remittance
    platform.
     
    The company was founded in 2014 by Adeoye
    Ojo primarily as an ecosystem for global non-cash remittances, with
    headquarters in San Francisco Bay.
     
     

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