Tuesday, 14th June 2022 – We’re excited to announce that we hit yet one more milestone this quarter. We now have raised a $330,000 pre-seed fund. The spherical was backed by Magic Fund, The Oak Capital, Future Africa, Berrywood Capital and different angel buyers.
It’s a thrilling second for us as this provides us a wonderful alternative to increase our operations and scale considerably. This fund will take us a step nearer to actualising our purpose of constructing an embedded finance infrastructure for Africa. We are going to combine with extra ecosystems and monetary establishments and construct merchandise to create wealth and drive prosperity for the common African client.
“African SMEs are grossly under-funded, with greater than 50% of Africans missing entry to credit score. VeendHQ is fixing this downside by offering simple and quick entry to credit score, leveraging a credit score infrastructure platform that automates lending processes for lenders and connects them to debtors by varied origination channels. We consider the VeendHQ workforce is on observe to construct a extremely scalable product and place itself as a market chief in embedded finance on the continent.” Temi Awogboro, Lead Basic Accomplice, Africa at MAGIC Fund.
Olukayode Olusanya, Basic Accomplice at Oak Capital, feedback, “The issue VeendHQ is fixing is large. Many Africans and African companies right now have zero to low entry to credit score. The workforce at VeendHQ are making financial prosperity accessible to everybody on the continent with the digital lending infrastructure they’ve constructed, enabling the unbanked to entry credit score at aggressive costs. We’re excited to see the progress that VeendHQ is making and the way they’re altering the credit score panorama in Africa. At The Oak Capital, our purpose is to again founders which have developed distinctive know-how and technology-enabled options that really remedy African issues, creating long-term influence within the mass African market.”
“Our core mission at Berrywood Capital is to spend money on the subsequent era of early-stage, African-led, technology-focused options, and VeendHQ’s enterprise intently aligns with this. Beginning with infrastructure that drives automated lending, the corporate is poised to ship enterprise monetary options and particular person wealth creation on the continent within the subsequent decade. We’re excited to be with them on this journey.” Berrywood Capital.
“VeendHQ is on the forefront of progressive monetary options and has been on a easy sail since its creation in 2021. This might not have been attainable with out the wonderful workforce at VeendHQ, our companions, monetary establishments and buyers whose assist and belief have fueled this imaginative and prescient. As we journey into one other part, our purpose stays to democratise entry to finance by technology-enabled finance merchandise.” Olufemi Olanipekun, VeendHQ CEO.
VeendHQ is an embedded finance know-how firm. We allow micro-lenders, banks and retailers to embed credit score into varied ecosystems profitably simply and at scale. Study extra at www.veendhq.com.
About Magic Fund
MAGIC Fund is a world enterprise capital fund run by founders that invests in early-stage know-how startups. They consider founders with prior startup expertise are the perfect buyers, significantly for early-stage companies. They’re a fund of micro-funds led by repeat founders with deep information in particular industries and areas, with a selected emphasis on fintech, healthcare, B2B SaaS, and rising markets (Africa, LATAM, SE Asia).
About The Oak Capital
The Oak Capital is a enterprise capital administration agency established to again bold, underserved founders fixing essential African issues in Africa round however not restricted to monetary inclusion, healthcare and meals safety utilizing know-how. The Oak Capital is sector agnostic however invests in extremely scalable companies that digitally rework key sectors of the economic system.
About Future Africa
The Fund for Africa’s Future is a fund supervisor that invests early in mission-driven founders fixing complicated issues for giant markets. The mission is to construct an African future by turning our most troublesome challenges into international enterprise alternatives and is backed by the founders of Andela, Paystack, Jumpbike and buyers at Native Globe.
About First Circle Capital
First Circle Capital is a enterprise capital agency seeding the subsequent fintech era in Africa, an early-stage fund and a world professional neighborhood. At First Circle, they again distinctive founders who maintain the potential to grow to be Africa’s subsequent era of fintech unicorns. The agency was based by a workforce of tech founders, fintech consultants and enterprise capitalists obsessed with creating constructive change with tech.
About Berrywood Capital
Berrywood Capital is a pan-African-focused household workplace that invests in distinctive growth-driven tech startups. The agency’s strategy is sector-agnostic, permitting it to mobilize capital and allocate it to sectors inside Africa that can result in transformative change. Berrywood Capital operates out of Lagos, Nigeria.