Today I’m discussing:
- Voltron Capital’s launch
- Spleet’s selection into MetaProp NYC Accelerator
- Pineapple’s latest funding
Olumide Soyombo launches early-stage VC firm, Voltron Capital
Yesterday, renowned Nigerian angel investor, Olumide Soyombo, announced the launch of Voltron Capital, a venture capital firm he co-founded with Abe Choil.
The firm will focus on early-stage startups with founders who have previously founded a company. Olumide reveals that this is to tackle the lack of access to early-stage funding for African tech companies.
In 2020, the African tech scene saw the launch of VC firms, like Future Africa and Sherpa Ventures, focused on seed and pre-seed funding.
The importance of early-stage funding cannot be overstated. African startups need this capital to accelerate growth, bolster operations, and, most importantly, generate revenue. The major impediments include a disorganised network and gender parity.
With happenings like the Voltron Capital launch and Magic Fund’s raise of $30 million to support early-stage founders across Africa and four other regions, more early-stage focused investments is a prospect worth entertaining.
Pan-African proptech startup, Spleet, gets into MetaProp Accelerator Program
What happened? An African-focused proptech startup, Spleet, has been selected for the MetaProp 2021 Accelerator Program set to take place at the University of Columbia.
What about it? Well, the accelerator program begins in September and will run in a hybrid format. Participants will be offered $250,000 in funding plus a 22-week mentorship course in the global real estate tech space.
Application into the MetaProp Accelerator program is ongoing for proptech startups and closes on July 30, 2021.
Spleet is a Nigeria-based proptech startup. Currently available in Nigeria, Ghana and Kenya, the platform launched in August 2017, and allows people seeking accommodation to find homes with flexible rent payment options, and also provides apartments for individuals via its quasi-Airbnb system.
Zoom out. Africa’s proptech space urgently needs accelerators to step in and address its challenges, including shortage of housing facilities, renters’ limited finances, and high rents.
Considering this, MetaProp Co-founder Zach Aaron believes that having Spleet as a Nigerian proptech in New York for the program is a way for the African startup to interact with global real estate players.
Hopefully, via this interaction, the company gains tremendous insight from the global proptech space and, in turn, models an example for other proptech startups in Africa.
Insurtech startup, Pineapple, secures $3.4m Series A
What happened? A South Africa-based insurtech startup, Pineapple, has announced securing $3.4 million in Series A.
Who was involved? Lireas Holdings, the ASISA Enterprise, and Supplier Development Fund took part in the round.
Okay, what’s up with Pineapple? Founded in 2017,Pineapple helps people insure their cars and personal belongings like phones, home appliances, gaming gear etc., for a monthly premium.
Still curious? Read more here:
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Have a beautiful day!