Smile Identity closes $7m to build Africa’s KYC. 2 other things and a trivia
This line-up of stories will help you discover the latest happenings around the tech world, today.
1. Smile Identity closes $7 Million to build Africa’s KYC
Digital identity verification firm, Smile Identity, has announced closing a $7 million in Series A funding as it looks to further build Africa’s KYC (Know Your Customer).
The four year old startup builds tools and software to change the way millions of Africans prove and authenticate their identity online.
According to the startup, the investment was co-led by Costanoa Ventures and the pan-African venture firm and CRE Venture Capital.
The funding also saw the participation of LocalGlobe, Intercept Ventures, Future Africa Ventures, and other angel investors from across Africa and around the world.
Returning investors in the round included Khosla Impact, ValueStream Ventures, Beta Ventures, 500 Startups, and Story Ventures.
Venture analysts say the round marks the largest investment into an identity verification company focused on Africa, and brings Smile Identity’s total funding to over $11M.
Tech Trivia: What is the website with the highest traffic in Nigeria?
Answer: See end of post
2. Egyptian Baramoda wins social impact accelerator contest
Baramoda, an Egyptian agri-tech startup Baramoda, has emerged winner in the contest hosted by social impact accelerator C3.
Being the third edition, the contest was powered by HSBC, and saw UAE’s The Zola Collective finish as second place while EduPloyment as overall third position.
Winning the contest, the winners secured equity-free cash prizes courtesy of HSBC, pro bono consulting support from Bain & Co, and pro bono legal support from Al Tamimi & Company, as well as a complimentary licence to the DMCC.
READ ALSO: SAIS invests $5000 in Five African startups. 2 other things and a trivia
According to C3, the winners will also benefit from Amazon Web Services (AWS) promotional credits as part of the AWS Activate programme, and receive support from FH Insights – a corporate training company that will help them align their company values with their mission.
Sabrin Rahman, HSBC’s managing director and head of sustainability EMEA, expressed his excitement to see how C3 is contributing to the scale up of small scale ventures.
Rahman said: “I couldn’t be prouder of how the programme has evolved year on year. Scaling up these social businesses also means scaling their impact, which means we are able to begin tackling some of the most critical issues in our communities.
“Collaboration and partnerships across all sectors are key if we want to create long-term solutions for the region, by the region, which is why we value our partnership with C3.”
3. Cape healthtech iNNOHEALTH secures seven-figure seed capital
Cape Town-based startup, iNNOHEALTH, has secured an undisclosed seven-figure investment from a Hong Kong-based VC.
The investment, according to the company’s deals’ book, will go to expanding the startup’s doctor-led app, MyPocketHealth, launching later this year for the national user base.
Speaking on the development of the product, the company explained that the AI-enabled healthtech product is set to position iNNOHEALTH at the forefront of digital healthcare in SA, easing the delivery of crucial primary healthcare services and products.
Founded in 2020 by medical doctors (MDs) Chad Marthinussen and Wade Palmer, and chartered accountant (CA) Abdul-Malick Salie, the healthtech disruptor aims to provide solutions for quality, affordable and equitable healthcare to everyone in Africa.
According to Marthinussen, the MyPocketHealth platform will reduce the need for in-person medical consultations, allowing patients to access the best, most affordable medical advice and care from their smartphones.
He said: “What we’ve seen is a 55% increase in out-of-pocket medical expenditure, when 40% of all forms of healthcare can be virtualised. Additionally, 78% of South Africans have missed appointments because of cost.”
Tech Trivia Answer: Google
Google.com, according to recent traffic search log obtainable from Alexa and SimilarWeb, is the most visited website in Nigeria. It leads the pack where betting website Bet9ja.com is the next in line.
Google LLC is an American multinational technology company that specializes in Internet-related services and products, which include online advertising technologies, a search engine, cloud computing, software, and hardware.
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