Start-up sites with promises to provide a variety of services to Africans – in different sectors – are common now. And to try to persuade investors, what is not accepted in the context or most often overlooked is that Africa is a $ 3 trillion divided market. The continent is also home to more than 1.2 billion people with disposable incomes below average, mostly living in landlocked countries.
It is one of the few explanations for why intra-continental trade has proved difficult over the years. But in 2019, different policymakers from different parts of the continent signed the African Free Trade Area Agreement (AfCFTA) – the framework for Africa to become a single market for trade and services – to integrate trade. a little painful the contract still has no tangible effect.)
Adetola Onayemi She was part of a negotiating team that saw the deal go into effect in January 2021. His experience in this field, along with a technical advisor in the office of the Vice President of Nigeria a few months later, led him to start NorebaseBusiness technology innovation raises $ 1 million in seed generation.
In an interview with TechCrunch, CEO Onayemi, a professional lawyer, said the Norebase idea came after various discussions on how his clients and technical partners could benefit from their AfCFTA business.
“I did all this work on policy, trade facilitation, free trade agreement, and I advised some tech people who would say,‘ Listen, I have just raised new capital to enter new markets, I don’t know how to do it “I have to move on,” the chief executive told TechCrunch by phone.
According to Onayemi’s vision, digital economic growth in Africa revolves around the benefits of six sectors: education, payment, logistics, transportation, identity, and trade.
The business has the lowest start-up activity in the market which received $ 5 billion in VC funding last year. Tola believes this is because specific skills and understanding of continental species are needed to build effective solutions. And because he is an experienced and knowledgeable person, it made sense for him to do that job.
“Providing a framework in which people can work and evaluate their solutions in multiple markets at once is very important,” said Onayemi, who also co-founded Future Africa, a VC fund focused on Africa. “Our solution is for people living in the local market to move to their first market or a company in their fourth market trying to measure their business.”
Traditional options involve the complex process of integrating various legal and accounting firms, business records and team recruitment to manage these processes. On the other hand, there is also the issue of credibility and accountability between customers and companies hired to complete the inclusion of another country.
“People can make mistakes in this situation, and Norebase has shared learning over time to help people avoid these mistakes. We combine that knowledge and provide one platform to make sure you don’t worry too much about confidence,” he said. added the manager. “Telling us to prepare it takes days. We know the rules, so you do not need to spend time talking to lawyers and getting documents – we have made it all easier. “
Onayemi launched Norebase with Tope Obanla in September 2021. It allows founders and businesses to start and scale multiple African countries at once or at different times. According to Norebase, businesses that use their platform have potential to be added to every African country within “few minutes” and expanded to new locations within a week. These countries include Nigeria, Kenya, Ghana, South Africa, Rwanda, Senegal, Togo, Tanzania, Ivory Coast, Egypt, Mauritius and Burkina Faso.
In addition, Norebase activates other services as long as they comply with the requirements of the law and compliance. These include opening bank accounts, postal addresses, and branding and IP registration. Norebase does not have a fixed price and charges its customers based on the services they want, Onayemi said in a call without commenting on the company’s pricing.
Recently, Norebase began offering African companies the option to include the United States Incorporation APIa plug-and-play service that allows other companies such as payment processors and banks to offer integrated services to their customers.
Here is a used case on how it works. Payment manufacturers such as Flutterwave and Paystack have unregistered merchandise caps in their sites, limiting the transactions they can make. Usually there is a suggestion for these traders to fully register their business before resuming their use.
The problem with this is that entrepreneurs may refuse to continue this activity even though they know their income is at risk. So the Norebase position of these payment providers – and other devices with strict KYC and legal guarantees – should, through API Incorporation, be able to prevent this confusion by allowing merchants to complete their site registrations correctly.
The add-on-as-a-service plugin puts Norebase as a global player in the business technology space. It is one of several companies offering these services, including Firstbase. The service, only designed to include businesses in Nigeria, US and Kenya, currently has nine partners; However, the general manager declined to give their names.
Interestingly, Norebase claims to have brought 100% monthly growth in monthly sales volume over the past six months. It also increased 40% monthly revenue growth during the same period. Some of its regular customers include beginners we have already covered, such as Brass, Nestcoin, Edenlife, Orda, Sudo Africa, and others such as GetEquity, Workpay, Kloudcommerce and Patricia.
“What we do is increase the rating almost every startup because then they can get more markets out of it,” said the founder of partners using its platform.
Although the company is playing a less competitive market (Lagos-based Sidebrief is one company that offers similar services), it will not continue to do so as long as the opportunity for business technology – especially African businesses continue to exchange. each other and the West. countries – ready to open in the next two years and attract more investment.
Pan-African investment in Samurai Incubate and Consonance investment led Norebase in the first round of seeding. Other VCs include Saahil Lavingia of Gumroad, Kinfolk VC, Future Africa, Ventures Platform, Microtraction, Boleh Venture, Voltron Capital, Wuri Ventures and Afropeneur.
The round also welcomed the participation of prominent local technology leaders in Africa, including Shola Akinlade, CEO of Paystack; Odunayo Eweniyi, PiggyVest COO; Adia Sowho, COO of MTN Nigeria; Seni Sulyman, CEO of BlackOps.
Norebase will invest in upgrades to the plug-and-play API, expand its portfolio of brand registration technology, and hire more capacity, Onayemi said.