Proptech startup, AtarCloud, secures $1.3m Seed Round. 2 other stories and a trivia

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

1. AtarCloud secures $1.3M Seed Round

AtarCloud, a Riyadh-based proptech, has raised $1.3 million in a seed investment round with the participation of BIM Ventures.

Rayan Alsharif, Partner at BIM Ventures, confirmed the funding in a media release seen by Ripples Nigeria on Tuesday.

The startup claims it targets property owners and real estate developers and provides them with tools to streamline their property management activities.

Ripples Nigeria gathered that the investment drew participation from other angel and institutional investors from within the Investors’ Mine Group.

“We’re proud to be enabling property owners and real estate developers in setting the new standard in property management in Saudi Arabia.

“We focus on providing the right tools and features not only to our customers, but also their customers, and this has been a key success factor for us throughout the journey,” stated Haseeb Mohammad, Founder, and CEO.

Alsharif also expressed optimism about the funding and partnership.

2. Trade finance firm, Afreximbank, allocates $1.5 billion to boost Trade

A Pan-African multilateral financial institution, African Export-Import Bank (Afreximbank), has allocated $1.5 billion to boost finance in Caribbean countries.

The Trade finance firm disclosed this in a statement seen by Ripples Nigeria on Tuesday.

Read also:Google declares ‘code red’ to the rise of ChatGPT. 2 other stories and a trivia

The development comes on the heels of the addition of nine Caribbean countries to its Afreximbank Partnership Agreement at the first Africa-Caribbean Trade and Investment Forum (ACTIF) in September.

“These key sectors were identified following several Afreximbank-led business development and trade and investment promotion missions to the Caribbean,” the release said

The Cairo-based firm recently launched its new product trade payment services, AfPAY, as it looks to enhance international trade.

The financing will help the Caribbean countries access funding for tourism, healthcare, renewable energy, shipping, mining, agriculture and agribusiness, air links, and aquaculture.

Tech Trivia: Which service is not owned and operated by Meta Platforms?
A. Facebook
B. WhatsApp
C. Instagram
D. Nextdoor
Answer: see end of post

3. Akulaku raises $200M from Mitsubishi UFJ Financial Group

Jakarta-based fintech, Akulaku, has raised $200 million from Mitsubishi UFJ Financial Group (MUFG).

This was contained in a statement from Kenichi Yamato, the managing executive officer, and chief executive of MUFG Bank’s Global Commercial Banking Business Unit, on Tuesday.

MUFG, which is the largest bank in Japan, is a strategic investment in the industry.

Akulaku claims it offers a virtual credit card and installment shopping platform, as well as an investment platform and neobank in the Philippines, Malaysia, and Indonesia.

“Southeast Asia is key and a second market to MUFG. Our investment in Akulaku will further solidify our commitment in this region to meet the growing financial needs of underserved customers,” noted Yamato.

Yamato added that the two parties plan to expand into new markets and products together in 2023.

Akulaku earlier raised $100 million in funding from Siam Commercial Bank as part of another strategic investment.

Trivia Answer: Nextdoor

While services like Facebook and Instagram allow users to build a network of friends and followers, Nextdoor automatically connects people by physical proximity. Users can see posts from anyone in their neighborhood or surrounding area, providing an open forum for neighbors.

By Kayode Hamsat

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