Shekel Mobility secures $7m to drive expansion. 2 other stories and one trivia

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

1. Shekel Mobility secures $7m to drive expansion

Shekel Mobility, an African B2B auto marketplace, has secured a $7 million investment to fuel its expansion.

The cofounder of the startup, Benjamen Oladokun, confirmed the development in a press release seen by Ripples Nigeria on Tuesday, November 14, 2023.

The funding, comprising $3.2 million in equity and over $4 million in debt, was led by Ventures Platform and MaC Venture Capital.

Other contributors who participated in the round include Y Combinator, Rebel Fund, Unpopular Ventures, Maiora Capital, PageOne Lab Inc., Phoenix Investment Club, Heirloom VC, and Pioneer Ventures.

According to the team, Zedvance, VFD Microfinance Bank, Zenith Bank, and Fluna, among others, provided the debt component of the deal.

This financial boost aims to catalyze Shekel Mobility’s growth, with a target to quadruple its current Annual Recurring Revenue (ARR) of slightly over $2 million.

Speaking on the development, Benjamen emphasized the strategic deployment of these funds, noting that it is crucial for the startup’s expansion within the evolving African automotive market.

Investors, including Ventures Platform and MaC Venture Capital, were drawn to Shekel Mobility’s pivotal role in addressing challenges faced by small auto dealers in Africa.

Ripples Nigeria learnt that in its 20 months of operation, Shekel Mobility has showcased significant traction, facilitating over $56 million in auto dealer transactions.

With a focus on the $30 billion African used car market, the YC-backed startup, founded by Benjamen Oladokun and Sanmi Olukanmi, has empowered 1,400 dealers across 7,000 cars.

Trivia: Which of these components is not overclockable?

A. SSD

B. CPU

C. RAM

D. GPU

Find answer below

2. Nigeria’s Wicrypt integrates WiFi hotspots into peaq ecosystem

Wicrypt Network, a Nigerian decentralized mobile internet sharing and monetization network, has broadened its collaboration with peaq, a blockchain designed for real-world applications.

Established in 2018, Wicrypt pioneers decentralized WiFi internet sharing and monetization, allowing individuals to earn by sharing their WiFi.

Ripples Nigeria gathered that the startup is the first African company to create a peer-to-peer infrastructure for sharing mobile internet data independently of third-party integration.

Having concluded a strategic US$1.5 million funding round in November 2021, Wicrypt has reportedly deployed over 1,000 hotspot hubs globally.

Meanwhile, peaq has developed a layer-1 blockchain facilitating the creation of decentralized applications and physical infrastructure networks for various purposes.

The initial Wicrypt WiFi hotspots are now active on krest, peaq’s sister blockchain, equipped with unique peaq IDs. The latest version of the Wicrypt operating system ensures seamless compatibility with peaq, simplifying the connection process for users.

Ugochukwu Aronu, CEO at Wicrypt, while speaking on the prospect of the startup described the new integration as a “perfect testing environment” as it seeks to boost the venture.

He said: “As a production-grade network, krest gives us a perfect testing environment for everything we build on peaq, and in the longer term, it will boost the rewards users earn on our DePIN ecosystem. It’s the perfect incentivization mechanism to power connecting the disconnected.”

3. Nigeria’s agritech venture, UfarmX, extends into Senegal via SEED partnership

A Nigerian agritech venture, UfarmX, has extended its foot into Senegal where it is looking to further deploy blockchain technology to empower smallholder farmers and reshape perceptions of agriculture as a contemporary and lucrative career choice for the younger generation.

Described as a “digital bridge” by CEO Alexander Zanders, UfarmX utilizes blockchain to connect rural, unbanked farmers with resources and markets, providing transparency and accessibility.

Ripples Nigeria gathered that the platform supports over 1,300 farmers and has expanded to Senegal through a strategic partnership with The SEED Project, founded by Basketball Africa League President Amadou Gallo Fall.

Combining technology with on-the-ground training, UfarmX and The SEED Project offer 2,000 students hands-on experience and education, creating a direct pathway to employment through UfarmX’s platform.

The startup, currently self-funded, is embarking on its first external investment round, having received a $1.7 million term sheet offer from UBA Bank in Senegal and securing $1.56 million in commitments from undisclosed investment funds.

Trivia Answer: SSD

Overclocking is the process of increasing the clock speed of a processor beyond its stock setting. It can increase a processor’s performance, but at the cost of increased power usage, heat generation, and the possibility of system instability or physical damage. Power users who enjoy tinkering with their computers often overclock their CPUs (and sometimes their GPUs and RAM) to get the most speed out of their hardware.

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