This line-up of stories will help you discover the latest happenings around the tech world, today
1. Nigerian health-tech startup, Remedial Health, secures $4.4M seed funding
A Nigerian YC-backed health-tech startup, Remedial Health, has announced securing $4.4M seed funding.
Founder and CEO, Samuel Okwuada, confirmed the latest funding round in a media release on Tuesday.
He stated that the latest round was led by Global Ventures, the VC firm that co-led its pre-seed round.
The seed round funding also saw participation from Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures and True Capital Management, and several angel investors including Guillaume Luccisano and Christopher Golda.
The health tech company, founded by Samuel Okwuada (CEO) and Victor Benjamin (COO) in 2020, claims to help pharmacies source pharmaceutical products from major manufacturers and distributors with ease.
“The launch of our inventory finance product has also attracted more customers to our platform,” Okwuda said while explaining his startup’s idea.
He further explained that the new funding will boost the chances of growth opportunities in East and West Africa.
Tech Trivia: What type of kernel contains only basic code needed to communicate with hardware?
B. Monolithic kernel
C. Hybrid kernel
Answer: see end of post
2. Egypt-based investment marketplace, Exits.me, secures $1 million pre-Seed round
An Egyptian investment marketplace, Exits.me, has on Tuesday announced securing a $1 million pre-Seed round.
Exits.me confirmed the new funding in a press release.
According to the release, Exits.me raised the new funding from a group of local investors, a UK-based investment company that also goes by the name of Exits.me, Baseeta Investments Holding, and Mawelni Holding for Financial Investments.
Other Egyptian investors involved include Omar Amer, Abdulmuguid Amer, Omar Wagdy, Adham Wagdy, and Ayman Essawy among others.
Playing in the fintech industry, Exits.me fashions itself as a regional online marketplace where individuals and business owners can buy and sell websites, apps, and traditional businesses.
Ripples Nigeria gathered that the company was earlier acquired by PiE, an M&A consultancy firm.
One of the investors, Omar Amer, while commenting on the raiser said:
“Exits.me team expects to see continued growth in the need for M&A/Funding across the region within the next three to five years, and this fresh capital will Exits.me addressing this increasing gap.”
Mohamed Aboulnaga, Ahella El Saban, and Ayman El Tanbouly founded the Cairo-based startup in 2022.
3. Leading crypto market maker, Wintermute, loses $160 million in DeFi hack
A leading crypto market maker, Wintermute, has on Tuesday announced losing about $160 million as the latest firm in the industry to suffer a security breach.
Evgeny Gaevoy, the founder and chief executive of Wintermute, disclosed the development on Twitter.
The place, manner, and depth of harm done by the breach were however not disclosed by Gaevoy or Wintermute.
“If you have a MM agreement with Wintermute, your funds are safe. There will be a disruption in our services today and potentially for next few days and will get back to normal after,” Gaevoy wrote.
Ripples Nigeria gathered that Wintermute is backed by Lightspeed Venture Partners, Pantera Capital, and Fidelity’s Avon.
Trivia Answer: Microkernel
A microkernel is a minimalistic kernel designed to be as small as possible.
It contains only the basic code needed to communicate with hardware and load an operating system.
By Kayode Hamsat
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