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Letter 63 - Reflecting and Restrategising🧐

 

Hello  <<First Name>>!

Many people are using the early days of the new year to reflect on 2020 and plan ahead. Improving on 2020 is at the top of everyone's mind. Maybe that's why we haven't seen Chinese billionaire, Jack Ma, in a while.

Talking about something that needs improving, multiple essential internet services like Slack, Zoom, AWS, and Gmail were down on the first day of work in 2021. Are internet infrastructure providers encountering more downtime or is it a case of people being more aware now?

Something-You-Should-Know: Elon Musk overtook Jeff Bezos as the richest man in the world last week. One thing both men have in common apart from their billions - space travel.  

💰 Crypto startups share 2020 numbers

Remember last week's prediction about crypto startups building on momentum? Well, it turns out they have a lot of momentum.

2021 started with some of the household names in the local cryptocurrency scene releasing their numbers for the previous year. BitSika, Buycoins, and Bushahub all shared metrics like transaction volume and user numbers to the public

All three companies had excellent numbers to boast of and we hope to see them do more in 2021. The total transaction volume for all three totaled just over $400 million - a significant metric when evaluating the market value of the crypto market in Nigeria.

Other companies like Quidax, Yellowcard, Bundle Africa, Luno, and Frostpay are yet to release their numbers for 2020. Considering that Bundle recorded $23 million in November 2020 alone and Quidax was said to average N350 million ($778,000) daily in the same month, the total transaction volume in the country could be well over $1 billion.

💲TeamApt releases 

Max.ng did the unexpected last week when it announced it was issuing bonds worth $22m to raise money. While issuing bonds is not an unusual way to raise money, it has been largely unexplored by startups. This much is evidenced by Max.ng being the first mobility company in Africa to issue bonds. So far, the company has raised $1m.

If the fundraising mechanism works out, it's a genius move. If it doesn't, well... you know how that goes. Regardless,we'll be here to cover the news for you.

🤝🏽Ventures Platform Foundation launches 2020 GovLabs

The social impact arm of Ventures Platform Hub has announced a call for applications for the GovLabs incubator. The 12-week programme focuses on technology solutions that improve accountability and transparency within the Nigerian governments.

The top five participants in the incubator stand the chance to win a $2500 (N1.2 million) grant and access to Mentorship and networking opportunities. The initiative is supported by the National Endowment for Democracy (NED).

In October 2020, Ventures Platform Foundation awarded $6,000 to even startups as part of its COVID-19 Innovation Challenge.
 

📰Things we've found interesting

🚪Jobs and other opportunities

In addition to the opportunities we listed last week, here are some new ones you should be aware of:

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💌 Hachi 
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