Thursday, May 30, 2024

Nigeria’s proptech startup, SmallSmall, secures $3m seed. 2 other stories and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today

1. Nigeria’s proptech startup, SmallSmall, secures $3M seed.

A Nigerian proptech startup, SmallSmall, has secured $3 million ($2 million equity and $1 million debt) in seed funding to expand its footprints in Nigeria.

Tunde Balogun, co-founder of the startup, confirmed the new funding in a media release made available to Ripples Nigeria on Monday.

Formerly RentSmallSmall, the Lagos-based startup claims to give renters access to monthly rent payments while offering landlords a way to vet tenants.

Balogun co-founded the startup with Naomi Olaghere and Pidah Tnadah in 2018.

“Our market is for young professionals with an average age of around 28 years. It’s a huge market,” explained the CEO.

He further explained that the funding will be used to expand into other main cities in Nigeria, including Port Harcourt, Enugu, and Jos, before the end of Q1 2023.

Tech Trivia: Which hardware component provides hardware-based security functions?
Answer: see end of post

2. Egyptian fintech, Money Fellows, secures $31M Series B funding

Beryl TV images-2-43 Nigeria's proptech startup, SmallSmall, secures $3m seed. 2 other stories and a trivia Technology

Money Fellows, an Egyptian fintech has on Monday announced securing a $31M Series B investment.

Read also:Nigerian proptech startup, Spleet secures $2.6 million seed. 2 other stories and a trivia

Money Fellows CEO, Ahmed Wadi, disclosed the new investment in a media statement.

Ripples Nigeria gathered that the investment was led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital.

Other participating investors include Partech, Sawari Ventures, Invenfin, National Investment Company (NIC), 4DX Ventures, and P1Ventures.

Money Fellows’ operates similarly to the digitization of money circles or what’s commonly known as the Rotating Savings and Credit Association (ROSCAs).

Commenting on why the system was adopted, Wadi said:

“Germany didn’t have this culture and at some point, it felt like it made sense to go to the U.K. where they have Asians, Africans, and Arab communities that traditionally use this model.”

Wafi said that the company plans to increase product offerings and expand its geographical footprints across Africa and Asia.

Ripples Nigeria understands that to date, Money Fellows has raised $37 million in total funding.

3. EdTech company, Classera, closes $40m Series A round

Beryl TV images-3-38 Nigeria's proptech startup, SmallSmall, secures $3m seed. 2 other stories and a trivia Technology

An EdTech e-learning company, Classera, has closed $40m in a Series A round led by PIF’s Sanabil Investments.

Mohammad Almadani, CEO and co-founder of Classera disclosed this in a press release seen by Ripples Nigeria on Monday.

Founded in 2011 by Mohammad Alashmawi and Mohammad Almadani, Classera claims to offer an educational ecosystem that includes a gamified learning management platform based on AI and social learning.

The e-learning systems and services provider is headquartered in San Francisco, California, United States.

“The funding will help us take our “LSP” to the next level, making it smarter, more inspiring, and simpler, and for our clients and partners globally,” said the CEO.

Other investors who participated in the round include Global Ventures, Endeavor Catalyst, 500 Global, Sukna Venture, and Seedra Ventures.

Trivia Answer: TPM

Stands for “Trusted Platform Module.” TPM is a technology that enables hardware-based security functions.

It requires a “crypto-processor,” separate from the primary CPU, used exclusively for security purposes.

By Kayode Hamsat

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