Norebase raises $1M to allow companies start, scale, and operate in any African country

Norebase African country

Norebase African country


Startup pitches with promises to provide various services to Africans — across different sectors — are commonplace now. And in trying to sweet-talk investors, what’s not taken into context or often disregarded is that Africa is a fragmented $3 trillion market. The continent is also home to more than 1.2 billion people with below-average disposable income, most living in landlocked nations.

It’s one of the few explanations for why intra-continental trade has proven difficult for years. But in 2019, various policymakers across different parts of the continent signed the African Continental Free Trade Area (AfCFTA) Agreement — a framework for Africa to be a single market for trade and services — to make intra-trade less painful (side note: the agreement is yet to make any significant impact.)


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Adetola Onayemi was part of the negotiation team that saw the agreement take effect in January 2021. His experience from this activity, coupled with working as a technical adviser to the vice president’s office in Nigeria a couple of months back, led him to launch Norebase, a trade tech startup that has raised $1 million in a pre-seed round.h

In an interview with TechCrunch, CEO Onayemi, a lawyer by profession, said the idea for Norebase came after various conversations on how his clients and colleagues in tech could leverage AfCFTA for their businesses.

From Onayemi’s point of view, the growth of Africa’s digital economy revolves around gains in six segments: education, payments, logistics, transport, identity, and trade.

Trade has the least startup activity in a market that received $5 billion in VC funding last year. Tola believes this is because particular skill sets and an understanding of intracontinental nuances are needed to build beneficial solutions. And as someone with extensive knowledge and background, it made sense for him to take up the challenge.

The traditional options involve the painstaking process of interfacing with various law and accounting firms, trademark registries and hiring a team to manage these processes. Meanwhile, there’s also a trust and accountability factor between clients and firms hired to complete incorporation in another country.

FULL STORY


Norebase African country

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