Sunday, December 4, 2022

TechNigeria: A weekly digest of what went down in Nigeria’s tech space

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Yellow Door Energy, Moko Home + Living, NorthOne, Greenbles, Lifestores Healthcare, FlapKap, Stears Business, Yardlink, Mindshift were some of the names that made the headlines in the tech ecosystem this week.

Lagos-based agtech startup, Greenbles, has launched an electronic service portal as it looks to push its mission of leveraging technology to solve Africa’s food problem.

Also, during the week, a US-based fintech startup, NorthOne, has announced securing $67 million in Series B funding to expand technological infrastructure.

Let’s get into details.

Coming first is the story of Yellow Door, a renewable energy company, after raising $400 million in funding.

Jeremy Crane, founder, and chief executive of Yellow Door Energy confirmed the new funding in a press release on Friday.

What you should know: The new funding round was led by British private equity company, Actis, with participation from World Bank’s International Finance Corporation (IFC), Japan’s Mitsui, and Saudi Arabia’s Arab Petroleum Investments Corporation (Apicorp).

Up next is Kenyan furniture startup, Moko Home + Living, which announced securing a $6.5m in Series B debt-equity funding round.

Eric Kouskalis, MoKo’s managing director, and Fiorenzo Conte, confirmed the funding in a media release on Friday.

What you should know: The Series B debt-equity funding round was co-led by the U.S.-based investment fund Talanton and Swiss investor AlphaMundi Group.

Following closely is the story of US-based fintech startup, NorthOne, where it announced securing $67 million in Series B funding to expand technological infrastructure.

Co-founder and COO, Justin Adler, confirmed the funding in a press release seen by Ripples Nigeria on Friday.

What you should know: Battery Ventures, Don Griffith, Drew Brees, Ferst Capital Partners, FinTLV, Next Play Capital, Operator Stack, Redpoint Ventures, Tencent, and Tom Williams, all invested in the fund round.

At home, Lagos-based agtech startup, Greenbles, launched an electronic service portal as it looks to push its mission of leveraging technology to solve Africa’s food problem.

Read also:Nigerian agtech startup, Greenbles, launches online farm service portal. 3 other stories and a trivia

Oladapo Kasumu, cofounder and CEO, confirmed the development in a statement on Wednesday.

What you should know: Greenbles was founded in 2015 by Saeed Oshin, is currently backed by grants from Tony Elumelu Foundation, Quickteller, Foundry, amongst others.

Still at home, Lifestores Healthcare, a Nigerian healthtech company, also landed a new $3 million pre-series A round.

Andrew Garza, COO & Co-founder of Lifestores Healthcare, confirmed the raiser in a media release on Wednesday.

What you should know: The Pre-Series A funding round was led by Health54 while Aruwa Capital Management and other existing investors also participated in the round.

Moving on, a revenue-based financing platform (RBF), FlapKap, during the week, secured $3.6M in seed funding to boost e-commerce businesses in the MENA region.

Ahmad Coucha, the startup’s CEO and co-founder, disclosed this in a media release on Wednesday.

What you should know: Coucha cofounded the startup with Khaled Nassef, Sherif Bichara, and Adel Hodroj in 2022.

In Egypt, a pharma distribution marketplace, i’Supply, secured $1.5m in a pre-seed round.

Ibrahim Emam, CEO of i’Supply, confirmed the funding in a press release on Wednesday.

What you should know: The pre-seed round was led by Disruptech Ventures among other investors.

Again, at home, Nigerian data and intelligence company, Stears, announced securing a $3.3M seed round led by Mac VC and Serena Ventures, the VC company of world-class athlete, businesswoman, and philanthropist, Serena Williams.

Preston Ideh, corporate lawyer and cofounder, disclosed the new funding in a media release on Tuesday.

What you should know: Omidyar Group’s Luminate Fund, Melo 7 Tech Partners, and Cascador (Empowering Economic Growth Foundation)also participated in the funding.

Finally, UK-based construction equipment marketplace, Yardlink, secured a 17.5m Series A funding round led by Beringea, with participation from Amplifier, and existing investors Speedinvest and FJ Labs.

YardLink CEO, Neeral Shah, confirmed the latest funding on Tuesday in a media statement.

What you should know: YardLink allows construction companies to obtain critical equipment faster than normal equipment rental companies.

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