Nigeria startup, Etap, secures $1.5M pre-seed funding. 2 other things and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Nigeria startup, Etap, secures $1.5M pre-seed funding

A Nigerian-based startup, Etap, has secured a $1.5M pre-seed funding as it seeks to drive expansion across West African countries.

The company’s CEO and founder, Ibraheem Babalola, Tuesday disclosed this in a statement, where he shared how the idea of the startup came into fruition.

The pre-seed funding round was co-led by Mobility 54 and CFAO Group.

Ripples Nigeria gathered that the startup was launched in 2021 by Ibraheem Babalola, who is a cofounder of Muster, a startup helping people in megacities access affordable accommodation.

The app based insurance company claims it enables motor vehicle owners to purchase insurance in 90 seconds and complete claims in three minutes.

Reflecting on the idea that birthed the startup, Ibraheem said:

“The idea itself is from being a frustrated customer; my insurance would expire and I wouldn’t get a notification to renew it.

“I always had to make a call to a guy who would help me renew it. I thought that there is a way to do it better.”

“Our plan is to have the most preferred insurance products and to grow and scale this across Africa. I feel like we are perfectly positioned to achieve that.”

Tech Trivia: Android is a mobile OS developed by what company?
A Apple
B Microsoft
C Google
D Amazon
Answer: see end of post

2. Egypt’s cloud kitchen startup, The Food Lab, closes $4.5M pre-seed funding

An Egypt-based cloud kitchen startup, The Food Lab, has announced closing a $4.5M pre-seed funding to increase infrastructure and expand technology base.

Read also: London’s SEON raises $94M Series B for online fraud protection

The cofounder, Kareem El Daly, revealed this on Tuesday in a press release.

According to El Daly, the round is the company’s first venture round.

Led by 4DX Ventures, Nuwa Capital and Shorooq Partners, the round saw participation from other VCs including Telda and Milezmore, Al Faisaliah Group and Samurai Incubate.

Ripples Nigeria gathered that the startup was launched in 2020 by Kareem El Daly and his co-founders Ahmed Osman and Wesam Masoud.

Further commenting on the development, El Daly acknowledged that the industry has changed over the years and that the startup intended to unlock new opportunities for restaurants and consumers.

He said: “Many things have changed within the ecosystem over the past decade in the space.

“We wanted to bridge the gap between the restaurants and the customers, help them expand, grow and operate seamlessly through technology and a shared economy model.

“First thing is to completely take over the Egyptian market, especially in Cairo or some key governorates that we want to have a strong footprint. So this is the geographical expansion part.”

3. Nigeria’s fintech startup, TeamApt, remodels product as business bank

Nigerian fintech startup, TeamApt, has announced the remodelling of its Moniepoint product into a business bank facility.

The startup’s founder and CEO, Tosin Eniolorunda, made the announcement in a press statement on Tuesday, citing the challenges faced by the local people as the inspiration behind the development.

Founded in 2015 by Tosin Eniolorunda, the financial technology company claims to focus on delivering digital banking services to customers.

Our correspondent gathered that Teamapt had in 2019 raised a US$5.5 million Series A funding round, going on to obtain switching licence from the Central Bank of Nigeria (CBN).

Speaking on the new model, Tosin said: “As Nigerians, we feel the challenges of the economy acutely, in real-time.

“This is why we have worked hard to evolve into a business bank that truly works for the everyday Nigerian business owner.”

Trivia answer: Google

Android is a mobile operating system developed by Google. It is used by several smartphones and tablets.

Examples include the Sony Xperia, the Samsung Galaxy, and the Google Nexus One.

The Android operating system (OS) is based on the Linux kernel. Unlike Apple’s iOS, Android is open source, meaning developers can modify and customize the OS for each phone.

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