$50 Million Investment Sees QED Join Existing Investors in Series C Round
QED Investors, a U.S.-based fintech-focused venture capital firm, has led a new investment in TeamApt, a Nigerian fintech company that provides business payments and banking platforms. The investment was over $50 million, according to sources familiar with the matter, though neither QED nor TeamApt would confirm the figure.
Existing Investors Participate in New Round
Existing investors from TeamApt’s Series B last year, which raised $30 million+, participated in this new round. These investors include Novastar Ventures (co-lead), Lightrock, and BII. While TeamApt wouldn’t specify any ‘letter’ for the latest round, it can be described as a pre-Series C round because sources say the company is still in the market to raise a Series C next year.
Company’s CEO on Fundraising Efforts
"We always approach our fundraising effort opportunistically and want to make sure the market context, cash needs of the business and investor profile match our strategic growth views," said Tosin Eniolorunda, TeamApt’s CEO. "We’re excited to have QED Investors join us in this new round, as their expertise and resources will help us further scale our operations."
QED Investors’ Partner on Africa Investments
"I am proud to bring Africa to QED and QED to Africa," said Gbenga Ajayi, QED Investors partner and head of Africa. "Tosin and his team have steadily built an impressive payment and distribution network across Nigeria over the past five years. Their strong and positive unit economics, coupled with a deep customer focus, will enable them to continue to build out an even more expansive network."
TeamApt’s Pan-African Expansion
Meanwhile, TeamApt’s pan-African expansion play is still in motion, said Eniolorunda; the company is targeting its first wave of international expansion within the continent in the coming months. "We’re excited to use this new funding round to provide digital bank services for the unbanked and underbanked populations across Africa," he added.
QED Investors’ Investment Strategy
QED Investors has a proven track record of investing in fintech companies with strong growth potential. With this latest investment, QED is demonstrating its commitment to supporting innovative fintech firms in emerging markets.
Related Topics:
- Fintech
- Nigeria
- QED Investors
- Startups
About the Author:
Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. He can be reached at tage(dot)techcrunch(@)gmail.com.
