QED Investors, a US-based venture capital (VC) firm, recently led an investment round that raised over $50 million for Nigerian fintech Teamapt. This investment, and the hiring of talent for a VC firm tasked with spearheading investments in Africa, appear to signal QED Investors’ renewed commitment to the continent.
Teamapt’s pre-series C
Fintech-focused venture capital firm QED Investors recently became an investor in Nigerian firm Teamapt, a startup that specializes in providing payments and banking platforms.According to Tech Crunch reportQED led an investment round that reportedly raised more than $50 million for Teamapt.
Other participants in the non-QED Investors investment round (which the Techcrunch report calls pre-series C) were Novastar Ventures, Lightrock, and BII. The three became investors in fintech companies after participating in his Teamapt Series B round.
Meanwhile, in response to allegations that the market downturn hampered his company’s fundraising plans, Teamapt’s Tosin Eniolorunda reportedly said:
We always approach our funding efforts opportunistically, wanting to ensure that market conditions, the business’ cash needs and investor profile are aligned with our strategic growth prospects. was not in an aggressive funding mode given the cautious market environment. As a profitable company, we didn’t need cash, but were happy to take the opportunity to add new high-profile investors.
For QED Investors, which has reportedly invested in more than 180 companies, investing in Africa is the final piece of the puzzle for companies aiming to become a “global fintech-only VC firm.”
To underscore 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 investments in the continent.
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