Chaka Raises N617.16 million, to Fund Operation in West African Countries

Chaka Raises N617.16 million, to Fund Operation in West African Countries

  • Tosin Osibodu, the co-founder of Chaka Technologies, has received N617.16 million from several investors to finance his operation
  • Chaka, which is a digital investment company, is planning to expand its presence outside Nigeria, and it is eyeing other West African Countries
  • The online investment firm recently received license from the Securities and Exchange Commission after suspension

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Co-founder and chief executive officer of Chaka Technologies, Tosin Osibodu, said the company is planning to expand beyond Nigerian market.

The digital investment company plans to establish its outfit in Ghana and other West African markets to grow its customer base in the region.

According to Osibodu, Africa's economy transformation is possible with digital investments, and Chaka will use its fundraising to actualise it.

Chaka obtains N617.16 million as the company plans to expand into West African countries
Tosin Osibodu, the co-founder of Chaka Technologies. Photo: Chaka
Source: Instagram

Chaka raises N617.16 million to fund expansion

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Chaka raised N617.16 million from Breyer Capital, 4DX Ventures, Golden Palm Investments, Future Africa, Seedstars, and Musha Ventures.

The announcement of the secured capital came at a period Chaka received operating license from the Securities Exchange Commission.

Osibodu stated that the capital will be used to finance subsidiary operations within other African markets and create more employment opportunities.

He stated that:

“With this capital, we will focus on our goals to build a roster of formidable partners and accelerate our expansion to other markets within Africa.
"This investment also enables us to hire top talent and integrate more advanced functionalities into our investment and wealth management solutions for businesses.”

CribMD raises N1.06 billion, acquires new firm

Nigerian-based E-health company, CribMD, raised N1.06 billion from local and foreign investors and acquired medical company, Charisland Pharmaceutical.

Investors such as Sputnik ATX and The Guardian Nigerian invested into CribMD to support their acquisition plan which will boost their services.

Activities of both Charisland Pharmaceuticals and CribMD will be incorporated to increase the reach of the company.

Source: Legit Nigeria

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