This line-up of stories will help you discover the latest happenings around the tech world, today.
1. Nigeria’s Infibranches Technologies closes $2M to grow venture
Infibranches Technologies, a Nigerian startup that helps solar energy providers manage their operations and receive payments, has announced closing US$2 million funding.
The funds, according to the startup, comes from All On, a VC and impact investment company backed by oil major, Shell.
Since its incorporation in 2019, the Lagos-based Infibranches has developed two flagship products: OmniBranches and Green Energy Plug.
The products is touted to help companies with large distribution networks, particularly solar home system distributors and mini-grid developers, manage their operations.
On the services of OmniBranches, the company explained that it is a management platform with features including agent hierarchy management, commission tracking, transaction records, transaction analytics, and profile management.
On the other hand, Green Energy Plug is described to be a single point of integration for payments and other financial services for service providers in the Nigerian renewable energy sector.
Tech Trivia: Which of these is not a peripheral, in computer terms?
Answer: See end of post
2. Sweden’s motorcycle company, Cake, secures $60M round
In a bid to scale production and retail sales, Swedish electric motorcycle manufacturer, Cake, has closed a fresh $60 million Series B.
Stefan Ytterborn, founder and CEO of Cake, who confirmed the development noted that the new finance will help it set up manufacturing facilities in Europe, North America and Asia, as well as scale up its retail capabilities.
Stefan said: “We are in the process of implementing initiatives to scale the business, structuring and laying the base for rapid growth.”
The startup recently launched what it called Makka, an electric moped for city riding, which demonstrates a shift in direction of Cake’s product platforms.
Meanwhile, its first two vehicles, the Kalk and the Ösa, are made for heavier duty, off-road riding and utility, so the Makka has helped to expand Cake’s user base within B2C and B2B, says Ytterborn.
Speaking on the company’s progress so far, the CEO further noted that its European assembly has been up and running since July, and the company aims to have North American assembly begin in the first half of next year.
He said: “Efficiency wise we will be able to assemble an order with two weeks delivery time instead of ordering eight months beforehand, reflecting what anticipated demand will be: high inventory risk and cash flow heavy.”
Tech Trivia Answer: Motherboard
A peripheral is a device that attaches to a computer. The motherboard is within the computer and controls its ability to receive and process electronic signals.