OkHi – a Kenyan based smart addressing startup has raised $1.5 million seed extension in its plans of increasing efficiency across key sectors in Nigeria.
This new funding brings the total funding raised by the company to $3million since its launch in 2014.
The startup said the funds raised will enable it hasten its goal of verifying the addresses of more than one million Nigerians to enhance accessibility and efficient delivery services.
OkHi was founded in Kenya in 2014 to address challenges around verification to financial services as well as creating the world’s next-generation addressing system.
The startup launched in Nigeria in 2021 after securing some seed funding the previous year.
Participating in the round were existing investors such as Founders Factory Africa, Betatron, and Interswitch Group as well as new investors, the likes of; Chapel Hill Denham, Flutterwave’s founder and executives, and EXFI (a syndicate of ex-Googlers).
Speaking on the funding, Timbo Drayson the founder and CEO of OkHi said, “At OkHi, we believe a physical address is a human right. It empowers a person to prove where they live so that they can open a bank account, get a delivery to their door and trust an ambulance to find them”.
“OkHi’s goal in Nigeria is to demonstrate to the world how a smart addressing system should work. Once we’ve achieved that, we intend to scale to every other emerging market”, Drayson added.
On the part of its investors, Bolaji Balogun, the CEO of Chapel Hill Denham expressed excitement in regards to OkHi’s plan to addressing verification technology in Nigeria.
He said, “I am very excited to invest in OkHi and to join its board. OkHi has the rare opportunity to truly impact half the world and its economy while building a viable business. The founders and leadership team have the grit, determination, and skills to achieve their mission, and I am pleased to be part of their journey.”
