LATEST TECH NEWS: Nigeria’s Stears raises USD600k. 4 other things and a trivia you need to know today, April 28, 2020

These 5 latest stories from the tech space will keep you updated with trends today.

1. Nigeria’s Stears raises $600,000 from investors 

Nigerian financial and data service startup, Stears, has announced raising $600,000 from investors led by Luminate. Describing Stears, Luminate, the lead investor in the round, noted that the firm has, over the years, been displaying “smart and intentional data collection and use,” adding that its “commitment to the highest quality output, and an exceptional team driven by the mission to provide accessible and reliable information make Stears a clear leader.”

The startup, which was launched in 2017 by former students of the London School of Economics in the UK, has been plug for economic and financial analysis. In an assurance statement, Luminate further stated that it would continue its support to the growth of the organisation. “We look forward to continuing to support the organisation in its mission and as it grows the Stears footprint in Nigeria,” the statement said.

2. VC firm Partech secures $100 million seed fund

VC firm, Partech, in a public statement, has announced securing a new $100 million fund. According to Partech, the fund would be focused on seed investments, hence, looking for companies at the very early stage, from pre-seed to pre-Series A.

Partech further noted that it intended to invest as little as a few hundred thousand dollars and up to several million dollars depending on the stage of the startup. On stronger and variable firms, Partech equally looks forward to invest again in follow-on Series A and B rounds. However, Partech has listed that it is focused on six verticals in particular — health, work, commerce, finance, mobility and computing.

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Tech Trivia:

Who was the first person to invest in Apple? 

1. Mike Markkula
2. Mike Pence
3. Bill Gates 
4. Aliko Dangote

Answer: See end of post.

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3. Online lender Qoala nets $13.5M to grow its insurance platform

Jakarta-based Qoala has, despite the bite of the pandemic on major industry and businesses, netted $13.5 million in its Series A financing round. The one-year-old startup announced this on Tuesday, April 28, revealing that Centauri Fund, a joint venture between funds from South Korea’s Kookmin Bank and Telkom Indonesia, led the round.

Read also: LATEST TECH NEWS: Apple counters hacking assertion from cybersecurity personnel. 4 other things and a trivia you need to know today, April 24, 2020

According to the insurance firm, the fund saw the generous participation of other investors namely: Sequoi India, Flourish Ventures,  Kookmin Bank Investments, Mirae Asset Venture Investment, Mirae Asset Sekuritas and existing investors MassMutual Ventures Southeast Asia, MDI Ventures,  SeedPlus and Bank Central Asia’s Central Capital Ventura. The new investment, reviewing the company’s portfolio shows that the startup’s to-date raise stands at $16.5 million.

4. Ex-Tesla exec. Jon McNeill launches fund to build companies

Lyft’s  former COO and one time Tesla’s president of global sales and service, Jon McNeill, has launched DeltaV, a funding company that intends to formulate startup ideas. According to DeltaV’s blueprint, the company will invest in getting its ideas up and running, then when they’re at the Series B phase, seek outside funding, while hanging on to roughly 80 percent of each company.

Analysts say McNeill achieved this feat given his storied career as an operator across industries, especially as a Northwestern University economics major who worked at Bain & Co. His story in business is currently being referenced as a game changer, and an investor to watch. Emerging reviews recalled how he went on to start and sell five companies before being introduced in 2015 to Elon Musk.

5. Digital service company Oriente closes $50 million to build infrastructure 

Hong Kong-based tech startup, Oriente, has closed $50 million in its ongoing Series B round. According to the tech infrastructure developer company, the funding was led by Peter Lee, co-chairman of Henderson Land, one of Hong Kong’s largest property developers, with participation from investors including website development platform Wix.com.

3 year old Oriente focuses on markets that are underserved by traditional financial institutions. According to the firm, the fund would be channelled into funding growth in Oriente’s existing markets, the Philippines and Indonesia, and expansion into new countries, including Vietnam. However, it would also be used to continue building Oriente’s technology, which uses big data analytics to help merchants increase sales conversions and lower risk.

Tech Trivia Answer: Mike Markkula

Armas Clifford “Mike” Markkula Jr. is an American electrical engineer, businessman and investor. He was an angel investor and the second CEO of Apple Computer, Inc., providing critical early funding and managerial support. Mike Markkula launched Apple’s investment window on a $250,000 loan, with $80,000 as equity in the company.

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