Monday, May 17, 2021

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

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This week, wealth management platform, Cowrywise, closed a $3m pre-series A funding, about the biggest news for the week. We saw a cross-industry growth featuring new launch, expansion plans and wins.

Also during the week, data lending platform, CARMA, unveiled plans to expand its operations across Africa while Catalyst Fund’s added six Fintech startup in Africa to its portfolio.

Below is a digest for the week, highlighting the major tech build up.

The Cowrywise $3M raiser

Nigerian wealth management startup, Cowrywise, closed $3 million pre-series A funding, going on to become the first Nigerian startup in Quona Capital’s Africa portfolio.

Led by Quona Capital, the investment saw the participation of Sahil Lavingia, Tsadik Foundation, and a syndicate of local and diaspora based Nigerian angels.

According to Cowrywise, the funds will be used to expand its product offerings to more asset classes, support the onboarding of more fund managers in Nigeria and across the globe, vis-a vis deepening its investment management infrastructures.

CARMA’s expansion plan

Headquartered in Lagos, data lending platform, CARMA, unveiled plans to expand its operations across Africa.

The development  comes on the heels of the company’s recent relocation of its headquarters from Kenya to Lagos.

The expansion will help the company continue its business, providing lending companies with access to real-time credit data on a peer-to-peer basis through a pay-as-you-go service.

Indicina’s feature in Catalyst Fund

AI-powered digital credit infrastructure company, Indicina, featured amongst the six recently funded startup by Catalyst Fund.

The investment, which covered six fintech solutions from Kenya, Nigeria and South Africa, is expected to give funding and support to the selected startups.

Like its counterparts from Kenya and South Africa, Nigeria’s Indicina will receive bespoke and expert-led venture building support from BFA Global, and one-on-one connections with investors and corporate innovators that can help it scale.

54gene’s new launch

Nigerian startup 54gene opened a world-class research laboratory in Lagos State, capable of carrying out human whole genome sequencing and a variety of other scientific investigations.

Launched less than two years ago, 54gene is a research, services and development company, utilising human genetic data from diverse African populations to improve the development, availability and efficacy of medical products that will prove beneficial to Africans and the wider global population.

Last year when the startup raised a US$15 million Series A round, it disclosed that the raiser will help it scale operations and launch new initiatives.

Remarks

These stories, and many others, made headlines during the week.  Join us next week for another edition of TechNigeria.

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