Aidi Origins
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Aidi Origins

Aidi: 2021 in Review ␥

Dear Community,

Welcome to an amazing 2022. Last year was a wonderful year, though challenging yet nonetheless exceptional. Across Africa, over $4 billion in venture capital was announced publicly, and we are happy to mention that some of our portfolio companies made up that number such as — Termii, Dash, Moni, Payhippo, Cova, Bumpa and Raise.

We focused more on financial technology investments but explored new sectors like health-tech and mobility. With a portfolio size of 15 companies, Financial services still made up the majority of our portfolio with a total of 7 companies. Our community of angels and founders also grew from 15 to 90 at the launch of our online platform — www.aidi.africa — which is built towards helping Aidi investors to both invest and manage their portfolio investments easily.

Corporate Perks

Our mission is still to help create opportunities for the next generation of African entrepreneurs and we made true on this promise by;

  1. Partnering with Amazon Web Service to deliver $5,000 — $10,000 cloud credits each for founders within our community.
  2. Partnering with IBM to offer cloud computing startups up to $250,000 in credits to access machine learning and cloud solutions for deep financial tech companies.
  3. Partnering with Digital Ocean to offer all companies on our network $1000 credit to build early prototypes on their cloud infrastructure.
  4. Partnering with Mercury Digital Bank to help African companies access banking infrastructure in the united states for global trade.
  5. Partnering with Brex Digital Bank to offer Africa — Delaware registered startups, access to credit facilities to help build their businesses and cover the costs of setting up in the US.

Aidi — Portfolio Review

Aidi currently invests through Aidi Ventures, LP. (Currently Fund II). Our first fund which was direct investments through our parent entity “Aidi Ventures LLC (Fund I)” has invested in 15 companies, achieving a 5x MOIC and a 139.45% IRR with a DPI of over 401%. Our total value returned across our “Fund I” is around $716.7k.

In 2021, our portfolio companies raised over $19.4 Million in funding, with our most valuable portfolio company “Dash”, raising an undisclosed Seed round last year, taking its value to between $40 — $60 Million.

Aidi founders led their companies to achieve amazing results despite the pandemic, and we are honoured to be part of these companies.

The past year also presented major challenges to our founders, with some having to put their businesses on a standstill due to the after-effects of the lockdown. Despite these unique new environments created by the pandemic, our founders were forced to adapt and went on to hit notable milestones highlighted below;

Termii (Summer ’20 batch) — The company completed their Y Combinator Winter 20 batch experience and went on to raise a seed round of $1.6 Million in total funding. The company also hit major milestones such as reaching 100 Million transactions which are 83% of fintech transactions. The team also went on to grow its annual revenues by over 479.5%.

PayHippo (Winter ’20 batch) — The company had explosive growth, hitting $1.2 Million in annualised revenue and getting into Y Combinator Summer 21 batch. Post YC, the startup went on to raise a $1 Million pre-seed round, and a few months after, completed their $3Million seed round alongside $2 Million in debt financing, bringing their total funding to $6 Million.

Bumpa (Summer ’21 batch) — One of the first companies in Africa to offer a seamless experience across Africa in the online retail space. The company saw massive growth in 2021. They processed over $3.2 Million in Gross Merchandise Volume (GMV) across 28,000 active merchants. In 2021 they received a grant of $50,000 from Google and went on to raise $200,000 from notable African early-stage funds, bringing their total funding raised to $250,000 to date.

Nigenius (Summer ’20 batch) — The company is amongst our early investments which we took a fly on at their pre-seed stage. They went on in 2021 to get selected by Forbes in its 2021 Accelerator. Towards the end of the year, they were accepted into one of Europe’s Top Accelerators, and this new round will take their total funding till date to $80,000.

Dash (Summer ’20 batch) — The company got into Techstars NYC and completed their batch experience. Post-TechStars, the company went on to raise an unannounced seed round from top global investors like 4DX Ventures and GFC, making them our most valuable company for 2021.

Cova (Winter ’20 batch) — We invested during its beta stage but we took a fly on the founder’s ability to scale the product just as he did for his previous venture — Printivo. The company launched in August 2021 and went on to raise its pre-seed round from notable investors.

Swipe (Winter ’21 batch) — The company started the year well and went on to rebrand at the end of the year to Swipe Pay. One of the reasons we invested in the founders, is because we saw the massive growth in the offline/online retail payment sector, and Swipe is well-positioned to serve this market. So far, they have processed $1Million in payment transactions and also disbursed over $300,000 to credit merchants on their platform. In 2021 they raised $25,000, bringing their total funding raised to $240,000.

Raise (Winter ’20 batch) — The company joined 500 Startups Accelerator and has been on a serious growth trajectory since then. They went on to raise their seed round, onboarding Carta, the largest cap table management SaaS company as a strategic investor in the round.

Vite (Summer ’21 batch) — Mauritius as a country reacted differently to the covid19 pandemic. As a tourist nation, a lot of activities were halted due to continuous lockdowns in the nation which affected the transportation sector adversely, and in extension, our portfolio company — Vite. However, the company scaled through and closed a pre-seed funding round bringing their total funds raised to $146,000.

Moni (Summer ’21 batch) — The first deal we ever did on ‘pre-everything’. We took a fly on the founders of Moni and we were not disappointed. From 100 agents on their platform, they grew their numbers to over 1,629 agents, disbursing over $5Million in float to mobile money agents. The company raised its pre-seed round and got accepted into Y Combinator’s W22 batch.

Zemo (Summer ’21 batch) — Our first deal in Kenya — the startup is exceeding expectations. It got accepted into Visa’s Fast Track program and signed agreements to get all its b2b employee cards produced via Visa’s platform and also went on to raise its pre-see round.

Medispark (Summer ’21 batch) — Our first investment in the health-tech space. Medispark has shown promise and continues to hit great milestones, like supporting some of the top-tier hospitals across Nigeria. So far they have onboarded more than 40,000 patients and raised a successful pre-seed round.

Grey (Winter’22 batch) — Formerly known as Aboki, had a fantastic 2021. They processed an average total of $5.7 Million transactions and got accepted into Y Combinator’s W22 batch and are set for their seed round.

Convoy (Winter ’22 batch) — Arguably the first of its kind in Africa and a very needed product at this height of Africa’s tech boom. The company is helping other companies manage their API traffic efficiently. In 2021 they got accepted into Y Combinator’s W22 batch and went on to raise a pre-seed round of $473,000.

CreditChek (Winter ’22 batch) —Currently in private beta and armed with a 2-time founder who has vast experience within the fintech space.

This startup is one of our latest investments and we are still actively filling up allocations. Don’t miss out. Signup or log in to your account on www.aidi.africa to invest.

Aidi — Programs & Discount Services

At Aidi, we are both founders and operators, building the support channels and programs that we wished we had as founders, and working as operators within our companies.

Our Aidi accelerator Program, prepares Aidi founders for raising their Pre-seed to Seed rounds, and we’ve helped prepare 15 companies through the process of raising a total of $33.6 Million from notable investors like Y Combinator, TechStars, 500 Startups, GFC Global Founders capital, Carta Inc, Future Africa, and more with a combined valuation of $215 Million.

We also offer discounted services to portfolio companies who need to flip their local companies into Delaware entities. We work with accredited CPAs as well as lawyers to ensure these businesses both register their companies, get their EIN issued, and set up US bank accounts successfully.

Thank you for taking the time to read our report! We are always evolving and have huge plans for 2022 as we rollout our Fund II, to support some of Africa’s most resilient founders.

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