These are the tech-related news that you have missed over the previous week.
- Mecho Autotech successfully raised $2.4 million in pre-Series A funding to expand the company
- Supported by the Gates Foundation, i3 announces a second cohort of healthcare supply chain
- Whogohost acquires messaging platform Sendchamp in mid-six-figure with cash and equity
- NCC Executive Vice Chairman Reveals Investments in Nigeria’s Telecoms has risen to $77 billion
Mecho Autotech successfully raised $2.4 million in pre-Series A funding to expand the company
Mecho Autotech, a Nigerian startup brand that provides vehicle maintenance and spare parts, successfully raised $2.4 million in its pre-Series A funding. The startup brand had investments from firms such as Global Brain Corporation, Ventures Platform, and Uncovered Fund.
The company launched to provide vehicle maintenance and repair, which, unfortunately, has become increasingly problematic as spare parts are hard to come by in Nigeria.
Mech Autotech’s CEO and Co-founder, Olusegun Owoade, explained that spare parts vendors often experience stockouts and find it hard to regain inventory financing.
“In our marketplace, vendors can acquire merchandise from leading aftermarket spare parts manufacturers and access credit. By solving for spare parts stockouts, we can solve one of the biggest problems in the industry,” he said.
The startup brand intends to launch three platforms to support valid data collection about the market for spare parts in Nigeria.
This funding will enable Mecho Autotech to launch a B2B distribution platform for aftermarket spare parts. Extending its connection with Asian manufacturers, Mecho will also offer tyres, batteries and suspension to wholesalers in Nigeria.
Supported by the Gates Foundation, i3 announces a second cohort of healthcare supply chain
Investing in Innovation (i3), now in its second year, a Pan-African initiative centred on the healthcare supply chain, provides Famasi, Healthtracka, Wella Health and 29 other startups that receive an equity-free grant of $50,000 from i3.
Adding to the grants, the chosen startups will also receive investment support from CcHub, IMPACT Lab, Startupbootcamp Afritech, and Villgro Africa.
In its first cohort, 31 selected startups received 24,000 healthcare facilities to reach 26 African countries.
i3 is not the only African initiative backed by the Gates Foundation. As of August 2023, 29 African researchers were chosen to develop artificial intelligence applications for healthcare solutions in the continent.
Whogohost acquires messaging platform Sendchamp in mid-six-figure with cash and equity
In its bid to reinvent the 16-year-old brand, Whogohost acquired Senchamp, a messaging platform, although the acquisition was primarily made with cash and equity.
Whogohost is in the early stages of its operation despite acquiring two other platforms, The Expert Host and iHost Africa, in 2016. This recent acquisition of Whogohost will expectedly catapult the firm’s services into the categories of big brands like Guarantee Trust Bank, CoolFm, and many others.
The CEO of Whogohost, Opeyemi Awoyemi, made an announcement mentioning the blueprint which Whogohost is taking after.
“Whogohost is ultimately copying GoDaddy’s playbook,” he said.
This statement was in reference to GoDaddy controlling 24 companies that offer services to small and medium-sized enterprises (SMEs).
NCC Executive Vice Chairman Reveals Investments in Nigeria’s Telecoms has risen to $77 billion
The Executive Vice-Chairman of Nigeria Communications Commission, Prof. Umar Danbatta, has revealed that the growth of investment in Nigeria’s Telecoms has increased from $38 billion to $77 billion in the second quarter of 2023.
On Saturday, 16, Danbatta made the revelation with stakeholders in the media industry, proudly stating that the sector had contributed a significant increase to the country’s GDP within the period under review.
According to Danbatta, telephone users in the country were about 218.9 million, while internet subscribers amounted to 159.5 million and broadband users believed to be 88.7 million.
“We have witnessed explosive growth, improved regulatory standards, and digital innovation that have generated global recognition,” he said.
Revealing more about the agency, the EVC said that the Nigerian Communications Commission would create emergency branches in the 36 states and the FCT.
“NCC as a regulator is mindful that telecom is an enabler and catalyst for the country’s economic advancement,” Danbatta stated.
Ayomitide Adeyinka is a content writer, crypto journalist and editor with a Bsc in Political Science. He is also an egalitarian.
