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26-year old Nigerian becomes youngest black lady to raise over $2m in VC. 2 other stories and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today

1. 26-year old Nigerian becomes youngest black lady to raise over $2M in VC.

A 26-year old Nigerian and cofounder of skincare company, Topicals, Olamide Olowe, has become the youngest black lady to ever raiser over $2M from Venture capital.

The Nigerian female-led skincare company secured $10 million series A funding led by CAVU Consumer Partners.

Olamide confirmed the funding in a media statement seen by Ripples Nigeria on Tuesday.

The investment, according to local report, saw participation from Gabrielle Union, Kelly Rowland, Hannah Bronfman, Bozoma Saint John, Yvonne Orji, and Marcy Venture Partners.

On the inspiration behind the company, Olowe noted that she cofounded the company with Claudia Teng after being inspired to create the skincare product because they both grew up with skin conditions.

“Raising millions and the bar at the same time 🥂 Excited to announce @Topicals $10M Series A led by CAVU Consumer Partners,” Olowe posted on her Instagram page.

The company is expected to use the funds to accelerate growth and intensify recruitment efforts.

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The raiser is a boost to female led companies, especially for a male-dominated niches as VC funding.

Tech Trivia: Which of the following interfaces is symmetrical vertically and horizontally?
A. VGA
B. SCSI
C. USB-C
D. Thunderbolt 2
Answer: see end of post

2. New York-based venture platform, Modus, launches Modus Africa

A New York-based venture platform, Modus, has announced its presence in sub-Saharan Africa with the launch of its AI and blockchain-focused $75M fund.

Read also:Nigeria’s proptech startup, SmallSmall, secures $3m seed. 2 other stories and a trivia

A General Partner, Andre Jr. Ayotte, of Modus’s Africa-focused fund confirmed the development in a media statement on Tuesday.

Modus claims its fund is backed by several investors including UHNWI, family offices, private investors, and government-backed entities from the U.S., the EU, and MENA.

Ripples Nigeria understands that Modus’s fund is focused on AI and blockchain technologies.

“Not long after we launched this project after noticing how massive blockchain and AI could be in Africa, we were approached by Modus Capital because they wanted a Pan-African strategy themselves,” said Ayotte.

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The six-year-old VC firm is currently closing three investments in startups using AI and blockchain across insurtech, fintech, and health tech.

3. IFC launches $225M funding to scale early-stage startups in Africa, Asia, Middle East

The International Finance Corporation (IFC) on Tuesday announced the launch of its $225 million platform to scale early-stage startups in Africa, the Middle East, Central Asia, and Pakistan.

Makhtar Diop, IFC’s managing director, confirmed the launch in a statement.

The IFC, a member of the World Bank, said that it will through the platform work closely with other members of the World Bank to champion regulatory reforms, and sector analyses among other changes.

Ripples Nigeria had reported that IFC participated in a $400 million funding by a renewable energy developer, Yellow Door Energy.

“IFC’s Venture Capital Platform will help tech companies and entrepreneurs to expand during a time of capital shortage, creating scalable investment opportunities and backing countries’ efforts to build transformative tech ecosystems,” said Diop.

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Diop added that IFC will support entrepreneurship and digital transformation which is essential to economic growth, job creation, and resilience in Africa.

Trivia Answer: USB-C

Stands for “Universal Serial Bus Type-C.” USB-C is a type of USB connector that was introduced in 2015.

Unlike the previous USB Type-A and USB Type-B ports, the USB-C port is symmetrical, which means you never have to worry about plugging in the cable the wrong way.

By Kayode Hamsat

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