Tuesday, 14th June 2022 – We are excited to announce that we hit yet another milestone this quarter. We have raised a $330,000 pre-seed fund. The round was backed by Magic Fund, The Oak Capital, Future Africa, Berrywood Capital and other angel investors.
It is a thrilling moment for us as this gives us an excellent opportunity to expand our operations and scale significantly. This fund will take us a step closer to actualising our goal of building an embedded finance infrastructure for Africa. We will integrate with more ecosystems and financial institutions and build products to create wealth and drive prosperity for the average African consumer.
“African SMEs are grossly under-funded, with more than 50% of Africans lacking access to credit. VeendHQ is solving this problem by providing easy and fast access to credit, leveraging a credit infrastructure platform that automates lending processes for lenders and connects them to borrowers through various origination channels. We believe the VeendHQ team is on track to build a highly scalable product and position itself as a market leader in embedded finance on the continent.” Temi Awogboro, Lead General Partner, Africa at MAGIC Fund.
Olukayode Olusanya, General Partner at Oak Capital, comments, “The problem VeendHQ is solving is huge. Many Africans and African businesses today have zero to low access to credit. The team at VeendHQ are making economic prosperity accessible to everyone on the continent with the digital lending infrastructure they have built, enabling the unbanked to access credit at competitive prices. We are excited to see the progress that VeendHQ is making and how they are changing the credit landscape in Africa. At The Oak Capital, our goal is to back founders that have developed unique technology and technology-enabled solutions that truly solve African problems, creating long-term impact in the mass African market.”
“Our core mission at Berrywood Capital is to invest in the next generation of early-stage, African-led, technology-focused solutions, and VeendHQ’s business closely aligns with this. Starting with infrastructure that drives automated lending, the company is poised to deliver enterprise financial solutions and individual wealth creation on the continent in the next decade. We are excited to be with them on this journey.” Berrywood Capital.
“VeendHQ is at the forefront of innovative financial solutions and has been on a smooth sail since its creation in 2021. This would not have been possible without the amazing team at VeendHQ, our partners, financial institutions and investors whose support and trust have fueled this vision. As we journey into another phase, our goal remains to democratise access to finance through technology-enabled finance products.” Olufemi Olanipekun, VeendHQ CEO.
About VeendHQ
VeendHQ is an embedded finance technology company. We enable micro-lenders, banks and merchants to embed credit into various ecosystems profitably easily and at scale. Learn more at www.veendhq.com.
About Magic Fund
MAGIC Fund is a global venture capital fund run by founders that invests in early-stage technology startups. They believe founders with prior startup experience are the ideal investors, particularly for early-stage businesses. They are a fund of micro-funds led by repeat founders with deep knowledge in specific industries and locations, with a particular emphasis on fintech, healthcare, B2B SaaS, and emerging markets (Africa, LATAM, SE Asia).
About The Oak Capital
The Oak Capital is a venture capital management firm established to back ambitious, underserved founders solving critical African problems in Africa around but not limited to financial inclusion, healthcare and food security using technology. The Oak Capital is sector agnostic but invests in highly scalable businesses that digitally transform key sectors of the economy.
About Future Africa
The Fund for Africa’s Future is a fund manager that invests early in mission-driven founders solving complex problems for large markets. The mission is to build an African future by turning our most difficult challenges into global business opportunities and is backed by the founders of Andela, Paystack, Jumpbike and investors at Local Globe.
About First Circle Capital
First Circle Capital is a venture capital firm seeding the next fintech generation in Africa, an early-stage fund and a global expert community. At First Circle, they back exceptional founders who hold the potential to become Africa’s next generation of fintech unicorns. The firm was founded by a team of tech founders, fintech experts and venture capitalists passionate about creating positive change with tech.
About Berrywood Capital
Berrywood Capital is a pan-African-focused family office that invests in exceptional growth-driven tech startups. The firm’s approach is sector-agnostic, allowing it to mobilize capital and allocate it to sectors within Africa that will bring about transformative change. Berrywood Capital operates out of Lagos, Nigeria.
