Congrats to entrepreneur Ayodeji Ogundiran, founder of VC4Africa registered company E-Pump, and their investors including VC4Africa member Michael Oluwagbemi, who just closed a new seed investment deal!
The seed investment round in E-Pump was announced by LoftyInc Allied Partners Limited, operator of the Wennovation Hub high-impact start-up acceleration program in Lagos, Nigeria. Michael Oluwagbemi, Executive Partner at LoftyInc, told VC4Africa “the invested sum is within the $15,000 to $25,000 bracket that we invest in early stage teams, with the option to invest up to four times the initial invested amount in a follow up round.” The investment was syndicated among a group of investors affiliated with the venture and product development firm based in Lagos.
At Wennovation Hub, LoftyInc provides “everything from management consulting to networking and contacts”, including legal and finance structuring assistance to businesses that require it, and more. Every business that is incubated through the program is incorporated with ten percent ownership ceded to LoftyInc Allied Partners Limited or some higher percentage of royalty from sales.
E-Pump is a technology development team focused on resolving inventory management problems encountered by bulk storage operators in various industries including petroleum marketing. Among other things, the company provides tools that let filling station owners and managers monitor and manage their business, thereby increasing profitability by up to 20%. The overall objective of E-Pump solution is to increase operational efficiency, provide superior reporting, better monitoring, improve business intelligence for decision making, and maximize profitability while also ensuring customers get the best value for their money. See their VC4Africa venture profile for more info.
The investment follows previous syndicated rounds managed by LoftyInc and its partners, including early stage investments in the Nigerian companies Nerve (just launched at DEMO Africa 2014), OTGPlaya (participant in one of VC4Africa’s online acceleration programs), Fora (acquired by Andela), Yellow Navigation, and Hutbay (that also received investment from the Lagos Angel Network).
Michael adds, “LoftyInc is pleased to invest in the high energy E-Pump team and is confident the proprietary technology developed by the team is a game changing product.” He goes on to say, “The recent closing is a validation of LoftyInc’s syndicated funding model for early stage start-ups in Nigeria’s fledgling technology eco-system which it helped build, and repose of confidence in the sector especially by young Nigerians that are now looking to diversify their investment portfolio”. It is our hope that organized investor networks now taking shape in Nigeria, including venture capital firms, angel networks and corporate venture groups, will look to Nigeria’s fledgling system and provide concrete support for its continued growth.”
The team at VC4Africa is pleased to see promising teams like E-Pump get the support they need. Our congrats goes out to both parties and we look forward to future updates!