US venture capital firm leads new investment in Nigerian startup Teamapt – Fintech Bitcoin News
US-based venture capital (VC) firm, QED Investors, recently led an investment round that raised more than $50 million for Nigerian fintech Teamapt. The investment, as well as the VC firm’s hiring of personnel tasked with spearheading its investments in Africa, appear to point to QED Investors’ newfound commitment to the continent.
Teamapts Pre-Series C
Fintech-focused venture capital firm, QED Investors, recently became an investor in a Nigerian company, Teamapt, a startup specializing in providing payments and banking platforms. According to a Techcrunch report, QED led an investment round that reportedly raised more than $50 million for Teamapt.
Besides QED Investors, the other participants in the investment round – which the Techcrunch report has called pre-Series C – were Novastar Ventures, Lightrock and BII. The three all became investors in the fintech firm after participating in Teamapt’s Series B round.
Meanwhile, in his response to claims that the market downturn had disrupted the company’s fundraising plans, Teamapt’s Tosin Eniolorunda said:
We always approach our fundraising efforts opportunistically and want to ensure that the market context, the cash needs of the business and the investor profile align with our strategic growth views. Given the overall cautious market environment, we were not in active fundraising mode. As a profitable company, we didn’t need the cash, but we were happy to take the opportunity to add a new high-profile investor.
For QED Investors, which has reportedly invested in more than 180 companies, the investment in Africa is the final piece of the puzzle for a company that wants to become a “global fintech specialist VC firm.”
Underscoring the US-based VC firm’s commitment to Africa, the report notes that QED Investors has already hired Gbenga Ajayi and Chidinma Iwueke to lead its investments on the continent.
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