Nigeria’s Betastore secures $2.5m pre-series A funding. 1 other story and a trivia

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

1. Nigeria’s Betastore secures $2.5m pre-series A funding

A Nigerian B2B e-commerce and supply chain management startup, Betastore, has announced securing a $2.5 million in pre-series A funding from 500 Global, VestedWorld, and Loyal VC.

Betastore CEO and co-founder, Steve Dakayi-Kamga, disclosed the latest funding in a statement on Monday.

BetaStore, according to Steve, helps informal retailers get better access to goods at a wholesale price and delivers to their stores.

Founded by Leo-Armel Tchoudjang and Steve Dakayi-Kamga in 2020, the logistics and BNPL platform also provides working capital support for retailers.

The startup has footprints in Nigeria, Senegal and Ivory Coast.

Speaking on the new fund, Dakayi-Kamga, stated that the fund will be invested in technology and also help it expand to other African countries before the end of the year.

He said: “What is really important for us is to be able to continue to scale by leveraging our asset-light model. We plan to enter new markets before the end of the year and to expand to 100 cities across Nigeria, Ivory Coast and Senegal.

“We are also planning to reinforce our technology and leadership teams, and to bring in new products and to improve existing ones.”

Tech Trivia: P2P is used for what type of Internet service?
A Web Browsing
B File Sharing
C Online Gaming
D Email
Answer: see end of post

Read also :Agri-fintech startup HelloChoice closes investment from Standard Bank. 1 other thing and a trivia

2. Lagos-based Constant Ventures to raise $100m venture capital fund for African startups

A Lagos-based early stage and growth stage venture capital firm, Constant Ventures, has today announced plans to raise $100 million as it seeks to invest into technology startups across West Africa.

The new development was confirmed by Ike Echeruo, Chairman of Constant Group, and co-founder and Managing Partner of Constant Ventures.

Founded in 2020 by Chinedu Echeruo, and Ike Echeruo, the Nigerian startup invests in startups and growth-stage companies.

Ike, while announcing the funding round, said the fund will be used to boost startups across Africa.

He said: “We are very excited to be announcing this fund today. It has been a decade in the making, the result of deep-dive research and due diligence in anticipation of this moment when we knew that advances in information technology would enable start-ups across West Africa to commercially address real societal needs.

“Technology was always going to provide the answer to so many of the critical issues faced by millions of people across Africa today.

“We are now on the cusp of a paradigm shift with recent advances across information technology presenting a unique investment window. We have looked at what has worked in other geographies.”

Trivia answer: File Sharing

P2P Stands for “Peer to Peer.” In a P2P network, the “peers” are computer systems that are connected to each other via the Internet.

Files can be shared directly between systems on the network without the need of a central server. In other words, each computer on a P2P network becomes a file server as well as a client. The only requirements for a computer to join a peer-to-peer network are an Internet connection and P2P software.

By Kayode Hamsat

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