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

Stitch, Autochek, Vendease and Facebook. These are some of the names that made the headlines this week.

Facebook rebranded to Meta. Stitch, a South African API fintech startup, announced expanding its venture into Africa’s largest economy, Nigeria.

Automotive technology company, Autochek, raised a $13.1M seed funding to scale its venture while Vendease, a Y Combinator-backed Nigerian agri-tech startup, raised a US$3.2 million in seed funding.

Let’s get into details.

Facebook’s new name

Social media giant, Facebook, during the week, announced the change of its name to Meta.

Facebook cofounder and Chief Executive Officer, Mark Zuckerberg, said the change of name would reflect the company’s efforts at rebranding its future operations.

The restructuring comes as that of Google when it restructured the brand into Alphabet as a new holding company for its business.

With the new arrangement, Whatsapp, Facebook and Instagram now come under the new Meta parent company.

Stitch’s expansion plan

South African API fintech startup, Stitch, has expanded its venture into Africa’s largest economy, Nigeria.

READ ALSO: Nigerian agri-tech startup Zowasel secures $100k. 2 other things and a trivia

The development followed a raiser that increased its equity raiser to US$6 million from US$4 million.

The startup, by venture, allows developers to connect apps to financial accounts within minutes, allowing their users to share their transaction histories and balances, confirm their identities, and initiate payments.

Autochek’s $13.1m raiser

During the week, Automotive technology company, Autochek, raised a $13.1M seed funding to scale its venture.

According to the automotive company, the raiser was co-led by TLcom Capital and 4DX Ventures.

Aside TLcom and 4DX, the round saw the participation of existing investors including Golden Palm Investments, Enza Capital, Lateral Capital as well as new participants, ASK Capital and Mobility 54 Investment SAS.

Vendease closes $3.2m seed round

Vendease, a Y Combinator-backed Nigerian agri-tech startup, closesd a US$3.2 million in seed funding.

The round is expected to help the startup expand its operations and build out its technology.

On business model, Vendease helps to solve food supply chain problems by digitising procurement processes, storage operations and logistics.

CcHub in Namibia

Co-Creation Hub (CcHub) launched a new Seedr programme in Namibia.

The Seedr programme will run as a six-month acceleration programme for early-stage technology startups in emerging ecosystems with the potential to scale and create impact.

With the new accelerator programme, CcHub aims to work with impact-driven founders to develop their startups into sustainable entities and raise funding through its syndicate platform.

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