$1.5 M seed funding secured by Digital addressing startup OkHi for extension
OkHi, a smart addressing business, has received a US $1.5 million seed extension, bringing its total initial investment to US $3 million, to assist the development of its address verification system in Nigeria, with the objective of enhancing efficiency across major industries.
OkHi was founded in Kenya in 2014 to provide digital address verification to financial services, resulting in the creation of the world’s next-generation addressing system to address the physical addressing challenge that affects half of the world and costs businesses an estimated $200 billion per year.
The firm began in Nigeria last year after receiving early money in 2020, and it has since raised an additional US $1.5 million.
Chapel Hill Denham, Flutterwave’s founder and management, and EXFI are among the new investors (a syndicate of ex-Googlers). Founders Factory Africa, Betatron, and Interswitch Group are among the existing investors.
With the extra finances, OkHi will be able to meet its aim of confirming the addresses of over one million Nigerians by 2022, allowing for easier access to financial services and more efficient delivery services. To address rising demand from the financial services sector, the business will use the fresh funding to acquire global talent in sales, product, and engineering.
“At OkHi, we believe a physical address is a human right. It empowers a person to prove where they live so that they can open a bank account, get a delivery to their door and trust an ambulance to find them,” said Timbo Drayson, OkHi’s founder and CEO. “OkHi’s goal in Nigeria is to demonstrate to the world how a smart addressing system should work. Once we’ve achieved that, we intend to scale to every other emerging market.”
“I am very excited to invest in OkHi and to join its board. OkHi has the rare opportunity to truly impact half the world and its economy while building a viable business. The founders and leadership team have the grit, determination, and skills to achieve their mission, and I am pleased to be part of their journey,” said Bolaji Balogun, CEO of Chapel Hill Denham.
