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Nigerian fintech startup Bfree is starting the year by celebrating a $1.7 million pre-Series A funding round, according to TechCrunch. Participating investors include 4Di Capital, Octerra Capital, VestedWorld, Voltron Capital, Logos Ventures, and angel investors. The outlet also reports that $2.5 million has been raised in total, including $800,000 raised in May 2021. The funds will expand Bfree into additional markets outside its current home in Nigeria and Kenya. The company plans to enter 16 markets in Ghana, India, Uganda, Brazil, Colombia, Mexico, Russia, Poland, Pakistan, and Indonesia. “We are going into markets with large populations, credit deepening and an underdeveloped regulatory environment, where a behavioral collection approach is likely to work,” Bfree co-founder and CEO Julian Flosbach said, according to TechCrunch.
Damilola Olokesusi — the founder of Shuttlers — has joined the small percentage of women who have received major funding from venture capital in Africa during 2021. After experiencing her own trouble securing transportation in Nigeria, Olokesusi would later become driven to find a solution to combat transportation insufficiencies. Her startup Shuttlers was created in 2016 to transport professionals and organizations from buses to work and combat the continent’s transportations costs in Lagos, Nigeria. Now, the company can further its mission with the help of a successful seed round totaling $1.6 million from investors housed in Nigeria and beyond, TechCrunch reports. The round was led by VestedWorld, a venture capital firm based in Chicago, IL, and Africa. Other investors included Rising Tide Africa, Launch Africa, EchoVC, Consonance Investment, CcHub Syndicate, CMC 21 & Alsa, ShEquity, Five35, Sakore and Nikky Taurus. Olokesusi acknowledges the interest for these investors was due...