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Nigeria’s crypto startup, Busha, secures $4.2m seed round. 2 other things and a trivia

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

1. Nigeria’s crypto startup Busha secures $4.2m seed round

Busha, a Nigerian cryptocurrency exchange startup, has announced raising a US$4.2 million seed funding round.

The crypto trading company stated that the new investment will see to its product scaling across Africa.

Busha was founded in 2019 as a crypto platform allowing users to buy, sell, and manage their cryptocurrency portfolios from its easy to use mobile app.

Before the raiser, the startup claimed to have been scaling across Nigeria.

Speaking on the new raiser, Michael Adeyeri, co-founder and chief executive officer (CEO) at Busha, confirmed that the round was led by Jump Capital, while featuring Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors.

Michael said: “Our immediate mission is to onboard the next one million Africans into the crypto economy. We have seen the significant difference in financial freedom that crypto can make in the lives of our over 200,000 users, and we are very motivated to extend this to more people on the continent.”

Tech Trivia: Which of the following is a science designed to protect information?

A Accessibility
B Ergonomics
C Cryptography
D Data mining
Answer: See end of post

2. Nigeria’s Omnibiz, launches new buy-now pay-later product

Omnibiz, a Nigerian B2B e-commerce platform, has launched a new buy-now, pay-later product.

The launch comes on the heels of the launch of a new book-keeping application that is hoped to ease accounting procedure for SME players.

READ ALSO: Nigerian fintech startup Bankly raises $2m in seed funding round. 2 other things and a trivia

Omnibiz, as a venture, connects manufacturers and distributors of fast-moving consumer goods (FMCG) to retailers.

Omnibiz was founded in June 2019 by Deepankar Rustagi, tech entrepreneur and founder and CEO of Vconnect.

Omnibiz allows retailers to place orders at their convenience and have goods delivered to their doorstep with zero delivery costs.

According to sources familiar with the startup, retailers can stock up their shops using the company’s mobile apps, WhatsApp channel, or a dedicated care number.

Recall Ripples Nigeria reported that Omnibiz raised a US$3 million seed funding round in August.

Adding two new products to its bouquet, the startup through the buy-now, pay-later feature helps retailers scale their businesses faster by providing them with credit options, while it has also launched MyStore, a book-keeping application for retailers.

3. DeveloPPP Ventures programme opens call for application

DeveloPPP Ventures programme has opened calls for applications into its second cohort.

The programme invites Kenyan startups to apply for grants up to EUR100,000 (US$113,000).

The develoPPP Ventures programme was launched earlier this year on behalf of the German Federal Ministry of Economic Cooperation and Development.

Implemented by DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, it aims to empower startups with entrepreneurial support and a grant.

The initiative seeks startups with innovative business models and sustainable economic, ecological or social impact in a developing or emerging country.

Trivia Answer: Cryptography

Cryptography is the science of protecting information by transforming it into a secure format. This process, called encryption, has been used for centuries to prevent handwritten messages from being read by unintended recipients.

Today, cryptography is used to protect digital data. It is a division of computer science that focuses on transforming data into formats that cannot be recognized by unauthorized users.

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