ETAP CEO and Founder, Ibraheem Babalola
ETAP, an insurtech startup that makes it easier to buy and claim insurance, has secured $1.5 million in pre-seed funding to grow its team and drive the adoption of much-needed car insurance across Africa. Starting in Nigeria, the new funding will support the roll-out of ETAP’s game-changing app. Which allows drivers to buy insurance in 90 seconds, complete claims in 3 minutes or less and get rewarded for good driving and avoiding accidents.
The pre-seed funding round was led by Mobility 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group). With participation from Tangerine Insurance, Graph Ventures (invested in Clubhouse), Newmont and other angel investors. Working with a wide range of automotive value chain players, ETAP will also explore other opportunities to deliver much-needed insurance services for car owners in other countries across the continent.
Despite longstanding regulation making car insurance compulsory and more than 100,000 car accidents reported between January 2019 and December 2021, only one in five cars in Nigeria are currently insured. The complexities of buying and claiming insurance has led to widespread apathy for traditional insurance companies and products, with many car owners opting to go without insurance. With ETAP, the entire process of buying and claiming insurance happens exclusively on a smartphone, enabling a seamless and enjoyable insurance experience for users.
ETAP uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely. Using advanced telematics, the driving experience is gamified to improve driving behaviour and drivers can earn Safe Driving Points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets, and other exciting experiences.
Drivers also have flexible coverage options, including daily, weekly, monthly, quarterly and annual plans depending on their needs. In the unfortunate event of an accident, they simply need to take a picture of the affected part of the car via the app and the artificial intelligence processes the claim based on previously uploaded images. The app comes with geolocation tags, timestamps and other features to prevent fraudulent claims, as well as crash notification, emergency support and more.
Since launching in beta in November 2021, ETAP has insured more than 130,000 individual trips and over 500,000 kilometres in car journeys. Which represents more than eight times the total distance of paved roads in Nigeria.
According to Ibraheem Babalola, CEO and founder of ETAP, “Just like any other digital service, we believe Nigerians should be able to buy and claim car insurance without having to ‘call a guy’. We also believe that rewarding good drivers can be a catalyst for better driving and making our roads safer. This is why we have created Africa’s most powerful car insurance app and we are excited to have raised these funds to bring more users on board. Too often, the process of buying and claiming insurance in Africa is so out of touch with the everyday reality of most people. But we are changing the game and making the process just as enjoyable as any other experience that consumers access on the mobile phone.”
Yumi Takagi, Project Manager at Mobility 54 said, “ETAP is addressing many challenges that impact the automotive experience in Africa. And we are excited to support and work with them to bring their innovation to more drivers across the continent. We believe that ETAP will engage with this important role and revolutionize the automotive insurance industry with their powerful technology”.
mediaReach OMD Nigeria Appoints Stephen Onaivi as New Managing Director
mediaReach OMD Nigeria Board of Directors has confirmed the appointment of Stephen Onaivi effective January 1st, 2024. Onaivi will become the managing director of the nation’s foremost media investment and management agency, known for its thought leadership and innovativeness. The Regional Chief Executive Officer of Omnicom Media Group West & Central Africa (OMG WeCA), Alaba Fadero, announced Onaivi’s appointment in Lagos.
According to Fadero, “Stephen’s appointment is the result of a careful succession planning and talent development program. He is expected to maintain OMD’s industry leadership and drive our regional growth strategy across the three critical global pillars of Client, People, and Capability.”
Onaivi is a homegrown, globally evolved professional who has been responsible for driving innovation across major brands, including Diageo, Airtel, Olam, Vodafone, Virgin Atlantic, Google, Uber, and GSK, to mention a few across the West and Central African region.
In addition to being the Managing Director of OMD Nigeria, he has a mandate to drive the OMD brand across West and Central Africa to enhance client value and ensure the seamless integration of OMD values, technology, and strategic processes.
Before his new appointment, Onaivi was the Managing Director of OMD Ghana, where he contributed to developing a multi-disciplinary, forward-looking media and advertising industry and serviced an array of national, multinational, and regional clients.
Reacting to his new appointment, Onaivi expressed confidence that the industry leadership and innovative strides of OMD Nigeria would be maintained under his leadership, stating, “We are proud of our thought leadership and pragmatic approach to providing value-driven services to our clients, and they should expect more with our team’s renewed commitment.”
According to Onaivi, key focus areas of OMD Nigeria will include innovation driven by technology and marketing science, the development of local talents, and enhanced strategic thinking to improve the agency’s value proposition to its clients.
Onaivi is a communication expert who has attended several management training courses and conferences from renowned business schools across the globe, including the Lagos Business School and London Business School. He is a keen golfer and a firm believer in the importance of community service. He is also the founder of the “Play with Stephen” golf tournament held annually in Accra, Ghana. The tournament leverages golf as a ‘passion point’ for key decision-makers to create awareness and support for Autism across Africa.
Endeavor Nigeria appoints Bolaji Balogun as its new Chairman
Endeavor Nigeria Chairman, Bolaji Balogun (Photo: Eleanor Goodey).
Endeavor Nigeria’s board of directors has appointed Bolaji Balogun, Chief Executive Officer at Chapel Hill Denham, as its new Chairman. Bolaji was previously Endeavor Nigeria’s Vice Chairman and succeeds Atedo Peterside, Endeavor Nigeria’s founding board chairman.
“I am honored to be asked to lead Endeavor Nigeria’s Board at this time, building on the strong platform provided by Endeavor Nigeria’s founding Chairman, driving our commitment to providing high-impact entrepreneurs with the access to capital, networks and mentorship that are so important to building a strong entrepreneurial ecosystem. I believe private capital and entrepreneurship are mission critical to delivering sustainable development.”
Outgoing Chairman Atedo Peterside stated, “It has been a pleasure serving as the Chairman of Endeavor Nigeria in its first five years in Nigeria, during which we have seen the organization help to accelerate high-impact entrepreneurship in Nigeria. Once Endeavor, always Endeavor and I look forward to offering my support to Endeavor Nigeria under the capable leadership of Bolaji and all his colleagues on the Board.”
We are also pleased to announce that Endeavor Entrepreneurs Olugbenga ‘GB’ Agboola (Founder and CEO, Flutterwave) and Christian Wessels (President and co-founder, Daystar Power) have been appointed to the Endeavor Nigeria Board, becoming the first Endeavor Nigeria Entrepreneurs to join the local office’s board.
GB, founder and CEO of Flutterwave Inc., a FinTech company facilitating cross-border payment transactions of small to large African businesses via one API, was selected as an Endeavor Entrepreneur in April 2019. Christian Wessels, President & co-founder of Daystar Power, a leading provider of hybrid solar power solutions for commercial and industrial businesses in Africa, was selected as an Endeavor Entrepreneur in February 2020.
“As an Endeavor Entrepreneur, I have experienced firsthand the invaluable impact that this organization can have on scaling a company,” said Wessels. “I look forward to supporting both Endeavor Nigeria and its entrepreneurs.”
“Joining the Endeavor Nigeria Board of Directors is a full-circle moment for me. Endeavor has been instrumental in Flutterwave’s trajectory, and I’m excited to pay it forward by supporting the next generation of Endeavor Entrepreneurs. I look forward to helping drive transformative change in our local tech ecosystem“, said Agboola.
“We are thrilled to have GB and Christian join us as the first Endeavor Entrepreneurs on the board and offer their unique perspective representing Endeavor Entrepreneurs and paying it forward,” said Endeavor Nigeria Board Chairman Bolaji Balogun.
Endeavor is a non-profit organization that supports high-impact entrepreneurs worldwide to transform economies locally and globally. Having launched its operation in September 2019, Endeavor Nigeria possesses an active local board of business leaders who believe high-impact entrepreneurship can transform Nigeria. A complete list of board members may be found here.
Endeavor Nigeria’s objective is to accelerate the growth of high-impact entrepreneurs through access to mentorship, talent, capital and markets. Endeavor Nigeria currently supports 16 companies and 35 entrepreneurs from diverse industries that will impact the Nigerian economy through job creation and economic opportunities as they scale.
Goodwell Investments leads USD 8.5 million Series B round for Good Nature Agro
Impact investor Goodwell Investments has joined forces with social impact investing cooperative Oikocredit and Global Partnerships/Eleos Social Venture Fund (GP SVF) to provide USD 8.5 million in equity to Zambian social enterprise Good Nature Agro (GNA).
Good Nature Agro currently supports about 30,000 southern African smallholder farmers in growing drought-resistant, early-maturing legume seed varieties, including beans, cowpeas, soyabeans and groundnuts. Its agritech-based business model encompasses access to inputs, input finance, smart and reduced fertiliser use, climate-smart training, and a guaranteed market for high-value produce, giving farmers a wealth of support to professionalise their businesses and establish a clear path out of poverty.
In line with Goodwell’s mission to support innovative African companies that are contributing to a more inclusive society, the organisation first invested in Good Nature Agro in 2020 via its uMunthu I fund. In the years since, GNA has continued to expand its ambitions and reach, consistently growing farmers’ productivity and incomes, as well as improving their access to finance. In addition, the company has recently opened a new factory in Lukasa.
To enable GNA’s next phase of growth, Goodwell Investments led the company’s series B round, partnering with Oikocredit and GP SVF to raise a total of USD 8.5 million. With this new investor capital, GNA aims to grow its client base to 50,000 farmers by 2027. It will also deepen its engagement with its clients, improve its integration of whole farm income, develop new genetics to deliver greater yields and resilience, and innovate to keep its clients at the centre of agricultural supply chains.
Neo Maruatona Ratau, the Investment Director at Goodwell Investments, eagerly anticipates GNA’s future accomplishments, stating, “The remarkable growth GNA has experienced since our initial investment has been impressive. We have observed the company’s ability to deliver robust financial returns and make a significant social impact, all thanks to its farmer-centric business model, which effectively integrates smallholder farmers into the agricultural value chain. We are delighted to collaborate with investors Oikocredit and Global Partnerships to support GNA’s upcoming growth phase, which will be fueled by the convergence of digital and financial inclusion, along with strategic inorganic growth initiatives.”
Samuel Kibiri, Oikocredit’s Equity Officer for Africa, is equally enthusiastic about GNA’s potential for creating impact, saying, “Our new partnership with Good Nature Agro will enable Oikocredit to help more low-income African farmers improve their livelihoods through improved yields and access to markets. We’re delighted to be co-investing with like-minded investors in an innovative business with a clear mission to move farmers out of poverty.”
Finally, Jim Villanueva, Managing Director of GP SVF at Global Partnerships, is confident in GNA’s ability to continue to deliver remarkable results, saying, “We first invested in GNA during their seed round in 2018 and have witnessed the enterprise’s ability to adapt and scale its offering to enable farmers to increase and diversify their incomes, in the face of both climate change and gender inequality. We are proud of the results achieved to date and the opportunity to support GNA in this next chapter of growth and impact.”
Reflecting on the new investment, Carl Jensen, CEO of Good Nature Agro comments, “Good Nature has broken the boundaries of most agribusinesses by engaging the full value chain – connecting growers, aggregators, processors and consumers – and delivering exceptional service through a hybrid tech and ‘boots on the ground’ model. We very much welcome Oikocredit as a new investor, endorsing our approach and potential, and are equally grateful for the partnership and trust of our existing investors Goodwell and GP SVF who participated in this round.”