Nigerian 5-year-old startup, ThriveAgric, closes $56.4m. 1 other thing and a trivia

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

1. Nigerian 5-year-old startup, ThriveAgric, closes $56.4m

Nigerian agritech startup, ThriveAgric, has announced closing a US$56.4 million in debt funding from local commercial banks and institutional investors.

The new raiser, according to the 5-year-old startup, will help it grow its 200,000-strong farmer base while facilitating its expansion into new African markets, including Ghana, Zambia and Kenya.

Although, founded in 2017, the startup became fully operational a year later in 2018.

Leveraging proprietary technology, ThriveAgric empowers farmers in Nigeria to sell their products to FMCGs and food processors.

The startup noted that it leverages proprietary technology to access finance as well as improve productivity and sales to promote food security.

The US$56.4 million in debt funding also includes a co-investment grant of US$1.75 million from the USAID-funded West Africa Trade & Investment.

Tech Trivia: One trillion cycles per second is equal to what?
A 1 megahertz
B 1 kilohertz
C 1 terahertz
D 1 gigahertz
Answer: See end of post

READ ALSO: Nigerian founded startup, Casava, closes $4m pre-seed funding. 2 other things and a trivia

2. Nigeria’s CodeLn launches free applicant-tracking system

Nigerian online tech talent marketplace, CodeLn, has launched a smart applicant tracking system named Insight.

The product is designed to help startups manage job applicants and monitor their job vacancies, for free.

Founded in 2017, CodeLn is an end-to-end technical recruitment platform, helping companies easily recruit software developers by automating the entire process.

According to the Nigerian startup, its services has reduce technical recruitment time by 80 per cent.

Insight, described as a smart, easy-to-use application tracking system, gives recruiters opportunity to post jobs, share jobs, receive job applications, manage job applications, and collaborate with team members to rate and hire candidates from any field.

Speaking on the development, Elohor Thomas, CEO and co-founder of CodeLn, noted that the goal of Insight is to helps recruiters to manage all their job applications in one platform.

“We noticed a problem that can be solved by simplicity and automation so we jumped on it. Being engineers, my team loves building so this time, we decided to build one for the startup community as our way of giving back. Having noticed a lot of startups struggle during hiring season, we built Insight to help them ease that stress,” he said.

Trivia Answer: Terahertz

Terahertz is a unit of measurement sometimes used to measure computer clock speeds.

One terahertz is equal to 1,000 gigahertz (GHz), or 1,000,000,000,000 hertz (Hz). Since the majority of personal computers operate between two and four gigahertz, most computer clock speeds are not measured in terahertz. Instead, terahertz is more often used to measure the total speed of computing clusters or supercomputers.

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