US Venture Capital Firm Leads New Investment in Nigerian Startup Teamapt
The United States-based venture capital (VC) firm, QED Investors, recently led an investment round that raised more than $50 million for the Nigerian fintech Teamapt. The investment, as well as the VC firm’s hiring of personnel tasked with spearheading its investments in Africa, seem to point to QED Investors’ newfound commitment towards the continent. Teamapt’s Pre-Series C
The fintech-focused venture capital firm, QED Investors, recently became an investor in a Nigerian company, Teamapt, a startup that specializes in providing payments and banking platforms. According to a Techcrunch report, QED led an investment round that reportedly raised more than $50 million for Teamapt.
Besides QED Investors, the other participants in the investment round — which the Techcrunch report has called pre-Series C — were Novastar Ventures, Lightrock, and BII. The three all became investors in the fintech firm after they participated in Teamapt’s Series B round.
Meanwhile, in his response to assertions the market downturn had disturbed his company’s fundraising plans, Teamapt’s Tosin Eniolorunda reportedly said: We always approach our fundraising effort opportunistically and want to make sure the market context, cash needs of the business and investor profile match our strategic growth views. Given the overarching cautious market environment, we were not in active fundraising mode. As a profitable company, we did not need the cash, but we were happy to take an opportunity to add a new high-profile investor.
For QED Investors, which reportedly has invested in 180+ plus companies, the investment in Africa is the final piece of the puzzle for a company that is seeking to become a “global fintech-specialist VC firm.”
To underline the US-based VC firm’s commitment to Africa, the report notes that QED Investors has already hired Gbenga Ajayi and Chidinma Iwueke to spearhead its investments on the continent.
Register your email here to get a weekly update on African news sent to your inbox:
Tags in this story Nigerian Fintech, Novastar Ventures, QED Investors, Series B, Teamapt, VCs
What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Flutterwave Kenya License Controversy: Fintech Giant Reportedly Applied in 2019 FINTECH | 3 days ago Nigerian Mobility Fintech Secures $20 Million From British Development Finance Institution FINTECH | Jul 12, 2022
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCrypto Exchange BTC-e Operator Vinnik Reportedly Denied Bail in US, Maintains Innocence Next articleBank of Russia Aims for Full Launch of Digital Ruble in 2024 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms