OkHi - Afrikan Heroes

Nigeria’s ThankUCash, and Kenya’s OkHi accepted into Hong Kong accelerator, secure funding

September 29, 2020

Simeon Ononobi, Chief Executive Officer of ThankUCash

The Hong Kong based Betatron accelerator funding for startups has accepted two African startups, the Kenyan digital addressing startup OkHi and Nigerian multi-merchant rewards platform ThankUCash for a secure access to mentorship and funding. Established in 2016, Betatron is an investment firm that runs an annual four-month accelerator programme to help companies expand their operations into Asia and secure funding.

The programme provides up to US$500,000 funding for each selected startup, as well as mentorship and guidance to ensure a seamless expansion process.

Having received 2,500 applications for its latest cohort, Betatron has selected nine startups to take part, including two from Africa. They are Kenya’s OkHi, which provides a digital addressing network that turns a user’s mobile phone into their physical address, and Nigeria’s ThankUCash, which has launched a rewards and loyalty platform that helps customers access deals and businesses better understand consumer spending patterns.

The investment in OkHi forms part of the US$1.78 million funding round the startup announced recently. Speaking on the development, Simeon Ononobi, Chief Executive Officer of ThankUCash said that his organization is proud of the journey so far and acceptance into the Betatron Cohort 6 Accelerator Programme further shows that we are on the right path as a company. Adding that “our mission of helping businesses prosper by connecting them with customers is clearly a shared one regardless of geography and this has reflected in the traction we have receiving from investors and partners who are eager to be a part of our story and this continues to fuel our commitment to our goals.”

The other seven startups in the programme hail from France, India, the Philippines, Poland, and the United Arab Emirates (UAE).

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Kenyan Digital Addressing Startup OkHi Secures $1.7m Funding From UK Angel Network

September 25, 2020

OkHi, the Nairobi-based startup which has developed a digital addressing system for emerging markets, has secured a GBP1.4 million (US$1.78 million) funding round just within two months of looking for funding. The investment came from the London-based Angel Investment Network.

Timbo Drayson, co-founder of OkHi — Timbo Drayson, co-founder OkHi

“A physical address should be a human right. Whether it’s opening up a bank account or getting an ambulance to your door, every person on this planet deserves access to these services. This raise is a vital stepping stone to unlock our growth into Nigeria as well as explore new markets across Africa, Middle East and Asia,” said Timbo Drayson, co-founder of OkHi.

Here Is What You Need To Know

With the funding, the startup plans to double the size of its team as well as expand its team and grow operations in other African countries.
The startup also intends to use the funding to address verification problem for financial services, an endemic problem that holds back financial inclusion across emerging markets.
It is also looking to raise its Series A funding soon.

Why The Investors Invested

Ed Stephens, who led the raise for the Angel Investment Network, said OkHi had ticked many boxes for the network’s investors, who really bought into the company’s mission.

“We were inundated with interest with more than 180 inquiries on the table. OkHi’s digital infrastructure helps to answer a genuine need for people without a formal address to get access to services that can help transform their lives,”

“The team’s credentials were impeccable in their experience as entrepreneurs, so we look forward to seeing the huge success of this company as it grows to help millions of people across the globe get better access to services.”

Startup venture funding jumped over 50% in Africa last year to a record high (Infographics)

A Look At What The Startup Does

Co-founded in 2014 by Timbo Drayson, who while at Google led the launch of Google Maps across emerging markets and built Chromecast, the Nairobi-based OkHi has developed technology that enables any business to collect an accurate address from their customer, verify it, and navigate to it.

It has now received support in achieving this goal after receiving GBP1.4 million (US$1.7 million) in funding, with help from the Angel Investment Network, the world’s largest online angel investment platform.

OkHi, which is also backed by Airbnb co-founder Nate Blecharczyk and Twitter chairman Patrick Pichette, has so far powered millions of uses of its addressing system, and recently launched in Nigeria with Africa’s largest banking platform, Interswitch Group, to solve address verification in Nigeria and beyond.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer