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Edlyft raises over $1.4 million venture capital during pandemic

Edlyft raised over $1.4 million in venture funding from a number of investors.

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Edlyft raises over $1.4 million venture capital during pandemic

Edlyft, an EdTech startup, has so far raised over $1.4 million in venture funding from a number of investors.

The investors include Kleiner Perkins, Y Combinator, Kapor Capital, Village Global VC, January Ventures, and Backstage Capital. Also, funding came from some respectable entrepreneurs such as Jeff Weiner (former CEO, now Executive Chairman of LinkedIn).

READ: StarTimes/NTA venture yielded no profit in 11 years – DG, NTA

It is practically impossible to run a business without capital, and sometimes, it is difficult to raise funds if the business is not well managed or successful.

Therefore, a balance must be struck; just as businesses strive to raise more funds for different purposes such as expansion, they must also strive to remain profitable.

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READ: Deals: Cisco-backed Harambe invests $200,000 in Max.ng, Releaf Group

Commenting on the latest development, one of the co-founders of the group, Erika Hairston told Forbes:

We started our post-demo-day fundraise in the final weeks of Y Combinator’s winter 2020 batch. Given that Black women receive only 0.06% of venture funding, I had a determined mindset; yet no one could’ve predicted the challenges of rising at the peak of uncertainty across the globe.

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READ: Renault eyes electric cars for China, as demand for petrol cars drops

READ: $70 billion per annum will be needed to tackle pandemic induced poverty – World Bank

“I remained optimistic however because due to pandemic and children and young people not being able to go to schools and universities, our work only became that much more needed in the world.”

She added, “Initially, it felt impossible to build new relationships with institutional funds who didn’t already know us or who weren’t focusing only on their portfolio. As the world adjusted to fully remote, so did we and the investor community. One of the fun facts about our fundraising journey is that 10% of our investors came solely from introductions over Twitter.

READ: Paystack partners Google to empower SMEs in Nigeria, Kenya, and South Africa

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What you should know

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Edlyft is a paid support platform that helps college students and adult learners through CS courses, by pairing them with inclusive mentors, online group tutoring, and tools for navigating complex subjects.

Venture capital is a form of private equity and a type of financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential.

READ: Biggest IPO: World’s biggest Fintech plans to raise $34 billion 

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COVID-19 Update in Nigeria

On the 2nd of December 2020, 122 new confirmed cases and 1 death was recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 67,960 confirmed cases.

On the 2nd of December 2020, 122 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 7,101 samples across the country.

To date, 67,960 cases have been confirmed, 63,839 cases have been discharged and 1,177 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 779,708 tests have been carried out as of December 2nd, 2020 compared to 756,237 tests a day earlier.

COVID-19 Case Updates- 2nd December 2020,

  • Total Number of Cases – 67,960
  • Total Number Discharged – 63,839
  • Total Deaths – 1,177
  • Total Tests Carried out – 779,708

According to the NCDC, the 122 new cases were reported from 11 states- Kaduna (37) Lagos (29 ), Plateau (25), Ekiti (9), Rivers (5), Ogun (5), Edo (4) Kwara (4), Bayelsa (2), Bauchi (1), and Kano (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 23,439, followed by Abuja (6,868), Plateau (3,902), Oyo (3,728), Kaduna (3,173), Rivers (3,001), Edo (2,703), Ogun (2,233), Delta (1,824), Kano (1,798), Ondo (1,728), Enugu (1,332),  Kwara (1,110), Ebonyi (1,055), Katsina (1,030), Osun (947), Gombe (938). Abia (926), Bauchi (774), and Borno (745).

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Imo State has recorded 677 cases, Benue (496), Nasarawa (493), Bayelsa (456),  Ekiti (374), Akwa Ibom (339), Jigawa (331), Niger (298), Anambra (285), Adamawa (261), Sokoto (166), Taraba (163), Yobe (100), Kebbi (93), Cross River (90), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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WorldRemit and The Nest partner to empower entrepreneurs in Nigeria, 3 others

WorldRemit has partnered with The Nest to empower entrepreneurs in Nigeria, Kenya, Ghana, and Zimbabwe.

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WorldRemit and The Nest partner to empower entrepreneurs in Nigeria

WorldRemit, a global fintech platform, has partnered Nigeria’s tech innovation hub, The Nest, to empower entrepreneurs in Nigeria, Kenya, Ghana, and Zimbabwe.

This was disclosed by the company via a statement issued on Wednesday, and seen by Nairametrics.

According to the statement, the partnership is to build scalable business models across Africa via the WorldRemit Entrepreneurs Program.

READ: Where to invest your N5m to N500m safely and securely

In its quest to go beyond digitalizing payment methods across the globe, strengthen its renewed commitment to creating opportunities, and facilitate development in Africa, WorldRemit will now equip African entrepreneurs with effective skill sets and tools to build, innovate, and scale their businesses.

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Country Manager (Nigeria and Ghana), WorldRemit, Gbenga Okejimi, explained that the partnership came right in time for impact, as many small businesses had taken a hit in the course of the tumultuous year.

READ: FG proposes additional tax exemption for small businesses

He lauded the efforts of the team at The Nest Hub for their resolve at ensuring continuous education, and enabling a thriving environment for start-ups and small businesses.

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He said, “Much of what Africa is today is due to its entrepreneurship, which is a key driver for socio-economic progress through significant job creation and innovation.

READ: Unilever announces the appointment of Jaime Aguilera as Non-Executive Director

“At WorldRemit, we want to be known for fostering the African entrepreneurship spirit. We want to be a part of Africa’s future prosperity. By helping build entrepreneurs across our African markets, we are enabling growth and development.”

Co-founder, The Nest, Oluwajoba Oloba, explained that the Entrepreneurs Program will serve as a catalyst in building scalable business models across Africa as the continent enters into a new wave of business revolution.

READ: Conventional insurance firms can now set up their Microinsurance department – NAICOM

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He said, “The entrepreneurs will be equipped with effective skills and tools required to build and scale their businesses. The Nest definitely plays a big role in this important partnership, as the project partner leads the designing of the digital business course, otherwise known as the learning modules, that would be used in training selected entrepreneurs while also mentoring them on innovative ways to manage and scale their businesses.”

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He added that beyond training and mentoring, The Nest provides entrepreneurs, creatives, start-ups, and small businesses with dynamic facilities and workspaces.

READ: CBN takes another major step towards regulating Nigerian fintech firms

What you should know

  • The WorldRemit Entrepreneurs Program will run simultaneously in Nigeria, Ghana, Kenya, and Zimbabwe, from November 2020 through January 2021.
  • It is expected to empower 50 aspiring and budding entrepreneurs.

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Tech News

MTN, Vodacom launched 5G in sub-Saharan Africa in 2020 – GSMA Report

Vodacom and MTN launched their first major 5G networks in Sub-Saharan Africa in 2020, according to the GSMA 2020 report.

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The Global System for Mobile Communications (GSMA) 2020 report revealed that Vodacom and MTN launched their first major 5G networks in Sub-Saharan Africa in 2020.

The telecoms operators offered 5G mobile and fixed wireless access (FWA) services in several locations across South Africa – this appears to be a welcome development, as the South African government had already assigned temporary spectrum in the 3.5 GHz range in the wake of the Covid-19 pandemic.

Obviously, the proximate opportunity to be harnessed for the 5G in South Africa is to use FWA to bridge the gap in fixed broadband connectivity for homes and businesses.

According to the report, there has been 5G trial runs in almost all the countries in Sub-Saharan Africa, including Gabon, Kenya, Nigeria and Uganda but the possibility of mass deployment of the 5G network is still not guaranteed, as there are significant levels of unused 4G capacity. Also, the 4G adoption rate is still relatively low, creating opportunities for the operators to increase their stakes in 4G.

As a boost to mop up the unused 4G capacity, the partnership between Safaricom and Google to finance the acquisition of 4G smartphones, provides the desired momentum as low-income consumers pay for 4G devices in convenient and flexible daily installments.

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According to the report, it is expected that over the next five years, the number of smartphone connections in Sub-Saharan Africa will almost double to reach 678 million by the end of 2025 — an adoption rate of 65%.

What you should know

  • It is expected that by 2025, there will be a little below 30 million mobile 5G connections in Sub-Saharan Africa, equivalent to almost 3% of total mobile connections.
  • The mobile market in the region will reach several important milestones over the next five years: half a billion mobile subscribers in 2021, 1 billion mobile connections in 2024, and 50% subscriber penetration by 2025.
  • The achievement of these critical milestones would be predicated on the operators’ commitment in providing reliable infrastructural networks across the region.
  • Between 2019 and 2025, the operators in the region would have expended/invested about the sum of $52billion in infrastructure rollouts.
  • The GSMA represents the interests of mobile operators worldwide, uniting more than 750 operators with almost 400 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and internet companies, as well as organizations in adjacent industry sectors.

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