Two Nigerian startups, Scorefam a sports gaming business which makes it easy for betting fans to deposit and withdraw earnings via its crypto-enabled app and Quiver a crypto-based savings and loans provider which caters for Africans in the informal sector are the first to benefit from the innovative equity crowdfunding platform GoGetta,a South African base venture capital firm.
The announcement comes as growth in the African crowdfunding space gains momentum. Kenya recently released legislative guidance on crowdfunding which specifies licensing requirements for crowdfunding operators, eligible issuers and investors and rules governing crowdfunding transactions.
Simisoluwa Adeyemo, Scorefam founder and CEO, said the business was created to solve specific problems in sports gaming and betting. “Risk profiling is important to ensure that the selected bets correspond with the user’s appetite for risk. Users can play to earn yield on their capital. When they make successful predictions, they are paid out in a Scorefam token, removing dependence on local banks and country limitations for accessing their rewards. We are aiming to raise $125,000 investment in exchange for shares in the business.”
After struggling to access loans using their digital assets portfolio as collateral, the co-founders of Quiver realised that the average Nigerian could not access credit facilities because they often lacked the resources that made them eligible.
“It’s impossible to get credit without statutory documentation and minimum savings deposits. We built Quiver to allow Africans to do more with less by building a non-custodial savings and loans platform,” said Omololu Bamisile, Quiver CEO. Quiver is aiming to raise $247,000 with a minimum target at $123,000.
Sthembiso Zwane, co-founder of GoGetta said, “After successfully raising over R6m for two businesses in just six weeks, we’re delighted to offer these innovative African businesses to global investors. This signifies an important step in our growing reputation as a trusted facilitator of funds for quality African businesses. All businesses must be scrutinised by an investment team prior to listing on the GoGetta platform.”
GoGetta allows investors to select vetted opportunities and invest quickly and securely from R1,000 (USD 57) to own shares in various African businesses across a number of sectors. GoGetta was launched as a solution to funding issues for quality African businesses and to ensure Africa gets its slice of the billion-dollar equity-based crowdfunding industry.
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