People in Paystack, Piggyvest, MTN Nigeria, Ventures Platform take $1m bet on Norebase
BY CHARLES ABUEDE
African tech ecosystem top guns are taking big bets on startups on the continent such as Norebase, the African trade technology company building a single platform for businesses to start, scale and operate in any African country.
Norebase has just raised $1 million in a pre-seed funding round co-led by Samurai Incubate and Consonance Investment. Sahil Lavingia (Gumroad) and Kinfolk VC also invested in this fundraise.
The round also included participation from Future Africa, Ventures Platform, Microtraction, Boleh Venture, Voltron Capital, Wuri Ventures, Afropreneur, and angel investments from African tech ecosystem leaders Shola Akinlade (Paystack), Odunayo Eweniyi (Piggyvest), Adia Sowho (MTN Nigeria), Akin Oyebode, and Seni Sulyman.
Norebase was launched in September 2021 as a laser-focused on building a two-pronged platform that offers African and non-African businesses access to the African continent as one big market while creating a channel where African founders can access the international markets (such as the USA). Since its establishment, the startup has been focused on ensuring the Intellectual Property of startups in Africa and international companies expanding to the continent are securely protected as they scale and navigate multiple territories.
The funding from these investors will help the acceleration of the company’s plans to build a plug-and-play company incorporation technology, broaden its trademark registration technology stack, bolster its existing team of world-class talent and develop more research-led solutions. Norebase is building Africa’s company and trademark platform that simplifies the start and scale processes for businesses in the continent and beyond.
“Norebase is building a future where starting a business or expanding a business in any African country is as simple as clicking a single button, and we are deliberately building the single digital infrastructure and technology tools that will power trade across the continent. Africa’s startup space is rightly attracting the global business world’s attention as a region with enormous potential, and we are thrilled to connect new and existing businesses with the means with which they can scale their business in and beyond Africa more seamlessly. The rapid acceleration of innovation across Africa and the growing attractiveness of new markets require the know-how of a smoother cross-border expansion experience, and our team is the best at this,” Tola Onayemi, chief executive officer, Norebase, said on the growth ambitions of the startup.
The company has helped founders incorporate companies in Ghana, Kenya, South Africa, Nigeria, Rwanda, Senegal, Cote D’Ivoire, Togo, Tanzania, Egypt, Mauritius, Burkina Faso etc. It also recently started offering incorporation services in the U.S. The company has delivered 100 percent month-on-month growth in transaction volumes for the last six months, with a 40 percent month on month growth in revenue during the same period. Norebase is powering the growth ambition of several innovative companies so that innovators can focus entirely on their core business. This is reflected in Norebase’s clients like Brass, Nestcoin, Patricia, Edenlife, GetEquity, Orda, Kloudcommerce, Send.ng, Workpay, Sudo Africa etc
“We are delighted to be joined by a stellar roster of experienced and strategic investors, whose expertise will play a key role as we scale the Norebase goal of being partners for set-up, and compliance, regulatory needs for both cross-border expansions and local markets. Given our global and Africa-wide ambitions, we consciously ensured our investors came from across Africa and the world,” he further said.
Also, Rena Yoneyama of Samurai Incubate added, “It is truly impressive how Norebase is designing a future where every business and individual can experience Africa as one market. Their team comprises some of the best minds on the continent, helping simplify the complications of launching in any African market, and we are excited to be part of their growth journey.”
With Africa’s combined GDP currently at $3 trillion and is projected to reach $29 trillion by 2050, investment into the African tech startup space has passed the $2 billion mark and is projected to break records in 2022. However, Norebase says it is positioned to support entrepreneurs, founders, and businesses to start and scale across borders seamlessly and reach Africa’s 1.2 billion people while its team is leveraging a stack of technology to drive their cause: “Unlocking an era of Africa-wide prosperity by enabling anyone to do business easily in any African market.”
The company has also launched Norebase Incorporation API, an API service enabling other companies to provide incorporation services to their own customers via their websites. By integrating with Norebase API, any company can provide its customer with a simple form, and the information filled on that form is automatically transmitted to Norebase to register a business on behalf of that customer. After incorporation, the business registration documents are also transmitted back through the API.