Monieworx Raises N100M In 10 Days for Three SMEs Through Regulation Crowdfunding, Nigeria’s First
- Three promising Small Medium and Enterprises have raised over N100 million to scale their business
- This was made possible within 10 days by Monieworx within 10 days to become a pioneer of regulation crowdfunding in Nigeria
- The success has now opened an alternative way(crowdfunding) for raising badly-needed cash for SMEs operating in Nigeria.
Alternative Finance Limited (Obelix), Nigeria’s SEC-regulated Crowdfunding Intermediary has announced that it has fundraised N100 million from 9,324 registered small-ticket retail investors for three promising small and medium enterprises in just 10 days.
The lucky three companies are Imose Technologies Limited, Alatiron Nigeria Limited and Q21 Solutions Limited.
There were selected through Obelix debt-based funding portal branded monieworx® an economic exchange and multilayered ecosystem.
Source: Getty Images
How the three SMEs were selected
According to Obelix in a statement, the three selected companies have a good corporate governance record and are SMEDAN-registered.
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It also revealed that a total of 15 eligible fundraising applications from SMEs were considered by the company’s Screening Committee, but only 3 were accepted by Obelix to utilize Monieworx our registered Funding Portal, for their crowdfunding campaigns.
Part of the statement reads:
"The investors were among our growing community of 42,545 early adopters on the Monieworx waitlist.
"The average investment in the Private Notes was N10,725 with the smallest and biggest tickets being N1,200 and N20,000 respectively.
"This alternative way of fundraising meets the important financial needs of SMEs who lack access to credit from Nigerian banks."
CEO speaks
Ali Yakubu-Concern, the Managing Director and CEO of Monieworx believe the crowdfunding method presents a golden opportunity for SMEs, Techpoint reports.
He said,
“SME financing is at an inflection point. We have been presented with a once-in-a-lifetime opportunity to win customer primacy and we intend to seize it with both hands. Owning alternative investments will become increasingly valuable."
Co-founder of Appzone, Obi Emetarom, failed in two businesses
In another report, Obi Emetarom, the co-founder of Appzone, a financial software company shared his story as an entrepreneur.
Before Emetarom established Appzone with Emeka Emetarom and Wale Onawunmi in 2008, he had failed in two businesses, one of them being a table water distribution company.
After that business failed, Emetarom established another venture. This time, an airtime topup business which is enabled by a mobile app, and also has a kiosk.
Source: Legit.ng
