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Friday, January 21, 2022

TechCabal Day by day – Going the Octa-mile

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RAISING $600,000 IN 24 HOURS

Timi: Looks like it’s potential to plug into Instagram as a fundraising device. 🤔 Mmh. Time to attempt it out for myself. 

Kelechi: You’ve 216 followers on Instagram, Timi 😑. 

Timi: 217, truly. And in the event that they every give me $1 million, that’s $217 million. 🤌🏿. Anyway, again to the matter at hand!

Just a few days in the past, we advised you ways Afrobeats star, Davido, raised $346,000 from his neighborhood on Instagram. This week, we’re sharing the story of a startup that did one thing comparable in October. 

You could have heard of Herconomy—or AGS Tribe, because it was previously recognized. Nicely, the startup not too long ago closed a $600,000 pre-seed spherical led by members of its neighborhood, and it began on Insta Tales.

Backstory: Herconomy was based as AGS Tribe in 2018 by Ife Durosinmi-Etti. The startup empowers girls via monetary companies, capability constructing, jobs, and networking. 

The startup kicked off as an Instagram web page the place Durosinmi-Etti and her workforce might share alternatives with girls, however by 2019, it morphed right into a closed neighborhood on Telegram with over 1,500 paying members who might entry the neighborhood’s alternatives in addition to weekly capability constructing workshops specializing in a wide range of topics, from investments and finance to SGBV and well being points.

Scaling, nevertheless, turned a barrier because the workforce behind AGS discovered it tough to coordinate the variety of conversations the Telegram neighborhood had. So in 2020, the startup launched an app to section its product choices. 

Enhancing the Herconomy

Most of Herconomy’s funding has come from bootstrapping.

The startup has gotten funding from varied people and corporates who contributed grants and items in sort for its neighborhood members. 

Its latest $600,000 was its first public increase, and a lot of the funding got here from neighborhood members who had adopted Herconomy from the beginning. In August—after the startup was chosen for the Startup Bootcamp Accelerator Programme—founder and CEO Durosinmi-Etti made a put up by way of Instagram tales, asking if anybody was keen on investing in Herconomy. Inside a day, as Durosinmi-Etti explains, she’d gotten responses from 509 individuals who pledged $5.7 million in whole. 

The startup, nevertheless, determined to solely settle for what it wanted to scale—$600,000. 

Learn extra: How Herconomy raised a $600,000 pre-seed spherical in 24 hours.

LONG-TERM INVESTMENTS IN NFTs

The costs of main NFT arts and initiatives are falling, and NFT collectors and artists are shifting their focus to digital collectibles. 

Some of the standard NFT initiatives, CryptoPunks, fell from a weekly common of $99,720 in early Could to $50,840 initially of June. The costs of the digital arts on standard NFT market SuperRare have additionally fallen, on common, from a document $31,778 to $5,342 in an analogous time span.

What’s taking place?

One of many causes given for the autumn, in accordance with Gauthier Zuppinger, Chief Working Officer of Nonfungible—an organization that tracks the NFT market—was a sudden rise and fall in gross sales of recent crypto collectible gadgets known as MeeBits made by the creators of CryptoPunks. 

One more reason, given by Geoff Osler, the CEO of S!NG is that the costs of digital collectibles rise and fall with the crypto markets as a result of purchases of NFTs are pushed by earnings comprised of crypto. 

What’s subsequent then?

Conserving them for long-term funding, visible artist Niyi Okeowo believes. 

Okeowo was one of many artists that exhibited at Artwork X’s NFT exhibition mission titled, Reloading… and not too long ago bought his artwork—“Indigo Youngster”—for 1.2ETH ($4,140), on SuperRare. Whereas Okeowo is comfortable to promote his work and get direct compensation with none interference, he’s extra keen on NFT initiatives or collectibles due to their longevity. ”I don’t wish to promote artworks on platforms,” Okeowo says, explaining why he prefers collectibles. “I wish to create one thing that retains evolving.”

Sultan Quadri has extra in Nigerian artist Niyi Okeowo desires to spend money on long-term NFT initiatives.

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JUMIA AND eBEE’S GREEN DELIVERIES

Jumia Kenya introduced on Tuesday that it’s going to deploy the usage of electrical bikes for deliveries with eBee Africa, a subscription-based e-bike service, supplying the rides. The bike’s batteries are mentioned to final a full day of deliveries after a four-hour cost.

We transfer

Jumia’s collaboration with eBee is an element of a bigger pattern towards electrical mobility in Kenya. In March, Shenzhen Shenling Automobile Firm Restricted (TAILG) donated 49 electrical bikes via the UN Surroundings Program’s (UNEP) Electrical Mobility (eMob) programme, an initiative aimed toward serving to policymakers make the shift in the direction of electrical bikes. 

However introducing e-bikes into the ecosystem received’t be sufficient. To make this a factor, Kenya should spend money on charging infrastructure and energy era capability. This could possibly be an ideal alternative for a savvy startup with the talents to develop an e-bike charging community that harnesses photo voltaic power to be pumped into batteries. 

Will e-bikes and charging networks be the following tech wave in Kenya?

GOING THE OCTA-MILE

Nigeria’s insurance coverage sector is one with vital untapped potential. 

In an financial system of over 200 million individuals, insurance coverage penetration has remained at lower than 1% for years. To shore up this hole, quite a few insurance-focused expertise startups are bobbing up, and one among them is Octamile. 

The journey of a thousand miles

Octamile’s first step got here with its founder’s urge to ship higher insurance coverage services. 

The startup—based by Gbenro Dara—is an ecosystem of companies that helps each insurance coverage and non-insurance companies shield African shoppers from monetary losses.

The startup provides an end-to-end claims administration answer that may be built-in into the prevailing techniques and processes of insurance coverage suppliers. This allows organisations to supply a seamless claims expertise whereas decreasing administrative prices. 

As well as, Octamile gives information, sourced from its numerous companions, which suppliers can leverage for improved danger profiling and pricing of consumers’ belongings to optimise the profitability of their insurance coverage portfolio.

Insuring the long run

With a decade-long expertise in main roles at varied expertise startups, founder Dara believes Octamile stands out because the startup is enabling not simply insurers but additionally non-insurance companies to simplify entry for Africans.

“At Octamile, we consider in simplifying entry to and decreasing friction within the insurance coverage expertise to guard Africans from monetary loss,” Dara mentioned to us in an interview. “Our answer covers first notification of loss, distant inspections, rule-based decision-making, and funds.”

This imaginative and prescient helped Octamile safe $500,000 in pre-seed funding to launch totally, after constructing in stealth over the previous few months.

Examine Octamile’s future in Octamile secures $500ok pre-seed to supply digital infrastructure for insurance coverage suppliers in Nigeria.

ACCESS CRYPTO WITH QUIDAX

Quidax

Quidax is an African-founded cryptocurrency trade that makes it simple so that you can entry Bitcoin and different cryptocurrencies. Additionally they make it potential for Fintech firms to supply cryptocurrency companies to their prospects. 

Study extra.


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