Individuals
Businesses
Company
Intelligence
News
African Capital Markets
EnglishEnglish

Investor Updates: May 30 2022 - Nigeria-based Betastore gets $2.5m for African expansion

3 min Read May 30, 2022 at 1:33 PM UTC

Daba finance invest in Africa

Nigeria-based Betastore gets $2.5m for African expansion

BetaStore
Image from TechEconomy

Highlights

  • With operations spread across Nigeria, Senegal, and Ivory Coast, BetaStore, a tech-enabled B2B retail startup, has closed a $2.5 million pre-series A funding round.
  • BetaStore makes it possible for small businesses to seamlessly source their inventory and access capital to scale their business growth. 
  • The fund was received from 500 Global, VestedWorld, and Loyal VC, bringing the investment raised by BetaStore to $3 million to date. It will enable an expansion into Ghana, the Democratic Republic of Congo, and Cameroon by the end of this year and the launch of a financing product in July.

Source: TechEconomy


Our Takeaway

It’s easy to see why VC funding is increasingly pouring into the B2B e-commerce space space. More than $600 billion of consumer goods are sold in Africa through informal retail channels every year, supplying the vast majority of the 1.2 billion population yet the industry is faced with several challenges, such as stockouts, lack of working capital, etc, which can be addressed, profitably, with digitization. 


Nigerian-founded NFT Platform, Ayoken, raises $1.4m

Ayoken gets $1.4M to grow its NFT marketplace for creatives
Image from TechCrunch

Highlights

  • Ayoken, a digital collectibles marketplace connecting creators in emerging markets like Africa to global audiences, has raised $1.4 million in pre-seed funding.
  • The investment was raised from Founders Factory Africa, Texas-based Kon Ventures, Europe-based venture capital collective Crypto League, Ghana-based R9C Ventures, and Maximus Ventures. 
  • Founded by Joshua King and headquartered in London, Ayoken plans to use the pre-seed funding to expand its team and presence across countries, and also sign a number of exclusive deals with artists and partnerships with telcos.

Source: TechCrunch

Our Takeaway

Artists and other players in the NFTs space across Africa are confronted with several challenges in accessing the marketplaces. Regardless, we expect NFT adoption in Africa will continue to soar, particularly in countries where they’ve become widely popular due to a growing interest from artists, entertainers, and investors. And this is evident in the emergence of Africa-focused platforms such as Ayoken.


Elon Musk’s Starlink approved by Nigeria and Mozambique

Starlink's square dish receiver
Image from TechCrunch

Highlights

  • Elon Musk announced in a tweet on Friday that Starlink, the satellite internet service launched by SpaceX, his space exploration company, has been approved in Nigeria and Mozambique.
  • Starlink operates in more than 30 countries where it is legally approved, in essence, where it has required licenses to provide internet services.
  • Its launch in Africa, particularly in Nigeria, has been in the works since 2021 and according to reports from local media reports, the Nigerian communications regulator has approved this license, corroborating Musk’s tweet.

Source: TechCrunch


Our Takeaway

African governments have made huge strides in making the internet accessible for their 1.2 billion people. But with just 22% internet connectivity, the continent remains significantly behind other regions in the world. It needs between $70-$100 billion annually to address its existing infrastructure gap while most of the current and past direct investments have been poured into terrestrial networks run by leading telecom players like MTN, Airtel and Orange. Starlink’s satellite internet thus offers a unique proposition but its ability to compete with existing players will depend on how well it can lower cost of adoption.

This material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Articles do not reflect the views of DABA ADVISORS LLC and do not provide investment advice to Daba’s clients. Daba is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.

Share this post
share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram
Stay informed with our newsletters read by 25,000+ professionals worldwide
Newsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companies

Next Frontier

Stay up to date on major news and events in African markets. Delivered weekly.

Pulse54

UDeep-dives into what’s old and new in Africa’s investment landscape. Delivered twice monthly.

Events

Sign up to stay informed about our regular webinars, product launches, and exhibitions.

+25k investors have already subscribed

Take action.

Download app

Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.

Partner with us

Unlock exciting business opportunities and growth potential.

Join Daba

Become a part of our vibrant community and enjoy exclusive benefits.

Contact us

Reach out to us for inquiries, support, or collaboration.
For Investor
StrategiesPortfolio ManagementAfrican Capital MarketsNews
Daba Pro Intelligence
For Capital Seekers
For StartupsFor Fund ManagersFor Private CompaniesFor Lenders
For Partners
Commercial BanksBroker DealersAsset ManagersInvestment BanksInvestment Advisors and ConsultantsLenders and Microfinance
Company
About UsMarket UpdatesEventsBlog and PodcastNewsletterCase StudiesAffiliate ProgramInvesting GlossaryOfficial ContactsTrust, Compliance and SecurityFrequently Asked Questions

Terms & ConditionsPrivacy Policy
EnglishEnglish

Owned by Daba Markets Inc. By using this site, you accept our Terms and Conditions and Privacy Policy. © 2024 All rights reserved. 2025 All rights reserved