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GreenHouse Capital to Invest $10m in 13 Tech Startups

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GreenHouse Capital

GreenHouse Capital, a venture capital firm, has commenced the implementation process of investing $10million in 13 technology startups that have great solutions developed locally, but with global appeal and with the ability for global scale up.

Although the venture capital firm plans to invest the money in two tranches of $5 million each, it has already spent well over $3 million, spread across the 13 startups.

One of the founding partners of GreenHouse Capital, Mr. Bunmi Akinyemiju who made the disclosure, while showcasing the 13 startup companies at a technology show in Lagos, weekend, said “the future is about virtual technology and no longer oil and gas, and that is the reason we are investing in tech startups. We have invested over $3 million out of the $5 million that we planned to invest in the first tranche. In all, we plan to invest a total of $10 million in the next two years.”

Giving reasons behind the zeal to raise seed funds for tech startups, Akinyemiju said the VC firm decided to invest in them in order to support young entrepreneurs with brilliant ideas, who do not have the right funding to scale up.

The list of top global companies today by market capitalisation, is made up of technology companies like Google, Facebook, Amazon and Apple. Gone are the days when oil and gas companies used to top the list and that is the direction of the world today, so we need to guide and support Nigerian tech startups in that global direction, Akinyemiju said.

We are investing big in technology startups companies, because the financial gain is going to be exponential in the future. A VC firm like GreenHouse only needs about three successful startup companies, out of 20 sponsored companies to settle the amount of money spent promoting 20 tech companies, and still make huge turnover, Akinyemiju added.

Speaking on the vision and mission of GreenHouse Capital, its Managing Partner, Nichole Yembra said the mission is to promote and support tech entrepreneurs in Africa that have great talents but do not have the encouragement and funding to actualise their dreams.

Big entrepreneurs that are behind big brands like Uba, Google, Microsoft, among others, started as very small entrepreneurs and they got support to arrive at where they are today. So we want to replicate that kind of success out of Nigeria and Africa, Yembra said.

According to Akinyemiju, “We need to scale-up their business but all the money needed for scale-up will not come from Nigeria, because we will source for funds from outside Nigeria and Africa, from places like the US, UK, China, Hon Kong among others. But the money from these countries will not be made available unless African investors are able to support the initial funding and that is exactly what GreenHouse Capital is doing by investing in 13 technology startups.”

Among the 13 startups that were showcased at the Lagos technology show, some are into solar energy solution, financial solutions for banks, micro finance solutions, logistics solutions, and gifting solutions. The solutions were developed locally in Nigeria, but designed to scale globally.

It was however revealed that three out of the 13 tech companies that are being sponsored by GreenHouse Capital, have attracted international investors who are now investing in their solutions.

One of the tech startups, Chinedu Azodoh who manages Max Ventures with Tayo Bamiduro, said they provide logistics services for clients and help them to deliver items within three hours of purchase, using their network and locally designed technology solution.

Another startup, Ahmed Macaulay who runs AppZone, said they offer instant card issuance for banks, in order to reduce insider fraud and backlog of customers’ Automated Teller Machine (ATM) cards. SureGifts is another startup company on display, managed by Kehinde Olufunmilola and her team that provides convenience for clients and customers, by developing gift cards that could be used for shopping after funds are loaded into the cards.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Nigeria’s Insecurity Issues Force Mexican Investors to Stall Investment Plans

The insecurity issues ravaging Nigeria have forced some Mexican investors to put a hold on their plans to invest in the country.

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The insecurity issues ravaging Nigeria have forced some Mexican investors to put a hold on their plans to invest in the country.

This was disclosed by the Nigerian Ambassador to Mexico Hon. Adejare Bello.

He said that the Nigerian embassy frequently receives inquiries from investors about their plans to invest in the country and for possible collaboration.

With the abundance of natural resources in Nigeria, these investors have been looking to invest in areas such as gold mining, oil and gas, and agriculture, as well as partnering with Africa’s richest man Aliko Dangote in the area of fertilizer procurement.

Unfortunately, these investors have stepped back on their plans due to the incessant attacks and insecurity challenges bedeviling the country.

In his words, “In the last decade, one of the critical challenges facing the Nigerian economy is the lack of adequate security of life and properties which has made the country lose so much in terms of foreign direct investment.

“The present situation in the country is very clear evidence of the impact of insecurity on the nation’s development in general and on the economy in particular.

“Lives are lost in the bombings, properties destroyed and businesses collapse as some businessmen who are not indigenes of the affected states leave and migrate to other states. Even the indigenes are taken to refugee camps leading to an increase in government expenditure”

Hon. Bello stated that the insecurity issues in the country have led to a slowdown of Foreign Direct Investment (FDI) which is worrisome, noting that it would be beneficial to the country due to its recent economic challenges.

He, therefore, called on the Federal Government to summon the political will necessary to ensure adequate internal security on a sustainable basis and create a friendly investment climate for inflows of foreign capital into the country.

Investors King understands that Nigeria’s insecurity challenges have not only slowed down investment inflow in the country, but it has also led to the exit of several multinational firms.

The country continues to miss out on so many opportunities of attracting Foreign Direct Investments (FDI) due to escalating insecurity crisis.

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Ogun State Government Inaugurates Ogun Invest, Facilitates Agency

Ogun State Government on Friday inaugurated the Ogun State Investment and facilitation Agency, commonly referred to as the OGUNINVEST.

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Governor Abiodun of Ogun State

Ogun State Government on Friday inaugurated the Ogun State Investment and facilitation Agency, commonly referred to as the OGUNINVEST.

The inaugural ceremony was held at the Governor’s Office in Oke Mosan, Abeokuta.

The Ogun State Governor, Dapo Abiodun who led the inauguration said the newly inaugurated OGUNINVEST would promote the state and give access to both local and international investors.

The Governor, during the ceremony, said his administration had so far attracted nothing less than 36 investment portfolios that are worth over $1 billion.

He said that the investments altogether were able to generate over 40,000 jobs for the citizens of the state, and the facilitation agency would strengthen governance and diversification in Ogun state.

Abiodun disclosed that the primary focus of the agency is positioned on making the state an investment of choice, generating wealth for all in Ogun State citizens, and helping the private sectors grow.

He said, ” The facilitation agency is committed to attracting, facilitating, and nurturing investments into Ogun State.

“Our administration through Oguninvest Will continue to play the role of the enabler and facilitator to help the private sector grow, create jobs, and generate wealth for all in Ogun State.

“We have continued to reap a bountiful harvest from our commitment as existing investments are thriving and new investments are being attracted. As of today, we’ve been able to attract 36 new investments into Ogun State worth over a billion United States dollars and generated an estimation of over 40,000 jobs since the inception of OGUNINVEST.”

He disclosed that his administration has always been committed to the growth of the industrial sector in the state and that his administration would soon commence the construction of the Special Agro Processing Zone by November 2022.

The Governor included that a lot of tax reforms had been introduced under his administration, ensuring that multiple taxes were removed and his administration has also successfully made its payment process digital.

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Nigerian Investors Petitions Kenya Courts to Release Funds Held in Several Bank Accounts

2,000 Nigerian investors demanding the release of Ksh 1.44 billion ($1.8million) held by Safaricom and four other banks in Kenya.

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A petition has been made by more than 2,000 Nigerian investors demanding the release of Ksh 1.44 billion ($1.8million) held by Safaricom and four other banks in Kenya.

These investors claim that they were duped billions of shillings by a sports betting platform (86FB) that used Nigerian and African Fintech company Flutterwave to process payments.

Citing Kenya’s anti-money laundering laws, these investors are demanding that the sum of $12 million is split from the Ksh 6.6 B ($55 M) that was frozen in July in 62 bank accounts at Guaranty Trust Bank (GTB), Equity Bank, Ecobank, and UBA Bank, as well as in 19 Safaricom paybill numbers.

The Assets Recovery Agency (ARA) was granted permission to freeze Ksh 5.17 B (USD 49 M) in 29 GTB accounts, with the remaining funds held in accounts at Equity and Ecobank in Kenyan Shillings, US Dollars, Euros, and British Pounds.

The large sums are alleged to be the proceeds of theft, credit card fraud, and money laundering that were wired under the guise of payments for goods and services.

One of the investors who identified himself as Morris Ebitimi Joseph claimed that he and other investors had filed a new lawsuit in Nigeria to seek the return of their funds.

They argued that a portion of the money belonged to them and have opposed the attempt to forfeit it to the Kenyan government which they claimed were fraudulent proceeds.

In his words, “I believe that the issuance of an order compelling Guaranty Trust Bank, Equity Bank, and Ecobank to deposit the sums excluded in the bank account of our advocates, justice shall be served to the 2,468 interested parties who were swindled of their hard-earned money through the scheme”.

Morris claimed that the investors put money into the investment scheme on the promise of better returns from the betting business, but however, never materialized.

Before the payments stopped, according to them, everything was fine for about six months. He also shared that after conducting research, he came to the conclusion that the operation was questionable, and now wants to join the case and help the court resolve the issue.

The Nigerian contingent is requesting the Central Bank of Kenya (CBK), which declared in July that Flutterwave is not licensed in Kenya, to ask that the court issue an order directing Access Bank, Safaricom, and United Bank of Africa to deposit the excluded amount in the account of his attorneys.

“The claim made by the applicant/intended interested party represents the interest of 2,468 persons, thus occasioning monumental public interest.

Failure to expeditiously determine whether the application is in like fashion constitutes substantive and irreparable injustice,” Joseph says. He contends that there may be more people with an interest in the funds in addition to the 2,468 people who are requesting an injunction.

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