Norebase Secures pre-seed $1M Raise from Samurai Incubate
Norebase, the African trade technology company building a single platform for businesses to start, scale and operate in any African country, has secured $1M pre-seed funding round, co-led by Samurai Incubate and Consonance Investment. Sahil Lavingia (Gumroad) and Kinfolk VC also invested in this fundraise. The round also included participation from Future Africa, Ventures Platform, Microtraction, Boleh Venture, Voltron Capital, Wuri Ventures, Afropreneur, and angel investments from African tech ecosystem leaders Shola Akinlade (Paystack), Odunayo Eweniyi (Piggyvest), Adia Sowho (MTN Nigeria), Akin Oyebode, and Seni Sulyman.
This raise will help accelerate the company’s plans to build a plug-and-play company incorporation technology, broaden its trademark registration technology stack, bolster its existing team of world-class talent and develop more research-led solutions. Norebase is building Africa’s company and trademark platform that simplifies the start and scale processes for businesses in the continent and beyond.
Additionally, Norebase has launched Norebase Incorporation API, an API service enabling other companies to provide incorporation services to their own customers via their websites. By integrating with Norebase API, any company can provide its customer with a simple form, and the information filled on that form is automatically transmitted to Norebase to register a business on behalf of that customer. After incorporation, the business registration documents are also transmitted back through the API. Norebase API enables businesses such as banks, credit bureaus, payment processors, vendors and any company who interact with registered businesses to eliminate any drop-off point in their product process, and eliminate the need to wait for customers to leave their website/app to register a business before using the service. Companies can provide this additional service to their customers without incurring additional operational costs. Norebase’s Incorporation API is currently available for incorporating business in Nigeria, USA and Kenya with additional markets being added overtime.
Launched in September 2021, Norebase is laser-focused on building a two-pronged platform that offers African and non-African businesses access to the African continent as one big market while creating a channel where African founders can access the international markets (such as the USA). Using Norebase, established companies can expand to new locations while new businesses can be incorporated in any African country of their choice in just a few minutes. In addition, Norebase’s platform provides a single point for startup founders and entrepreneurs to register a company, get a bank account, get a virtual mailing address and even register a trademark and handle IP registration in any African country.
Commenting on Norebase’s growth ambitions, Tola Onayemi, CEO at Norebase, says, “Norebase is building a future where starting a business or expanding a business in any African country is as simple as clicking a single button, and we are deliberately building the single digital infrastructure and technology tools that will power trade across the continent. Africa’s startup space is rightly attracting the global business world’s attention as a region with enormous potential, and we are thrilled to connect new and existing businesses with the means with which they can scale their business in and beyond Africa more seamlessly. The rapid acceleration of innovation across Africa and the growing attractiveness of new markets requires the know-how of a smoother cross-border expansion experience, and our team is the best at this.”
Norebase is also focused on ensuring the Intellectual Property of startups in Africa and international companies expanding to the continent are securely protected as they scale and navigate multiple territories. The company has helped founders incorporate companies in Ghana, Kenya, South Africa, Nigeria, Rwanda, Senegal, Cote D’Ivoire, Togo, Tanzania, Egypt, Mauritius, and Burkina Faso etc. It also recently started offering incorporation services in the U.S. The company has delivered 100% month-on-month growth in transaction volumes for the last six months, with a 40% M-o-M growth in revenue during the same period. Norebase is powering the growth ambition of several innovative companies so that innovators can focus entirely on their core business. This is reflected in Norebase’s clients like Brass, Nestcoin, Patricia, Edenlife, GetEquity, Orda, Kloudcommerce, Send.ng, Workpay, Sudo Africa etc
Tola Onayemi continued, “We are delighted to be joined by a stellar roster of experienced and strategic investors, whose expertise will play a key role as we scale the Norebase goal of being partners for set-up, compliance, regulatory needs for both cross-border expansions and local markets. Given our global and Africa-wide ambitions, we consciously ensured our investors came from across Africa and the world .”
Rena Yoneyama of Samurai Incubate added, “It is truly impressive how Norebase is designing a future where every business and individual can experience Africa as one market. Their team comprises some of the best minds on the continent, helping simplify the complications of launching in any African market, and we are excited to be part of their growth journey.”
The Norebase team is leveraging a stack of technology to drive their cause: “Unlocking an era of Africa-wide prosperity by enabling anyone to do business easily in any African market”. Africa’s combined GDP currently stands at $3 trillion and is projected to reach $29 trillion by 2050. With investment into the African tech startup space passing the $2Billion mark and projected to break records in 2022, Norebase is well-positioned to support entrepreneurs, founders, and businesses to start and scale across borders seamlessly and reach Africa’s 1.2 billion people.
Norebase is a trade tech company providing a single digital Infrastructure platform for Africa-wide expansion. The company helps founders and entrepreneurs start, scale, and operate their businesses in every African country and the United States.
Norebase understands the complexities of the African market and uses technology to minimise the hassle of doing business with minimum risk. Their platform allows founders to start a business and expand into other markets in a transparent, fast, and efficient way.
About Samurai Incubate
Established in 2008, Samurai Incubate Inc is an early-stage Japanese Venture Capital firm and the first Incubator in Japan; with branches in Tokyo, Rwanda, and Tel Aviv, Samurai Incubate has invested in over 150 startups, including 40 Israeli startups.