Today, I’m discussing:
- Entering the metaverse
- Edukoya’s $3.5m pre-seed
- Wowzi’s funding
Entering the metaverse
The metaverse has been making the headlines in the last few weeks. From someone buying a $2.5 million land to another paying $450,000 to be Snoop Dogg’s virtual neighbour, it appears to be a valuable investment.
What makes them valuable? Why so much money is being spent on ‘real’ estate that cannot be lived in is a mystery. But some people believe it’s the future and what better time to invest than now.
However, investing in the metaverse isn’t free. If you’re looking to invest through real estate, the cheapest parcel of land on Decentraland — a blockchain-based virtual universe — is 3ETH ($12,000).
Nestcoin is offering Africans an entry point into the metaverse through gaming. It has launched Metaverse Magna, a gaming guild/community that provides Africans with assets that helps them enter play-to-earn competitions.
Edukoya’s $3.5m pre-seed
African edtech startups seem to be on a roll. Barely a week after uLesson’s $15 million Series B, Nigeria’s Edukoya is announcing its $3.5 million pre-seed.
The round was led by Target Global, with participation from an exciting lineup of angel investors, including Paystack Co-founder, Shola Akinlade and Kuda Bank Co-founders Babs Ogundeyi and Musty Mustapha.
What’s more, Edukoya launched in December 2021 and is currently in beta with plans to go live fully in 2022.
Interesting! Yes, it’s pretty jaw-dropping, but the startup’s founder, Honey Ogundeyi, isn’t a newbie in the tech space. She was the former Country Director for UK-Nigeria Tech-Hub, Kuda’s founding CMO and Founder of online fashion marketplace, Fashpa.
Commenting on the funding, Ogundeyi said the startup’s vision is to redefine online education and democratise access to high-quality content, making it available to all students across the continent.
Edtech is growing, but there’s quite a bit that needs to be done. Online education needs the Internet, smartphones and computers to thrive. However, Africa’s Internet penetration rate is still at 39%, lower than the global average of 58%.
In the words of Boye Oshinaga, Gradely CEO, “The edtech industry is at its infrastructure-building phase in Nigeria and Africa, where those players that invest in the rails will get a big payoff in the coming years.”
The future of edtech will be interesting. To get a glimpse of what it could look like, check out Ogheneruemu’s article: Technology, funding, learning models: What is the next frontier for edtech startups in Africa?
A Wowzi funding
Wowzi, a Kenyan startup that connects social media users to businesses, has bagged $3.2 million in funding.
Per TechCrunch, the funding combines a $2 million seed round led by 4DX Ventures and a $1.2 million pre-seed round. Other participants in the round include Golden Palm Investments, LoftyInc Capital and Future Africa.
What does Wowzi do? The startup turns social media users into brand influencers. With just 250 followers on social media, Wowzi can help you make money through influencing.
Wow! Oh yeah. It categorises influencers from nano, mega, meta, to super.
According to Johnny Falla, Chief Development and Growth Officer at Wowzi, “Brands want to have more authentic engagements or endorsements for products, from people who use and love them and can talk about real practical applications. Our campaigns show that nano influencers deliver better sales leads because of higher trust with their following,”
The startup helps brands filter through influencers based on specific demographics such as age, income level, gender, and location.
So far, it has worked with 200 brands and carried out 15,000 campaigns since 2019. Wowzi is currently present in Kenya, Uganda and Tanzania. And the funding will be geared towards expanding into Nigeria, Ghana and South Africa.
What I’m reading
Have a nice day!