US Venture Capital Firm Leads New Investment in Nigerian Startup Teamapt – Fintech Bitcoin News

QED Investors, a United States-based venture capital company, led a recent investment round to raise more than $50M for Nigerian fintech Teamapt. The investment, as well as the VC firm’s hiring of personnel tasked with spearheading its investments in Africa, seem to point to QED Investors’ newfound commitment towards the continent.

Teamapt’s Pre-Series C

QED Investors, a venture capital firm that is focused on fintech, became an investor in Teamapt Nigeria, a company that offers banking services and payment solutions. Techcrunch reports that QED led an investment round which raised over $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 they participated in Teamapt’s Series B round.

Meanwhile, in his response to assertions the market downturn had disturbed his company’s fundraising plans, Teamapt’s Tosin Eniolorunda reportedly said:

The way we approach fundraising is always opportunistic. Due to the general cautious market environment we weren’t in active fundraising mode. Although we are a successful company, the money was not needed. We did however, welcome any opportunity to bring in a prominent investor.

For QED Investors, which reportedly has invested in 180+ plus companies, the investment in Africa is the final piece of the puzzle for a company that is seeking to become a “global fintech-specialist VC firm.”

To underline the US-based VC firm’s commitment to Africa, the report notes that QED Investors has already hired Gbenga Ajayi and Chidinma Iwueke to spearhead its investments on the continent.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.