Ingressive Capital (IC), the investment arm of the market-entry firm, Ingressive has just announced that they are backing bike-sharing startup, AwaBike, in a pre-seed funding round.
IC is a $5 million venture fund focused on early-stage African tech startups. They cut checks between $50,000 and $100,000 for startups in seed stage up to pre-series A.
They have three Nigerian startups—OgaVenue, Paystack and Tizeti—in their portfolio with one of them who raised a whopping $8 million in a Series A funding round in August.
However, with AwaBike they decided to take a different approach—pre-seed investing.
Although AwaBike was founded this year by Ifeoluwa Ogundipe, its ideation and conceptualisation started about a year ago, he tells Benjamin Dada. Later on, two others came on board— Damilola Olugbemi and Ibukun Tunde-Oni—as co-founders, handling the legal and business development aspects of the business respectively.
The company has said they will use the funds to drive their implementation phase by setting up shops in their selected communities and hiring key personnel.
“The seed round is very vital…as it means that the company can actually move to its implementation phase…We have some communities that have decided to partner with us and we absolutely cannot wait Click here to read entire article
Source:: Tech city NG