Backed by Magic Fund, The Oak Capital, Berrywood Capital, Future Africa, and First Circle Capital, VeendHQ Raises a Total of $330,000 in Pre-Seed Funding.

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Published: 2022-06-14
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2022-06-14 Tuesday, the 14th of June — We are ecstatic to share the news that we have achieved yet another benchmark during this quarter. We have been successful in raising a pre-seed capital of $330,000. In addition to other angel investors, Magic Fund, The Oak Capital, Future Africa, and Berrywood Capital participated in the round of funding.

It is an exciting time for us because this presents us with a fantastic opportunity to greatly broaden our operations and increase our scale. With the help of this financing, we will be able to move one step closer to realizing our ambition of establishing a robust financial infrastructure for Africa. We plan to design goods that will generate money and drive prosperity for the average African consumer, and we will integrate our business with more ecosystems and financial institutions.

" Small and medium-sized enterprises (SMEs) across Africa are suffering from a severe lack of funding, and more than half of the population does not have access to credit. This issue is being remedied by VeendHQ by the provision of simple and prompt access to credit. This is accomplished through the utilization of a credit infrastructure platform that streamlines the lending process for lenders and links them to borrowers via a variety of origination channels. We have every reason to believe that the VeendHQ team is well on its way to developing a highly scalable product and establishing itself as the market leader in embedded finance on the African continent. Temi Awogboro is now MAGIC Fund's Lead General Partner, Africa.

The General Partner at Oak Capital, Olukayode Olusanya, has this to say about VeendHQ's work: "The challenge VeendHQ is solving is enormous. Today, a significant number of people and enterprises in Africa have no or very limited access to finance. With the digital lending infrastructure that they have developed, the team at VeendHQ is making economic success available to everyone on the continent. This is accomplished by providing unbanked individuals with access to loans at reasonable interest rates. We are ecstatic to witness the development that VeendHQ is making, as well as the ways in which they are altering the credit landscape in Africa. At The Oak Capital, our mission is to provide financial support to startup companies whose founders have created original technological and technology-enabled solutions that effectively address African issues and have the potential to have a lasting influence on the African mass market.

Berrywood Capital's primary objective is to make investments in the next generation of early-stage, African-led, technology-focused solutions, and the business model of VeendHQ is highly congruent with this objective. Beginning with the infrastructure that powers automated lending, the company is well positioned to supply enterprise financial solutions and individual opportunities for wealth building on the continent within the next decade. We are thrilled to be able to go beside them on this adventure. The Capital of Berrywood.

Since it was founded in 2021, VeendHQ has had nothing but success and continues to be at the forefront of pioneering new approaches to solving financial problems. Without the incredible team at VeendHQ, our partners, financial institutions, and investors, this goal would not have been able to come to fruition. Their support and trust have been the driving forces behind this ambition. As we go into a new phase, our mission will not change: we want to make it easier for people to get loans by using financial solutions that are enabled by technology. Olufemi Olanipekun, VeendHQ CEO.

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About VeendHQ

A company that specializes in embedded finance technology is called VeendHQ. We make it possible for microlenders, banks, and merchants to incorporate credit into a variety of ecosystems in a way that is profitable, easy, and scalable. Visit www.veendhq.com for further information.

Regarding the Magic Fund

MAGIC Firm is a global venture capital fund that invests in early-stage technological startups. The fund is managed by the company's founders. They feel that founders who have already launched successful firms are the perfect investors, particularly for businesses in the early stages of development. They are a fund of micro-funds run by repeat founders that have strong understanding in specific industries and geographies, with a special concentration on fintech, healthcare, B2B SaaS, and emerging markets. In addition, they have a particular focus on emerging markets ( Africa, LATAM, SE Asia).

A Word Regarding The Oak Capital

The Oak Capital is a venture capital management firm that was established to support ambitious, underserved founders who are solving critical problems in Africa using technology. Some of these problems include financial inclusion, healthcare, and food security, but the list is not exclusive to these areas. The Oak Capital is not focused on any particular industry but rather invests in highly scalable companies that are working to digitally disrupt important parts of the economy.

Concerning the Future of Africa

The Fund for Africa's Future is a fund manager that makes early investments in founders who are inspired by a mission and are attempting to solve challenging problems for broad markets. It is backed by the founders of Andela, Paystack, and Jumpbike as well as investors from Local Globe, and its purpose is to build a future for Africa by transforming our most challenging difficulties into global economic possibilities.

First Circle Capital: a brief introduction

First Circle Capital is a venture capital business, an early-stage fund, and a worldwide expert community that is focused on seeding the subsequent generation of fintech companies in Africa. They back extraordinary creators who have the possibility of becoming the next generation of fintech unicorns on the African continent at First Circle. The company was established by a group of tech founders, fintech professionals, and venture investors who were enthusiastic about the potential of technology to bring about positive change.

Concerning the Berrywood Capital

Berrywood Capital is a family office with a focus on investing in exceptional growth-driven technology firms across the continent of Africa. Because this company takes a non-sector-specific approach, it is able to raise funds and direct those funds to areas of Africa that are poised to bring about significant social and economic shifts. The headquarters of Berrywood Capital is located in Lagos, Nigeria.