Economy
Techstars, ARM Labs Inject $1.44m Into GetEquity, 11 Others
By Adedapo Adesanya
GetEquity and 11 other startups have been announced as beneficiaries of Techstars’ pan-African accelerator project in partnership with Lagos-based innovation programme, ARM Labs that see each company get investments worth $120,000 each.
The 14-week immersive programme will see Techstars invest up to $120,000 in funding in each startup as well as provide them with access to over $400,000 in cash equivalent hosting, accounting and legal support and other benefits worth more than $5 million.
Following a successful inaugural programme, the ARM Labs Lagos Techstars Accelerator will build upon its commitment to helping entrepreneurs change Africa and the world.
The 2023 cohort, selected from over a thousand applications, delivers tech-enabled solutions across various verticals in Sub-Saharan Africa.
For its first cohort, the program had initially focused on companies operating in fintech and proptech, but this year expanded to focus more broadly on entrepreneurs that are changing Africa and the world, by using technology, data and intelligence to serve a population growing in size, youth, income and digital access. Sectors invested in include fintech, logistics, e-commerce, healthtech, renewable energy, and the future of work.
The cohort comprises startups operating in Ghana, Nigeria and East Africa, and has four teams with at least one female co-founder.
The selected startups will also receive tailored mentorship, world-class company-building support, lifetime access to the Techstars worldwide network and targeted interactions with prospective investors to ensure that the continuum of follow-up capital is available as they grow.
By partnering with ARM Labs, founders are also exposed to ARM’s local network, research and insights and decades-long financial advisory expertise.
The selected companies are, in alphabetical order:
24Seven, founded by Mr Olufemi Idowu, is an asset-light marketplace that enables small businesses and convenience stores to order inventory on credit with one-hour doorstep delivery.
Beauty Hut leverages technology to bridge the gap between beauty brands and consumers through efficient product distribution and marketing channels, via their e-commerce web-store and mobile app. It is founded by Mr Subuola Oyeleye
Eight Medical, by Dr Ibukun Tunde-Oni, is an end-to-end platform that connects users in need to emergency medical resources (such as hospitals, ambulances, personnel, information & credit), reducing waiting times from an average of 3 hours to 10 minutes or less
GetEquity facilitates access to investment opportunities by SEC-accredited providers, reducing entry barriers through investment aggregation across various asset classes. It is founded by Mr Jude Dike, Mr Temitope Ekundayo and Mr Chigozirim Ugochukwu
JumpnPass, by Mr Tunde Ademuyiwa and Mr Qudus Quadry, is a mobile self-checkout platform for modern retail in Africa. They enable shoppers to use their smartphones to effortlessly scan product barcodes, pay for items, and skip long queues.
One Plan helps workers in Africa’s informal economy create affordable financial plans, making it easier to start a retirement plan, access low-interest credit, and access health + life insurance cover. It is founded by Mr Harold Awuah-Darko.
PBR Life Sciences offers pharmaceutical, consumer healthcare and medical device companies fast and easy access to high-quality market data and insights, helping them make objective decisions on product pricing, volumes and company strategy. The company is founded by Mr Ayodeji Alaran.
PressOne Africa provides African businesses with deeper insights into phone conversations with customers through a communication platform that provides conversation intelligence and call monitoring. It is led by Mr Mayowa Okegbenle, Mr Opeyemi Shokunbi and Mrs Unoma Adeyemi.
Rana democratises access to clean and reliable solar systems for SMEs and residential customers through affordable long-term solar subscriptions, replacing the need for expensive, unreliable, and toxic backup generators. The company is founded by Mr Abraham Mohammed and Mr Mubarak Popoola.
Surge Africa, founded by Mr Kumar Shourav and Mr Ebrahim Essop, allows individuals, micro-entrepreneurs and MSMEs in Africa to make instant cross-border transfers and pay up to 80 per cent less in fees.
Swoove empowers logistics companies in emerging markets to digitise and scale their businesses with dispatch automation, fleet management, tracking and telematics, and a wide delivery network. It is led by Mr Kwaku Tabiri, Mr Kingsley Amponsah, Ms Gloria Pascucci, Mr Robert Quainoo and Mr Kevin Blankson.
Veend, founded by Mr Olufemi Olanipekun and Mr Ebenezer Ajayi, enables individuals and businesses with verifiable income to access funds on-demand, addressing their needs for emergency funds or working capital.
Speaking on the new move, Mr Oyin Solebo, Managing Director, ARM Labs Lagos Techstars Accelerator commented, “Our second cohort truly showcases, and perhaps also epitomises, the wealth of talent, innovation and ingenuity that can be found within the African tech ecosystem. Supporting this group in reaching their full potential feels like the perfect segway following the close and success of the inaugural cohort.
“The current market dynamics means that founders need a combination of financial support as well as technical assistance and access to networks in order to build resilient businesses. We are glad to be able to provide comprehensive support that covers this entire spectrum.”
In addition to the Techstars-led program, the cohort receive mentorship sessions with notable experts in the African tech ecosystem providing them with comprehensive guidance and specialised services to support their growth journey. These experts include Mr Tunde Kehinde – Founder/CEO, Lidya, Mr Bode Abifarin – Chief Operating Officer at Flutterwave, Mr Tingting Peng – Chief Capital & Strategy Officer at Moove, Kevin Simmons – Partner, LoftyInc, Mrs Lola Esan – Partner, EY, Yischai Beinisch – Head, West Africa – Emerging Market Power, Shell Energy Europe & Africa.
The programme, according to a statement seen by Business Post, will conclude with an invite-only Demo day on February 22, 2024, where founders will showcase their progress.
By Adedapo Adesanya
Three bellwether stocks lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.62 per cent on Friday, December 12 with the NASD Unlisted Security Index (NSI) jumping by 22.20 points to 3,600.43 points from 3,578.23 points.
In the same vein, the market capitalisation of the trading platform increased by N13.28 billion to close at N2.154 trillion from the previous day’s N2.140 trillion.
During the session, Central Securities Clearing System (CSCS) Plc went up by N2.53 to close at N39.71 per share compared with the previous day’s N37.18 per share, Geo-Fluids Plc added 35 Kobo to its price to finish at N5.00 per unit versus Thursday’s closing price of N4.65 per unit, and FrieslandCampina Wamco Nigeria Plc appreciated by 23 Kobo appreciation to sell at N60.23 per share versus N60.00 per share.
It was observed that yesterday, the price of Golden Capital Plc went down by N1.05 to N9.45 per unit from N10.50 per unit, and UBN Propertiy Plc declined by 21 Kobo to N2.01 per share from the N2.22 per share it was traded a day earlier.
There was a significant improvement in the level of activity for the day, as the volume of transactions increased by 6.2 per cent to 37.4 million units from the previous day’s 35.2 million units, the value of trades went up by 265.1 per cent to N4.9 billion from N1.4 billion, and the number of deals soared by 13.80 per cent to 33 deals from 29 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the last trading day of this week as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, the second spot was taken by Okitipupa Plc with 178.9 million units traded for N9.5 billion, and third space was occupied by a new comer in MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc also finished the session as the most active stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units valued at N420.3 million, and Impresit Bakolori Plc with 537.0 million units sold for N524.9 million.
By Dipo Olowookere
The bullish run on the Nigerian Exchange (NGX) Limited continued on Friday with a further 1.00 per cent growth buoyed by gains recorded by Guinness Nigeria, Champion Breweries, and others.
Data showed that the consumer goods space expanded by 1.53 per cent during the last trading session of the week, as the insurance counter grew by 0.51 per cent, and the industrial goods sector marginally gained 0.01 per cent.
However, the banking index depreciated by 0.54 per cent due to a pocket of profit-taking, and the energy industry shrank by 0.09 per cent, while the commodity sector closed flat.
Guinness Nigeria gained 10.00 per cent to trade at N217.80, Morison Industries rose by 9.84 per cent to N4.69, Champion Breweries jumped by 9.69 per cent to N14.15, Austin Laz grew by 9.66 per cent to N2.27, and C&I Leasing appreciated by 9.62 per cent to N5.70.
Conversely, eTranzact lost 10.00 per cent to finish at N12.60, Chellarams slumped by 9.00 per cent to N13.20, Eunisell depleted by 9.89 per cent to N75.15, Africa Prudential moderated by 9.77 per cent to N12.00, and DAAR Communications decreased by 9.18 per cent to 89 Kobo.
The busiest stock on Friday was Access Holdings with 107.6 million units sold for N2.2 billion, Consolidated Hallmark traded 59.9 million units worth N245.8 million, Zenith Bank transacted 48.2 million units valued at N3.1 billion, Transcorp Power transacted 42.8 million units for N13.1 billion, and Champion Breweries exchanged 36.4 million units valued at N510.2 million.
At the close of business, a total of 602.8 million units worth N30.7 billion exchanged hands in 20,550 deals yesterday, in contrast to the 529.7 million units valued at N12.3 billion traded in 18,159 deals on Thursday, representing a surge in the trading volume, value, and number of deals by 13.80 per cent, 149.59 per cent, and 13.17 per cent apiece.
Business Post reports that the All-Share Index (ASI) soared during the session by 1,485.89 points to 149,436.48 points from 147,950.59 points and the market capitalisation moved up by N945 billion to N95.264 trillion from N94.319 trillion.
By Adedapo Adesanya
An intervention of the Central Bank of Nigeria (CBN) in the foreign exchange (FX) market eased the pressure on the Naira on Friday.
The apex bank sold forex to banks and other authorised dealers in the official window to defend the domestic currency, helping to calm the FX demand pressure, with the Nigerian currency appreciating against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.11 per cent or N1.57 to sell at N1,454.50/$1 compared with Thursday’s closing price of N1,456.07/$1.
Also, the domestic currency improved its value against the Pound Sterling in the official market yesterday by N3.95 to close at N1,946.15/£1 versus the previous day’s N1,950.11/£1 but lost 10 Kobo on the Euro to quote at N1,706.46/€1 compared with the N1,706.36/€1 it was exchanged a day earlier.
At the black market segment, the Nigerian Naira maintained stability against the Dollar during the session at N1,470/$1 and also traded flat at N1,463/$1 at the GTBank forex counter.
Despite the sigh of relief, demand pressures outweighed the robust supply from the CBN and inflow from offshore players looking to participate at the OMO bills auction.
Gross FX reserves increased for the twenty fifth consecutive week, growing by a strong $396.84 million week-on-week to $45.44 billion.
As for the cryptocurrency market, it was down on Friday as pressure remained after Federal Reserve chair Jerome Powell’s speech on Wednesday, which hinted at a possible rate cut pause in January. As a result, markets now expect only two rate cuts in 2026 instead of three.
However, Chicago Federal Reserve President Austan Goolsbee, who was against a December rate cut, said he expects more in 2026 than the current median projection.
Ethereum (ETH) slumped by 5.1 per cent to $3,090.61, Solana (SOL) declined by 4.5 per cent to $132.79, Cardano (ADA) depreciated by 3.8 per cent to $0.4103, and Dogecoin (DOGE) dropped 2.5 per cent to trade at $0.1373.
In addition, Bitcoin (BTC) lost 2.4 per cent to sell at $90,342.74, Litecoin (LTC) tumbled by 1.9 per cent to $81.86, Binance Coin (BNB) fell by 0.6 per cent to $886.93, and Ripple (XRP) slipped by 0.5 per cent to $2.02, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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