Don Jazzy, a leading music producer and record label owner in Nigeria, has launched SapioFunds, a social funding platform for fundraising and donations across Africa.
The music executive disclosed this on his Instagram page and kickstarted the project with a N1 million donation.
He said “Give Away time. What can N100,000 do for you right now? What project do you want to fund? Just Sapio fund it. It’s simple. Go to www.Sapiofunds.com state what you are trying to fund. Whatever it is. People that can help you raise the money will come thru for you. But for today I’m going to go through the projects and pick 10 people to Sapio fund their N100,000 project.”
He added that “After setting up your project on the Sapio fund website, share it here and tag me so I can check it out.”
In the video that accompanied the statement, the music mogul said following growing requests for financial assistance on his social media pages by fans in need, he has partnered with a friend, presumed to be Sonnia Agu, a graduate of Eastern Mediterranean University, Cyprus, and the founder of The Sapio Club, to launch a social enterprise platform to bridge the gap that exists between donors and the people in need across Africa.
To SapioFunds Projects
- Signup on through SapioFunds official website
- Then create a fundraising campaign and wait for donors
However, you can share your fundraising campaign via direct messages on social media and other platforms. The platform hopes to help Africans meet their genuine needs and reduce poverty.
On its website, SapioFunds said “Help Africans” thrive by providing free and easy access to funds, basic capital and the resources needed. No 100-page grant applications, no donors demanding you modify your message, no last-minute edits from investors. Just you doing you, adding value and getting support.”
“If you care about Africa, then turn compassion into action and help raise funds for her people and causes.
“Charity begins at home – For Africa by Africa.”
SeamlessHR, Nigerian HR-Tech Startup Secures $10M in Series A Funding Round
SeamlessHR, a Nigerian-based HR-Tech startup announced it has secured $10 million in a Series A funding round to expand operations to East African countries and surrounding markets.
The funding round was led by TLcom Capital. Other participants are Capria Ventures, Lateral Capital, Enza Capital, Ingressive Capital, and some private investors.
According to the company, the secured fund will take SeamlessHR closer to achieving its vision of helping African businesses become more productive and successful through its cloud-based human resources (HR) and payroll software.
The company also intends to launch products with functionalities around Artificial Intelligence (AI) and Human Resources (HR) Data Analytics, this will strengthen the company’s position as Africa’s leading cloud HR and payroll platform.
SeamlessHR CEO, Emmanuel Okeleji said, “We are fanatical about customer success, and this funding will enable us to invest in the continuous optimisation of customer experience across all touchpoints, adding new features and functionalities to empower our customers even more.
Speaking on the new funding and SeamlessHR operations, Andreata Muforo, Partner at TLcom Capital said, “over the last few years, SeamlessHR has consistently demonstrated its ability to deliver a robust HR and payroll platform for Africa’s medium and large businesses”.
“The strong execution shown by Emmanuel and his team is a vital ingredient required to build a successful business, and as they expand their products to include embedded finance and launch their solutions to new markets, we’re proud to partner alongside them and strengthen their push to unlock more value within Africa’s B2B space.
“At TLcom, we believe SeamlessHR can be the preferred platform for businesses to digitise workplaces and support their personnel.”
Will Poole, co-founder & managing partner at Capria said, “SeamlessHR is addressing the needs of African enterprises in ways that the global giants can’t compete with by building customer-centric SaaS designed from the ground-up to address complexity unique to the continent.
“Now that they’ve proven they can address the needs of disparate countries across Africa, we are confident that they will be the solution provider of choice to support their customers that are expanding globally.”
SeamlessHR was founded in 2018 by Emmanuel Okeleji (CEO) and Deji Lana (CTO), the company presently has presence in Nigeria and Kenya.
Speaking on future plans, the CEO, Emmanuel Okeleji said, “we are building software solutions to optimize HR now, but in the future, we’ll go to other areas beyond HR. And we are positioned to build a global SaaS company because SaaS products can travel the world faster than, say, fintech. We’re beating global players in our local market and while we are not distracting ourselves now, we know we can play this game globally.”
Bolt Secures $711M To Expand Transport and Food Delivery Operations, Valuation Hits $8.4 Billion
Bolt, Estonia ride-hailing startup, has secured $711 million or €628 million funds from investors to expand its transportation and food delivery operations. The new funding pushes Bolt’s valuation to $8.4 billion or €7.4 billion from over $4.5 million or €4 billion it was valued in August 2020 when it raised $679 million or €600 million in funding.
According to the company, the secured fund will be used to expand operations to new cities/countries, onboard more customers on its super app and new line businesses such as its 15 minutes grocery delivery options.
Participants of the fund round are, Sequoia Capital, Fidelity Management and Research Company LLC, Whale Rock, Owl Rock (a division of Blue Owl), D1, G Squared, Tekne, Ghisallo, and other unnamed backers investors.
Markus Villig, the founder and CEO of Bolt in an interview, said, “we are expanding all the five product lines extremely quickly, developing product R&D and rolling out in new cities”. He affirmed that all the company’s business units are growing, the ride-hailing business “is seeing double-digit growth,” and the new businesses are growing even faster.
Compared to 75 million customers reported in August, Bolt now has more than 100 million customers in over 400 cities in 49 countries subscribed to its services.
Speaking on the challenges the company faced at the advent of COVID-19, Markus said there were “short-term fluctuations” in demand, however, Bolt launched a strategy to attract and keep drivers by focusing on better commission between 10 percent and 20 percent better than competitors.
“There is a massive lack of supply on these platforms, so we have focused on taking the most partner-friendly lowest commission,” he said.
Speaking on the company’s expansion to developed countries, Markus said, “We started off in Eastern Europe and Africa because those markets had a bigger need. They had lower car ownership, higher unemployment [making for a market with many freelance drivers], It made sense. But now we’ve learned that this model works everywhere, and it’s actually easier to grow in Western Europe because they are developed markets. We found if you can make this model work in really cheap, frugal markets, then once you go to London or Stockholm, it’s materially easier. And the unit economics are definitely better because the prices are higher.”
Andrew Reed, a partner at Sequoia said, “We’re excited to deepen our partnership with Markus and Bolt to further their mission to make urban travel affordable, sustainable and safe. At Sequoia, we believe in the global potential for technology and entrepreneurship and have been inspired by Bolt’s growth from Tallinn, Estonia to over 400 cities and 100 million customers across Europe and Africa. We’re eager to help them expand their footprint, increase their product offering and improve the quality of life in cities for the long term.”
Nigerian Debt Recovery Startup, Bfree Raises 1.7M Pre-Series A Funding To Drive Growth and Expansion
Bfree, a Nigerian Debt Recovery startup that leverages ethics and technology to lead customers out of debt has secured $1.7 million in Pre-seed funding to drive growth and expand operations across Africa and other continents.
4Di Capital, Octerra Capital, VestedWorld, Voltron Capital, Logos Ventures, and other angel investors participated in the Pre-series A fund round. So far, Bfree has raised a total sum of $2.5 million in funding, this included the $800,000 raised in a seed round in May 2021.
According to the company, the unsatisfied approach on the credit collection options and constant humiliation of customers is one of the problems Bfree is solving. The company’s co-founder and CEO Julian Flosbach said, “inefficiency and lack of transparency of collections are not unique challenges to digital lenders and also not peculiar to Nigeria. We see significant use cases among other customer verticals with digital products such as commercial and microfinance banks, embedded finance solutions, like buy-now-pay-later, credit cards, and even tax payments at some point. Basically, everywhere where value is owed, our solutions can be deployed. Here, we also don’t just build a solution for Nigeria, but a solution that can be potentially used in every emerging market with a challenging infrastructure for collections”.
Bfree was founded in 2020 by Juliana Flosbach Co-founder/CEO, Chukwudi Enyi co-founder/COO, and Moses Nmor co-founder/CPO.
Following the fund raised, Bfree plans to embark on massive recruitment as it expands to new markets in Ghana, India, Uganda, Brazil, Colombia, Mexico, Russia, Poland, Pakistan, and Indonesia.
Speaking on the company’s expansion, Julian said, “We are going into markets with large populations, credit deepening and an underdeveloped regulatory environment, where a behavioral collection approach is likely to work.
“We saw that there was like a little bit of a breach in the value proposition of lenders — they are good at giving out loans, but the aftersales services of the credit market didn’t work as collections processes were inefficient and not user friendly.”
Bfree currently handles over 800,000 customers compared to 300,000 customers the company reported in May 2021.
Yohan Theatre, Bfree head of decision sciences & financial engineering said, “Lenders in the U.S. or in Europe have the opportunity to sell significant chunks of their debt portfolios to third parties. This means they only carry a portion of the risk of the loans they issue. In emerging markets, this is typically not the case. Lenders have to carry the entire credit risk on their own. A key driver for this difference lies in higher transaction costs and contractual uncertainties.
“The arrival of DeFi (decentralized finance) is a game-changer: transaction costs can be slashed while contractual certainty is increased by smart contracts. These are some of the risk-sharing instruments that we are now actively providing to lenders and borrowers”.
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