Investor Updates: Nigerian proptech Seso Global expands to US and UK

Nigerian proptech Seso Global opens US, UK offices

Highlights

• Nigerian startup Seso Global has launched offices in Los Angeles and Columbus (United States) and London (United Kingdom) to enable it to engage with diaspora communities and build partnerships for investing safely in African real estate.
• Launched in Nigeria in June 2019, Seso has developed a customer relationship management (CRM) portal that enables property developers, agents, and governments to manage their properties, documentation, and transactions on a secure blockchain database. 
• Once verified, properties are listed on the Seso marketplace where clients can browse and interact with further service providers such as banks for mortgages and law firms for title registrations.

Source: Disrupt Africa

Our Takeaway

Unlike many other traditional industries, real estate has not changed very much over the decades. But in recent times, the ongoing technology wave has seen a number of African startups emerge with a vision to give the sector a face-lift. Seso is one such and has expanded beyond Nigeria quickly since its founding. It launched its first pilot in South Africa in November 2019 and entered Ghana in May 2020. Last June, it raised $600,000 in pre-seed funding. Its new foreign offices should see Seso help attract more investment into African real estate.

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Chamath Palihapitiya leads $4m investment in Kenyan logistics startup Sote

Highlights

• Kenyan supply chain-focused Sote has raised a $4 million seed extension round to expand its offering into the fintech space.
• Founded in 2018, Sote launched its tech-enabled customs clearing and forwarding service in 2020. The platform provides a real-time dashboard that allows manufacturers, retailers, and distributors visibility on shipment status, saving time and money.
• The seed extension round brings Sote’s total funding raised to date to $8.4 million. The round was led by Social Capital, Chamath Palihapitiya’s fund, with the firm’s growth partner Ray Ko joining Sote’s board.

Source: TechCabal

Our Takeaway 

Africa is tipped to experience unprecedented economic growth and social change in this century but whether that happens largely relies on how well the continent can address its key infrastructural challenges. Sote’s solution is taking on one of those issues, by transforming the logistics infrastructure for African shipping— starting with customs clearing and forwarding. Attracting one of Silicon Valley’s leading investors in Chamath attests to the viability of its vision to become the digital logistics gateway to the African continent.

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Organon, Flat6Labs launch accelerator for female-led healthtech startups in MENA

Highlights

• Global healthcare firm Organon and Flat6Labs have partnered to launch the Femtech Accelerator Programme to help female-founded digital health startups across the Middle East and North Africa (MENA) succeed.
• Both companies will provide selected founders with support to build products, test market fit, and improve business models.
• Ten companies will be invited to join the two-month intensive programme following a selection process, and receive support in turning their idea into a Minimum Viable Product (MVP) and securing venture funding.

Source: Disrupt Africa

Our Takeaway
Investments in Africa’s tech ecosystem hit $5 billion in 2021, however, female founders were only able to get a fraction of the total pie. According to a report by research firm Briter Bridges and the World Bank’s Africa Gender Innovation Lab (GIL), only 3% of African tech startup funding since 2013 has gone to companies with all-female founding teams. If greater gender equity is to be achieved in a male-dominated funding landscape, female entrepreneurs solving key challenges in healthcare and other crucial sectors need more support from players in the venture funding space.