Africa

OkHi raises $1.5million seed round extension to address verification technology in Nigeria

OkHi, a smart addressing startup has secured $1.5 million seed extension to further its goal of increasing efficiency across key sectors in Nigeria.

While the new funding brings the total funding to $3 million, the startup says the development will enable it to hasten its goal of verifying the addresses of more than one million Nigerians to enhance accessibility and efficient delivery services.

The round saw existing investors such as Founders Factory Africa, Betatron, and Interswitch Group as well as new investors, the likes of; Chapel Hill Denham, Flutterwave’s founder and executives, and EXFI (a syndicate of ex-Googlers).

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What they are saying

  • Timbo Drayson, founder and CEO, OkHi said, “At OkHi, we believe a physical address is a human right. It empowers a person to prove where they live so that they can open a bank account, get a delivery to their door and trust an ambulance to find them. OkHi’s goal in Nigeria is to demonstrate to the world how a smart addressing system should work. Once we’ve achieved that, we intend to scale to every other emerging market.”
  • Bolaji Balogun, CEO of Chapel Hill Denham said, “I am very excited to invest in OkHi and to join its board. OkHi has the rare opportunity to truly impact half the world and its economy while building a viable business. The founders and leadership team have the grit, determination, and skills to achieve their mission, and I am pleased to be part of their journey.”

What you should know

  • OkHi was founded in Kenya in 2014 to address challenges around verification to financial services as well as creating the world’s next-generation addressing system.
  • The startup launched in Nigeria in 2021 after securing some seed funding the previous year.
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Source: nairametrics

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