Esusu Joins The League of Unicorns With a New N53.9 Billion Funding

Esusu Joins The League of Unicorns With a New N53.9 Billion Funding


  • A Nigerian-Indian start-up, Esusu has become a Unicorn after it raised a whopping N53.050 billion in a new funding round
  • The investment was made by many companies led by Softbank Vision Fund 2 and a host of notable VCs
  • The company was founded by Nigerian-America Abbey Wemimo and Indian-American, Samir Goel

One of Nigeria’s startup, Esusu has raised N53, 950 billion in a new funding to heighten its fintech services and reach to immigrant and minority groups as well as provision of rent reporting and data solutions for credit building.

The fund gives the startup led by a Nigerian and Indian a N415 billion ($1 billion) valuation, making it one of the very few unicorns owned by Blacks in the United States.

Esusu becomes a unicorn
Esusu becomes a unicorn
Credit: Andriy Onufriyenko
Source: Getty Images

The funding which is led by a prominent VC firm, Softbak Vision Fund 2, also saw Jones Feliciano Family Office, Lauder Zinterhofer Family Office, Schusterman Foundation, SoftBank Opportunity Fund, Related Companies, and Wilshire Lane Capital participate.

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Motley Fool Ventures, the lead investor in Esusu’s N4.1 billion Series A round last July, re-invested in the new round.

Esusu hopes to use the latest investment to grow its team and boost growth through product creativity and build the most comprehensive financial health platform in the market.

What inspires Esusu

Nigerian-American Abbey Wemimo and Indian-American Samir Goel said they founded the startup four years ago based on their experience of financial exclusion growing up in immigrant homes in the US.

The company said that establishing and improving credit scores, it is strengthening financial identities while empowering individuals, families, and communities to meet their long-term financial goals, company said in a statement, a report by Nairametrics said.

The firm has raised over $144 million, joining a group of Black-led and owned startups globally that have achieved unicorn valuation out of more than 900 companies.

Read also

FirstBank Secures N41.5 billion partnership to boost women entrepreneurs, SMEs in Nigeria

The company was founded in 2018 to boost the credit scores of marginalised and impoverished groups and leverage data to bridge the racial wealth gap via rental payments by capturing on-time rental payment data of renters.

2-year-old Nigerian startup raises N415 million to digitize pharmacy

Legit.ng has reported that a Nigerian Startup, Remedial Health which provides funding and supply chain management solutions has secured N415 million in pre-seed funding after two years in operation.

This is to help the startup to digitize pharmacies in Nigeria and Africa as well as expand the company’s buy-now-pay-later scheme.

As per Nairametrics story, the investment was led by notable funders like Global Ventures and Ventures Platform and also from Ingressive Capital, Voltron Capital, Jobberman’s co-founder, Opeyemi Awoyemi, Angel Syndicate Fund. Other funders also include Flutterwave’s Olugbenga Agboola and Victor Asemota.

Source: Legit.ng



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