Equity-based crowdfunding platform, GoGetta showcases first vetted African businesses beyond SA

Innovative equity crowdfunding platform GoGetta has listed its first two businesses outside of South Africa.

Scorefam is a sports gaming business which makes it easy for betting fans to deposit and withdraw earnings via its crypto-enabled app. Quiver is a crypto-based savings and loans provider which caters for Africans in the informal sector. Both businesses are based in Nigeria.

RELATED: Beware of unregistered crowdfunding platforms – Securities and Exchange Commission alerts Nigerians

Sthembiso Zwane, co-founder of GoGetta says, “After successfully raising over R6m for two businesses in just six weeks, we’re delighted to offer these innovative African businesses to global investors. This signifies an important step in our growing reputation as a trusted facilitator of funds for quality African businesses. All businesses must be scrutinised by an investment team prior to listing on the GoGetta platform.”

The announcement comes as growth in the African crowdfunding space gains momentum. Kenya recently released legislative guidance on crowdfunding which specifies licensing requirements for crowdfunding operators, eligible issuers and investors and rules governing crowdfunding transactions. GoGetta has a number of Kenyan businesses in their pipeline.

GoGetta allows investors to select vetted opportunities and invest quickly and securely from R1,000 (USD 57) to own shares in various African businesses across a number of sectors. GoGetta was launched as a solution to funding issues for quality African businesses and to ensure Africa gets its slice of the billion-dollar equity-based crowdfunding industry.

Simisoluwa Adeyemo, Scorefam founder and CEO, says the business was created to solve specific problems in sports gaming and betting. “Risk profiling is important to ensure that the selected bets correspond with the user’s appetite for risk. Users can play to earn yield on their capital. When they make successful predictions, they are paid out in a Scorefam token, removing dependence on local banks and country limitations for accessing their rewards. We are aiming to raise R2,2 million (USD 125,000) investment in exchange for shares in the business.”

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After struggling to access loans using their digital assets portfolio as collateral, the co-founders of Quiver realised that the average Nigerian could not access credit facilities because they often lacked the resources that made them eligible. “It’s impossible to get credit without statutory documentation and minimum savings deposits. We built Quiver to allow Africans to do more with less by building a non-custodial savings and loans platform,” says Omololu Bamisile, Quiver CEO. Quiver is aiming to raise R4,4 million (USD 247,000) with a minimum target at R2,2 million (USD 123,000).

Businesses open for investment on GoGetta:

• UMOYA! operates in the telecommunications sector providing affordable data and improved internet connection to under-serviced communities in South Africa.
• Investment term: 5 years. Investors can expect a targeted IRR of 21.3%

• Investmint is an innovative loans platform for SMEs, launched in 2019 which has already funded R30 million in loans.
• Investment term: 6 years. Investors can expect a targeted IRR of 27.3%

• Buygaloo is an adtech business which provides a location-based advertising platform to brick and mortar stores.
• Investment term: 5 years. Investors can expect a targeted IRR of 35.3%

• Silverleaf, a venture capital cannabis fund with an attractive structure allows investors to get in on the growing and lucrative cannabis industry.
• Investment term: 5 years. Investors can expect a targeted IRR of 15-20%.

• Scorefam, a sports gaming crypto-enabled business which makes it easy for betting fans to deposit and withdraw earnings.
• Investment term: 6 years. Investors can expect a targeted IRR of 33.2%

• Quiver, a savings and loans provider aimed at the informal market in Africa.
• Investment term: 5 years. Investors can expect a targeted IRR of 33.6%

GoGetta is powered by one of South Africa’s most respected administrators in the small cap alternative investment space, Grovest. With a track record of over 10 years in entrepreneurship funding, Grovest has assets under administration of over R3,5 billion.

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Only African businesses can list on the platform, but investors can be located anywhere.