Nigerian micro-investing platform Trove has secured funding from three local angel networks as it prepares for expansion.
Trove has built a simple micro-investing app that allows users to invest small amounts in more than 3,000 Nigerian, American and Chinese stocks, bonds and ETFs.
The startup’s platform was built to solve issues around the accessibility of securities investment, and allows Nigerians – and soon all Africans – to participate in the global economy and buy shares in international firms.
Having raised funding from both Ventures Platform and ARM over the last 13 months, Trove has now secured further investment from a syndicate of members from three Nigerian angel investor networks – Lagos Angel Network (LAN), SSE Angel Network (SSEAN), and Diaspora Angel Network (DAN).
The investment, the size of which was not disclosed, will allow the startup to expand its team and accelerate its growth. Trove co-founder and chief executive officer (CEO) Oluwatomi Solanke said the wealth of experience and support the LAN, SSEAN and DAN communities brought to the startup would prove “invaluable”.
“We are excited to work and liaise with them as we continue to democratise the financial landscape and inch towards our goal of creating a level playing field for all investors across the continent to participate in the global financial system. We welcome the syndicate and are stoked about the endless opportunities that can come out of this,” he said.
Speaking on behalf of LAN, Funmi Oyetunji said the network believed Trove was deploying technology to solve a huge problem – access to stock and wealth on the global stage for Africans.
“The Trove team has demonstrated commitment to creating and growing value for both clients and investors and we are excited to travel on this journey with them,” she said.
Gerard Olisa-Ashar of DAN said his network’s primary purpose was to find, mentor and fund talented entrepreneurs in Africa that are unleashing potential to create real value to improve the lives of Africans through technology.
“We believe we are fulfilling the first half of that purpose by closing this deal and we look forward to helping Tomi and his team unleash more potential and create more value,” he said.
Kelechi Abah of SSEAN said the network was excited about Trove and the value it creates. Meanwhile, Tomi Davies, president of the African Business Angel Network (ABAN), welcomed what he called an “innovative cross-network syndication”, which he said was the first of its kind and something he expected to see more of as angel investing starts to grow in Africa.
