Nigeria’s Haul247 closes $3m to grow market. 2 other stories and a trivia

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

 

1. Nigeria’s Haul247 closes $3m to grow market

Nigeria’s Haul247, a logistics tech platform that connects businesses with haulage and warehousing services, has announced securing a $3 million in seed funding. 

The funding, according to the company, will be used to expand its market share in Nigeria, enter other African markets, recruit talent, and enhance its technology.

Haul247 was founded in 2020 by Sehinde Afolayan, Tobi Obasa, and Akindele Phillips as a marketplace that facilitates connections between companies, shippers, and storage providers. 

Speaking on the development, CEO Sohinde Afolabi noted that it aims to reduce transportation costs and optimize the use of assets.

The recent seed funding round was led by Alitheia Capital’s uMunthu Fund, with additional debt funding from Investment One. 

Ripples Nigeria gathered that the investment follows a pre-seed funding round in 2021 and Haul247’s selection as a recipient of the Google for Startups Black Founders Fund in the previous year.

 

TECH TRIVIA: What verb describes inserting data from the clipboard?

1. Add
2. Copy
3. Cut
4. Paste

Answer: see end of post

 

2. Nigeria’s Creditchek to verify creditworthiness in Africa

Creditchek, a Nigerian fintech startup, has launched to help lenders across Africa assess credit risks by providing reliable verification of potential consumers’ creditworthiness.

READ ALSO:Nigeria’s Trade Lenda shortlisted for 2023 Go Global Awards. 2 other stories and a trivia

According to the team, the startup has developed a user-friendly web app and API that utilizes machine learning to transform raw data from various sources into actionable insights. 

Kingsley Ibe, co-founder and business lead of Creditchek, in his remarks, highlighted the prevalence of African consumers taking loans from multiple lenders simultaneously, often leading to over-indebtedness. 

Creditchek aims to address this issue by enabling lenders to easily verify borrowers’ creditworthiness, thereby mitigating risks and allowing more deserving individuals to access loans. 

Ripples Nigeria gathered that the African credit market, which is significant, is valued at US$1.7 trillion and growing at a rate of 6.2 percent year-on-year.

Ibe noted that Creditchek’s expansion plans, intending to tap into the continental market by targeting Rwanda, Kenya, and Ghana by 2025. 

3. Maltento raises $3.3m to grow venture

Maltento, a company specializing in unlocking the functional compounds of insect-based feed solutions, has raised $3.3 million in capital from Sand River Venture Capital. 

This investment represents a significant milestone as Maltento continues its mission to develop sustainable and innovative solutions in the animal feed market.

Dominic Malan, the commercial director of Maltento in Cape Town, South Africa, expressed excitement about Sand River’s investment, emphasizing their shared values and commitment to funding innovative solutions for a sustainable future. 

The investment and collaboration will support Maltento’s aspirations to become a global player in the functional ingredient space.

The $3.3 million investment from Sand River will enable Maltento to accelerate its unique approach to insect biotechnology and further develop its pioneering palatability enhancer called Palate+. 

Maltento has adopted a regenerative approach in product development, prioritizing the minimization of its impact on scarce natural resources and maximizing the use of traceable co-products from agro-processing industries. 

Trivia Answer: Paste

Paste is a command that allows you to insert data from the clipboard into an application. In order to use the Paste command, you must first use either the Copy or Cut command to save data to the clipboard. 

Once the clipboard contains data, you can paste the saved data into any supporting program.

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