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Nigeria’s EFCC Arrests Olumide “D.O” Olusanya, Founder of Kloud Commerce

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EFCC

Nigeria’s Economic and Financial Crimes Commission (EFCC) has taken Dr. Olumide “D.O” Olusanya, the founder of Kloud Commerce, into custody, according to sources.

The EFCC officers reportedly detained Olusanya on Monday while he was in the middle of a meeting at the Lekki offices of Gloopro, one of the business ventures he led. Olusanya’s previous startup, Gloo.ng, was also shut down.

Investors have alleged malfeasance and deceptive practices by Olusanya, who they claim provided false updates on the growth of Kloud Commerce. At least 18 institutional and individual investors had provided capital to the now-shuttered startup.

Former executives and employees who worked with Olusanya at Kloud Commerce had described him as an abrasive founder who presented a positive picture to investors despite scarce progress while continuously demotivating the team he had assembled.

Kloud Commerce had raised USD 765 K in pre-seed funding in 2021 to develop a multi-channel commerce solution for African businesses, starting in Nigeria. However, the startup closed its doors a year later after a prolonged period of questionable management and disputes that left the company crippled for several months.

At the time of publishing this report, Olusanya remains detained, and further clarification on the matter is still pending.

The situation serves as a reminder of the importance of transparency and accountability in the startup ecosystem, where trust and credibility are vital factors for attracting investors and customers.

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.

Startups

Google Opens Application For The Startups Growth Academy Programme to Support African Health-Tech Startups

Tech giant Google has opened application for the Startups Growth Academy which aims to help startups use artificial intelligence (AI) to improve healthcare solutions in Africa and the Middle East.

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A logo is pictured at Google's European Engineering Center in Zurich

Tech giant Google has opened application for the Startups Growth Academy which aims to help startups use artificial intelligence (AI) to improve healthcare solutions in Africa and the Middle East.

The hybrid program is the first of a series of Google for Startups Growth Academies, which is hyper-focused on enabling startups to innovate and solve and develop tech solutions in the healthcare and wellness industry with AI.

Selected seed to Series A startups will participate in a series of tailored workshops over the course of three months and partner closely with Google and other industry experts to grow their companies, share best practices, and drive the responsible development of AI solutions in the health and well-being industry.

Speaking on the programme, Chief Health Officer at Google, Dr Karen DeSalvo said,

“For more than 10 years, Google for Startups has partnered with founders using technology to solve societal challenges, and the organisation intends to continue collaborating to activate the benefits of human-centred AI in healthcare and medicine”.

After the completion of the program, startups will have access to long-term Google mentorship and support as part of the Google for Startups alumni network.

Criteria Startups Must Meet to Qualify For The Programme

  • Be a Seed to Series A startup based in Europe, the Middle East, or Africa, but looking to scale internationally; 
  • Must have demonstrated traction, such as a clear track record of users and revenue;
  • Focused on leveraging AI to address health or well-being challenges.
  • Must have a scalable product or service, with both a significant total addressable market and a defensible growth model.

Applicants can proceed here to apply, as the deadline for the application is on the 10th of July 2023.

Founders will be interviewed between July and September. The cohort will be announced in September, followed by the commencement of the program in October.

Investors King understands that Google’s Academy Programme to Support Health-Tech Startups with AI, will pave the way for innovative solutions, promotion of knowledge/ideas, and encourage partnerships that can drive significant advancements in healthcare delivery and outcomes across the African continent.

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Nigerian Fintech Startups Dominates Amazon Web Services Accelerator Cohort List, 11 Startups Selected

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Nigerian fintech startups dominated the Amazon Web Services (AWS) Fintech Africa Accelerator Cohort list, as 11 startups were selected out of the 25 startups chosen for the program set to commence in June this year.

The eleven Nigerian startups that dominated the list are as follows, Vagrent Africa, KoinWa, Fluna, Incash, Deempay, Zainnest, Zeeh Africa, Ashiri NG, Bunce, and WALLX Africa.

Others include Chumz, Mauzo, Kiotapay, hela.money, Asaana Pay, Edanra, Exxtra, H28 technologies, eMaisha Pay, xazu Technologies, Moya Money, Abela Mali, Mazaid, and Dreamcash.

Speaking on the accelerator cohort which is set to commence in June 2023, Startup Segment Lead at Amazon Web Services (AWS), Napa Onwusah said,

“’At AWS, we’re thrilled to be a part of Africa’s digital transformation, making core financial services accessible to more individuals and businesses. We believe that anyone regardless of their location, should be able to access innovative technologies and realize their dreams. I am excited that the accelerator will be instrumental in empowering these startups to grow and scale their businesses.”

Although all startups chosen are fintech, they have diverse operations and propositions they offer, such as freelancer payment & invoice management, Cryptocurrency transactions, export and import management, global remittance products, educational institution smart solutions, savings, and investments, amongst others.

Benefits Startups Stand to Gain

Each startup will get technical review workshop sessions and up to $25k in AWS technical credits, world-leading sector advice, and one-to-one mentorship from major industry players including the Africa Fintech Summit (AFTS), Lendsar, and Vestbee to help them build their businesses.

Technology Fast-Track

Tech resources, guidance, and a community of peers. From technical deep dives to round tables on day-to-day CTO challenges.

CEOs and CTOs

Partner Offers & Special Discounts, Access to credits, valuable discounts & offers from AWS Partners.

Cloud Support

One-on-one meetings with AWS Solution Architects and access to product, regulatory & compliance, security specialists.

Business Boost

1: Many sessions, workshops, and one-on-one mentor meetings with subject-matter experts and advisors.

Investors King understands that Amazon Web Services (AWS) accelerator program is making a huge impact on startups globally, as it allows them to focus on developing innovative products to attract VC funding. It has also continued to expand its investments in innovative startups, particularly in Africa, after its first entrance into the world of accelerator programs in 2016.

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Nigerian Logistics Company SHiiP Launches Warehouse Management Software to Enhance Storage And Deliveries

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Amazon shoppers

One of Nigeria’s leading courier services SHiiP has launched a new warehouse and inventory management software to enhance storage and efficient delivery of goods for businesses.

SHiiP disclosed that the latest software will enable businesses to set up branches in new locations, eliminating issues of compliance and operational costs. Using the software, businesses can store products, monitor stocks, and manage their inventory.

Speaking on the launch of the product, Head of Growth at SHiiP Akoni OluwaSemiloore said,  “It is important for business owners in Africa to have access to the best storage facilities as e-commerce continues to grow in our continent. Storage infrastructure is still not where we would like it to be and it has been a pain point businesses and even farmers have had to contend with in the past.

“Since issues like this still happen, businesses continue to suffer avoidable losses that stifle growth. With SHiiP, business owners can rest assured that their goods will always be carefully handled and stored in climate-controlled storage facilities so that it reaches the end-users in the best state possible”.

Also commenting on the product launch is SHiiP CEO Ola Quadry who said, “Our main aim is to provide small and medium scale businesses, be it fintech companies, retailers, logistics or small business owners, the right support they need to succeed.

“Since the past three years, we have aggregated delivery and logistics services for thousands of businesses. We understand the challenges and peculiarities that come with managing deliveries to Nigerian, African, and broadly, International customers, therefore, the expansion of our services to include warehousing and inventory management is a natural progression.”

Investors King understands that SHiiP’s launch of the warehouse and inventory management software is coming off the back of the startup’s expansion into warehousing and order management & fulfillment business.

The startup understands that warehouses are a crucial element of any business, which gives its customers an advantage over other businesses, as it was created and structured to add value to their businesses, creating a competitive advantage for them.

SHiiP has over 2000 users in Nigeria using its services and has partnered with multiple local and international delivery companies with affordable prices such as DHL, Uber, FedEx, topship, etc, to help customers deliver to anywhere in the world.

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