TechCabal Every day – Going the Octa-mile

2 DECEMBER, 2021

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Pleased new month ☀

Nigeria and Ghana have each reported their first Omicron instances. This makes it 24 nations in complete the brand new variant has been found in.

There’s nonetheless little or no identified in regards to the variant, so we’re encouraging everybody to make use of safety.

Masks up, sanitise, and wash your palms as steadily as you’ll be able to. This isn’t the December to be detty.

In right this moment’s version

  • Elevating $600,000 in 24 hours
  • Lengthy-term investments in NFTs
  • Jumia & eBee’s inexperienced supply
  • Going the Octa-mile

RAISING $600,000 IN 24 HOURS

Timi: Looks as if it’s attainable to plug into Instagram as a fundraising software. 🤔 Mmh. Time to strive it out for myself. 

Kelechi: You have got 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!

A couple of days in the past, we informed 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 will have heard of Herconomy—or AGS Tribe, because it was previously identified. Nicely, the startup lately 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 ladies by means of monetary companies, capability constructing, jobs, and networking. 

The startup kicked off as an Instagram web page the place Durosinmi-Etti and her crew may share alternatives with ladies, however by 2019, it morphed right into a closed neighborhood on Telegram with over 1,500 paying members who may 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, nonetheless, grew to become a barrier because the crew behind AGS discovered it troublesome 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 numerous people and corporates who contributed grants and items in form 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 through Instagram tales, asking if anybody was all for investing in Herconomy. Inside a day, as Durosinmi-Etti explains, she’d gotten responses from 509 individuals who pledged $5.7 million in complete. 

The startup, nonetheless, 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. 

One of the widespread NFT initiatives, CryptoPunks, fell from a weekly common of $99,720 in early Might to $50,840 firstly of June. The costs of the digital arts on widespread NFT market SuperRare have additionally fallen, on common, from a file $31,778 to $5,342 in an analogous time span.

What’s occurring?

One of many causes given for the autumn, in keeping 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 latest crypto collectible objects known as MeeBits made by the creators of CryptoPunks. 

Another excuse, 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 produced from crypto. 

What’s subsequent then?

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

Okeowo was one of many artists that exhibited at Artwork X’s NFT exhibition challenge titled, Reloading… and lately bought his artwork—“Indigo Little one”—for 1.2ETH ($4,140), on SuperRare. Whereas Okeowo is pleased to promote his work and get direct compensation with none interference, he’s extra all for 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 needs 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 stated 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 by means of the UN Surroundings Program’s (UNEP) Electrical Mobility (eMob) programme, an initiative geared 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 amazing alternative for a savvy startup with the abilities to develop an e-bike charging community that harnesses photo voltaic vitality to be pumped into batteries. 

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

GOING THE OCTA-MILE

Nigeria’s insurance coverage sector is one with important 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 lot of insurance-focused know-how startups are arising, 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 and products. 

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

The startup gives an end-to-end claims administration resolution that may be built-in into the present programs and processes of insurance coverage suppliers. This permits organisations to offer a seamless claims expertise whereas decreasing administrative prices. 

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

Insuring the longer term

With a decade-long expertise in main roles at numerous know-how 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 imagine in simplifying entry to and decreasing friction within the insurance coverage expertise to guard Africans from monetary loss,” Dara stated to us in an interview. “Our resolution 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 absolutely, after constructing in stealth over the previous few months.

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

ACCESS CRYPTO WITH QUIDAX

Quidax

Quidax is an African-founded cryptocurrency change that makes it straightforward so that you can entry Bitcoin and different cryptocurrencies. In addition they make it attainable for Fintech firms to supply cryptocurrency companies to their prospects. 

Study extra.


That is associate content material.

OPPORTUNITIES

  • The Wellcome Sanger Institute Prize Competitors gives a three-month fellowship within the UK to undergraduate college students from low-to-middle revenue nations. college students have to be pursuing a level associated to genomics. Right here’s extra
  • Functions at the moment are open for the Jemila Abubakar Memorial Essay Competitors. Undergraduate Nigerians in tertiary establishments are invited to submit essays themed across the criminalisation of suicide in Nigeria. ₦450,000 ($1,000) value of money can be awarded to winners. Write away!
  • The Unity for Humanity Grant is now open to creators whose RT3D initiatives are impact-driven and align with the SDGs. About $500,000 can be awarded in grants. Test it out.

What else we’re studying

  • Nigeria’s Payourse secures $600k pre-seed to speed up crypto adoption throughout Africa.

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Written by – Timi Odueso & Alexandria Williams

Edited by – Kelechi Njoku

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