Nigerian data analytics and rewards startup, Connected Analytics, has been selected to join the 26th batch of US-based accelerator, 500 Startups.
500 Startups is a seed-stage accelerator with more than two thousand companies in its portfolio where each of them gets funding, mentorship and hands-on training in exchange for a 6 per cent equity.
For this batch, the San-Francisco-based accelerator selected 29 companies out of 3,000 applicants. According to 500 Startups, 37 per cent of the companies are from outside the US, 30 per cent have at least a female founder, and 70 per cent have at least one minority founder.
Connected Analytics, the company behind the ThankUCash product, is the only African startup to make the cut. The Nigerian startup helps businesses and banks integrate data analytics and rewards in order to retain customers and increase revenue.
Founded in 2018 by Madonna Ononobi, Simeon Ononobi and Suraj Supekar, the multi-merchants rewards platform developed a reward system to study customers spending patterns, their value preference, and retention. Then it uses the data obtained to help customers — earn, save more deals, and grow their businesses.
In July 2019, CEO, Simeon Ononobi, said in a tweet that the company had hit $100,000 in cash rewards and $5.5 million in transaction volume.
So excited, we just hit 100k usd given out in cash rewards, N2billion (5.5million usd in transaction volume). And excited to have 14 new team members joining tomorrow 1st August.
— Simeon Ononobi (@SimeonOnonobi) July 31, 2019
Backed by Ventures Platform, Microtraction, and Google Launchpad Accelerator, the company is said to have raised $210,000 since its launch. The $150,000 to be received from 500 Startups during the accelerator programme will bring the company’s total disclosed funding to $360,000.
Enthused, Ononobi said, “We’ve been working tirelessly to create a company with products that will help businesses and banks grow by creating a lasting relationship between them and their customers. Excited to be part of the 500 StartUps Batch 26…We can’t wait for what is to come.”
Last year, agritech startup EZFarming, joined as the only Nigerian startup in the accelerator program.
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Nigerian startups raised $55.4m in Q1 2020; over 99% of which came from foreign sources. Find out more when you download the full report.