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Kindbody raises $15M, will open a ‘Fertility Bus’ with mobile testing & assessments

Posted by on Apr 16, 2019 in articles, Entrepreneur, fertility, Health, infertility, IVF, Kindbody, Los Angeles, manhattan, New York City, Perceptive Advisors, Recent Funding, right, RRE Ventures, San Francisco, social network, Startups, TC, TrailMix Ventures, ultrasound, United States, Venture Capital, winklevoss capital | 0 comments

Kindbody, a startup that lures millennial women into its pop-up fertility clinics with feminist messaging and attractive branding, has raised a $15 million Series A in a round co-led by RRE Ventures and Perceptive Advisors.

The New York-based company was founded last year by Gina Bartasi, a fertility industry vet who previously launched Progyny, a fertility benefit solution for employers, and FertilityAuthority.com, an information platform and social network for people struggling with fertility.

“We want to increase accessibility,” Bartasi told TechCrunch. “For too long, IVF and fertility treatments were for the 1 percent. We want to make fertility treatment affordable and accessible and available to all regardless of ethnicity and social economic status.”

Kindbody operates a fleet of vans — mobile clinics, rather — where women receive a free blood test for the anti-Müllerian hormone (AMH), which helps assess their ovarian egg reserve but cannot conclusively determine a woman’s fertility. Depending on the results of the test, Kindbody advises women to visit its brick-and-mortar clinic in Manhattan, where they can receive a full fertility assessment for $250. Ultimately, the mobile clinics serve as a marketing strategy for Kindbody’s core service: egg freezing.

Kindbody charges patients $6,000 per egg-freezing cycle, a price that doesn’t include the cost of necessary medications but is still significantly less than market averages.

Bartasi said the mobile clinics have been “wildly popular,” attracting hoards of women to its brick-and-mortar clinic. As a result, Kindbody plans to launch a “fertility bus” this spring, where the company will conduct full fertility assessments, including the test for AMH, a pelvic ultrasound and a full consultation with a fertility specialist.

In other words, Kindbody will offer all components of the egg-freezing process on a bus aside from the actual retrieval, which occurs in Kindbody’s lab. The bus will travel around New York City before heading west to San Francisco, where it plans to park on the campuses of large employers, catering to tech employees curious about their fertility.

“Our mission at Kindbody is to bring care directly to the patient instead of asking the patient to come to visit us and inconvenience them,” Bartasi said.

A sneak peek of Kindbody’s “fertility bus,” which is still in the works

Kindbody, which has raised $22 million to date from Green D Ventures, Trailmix Ventures, Winklevoss Capital, Chelsea Clinton, Clover Health co-founder Vivek Garipalli and others, also provides women support getting pregnant with in vitro fertilisation (IVF) and intrauterine insemination (IUI). 

With the latest investment, Kindbody will open a second brick-and-mortar clinic in Manhattan and its first permanent clinic in San Francisco. Additionally, Bartasi says they are in the process of closing an acquisition in Los Angeles that will result in Kindbody’s first permanent clinic in the city. Soon, the company will expand to include mental health, nutrition and gynecological services.

In an interview with The Verge last year, Bartasi said she’s taken inspiration from SoulCycle and DryBar, companies whose millennial-focused branding strategies and prolific social media presences have helped them accumulate customers. Kindbody, in that vein, notifies its followers of new pop-up clinics through its Instagram page.

In the article, The Verge called Kindbody “the SoulCycle of fertility” and questioned its branding strategy and its claim that egg freezing “freezes time.” After all, there is limited research confirming the efficacy of egg freezing.

“The technology that allows for egg-freezing has only been widely used in the last five to six years,” Bartasi explained. “The majority of women who froze their eggs haven’t used them yet. It’s not like you freeze your eggs in February and meet Mr. Right in June.”

Though Kindbody touts a mission of providing fertility treatments to the 99 percent, there’s no getting around the sky-high costs of the services, and one might argue that companies like Kindbody are capitalizing off women’s fear of infertility. Providing free AMH tests, which often falsely lead women to believe they aren’t as fertile as they’d hoped, might encourage more women to seek a full-fertility assessment and ultimately, to pay $6,000 to freeze their eggs, when in reality they are just as fertile as the average woman and not the ideal candidate for the difficult and uncomfortable process.

Bartasi said Kindbody makes all the options clear to its patients. She added that when she does hear accusations that services like Kindbody capitalize on fear of infertility, they tend to come from legacy programs and male fertility doctors: “They are a little rattled by some of the new entrants that look like the patients,” she said. “We are women designing for women. For far too long women’s health has been solved for by men.”

Kindbody’s pricing scheme may itself instill fear in incumbent fertility clinics. The startup’s egg-freezing services are much cheaper than market averages; its IVF services, however, are not. Not including the costs of medications necessary to successfully harvest eggs from the ovaries, the average cost of an egg-freezing procedure costs approximately $10,000, compared to Kindbody’s $6,000. Its IVF services are on par with other options in the market, costing $10,000 to $12,000 — not including medications — for one cycle of IVF.

Kindbody is able to charge less for egg freezing because they’ve cut out operational inefficiencies, i.e. they are a tech-enabled platform while many fertility clinics around the U.S. are still handing out hoards of paperwork and using fax machines. Bartasi admits, however, that this means Kindbody is making less money per patient than some of these legacy clinics.

“What is a reasonable profit margin for fertility doctors today?” Bartasi said. “Historically, margins have been very, very high, driven by a high retail price. But are these really high retail prices sustainable long term? If you’re charging 22,000 for IVF, how long is that sustainable? Our profit margins are healthy.”

Bartasi isn’t the only entrepreneur to catch on to the opportunity here, as I’ve noted. A whole bunch of women’s health startups have launched and secured funding recently.

Tia, for example, opened a clinic and launched an app that provides health advice and period tracking for women. Extend Fertility, which like Kindbody, helps women preserve their fertility through egg freezing, banked a $15 million round. And a startup called NextGen Jane, which is trying to detect endometriosis with “smart tampons,” announced a $9 million Series A a few weeks ago.


Source: The Tech Crunch

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Entrepreneur First eyes further Asia growth to build its global network of founders

Posted by on Jan 29, 2019 in Accelerator, Artificial Intelligence, Asia, bangalore, berlin, Business, business incubators, Co-founder, economy, Entrepreneur, entrepreneur first, Europe, India, London, paris, Reid Hoffman, Singapore, Startup company, women in technology | 0 comments

British startup venture builder Entrepreneur First is eying additional expansion in Asia, where its operation is now as large as it is in Europe, as it expands its reach in 2019. But, despite serving a varied mixture of markets, the company said its founders are a fairly unified breed.

The Entrepreneur First program is billed as a “talent investor.” It matches prospective founders and, through an accelerator program, it encourages them to start and build companies which it backs with financing. The organization started out in London in 2011, and today it is also present in Paris and Berlin in Europe and, in Asia, Singapore, Hong Kong and (soon) Bangalore. To date, it says it has graduated over 1,200 founders who have created more than 200 companies, estimated at a cumulative $1.5 billion on paper.

Those six cities cover a spread of unique cultures — both in general life and startup ecosystems — but, despite that, co-founder Matthew Clifford believes there’s actually many commonalities between among its global founder base.

“It’s really striking to me how little adjustment of the model has been necessary to make it work in each location,” Clifford — who started EF with Alice Bentinck — told TechCrunch in an interview. “The outliers in each country have more in common with each other and their fellow compatriots… we’re uncovering this global community of outliers.”

Despite the common traits, EF’s Asia expansion has added a new dimension to the program after it announced a tie-in with HAX, one of the world’s best-known hardware-focused accelerator programs, that will see the duo co-invest in hardware startups via a new joint program.

“We saw early that hardware was a much more viable part of the market in Asia than it is traditionally seen in Europe [and] needed a partner to accelerate the talent,” Clifford said.

Already, the first four beneficiaries of that partnership have been announced — AIMS, BOPSIN, Neptune Robotics and SEPPURE — each of which graduated the first EF cohort in Hong Kong, its fourth in Asia so far. Going forward, Clifford expects that around three to five startups from each batch will move from EF into the joint initiative with HAX. The program covers Asia first but it is slated to expand to EF’s European sites “soon.”

Entrepreneur First held its first investor day in Hong Kong this month

Another impending expansion is EF’s first foray into India via Bangalore which starts this month, and there could be other new launches in 2019.

“We’ll continue to grow by adding sites but we are not in a rush,” Clifford said. “The most important thing is retraining quality of talent. It may be six months until we add another site in Asia but there’s no shortage of places we think it will work.

“We operate a single global fund,” he added. “We’re a talent investor and we believe there are strong network effects in that. The people who back us are really betting on the model… [that it’s] an asset class with great returns.

While it appears that its global expansion drive is a little more gradual than what was previously envisaged — backer and board member Reid Hoffman told TechCrunch in 2016 that he could imagine it in 50 cities — Clifford said EF isn’t raising more capital presently. That previous investment coupled with management fees is enough fuel in the tank, he said. The organization also operates a follow-on fund but it has one major exit to date, Pony Technology, the AI startup bought by Twitter for a reported $150 million.

Still, with hundreds of companies in the world with EF on the cap table, Clifford said he is bullish that his organization can target an international-minded breed of entrepreneur worldwide. The impact he sees is one that will work regardless of any local constraints placed on them.

“With our global network of capital, we always want capital, not talent, to be the limiting factor. Our goal is to make being ‘an EF company’ more relevant to your identity as a startup regardless of your location,” he told TechCrunch


Source: The Tech Crunch

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Contabilizei raises $20 million to ease Brazilians’ tax pain

Posted by on Jan 15, 2019 in Brazil, Contabilizei, Entrepreneur, Finance, founder, head, hedge fund, investment, Kaszek Ventures, money, TC, Technology, United States, World Bank | 0 comments

Online tax filing and accounting service, Contabilizei, has raised $20 million in a new round of financing led by Point72 Ventures, the early stage investment arm associated with hedge fund guru Steven Cohen’s Point72 Asset Management.

Smart money in both the venture and private equity space has been long Brazil for a bit, and the new investment provides even more firepower to the thesis that Brazil’s startup ecosystem is on the move.

“For the Brazilian ecosystem, the investment represents the trust and the opportunity that we have here in the Brazilian market. For quite some time it was difficult to attract this kind of investment from abroad,” says Contabilizei chief executive Vitor Torres. Even though we had a recession there are technology companies that are growing,” Torres says, saying that the company has already staved off acquisition offers and will eventually eye a potential public offering in U.S. or domestic markets.

Though it was only founded five years ago, the company already has 200 employees and more than 10,000 customers throughout Brazil.

Contabilizei has already audited more than 2 billion reals in customer revenue and saved its users over 500 million reals in taxes. For new companies, Contabilizei will also offer free business registration and formation filings. So far, the company has helped 5,000 new businesses get their paperwork done around the country.

“In Brazil, one of the greatest frictions for a small company is meeting its tax reporting requirements,” said Pete Casella, Head of Fintech & Financial Services Investments at Point72 Ventures. “By building an automated tax accounting service that can deliver services at a fraction of the cost of a traditional accountant, we believe that Contabilizei has established the high trust relationships that will enable it to serve customers in many new ways over the coming years.”

New investors also contributed to the round including the International Financial Corp., an investment arm of the The World Bank, and Quona Capital, Quadrant, and the Fintech Collective. They joined existing company backers Kaszek Ventures, e.Bricks, Endeavor Catalyst, and Curitiba Angels.

“Our goal is to simplify the entrepreneur’s routine so they can focus on their own business and not on bureaucracy. We are only at the beginning, and in three years we want to grow 15 times more,” said Vitor Torres, chief executiver and founder of Contabilizei, in a statement. “We were pioneers in the debureaucratization of accounting in the country and we managed to do it with a quality that surpasses 98% of our customers’ satisfaction.”


Source: The Tech Crunch

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Stealthy Singapore VC firm Qualgro is raising a $100M fund

Posted by on Aug 21, 2018 in Asia, Australia, Entrepreneur, Fundings & Exits, golden gate ventures, openspace ventures, patsnap, shopback, Singapore, singtel, SingTel Innov8, Southeast Asia, TC | 0 comments

Southeast Asia’s venture capital space is booming right now. Openspace Ventures just announced the close of its newest $135 million fund, Golden Gate Ventures hit the first close on its upcoming $100 million vehicle, and a third Singapore-based fund is also raising big right now: Qualgro.

Unlike others, Qualgro has operated relatively under the radar to date.

That’s been very deliberate, according to managing partner Heang Chhor, who started the firm after leaving McKinsey following a 26-year stint that spanned Europe and Asia. Cambodian by birth, Chhor grew up in France and he rose to become a member of the McKinsey Global Board, whilst also leading the business in Japan.

Prior to McKinsey, Chhor started a number of businesses — of which he says he got a modest exit but plenty of experience — and now he is turning his attention to Southeast Asia, where growing internet access among a cumulative base of 650 million consumers is opening up new opportunities for tech and internet businesses. The region’s digital economy is forecast to pass $200 billion by 2020, up from an estimated $50 billion in 2017, according to a much-cited report from Temasek and Google.

Qualgro — which stands for ‘quality’ and ‘growth,’ in case you wondered — opened its doors in 2015 with a maiden $50 million fund. Alongside Chhor is Jason Edwards, formerly with PE firm Clearwater Capital and Peter Huynh, who joined from the Singtel Innov8 VC arm. To date, Qualgro has made 19 investments, which include IP and data firm Patsnap, e-commerce startup Shopback, and lending platform Funding Societies.

The aim is to super-size that with this new fund, which this week completed a first close of $60 million. The total target is $100 million. Qualgro didn’t comment on the identity of its LPs, but it said the increased capital will see it further its efforts on Series B deals.

The firm has focused on Series A and B deals in Southeast Asia so far with a primary interest in b2b businesses, and those that use data, AI, enterprise and Sass models. Beyond that b2b specialism, the firm looks to distinguish itself by offering international growth opportunities to its portfolio. That’s to say that Chhor uses his networks across the world to help Southeast Asia-based companies expand into new geographical markets — especially on issues like setting up offices and hiring — whilst also tapping his connections within the enterprise and business worlds.

“As a Southeast Asia-based VC, we are looking for talented people that are able to grow their company regionally and potentially become a real global player. It’s a little bit difficult because as a Southeast Asian entrepreneur you need to have certain skills and be on the right business model to access the global world and compete successfully [but] we invest in this type of talent irrespective of their country in Southeast Asia,” Chhor told TechCrunch.

[Left to right] Heang Chhor, Qualgro founder and managing partner, Jason Edwards, co-founder and partner, and Peter Huynh, co-founder and partner

That’s been most visible with its efforts in Australia to date. For example, Qualgro has worked closely with Shopback to expand its service into the country. While Patsnap, too, has leveraged its investor to expand into Europe, where it has a sizeable operation in addition to its Singapore HQ.

But the strategic deals also flow the other way.

Qualgro is looking to back companies that seek the opportunities to move into Southeast Asia. To date that has seen it get active in the Australian market, where it has done more deals that other Southeast Asian VC firm. Those include Data Republic, which has expanded to Singapore with plans to go beyond that, too.

Chhor explained that, beyond its current scope on Southeast Asia and Australia, the firm is open to pursuing deals with companies in markets like Europe and Japan when there are opportunities for Qualgro to come in as a strategic investor help grow businesses and expand networks across Asia.

Indeed, Qualgro’s focus on international is reflected in its team which consists of six people in Singapore with one in Australia and an advisor in Europe.


Source: The Tech Crunch

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Sagewise pitches a service to verify claims and arbitrate disputes over blockchain transactions

Posted by on Aug 3, 2018 in blockchain, computing, cryptocurrencies, distributed computing, Entrepreneur, ethereum, executive, lawyer, Los Angeles, managing partner, peer to peer, Recent Funding, Sagewise, scalar capital, smart contract, Startups, TC, U.S. Department of Commerce | 0 comments

Sometimes smart contracts can be pretty dumb.

All of the benefits of a cryptographically secured, publicly verified, anonymized transaction system can be erased by errant code, malicious actors or poorly defined parameters of an executable agreement.

Hoping to beat back the tide of bad contracts, bad code and bad actors, Sagewise, a new Los Angeles-based startup, has raised $1.25 million to bring to market a service that basically hits pause on the execution of a contract so it can be arbitrated in the event that something goes wrong.

Co-founded by a longtime lawyer, Amy Wan, whose experience runs the gamut from the U.S. Department of Commerce to serving as counsel for a peer-to-peer real estate investment platform in Los Angeles, and Dan Rice, a longtime entrepreneur working with blockchain, Sagewise works with both Ethereum and the Hedera Hashgraph (a newer distributed ledger technology, which purports to solve some of the issues around transaction processing speed and security which have bedeviled platforms like Ethereum and Bitcoin).

The company’s technology works as a middleware, including an SDK and a contract notification and monitoring service. “The SDK is analogous to an arbitration clause in code form — when the smart contract executes a function, that execution is delayed for a pre-set amount of time (i.e. 24 hours) and users receive a text/email notification regarding the execution,” Wan wrote to me in an email. “If the execution is not the intent of the parties, they can freeze execution of the smart contract, giving them the luxury of time to fix whatever is wrong.”

Sagewise approaches the contract resolution process as a marketplace where priority is given to larger deals. “Once frozen, parties can fix coding bugs, patch up security vulnerabilities, or amend/terminate the smart contract, or self-resolve a dispute. If a dispute cannot be self-resolved, parties then graduate to a dispute resolution marketplace of third party vendors,” Wan writes. “After all, a $5 bar bet would be resolved differently from a $5M enterprise dispute. Thus, we are dispute process agnostic.”

Wavemaker Genesis led the round, which also included strategic investments from affiliates of Ari Paul (Blocktower Capital), Miko Matsumura (Gumi Cryptos), Youbi Capital, Maja Vujinovic (Cipher Principles), Jordan Clifford (Scalar Capital), Terrence Yang (Yang Ventures) and James Sowers.

“Smart contracts are coded by developers and audited by security auditing firms, but the quality of smart contract coding and auditing varies drastically among service providers,” said Wan, the chief executive of Sagewise, in a statement. “Inevitably, this discrepancy becomes the basis for smart contract disputes, which is where Sagewise steps in to provide the infrastructure that allows the blockchain and smart contract industry to achieve transactional confidence.”

In an email, Wan elaborated on the thesis to me, writing that, “smart contracts may have coding errors, security vulnerabilities, or parties may need to amend or terminate their smart contracts due to changing situations.”

Contracts could also be disputed if their execution was triggered accidentally or due to the actions of attackers trying to hack a platform.

“Sagewise seeks to bring transactional confidence into the blockchain industry by building a smart contract safety net where smart contracts do not fulfill the original transactional intent,” Wan wrote.


Source: The Tech Crunch

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MallforAfrica goes global, Kobo360 and Sokowatch raise VC, France explains its $76M fund

Posted by on Aug 3, 2018 in africa, android, B2B, Business, ceo, Column, designer, dhl, E-Commerce, east africa, economy, Emmanuel Macron, Entrepreneur, France, Ghana, Honeywell, kenya, kobo360, Lagos, Marketing, mobile phones, Nigeria, paris, president, Proparco, Rwanda, senegal, SMS, sokowatch, Tanzania, TechCrunch, Uber, unilever, Village Global, wi-fi, Y Combinator | 0 comments

B2B e-commerce company Sokowatch closed a $2 million seed investment led by 4DX Ventures. Others to join the round were Village Global, Lynett Capital, Golden Palm Investments, and Outlierz  Ventures.

The Kenya based company aims to shake up the supply chain market for Africa’s informal retailers.

Sokowatch’s platform connects Africa’s informal retail stores directly to local and multi-national suppliers—such as Unilever and Proctor and Gamble—by digitizing orders, delivery, and payments with the aim of reducing costs and increasing profit margins.

“With both manufacturers and the small shops, we’re becoming the connective layer between them, where previously you had multiple layers of middle-men from distributors, sub-distributors, to wholesalers,” Sokowatch founder and CEO Daniel Yu told TechCrunch.

“The cost of sourcing goods right now…we estimate we’re cutting that cost by about 20 percent [for] these shopkeepers,” he said

“There are millions of informal stores across Africa’s cities selling hundreds of billions worth of consumer goods every year,” said Yu.

These stores can use Sokowatch’s app on mobile phones to buy wares directly from large suppliers, arrange for transport, and make payments online. “Ordering on SMS or Android gets you free delivery of products to your store, on average, in about two hours,” said Yu.

Sokowatch generates revenues by earning “a margin on the goods that we’re selling to shopkeepers,” said Yu. On the supplier side, they also benefit from “aggregating demand…and getting bulk deals on the products that we distribute.”

The company recently launched a line of credit product to extend working capital loans to platform clients. With the $2 million round, Sokowatch—which currently operates in Kenya and Tanzania—plans to “expand to new markets in East Africa, as well as pilot additional value add services to the shops,” said Yu.

MallforAfrica and DHL launched MarketPlaceAfrica.com: a global e-commerce site for select African artisans to sell wares to buyers in any of DHL’s 220 delivery countries.

The site will prioritize fashion items — clothing, bags, jewelry, footwear and personal care — and crafts, such as pictures and carvings. MallforAfrica is vetting sellers for MarketPlace Africa online and through the Africa Made Product Standards association (AMPS), to verify made-in-Africa status and merchandise quality.

“We’re starting off in Nigeria and then we’ll open in Kenya, Rwanda and the rest of Africa, utilizing DHL’s massive network,” MallforAfrica CEO Chris Folayan told TechCrunch about where the goods will be sourced. “People all around the world can buy from African artisans online, that’s the goal,” Folayan told TechCrunch.

Current listed designer products include handbags from Chinwe Ezenwa and Tash women’s outfits by Tasha Goodwin.

In addition to DHL for shipping, MarketPlace Africa will utilize MallforAfrica’s e-commerce infrastructure. The startup was founded in 2011 to solve challenges global consumer goods companies face when entering Africa.

French President Emmanuel Macron <a href=”https://pctechmag.com/2018/05/french-president-emmanuel-macron-launches-a-usd76m-africa-startup-fund/”>unveiled a $76 million African startup fund at VivaTech 2018 and TechCrunch paid a visit to the French Development Agency (AFD) — who will administer the new fund — to get details on how it will work.

The $76 million (or €65 million) will divvy up into three parts, AFD Digital Task Team Leader Christine Ha told TechCrunch.

“There are €10 million [$11.7 million] for technical assistance to support the African ecosystem… €5 million will be available as interest-free loans to high-potential, pre-seed startups…and…€50 million [$58 million] will be for equity-based investments in series A to C startups,” explained Ha during a meeting in Paris.

The technical assistance will distribute in the form of grants to accelerators, hubs, incubators and coding programs. The pre-seed startup loans will issue in amounts up to $100,000 “as early, early funding to allow entrepreneurs to prototype, launch and experiment,” said Ha.

The $58 million in VC startup funding will be administered through Proparco, a development finance institution — or DFI — partially owned by the AFD. “Proparco will take equity stakes, and will be a limited partner when investing in VC funds,” said Ha.

Startups from all African countries can apply for a piece of the $58 million by contacting any of Proparco’s Africa offices.

The $11.7 million technical assistance and $5.8 million loan portions of France’s new fund will be available starting in 2019. On implementation, AFD is still “reviewing several options…such as relying on local actors through [France’s] Digital Africa platform,” said Ha. President Macron followed up the Africa fund announcement with a trip to Nigeria last month.

Nigerian logistics startup Kobo360 was accepted into Y Combinator’s 2018 class and gained some working capital in the form of $1.2 million in pre-seed funding led by Western Technology Investment.

The startup — with an Uber like app that connects Nigerian truckers to companies with freight needs — will use the funds to pay drivers online immediately after successful hauls.

Kobo360 is also launching the Kobo Wealth Investment Network, or KoboWIN — a crowd-invest, vehicle financing program. Through it, Kobo drivers can finance new trucks through citizen investors and pay them back directly (with interest) over a 60-month period.

On Kobo360’s utility, “We give drivers the demand and technology to power their businesses,” CEO Obi Ozor told TechCrunch. “An average trucker will make $3,500 a month with our app. That’s middle class territory in Nigeria.”

Kobo360 has served 324 businesses, aggregated a fleet of 5480 drivers and moved 37.6 million kilograms of cargo since 2017, per company stats. Top clients include Honeywell, Olam, Unilever, and DHL.

Ozor thinks the startup’s asset-free, digital platform and business model can outpace traditional long-haul 3PL providers in Nigeria by handling more volume at cheaper prices.

“Logistics in Nigeria have been priced based on the assumption drivers are going to run empty on the way back…When we now match freight with return trips, prices crash.”

Kobo360 will expand in Togo, Ghana, Cote D’Ivoire and Senegal.

[PHOTO: BFX.LAGOS] And finally, applications are open for TechCrunch’s Startup Battlefield Africa, to be held in Lagos, Nigeria, December 11. Early-stage African startups have until September 3 to apply here.

More Africa Related Stories @TechCrunch

More Africa Related Stories @TechCrunch

·         CowryWise micro-savings service opens high-yield government bonds to everyday Nigerians


African Tech Around the Net

·         More Than Half of Sub-Saharan Africa to Be Connected to Mobile by 2025, Finds New GSMA Study
·         Ethiopia’s Gebeya acquires Coders4Africa to accelerate its growth
·         Rwanda, Andela partner to launch pan-African tech hub in Kigali
·         Google’s free public Wi-Fi initiative expanded to Africa
·         Accounteer wins 2018 MEST Entrepreneur challenge
·         SafeBoda completes expansion to Kenya, now live in Nairobi
·         Uganda government sued over social media tax


Source: The Tech Crunch

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Bitcoin price falls but doesn’t flatline

Posted by on Jun 11, 2018 in Bitcoin, bitcoin cash, bitpay, blockchain, btc, CoinDesk, cryptocurrencies, economy, Entrepreneur, Finance, Fundings & Exits, money, TC | 0 comments

Those not looking at the Bitcoin markets lately will either gasp or smile. Bitcoin, down from its all time high of around $19,000, is now floating at $6,785 as of this writing. To many this means that either the Bitcoin experiment is over or, to many more, that it has just begun.

There are plenty of folks who will have been hurt by this crash. I was speaking with a Romanian entrepreneur about his friend who bought BTC on a credit card only to find that he is wildly underwater. The volatility is also frightening to folks who might have gotten in on the last run up only to find themselves back at the start. I pity the poor waiter who a friend saw making Bitcoin trades at $18,000 during his shift. I hope he sold.

But there are no signs that the cryptocurrency train is stopping. Startups around the world are all examining – and doing – ICOs. Plenty of early crypto miners and buyers still have enough cash to play around in all sorts of ways. Bitcoin naysayers like R3 are figuring out that bankers didn’t want to hear “blockchain, not bitcoin” after all once they realized that bitcoin, like their beloved equities and commodities, was just another place for them to play.

And people are still active in the market. That’s important. As this Coindesk analysis notes, the markets will be deeply volatile during this stretch and could remain so as risk-taking buyers snap up coin on the downswing.

Don’t believe me? This is the seven day trading volume for almost all of the exchanges.

Ultimately these moves make up one of the most interesting forms of intergenerational and international wealth transfer we’ve ever seen. Whereas this wealth transfer once came in the form of inheritances and joint ventures, cryptocurrencies enable an almost instantaneous partners ship between the old and young and the near and far. It’s a fascinating economic time and I doubt it will let up any time soon.

Sometimes the price goes up, sometimes it goes down. That’s the best advice any smart person can give anyone in any market. However, the signs point less to a flatline and more to a gut-wrenching EKG full of ups and downs. The patient, however, is not dead yet.


Source: The Tech Crunch

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