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TechNigeria: A weekly digest of what went down in Nigeria’s tech space



Flex Finance, Octamile, ShapShap, MediSpark and Fixit45. These are some of the names that made the headlines this week.

Flex Finance, a Nigerian fintech startup, raised a six-figure US dollar pre-seed funding round.

Also, exiting stealth mode, Nigeria’s Octamile, during the week, raised US$500,000 in pre-seed funding.

Let’s get into details.

Flex Finance, a Nigerian fintech startup, raised a six-figure US dollar pre-seed funding round.

Our tech correspondent, Ridwan Adelaja, noted that the startup is expected to use the funds to support its growth along its range of services.

Flex Finance is a mobile ecosystem that helps MSMEs and solo entrepreneurs better manage and track their daily business expenses and finances.

Exiting stealth mode, Nigeria’s Octamile also raised a US$500,000 pre-seed funding.

Octamile, which is an insurtech company enabling insurance and non-insurance businesses, protects African consumers from financial loss.

Leveraging technology, the startup offers insurance providers the data and technology necessary to improve customer experience, reduce administrative costs and optimise the profitability of their insurance portfolio.

Meanwhile, Nigerian logistics startup, ShapShap, secured an undisclosed investment from Germany-based VC firm GreenTec Capital Partners.

The investment, according to the report, is a part of a peer made by the VC involving ShapShap and another inter-city transport company, T40.

Before investing in ShapShap, GreenTec has invested in a host of African startups, including Kenyan AI startup SuperFluid Labs, and Nigerian logistics startup Parcel-it.

READ ALSO: Nigerian fintech startup Bankly raises $2m in seed funding round. 2 other things and a trivia

Also, Nigerian healthcare enhancer startup, MediSpark, launched its venture as an ecosystem of APIs and SaaS tools to synchronise data across Africa’s fragmented healthcare systems.

Described as “Truepill for Africa”, MediSpark was founded by Ugo Nwokoro and Gbenga Oyeniyi.

Major point of interest is highlighting Nwokoro as a product manager and UX designer, where Oyeniyi is said to be a programmer for over 10 years.

One other major highlight of the week is the news around SOSV, a United States (US)-based venture capital firm, which named three African startups among the 10 companies in its cross-border programme.

The startups namely: Egypt’s DXwand, Kenya’s MarketForce and Nigeria’s PricePally will receive approximately US$150,000 in seed funding.

Profiling SOSV, our correspondent noted that the VC provides multi-stage investment to develop and scale big ideas for positive change, investing in 150 companies every year through category-leading startup development programs.

Finally, Fixit45 acquired Parkit, an automotive consumable products manufacturer, at an undisclosed amount following its exit from Cars45, as the firm looked to raise funds for its growth amid Merger & Acquisition (M&As) hike in Nigeria’s startup space.

The startup, co-founded by Justus Obaoye and Abdulazeez Ogunjobi, competes in the digital auto industry, offering its infrastructure for auto repair, maintenance services, fleet management and auto parts sourcing.

Commenting on the development, Obaoye noted that Fixit45 was in discussion with some investors for an investment round, although he confirmed that it had already secured funds from unnamed venture capitals.

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