4 JANUARY, 2022

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The Nigerian Securities and Exchange Commission (SEC) has warned the general public to avoid investing in FinAfrica Investments Limited and Poyoyo Investment (Pilvest).

According to the SEC circular, both companies are unregistered with the commission and operating illegally. Pilvest is specifically described as a Ponzi scheme that robs Peter to pay Paul. In other words, returns are paid to investors using other people’s invested sums. In one Whatsapp message broadcast by Pilvest, they claimed to give 20% ROI in one month based on a minimum capital investment of ₦100,000 ($244.15)

We hope none of our readers have invested in any of these companies, and if you have, please ask a financial advisor or lawyer how you can begin the process of getting a refund.

In today’s edition

  • Mustard Insights raises capital
  • EdVentures funds three Egyptian edtech startups
  • Opportunities

MUSTARD INSIGHTS RAISES CAPITAL

Nigeria-based data visualisation startup, Mustard Insights, has raised an undisclosed amount in capital, in a pre-seed round of funding. This pre-seed round was led by Velocity Digital and other unidentified investors.

Founded in January 2021 by financial analyst, Lawretta Egba, who also serves as its CEO, Mustard Insights performs market research and creates data visualisation for digital audiences. The startup’s objective with this is to provide its users with market reports and as much information/data as possible to aid better decision-making on all levels.

Mustard Insights aims to build Africa’s largest data repository and become a “trustworthy source of economic and social data in Africa”. The startup currently provides insights through its weekly newsletter and social media platforms but plans to launch its platform fully in March 2022.

With this funding, Mustard Insights hopes to scale up and expand its operations.

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EDVENTURES FUNDS THREE EGYPTIAN EDTECH STARTUPS

Egypt-based OBM Education, Super Fny, and Crafty Workshop have all received an undisclosed amount of funding from EdVentures and The Academy of Scientific Research and Technology (ASRT).

EdVentures is a MENA-focused venture capital (VC) fund that funds edtech startups in the pre-seed and seed stages. It’s the first ed-tech-focused corporate VC fund in the Middle East. 

OBM Education provides career development and guidance tools to high school and pre-university students.

Super Fny is concerned with improving the creativity, skills, and employability of technical and vocational students by providing online tutoring, while Crafty Workshop offers online technical workshops, courses, and video content aimed at artisans and craftspeople.

These three edtechs will also participate in EdVentures’ three-month acceleration programme.

OPPORTUNITIES

  • Applications are now open for the Tony Elumelu Entrepreneurship Programme (TEEP)
    . The programme is open to all entrepreneurs across Africa who would like to receive world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities.
  • Egypt-based startups with scalable business models have been invited to apply to the latest MINT Incubation edition. This programme is a three-month-long, equity-free incubator, and participants will also receive free co-working spaces, mentoring and workshops. 
  • Applications for the Adaptation SME Accelerator Programme. This programme is open to African and Asian SMEs and startups that are scaling climate change adaptations and creating market-based solutions. The companies selected for the accelerator will receive one-week intensive virtual training and also get the opportunity to work closely with industry experts, investors, and ecosystem partners.
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Written by – Uma Edwin

Edited by – Kelechi Njoku & Timi Odueso

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