Nigerian Trade-Tech Startup Norebase Secures $1m Pre-Seed Funding

Nigerian trade technology startup Norebase, which is building a single platform for businesses to start, scale and operate in any African country, has secured a US$1 million pre-seed funding round to accelerate its growth.

Launched in September 2021, Norebase provides a single digital infrastructure platform for Africa-wide expansion, helping founders and entrepreneurs start, scale, and operate their businesses in every African country, as well as the United States.

Its US$1 million pre-seed was co-led by Samurai Incubate and Consonance Investment, and also featured Sahil Lavingia (Gumroad), Kinfolk VC, Future Africa, Ventures Platform, Microtraction, Boleh Venture, Voltron Capital, Wuri Ventures, Afropreneur, and angel investments from African tech ecosystem leaders Shola Akinlade, Odunayo Eweniyi, Adia Sowho, Akin Oyebode, and Seni Sulyman.

The raise will help accelerate the company’s plans to build a plug-and-play company incorporation technology, broaden its trademark registration technology stack, bolster its existing team of world-class talent and develop more research-led solutions.

Additionally, Norebase has launched Norebase Incorporation API, an API service enabling other companies to provide incorporation services to their own customers via their websites. By integrating with Norebase API, any company can provide its customer with a simple form, and the information filled on that form is automatically transmitted to Norebase to register a business on behalf of that customer. After incorporation, the business registration documents are also transmitted back through the API.

Norebase API enables businesses such as banks, credit bureaus, payment processors, vendors and any company who interact with registered businesses to eliminate any drop-off point in their product process, and eliminate the need to wait for customers to leave their website or app to register a business before using the service. Companies can provide this additional service to their customers without incurring additional operational costs. Norebase’s Incorporation API is currently available for incorporating business in Nigeria, USA and Kenya with additional markets being added over time.

“Norebase is building a future where starting a business or expanding a business in any African country is as simple as clicking a single button, and we are deliberately building the single digital infrastructure and technology tools that will power trade across the continent,” said Norebase CEO Tola Onayemi.

“Africa’s startup space is rightly attracting the global business world’s attention as a region with enormous potential, and we are thrilled to connect new and existing businesses with the means with which they can scale their business in and beyond Africa more seamlessly. The rapid acceleration of innovation across Africa and the growing attractiveness of new markets requires the know-how of a smoother cross-border expansion experience, and our team is the best at this.”

Norebase has helped founders incorporate companies in Ghana, Kenya, South Africa, Nigeria, Rwanda, Senegal, Ivory Coast, Togo, Tanzania, Egypt, Mauritius, and Burkina Faso, and also recently started offering incorporation services in the US. The company has seen 100 per cent month-on-month growth in transaction volumes for the last six months, with a 40 per cent month-on-month growth in revenue during the same period. Clients include Brass, Nestcoin, Patricia, Eden Life, GetEquity, Orda, Kloudcommerce, Send.ng, WorkPay, and Sudo Africa.

“We are delighted to be joined by a stellar roster of experienced and strategic investors, whose expertise will play a key role as we scale the Norebase goal of being partners for set-up, compliance, regulatory needs for both cross-border expansions and local markets. Given our global and Africa-wide ambitions, we consciously ensured our investors came from across Africa and the world,” said Onayemi.

Rena Yoneyama of Samurai Incubate said it was truly impressive how Norebase was designing a future where every business and individual can experience Africa as one market.

“Their team comprises some of the best minds on the continent, helping simplify the complications of launching in any African market, and we are excited to be part of their growth journey,” she said.

Photo Courtesy: Nigeria Galleria

Source: Disrupt Africa