Nigeria’s Ventures Platform closes $40m pan-African fund. 2 other things and a trivia

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

1. Nigeria’s Ventures Platform closes $40m pan-African fund

Ventures Platform, one of Africa’s most active early-stage tech investors, has announced the first close of a US$40 million pan-African fund.

The fund, according to the startup, is expected to help expand its portfolio and double down on winners.

The startup was founded in 2016, and has since then been acting as a partner and conduit for international funds.

In addition, the startup serve as middleman for stakeholders seeking a reliable and experienced partner to do business in Africa.

Today, the firm has a portfolio of 69 startups including Seamless HR, Piggy Vest, Mono and Paystack.

Meanwhile, the company has amassed a total of 28 investments to date in 2021 alone.

Tech Trivia: What metric defines how much advertisers spend for each click on an ad?

A RPM
B EPC
C CPL
D CPC
Answer: See end of post

2. Nigeria’s African Blockchain Lab secures $6m strategic funding round

African Blockchain Lab, a Nigeria-based startup, has secured a US$6 million pre-Series A investment to fund the launch of its crypto wallet VIBRA.

READ ALSO: Nigeria’s fintech startup, OnePipe, closes $3.5m seed round. 1 other thing and a trivia

The startup was founded by blockchain venture studio, Everest Ventures Group.

The startup operates as a blockchain technology company and the builder of African crypto app VIBRA.

The startup, since inception, offers an easy way for beginners to learn, and make trades with a community of experts, which enables Africans to effortlessly go from zero to crypto master.

The pre-Series A round was co-led by a consortium of global investors, including renowned African venture capital firms Lateral Frontiers VC, CRE Venture Capital and Musha Ventures, as well as international blockchain investors Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital, Despace and more.

The funding is expected to see African Blockchain Lab rollout VIBRA and add new features like VIBRA Earn, a crypto asset saving product that lets users earn interest on a variety of crypto assets.

3. Nigeria’s Trove wins Ecobank Fintech Challenge

Trove, a Ngerian global share dealing app, has been named winner of the fourth edition of the Ecobank Fintech Challenge.

The development saw the startup to secure a US$15,000 prize and a place in the bank’s Fintech Challenge Fellowship programme.

Ecobank Group hosts its Fintech Challenge each year, with the five finalists of this year’s edition emerging from over 890 entrants from 44 countries.

Trove was announced as winner at a virtual grand finale on December 9, streamed live from Accra, Ghana.

The startup’s app enables African-based financial institutions and individuals to buy, sell and trade any publicly traded equity, bond or exchange traded fund across US, Chinese, Nigerian or other global stock markets.

Trivia Answer: CPC

Stands for “Cost Per Click,” and is used in online advertising. CPC defines how much revenue a publisher receives each time a user clicks an advertisement link on his website. For example, a publisher may place text or image-based ads on his website.

When a visitor clicks one of the advertisements, he or she is directed to the advertiser’s website. Each click is recorded by the advertiser’s tracking system and the publisher is paid a certain amount based on the CPC.

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