Norebase, a Nigerian trade technology firm that is establishing a single platform for businesses to start, scale, and operate in any African country, has raised $1 million in pre-seed capital to help it grow.
Norebase, which will be launched in September 2021, is a single digital infrastructure platform for African growth, assisting founders and entrepreneurs in starting, scaling, and operating their enterprises in every African country as well as the United States.
Samurai Incubate and Consonance Investment co-led the $1 million pre-seed round, which also included 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 Oye bode, and Seni Sulyman.
The funding will be used to assist the firm to accelerate its objectives to develop a plug-and-play company incorporation technology, expand its trademark registration technology stack, reinforce its existing staff of world-class talent, and develop additional research-led solutions.
Norebase has also introduced Norebase Incorporation API, an API service that allows other businesses to offer incorporation services to their own consumers through their websites. Any firm that integrates with the Norebase API may give a simple form to its customers, and the information on that form is automatically submitted to Norebase to establish a business on their behalf. The business registration paperwork is also sent back over the API after incorporation.
Banks, credit bureaus, payment processors, vendors, and any other company that interacts with registered businesses can use the Norebase API to eliminate any drop-off points in their product process and eliminate the need for customers to leave their website or app to register a business before using the service. Customers can benefit from this additional service without incurring additional operating expenditures. The Norebase Incorporation API is presently accessible for incorporating businesses in Nigeria, the United States, and Kenya, with more markets to come.
“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 assisted entrepreneurs in forming businesses in Ghana, Kenya, South Africa, Nigeria, Rwanda, Senegal, Ivory Coast, Togo, Tanzania, Egypt, Mauritius, and Burkina Faso, as well as the United States. For the previous six months, the firm has experienced a 100% month-on-month increase in transaction volumes, as well as a 40% month-on-month increase in revenue. Brass, Nestcoin, Patricia, Eden Life, GetEquity, Orda, Kloudcommerce, Send.ng, WorkPay, and Sudo Africa are among the company’s clients.
“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, and 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 praised Norebase’s vision for a future in which every company and people may experience Africa as a single 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.
