3 Nigerian Start-ups Secure $450,000 Funding From 500 Startups - Sundiata Tech

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Friday, August 25, 2017

3 Nigerian Start-ups Secure $450,000 Funding From 500 Startups



Silicon-Valley based venture capital seed fund, 500 Startups have accepted three Nigerian tech start-ups and 33 other companies for the batch 22 of its Seed Program. They also received the sum of $150,000 (over N54 million) each in seed funding.

A total of $37,500 programming fee was deducted from the fund.

The Nigerian tech start-ups which include MailHaven, Mobile Forms and Fyodor Biotechnologies will be part of 36 companies drawn from across the world that will get the opportunity to meet with and interact with a network of founder and gain mentorship.

In a blog post, 500 Startups explained that the Batch 22 (B22) program which has kicked off in San Francisco has 36 innovative start-ups from 14 countries. 9 companies are in the financial technology (Fintech) space; 7 are data companies; 4 digital health companies; other start-ups range from facial recognition to supply chain management to the largest global community of motorcycle riders.

“42 percent of the companies are based outside of the United States, with founders representing Argentina, Brazil, Canada, Hong Kong, Israel, Italy, Nigeria, Portugal, Russia, Singapore, South Africa, the United Arab Emirates and the United Kingdom,” 500 Startups stated.

MailHaven is an electronic mailbox that helps suburban homeowners secure and monitor their deliveries without the need for wired power or home Wi-Fi. Deliveries are protected from “thieves” and “nature’s elements” ensuring that packages gets to the destination safe. The startup was founded by Kela Ivonye.

“The alumni founders of 500 Startups have been highly accessible to me and have given me valuable advice in the past. I strongly believe the actions of a single individual should not tarnish the good work and image of 500 Startups or its diverse founders, founders who have been overlooked by others because they don’t match a certain profile,” said Kela Ivonye.

Mobile Forms lets users build forms using an easy drag-and-drop functionality, and share these forms with other team members with the click of a button. It was co-founded by Tomi Ayorinde in 2015. It has also received a $20,000 seed fund from DraperDarkFlow.

Fyodor Biotechnologies is a startup that develops a non-invasive technology that helps people with feverdiagnoses malaria in 25 minutesusing a few drops of urine instead of blood. The Urine Malaria Test is the first ever non-blood rapid test in Nigeria developed in response to the high incidences of malaria. The firm was founded by Eddy Agbo. BUSINESSDAY.



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