The South-South/South-East Angel Investors Network (SSE Angels) has invested $5,000 and $20,000 respectively in Alphotazi Farms and GreenAge Technologies, it’s first investment deal since its inauguration in March 2018.
The new funding from SSE Angels will see GreenAge Technologies become the most funded tech startup in South-Eastern Nigeria after previously winning $15,000 at Genesys Ignite in November 2018 and raising an undisclosed amount from a private investor. According to Uchechukwu Ogechukwu(Co-founder), this brings the total venture funding raised by GreenAge to about $60,000.
SSE Angel’s $20,000 investment in GreenAge validates the company’s proposition to get hooked the 80 million Nigerians without access to electricity to an alternative cheap power source and also, to scale the production facility of inverters, solar panels and it’s yet to be released energy kits.
The idea of building an alternative power supply began with five undergraduates final year projects that required electricity for completion at the University of Nigeria, Nsukka. Uchechukwu Ogechukwu and his friends built a device that converts sunlight into electricity to complete these projects, it worked and quickly, everyone wanted one because, in Nigeria, everyone shares common ground in experiencing power deficiency.
GreenAge Technologies has ballooned from just a quick power fix to become an original equipment manufacturer of renewable energy products from locally sourced materials and a company to reckon with in the off-grid electric supply market in Nigeria.
GreenAge’s funding continues a trend which has seen startups operating or headquartered in Enugu state raise a bigger seed round than startups in other south-east states. Last year,
Noticeably, but not a funding round, Arone Delivery – Operating out of Roar Nigeria Hub in Enugu – had reportedly signed a deal with Lifebank.ng for fast delivery of medical supplies to and from hospitals using autonomous drones.
SSE Angel’s other portfolio company involved in its first investment deal, Alphotazi Farms, also based in Enugu – got $5,000 to hack to the production process of cassava flakes ‘Garri’.
Lots of Nigerians drink or eat Cassava Flakes, the market is huge but actors in the production and processing of cassava in Nigeria are majorly poor rural farmers without access to adequate infrastructures. By building modular Cassava processing plants close to farms and helping farmers sell both online and offline via its e-commerce arm: Garri.ng, Alphotozi is immensely involved in Grrari’s production process to reduce wastage and improve its quality for a healthy Nigeria.
“I believe the teams are solving global problems with local resources and will scale with the right support, mentoring and a more inclusive ecosystem.” Charles Emembolu, member of SSE Angels said in a press release.
GreenAge has grown its production and distributions of inverters to over a hundred in 2018 alone and already has a distribution partner that’s supported by a major Nigerian bank. GreenAge says it will focus on expanding its reach to more markets across Nigeria, automate productions and double the size of its engineering talent pool.
While Alphotazi Farms said it will double down on its operations in Benue state where it currently operates and will build more modular processing plants for cassava across states in Nigeria.