Six-year old Kenyan Startup, OkHi Limited, has raised $1.78 million funding led by UK’s Angel Investment Network.
Business Elites Africa understands that the capital raise, which was completed within two months, will enable the digital addressing startup to expand to other African countries. Among these countries is Nigeria, Africa’s largest market.
We also understand that just recently, OkHi went into partnership with Interswitch Group as part of its strategic long-term plan for the West African country.
OkHi was co-founded six years ago (2014) by former Google employee –Timbo Drayson. The company is also backed by Airbnb Co-founder Nate Blecharczyk and the Chairman of Twitter’s board of directors, Patrick Pichette.
Based in the Kenyan capital, the tech startup primarily makes it possible for businesses to gather customer data, verify such data and use it for efficient navigation. In specific terms, OkHi wants to solve the problem of address verification. This problem has greatly hampered financial inclusion in Africa.
“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,” Drayson was quoted to have said, according to a statement made available to us.
While commenting on the funding round on behalf of Angel Investment Network, Ed Stephens said OkHi “ticked many boxes”, making possible for the investors to buy into its 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,” he said.
Do note that the tech startup has, so far, powered millions of uses of digital addressing system.
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