After holding lengthy talks on plans to raise funding, Port Harcourt-based startup, Touchabl finally put pen to paper on an agreement that secures it $20,000 seed funding from Genesys Tech Hub.
According to founder, Gabriel Eze, communications started as far back as January but the deal was finally signed off last month.
As stated condition for the funding, Genesys Tech Hub will further provide the Touchabl team with training, for a period of six months, and mentorship to position them into becoming a hugely successful business.
Touchabl is an AI-powered picture, touching and identification app. It allows users to receive more information about something — such as a dress, shoe, wristwatch etc — displayed in any picture on their phone photo gallery, or social media feed by simply touching it.
Launched formally in October 2017, Touchabl reached a milestone of 1k users in February.
“Since launching in public beta, we have collected some interesting feedback and have significantly modified our technology and value proposition. We will build upon our technology using this feedback,” Gabriel remarks.
The new fund is coming after already securing $500 from Ibom LLC during StartupSouth3 and an additional ₦100,000 from Office of ICT Innovation & Entrepreneurship (OIIE) — a subsidiary of NITDA — at the last Startup Friday in Uyo.
With it, Touchabl will be able to do product development and aggressive marketing.
Nigerian startups raised $377m in 2019, more than twice what they did in 2018. Find out more when you download the full report.