Nigeria’s investment firm, Obelix, raises N100m for SMEs

A crowdfunding Intermediary, Obelix, has raised N100 million from 9,324 registered small-ticket retail investors in the country.

The company confirmed the development in a statement sent to Ripples Nigeria on Wednesday.

Obelix, a subsidiary of Alternative Finance Limited, said the fund would be invested into three promising pre-selected Small and Medium Enterprises (SMEs) in Nigeria.

The firm listed Imose Technologies Limited, Alatiron Nigeria Limited, and Q21 Solutions Limited as the selected investment portfolio companies.

On the selection adopted for the selection process, Obelix company explained that the companies were selected through its debt-based funding portal, Monieworx, an economic exchange, and multilayered ecosystem.

The investment, according to the firm, was aggregated from active investors on its crowdfunding community.

The statement read: “The investors were among our growing community of 42,545 early adopters on the Monieworx waitlist.

READ ALSO: Inside the SEC proposed rules on crowdfunding and its impact on Nigeria’s Fintech ecosystem

“The average investment in the Private Notes was N10,725 with the smallest and biggest tickets being N1,200 and N20,000 respectively.

“This alternative way of fundraising meets the important financial needs of SMEs who lack access to credit from Nigerian banks.”

The Managing Director of Monieworx, Ali Yakubu-Concern, described the crowdfunding method as a golden opportunity for SMEs.

He said: “SME financing is at an inflection point. We have been presented with a once-in-a-lifetime opportunity to win customer primacy and we intend to seize it with both hands. Owning alternative investments will become increasingly valuable.”

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