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
The NASD Over-the-Counter (OTC) Securities Exchange ended the first trading day of the week on a positive note, with a 0.39 per cent appreciation on Monday, May 25.
The positive vibe raised the market capitalisation of the trading platform by N10.11 billion to N2.571 trillion from last Friday’s N2.561 trillion, and lifted the NASD Unlisted Security Index (NSI) by 16.89 points to 4,298.17 points from the previous 4,281.28 points.
Business Post reports that the bourse recorded three appreciating securities and one depreciating stock at the close of transactions, with the sole price decliner being 11 Plc, which lost N23.43 to sell at N221.10 per share compared with the preceding session’s N244.53 per share.
Central Securities and Clearing System (CSCS) Plc gained N3.78 yesterday to trade at N74.85 per unit versus the previous price of N71.07 per unit, NASD Plc improved its price by N2.86 to N37.36 per share from N34.50 per share, and FrieslandCampina Wamco Nigeria Plc grew by 33 Kobo to N180.00 per unit from N179.67 per unit.
The volume of trades jumped by 153.1 per cent during the session to 59.2 million units from the preceding session’s 590,339 units, but the value of transactions fell by 37.9 per cent to N59.3 million from the N95.3 million achieved last Friday, and the number of deals contracted by 10 per cent to 27 deals from 30 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units exchanged for N4.1 billion.
GNI Plc also closed the trading day as the most traded equity by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited ended in the green territory on Monday after it chalked up 0.57 per cent on the back of renewed buying interest in financial equities.
The local stock exchange witnessed the insurance and the banking counters closing higher by 0.54 per cent and 0.08 per cent, respectively, amid profit-taking in the others. The energy index shed 1.77 per cent and the consumer goods sector depreciated by 0.26 per cent, while the industrial goods industry was flat.
At the close of business, the All-Share Index (ASI) went up by 1,412.65 points to 251,125.02 points from 249,712.37 points, and the market capitalisation soared by N906 billion to N160.983 trillion from N160.077 trillion.
Investor sentiment was bullish yesterday after Customs Street ended with 35 price gainers and 30 price losers, indicating a positive market breadth index.
Airtel Africa surged 10.00 per cent to N3,655.70, International Energy Insurance advanced by 9.68 per cent to N3.74, Sovereign Trust Insurance went up by 9.65 per cent to N2.50, Caverton rose by 9.63 per cent to N7.40, and VFD Group gained 9.55 per cent to close at N10.90.
Conversely, McNichols lost 10.00 per cent to finish at N7.20, The Initiates dropped 9.91 per cent to trade at N30.45, Learn Africa slipped by 9.69 per cent to N11.65, Zichis crashed by 7.93 per cent to N30.98, and May and Baker declined by 6.60 per cent to N46.70.
During the trading day, market participants transacted 629.4 million shares worth N40.9 billion in 82,434 deals compared with the 711.9 million shares valued at 29.1 billion traded in 62,386 deals last Friday, implying a decline in the trading volume by 11.59 per cent, and a rise in the trading value and number of deals by 40.55 per cent and 32.14 per cent, respectively.
Access Holdings was the busiest equity for the session with a turnover of 61.3 million units valued at N1.5 billion. Zenith Bank traded 37.9 million units worth N5.0 billion, Fidelity Bank sold 35.8 million units for N851.2 million, Japaul exchanged 24.7 million units valued at N90.9 million, and Tantalizers transacted 22.8 million units worth N103.2 million.
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by 54 Kobo or 0.04 per cent on Monday, May 25, to trade at N1,374.92/$1 compared to last Friday’s value of N1,375.46/$1.
However, it further depreciated against the Pound Sterling in the official market during the session by N6.01 to sell for N1,855.73/£1 versus the preceding session’s N1,849.72/£1 and lost N158.02 against the Euro to close at N1,755.06/€1, in contrast to the N1,590.04/€1 it was traded last Friday.
In the same vein, the Nigerian Naira weakened against the United States Dollar at the GTBank FX counter yesterday by N2 to quote at N1,383/$1 versus N1,381/$1, and gained N5 in the parallel market to settle at N1,385/$1 compared with the previous rate of N1,390/$1.
The performance of the domestic currency comes as the external reserves inched higher to $48.72 billion, indicating a complex mix of sustained FX demand pressures and modest reserve accretion.
The movement in the FX market underscores the continued tension between demand-side pressure and policy-driven attempts to stabilise the naira.
While recent monetary tightening measures by the Central Bank of Nigeria (CBN) have helped to moderate extreme volatility, market participants are struggling to navigate a landscape shaped by intermittent dollar inflows, import-related demand and shifting investor sentiment.
As for the cryptocurrency market, most tokens were up amid optimism of a near-term US-Iran peace deal, as Iranian negotiators arrived in Doha, Qatar, for talks.
The Strait of Hormuz has been largely blockaded since the US and Israel struck Iran on February 28, though traffic has partially resumed in recent days. The agenda would include the reopening as well as uranium control.
TRON (TRX) rose by 1.8 per cent to $0.3714, Cardano (ADA) added 1.2 per cent to trade at $0.2444, Bitcoin (BTC) improved by 0.9 per cent to $77,283.62, Binance Coin (BNB) jumped 0.8 per cent to $661.30, and Ripple (XRP) increased by 0.8 per cent to $1.35.
Further, Ethereum (ETH) grew by 0.7 per cent to $2,018.82, Solana (SOL) expanded by 0.6 per cent to $85.37, and Dogecoin (DOGE) appreciated by 0.6 per cent to $0.1001, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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