Kenyan-based UK startup, OkHi has raised more than £1.4 million from a group of investors supported by the Angel Investment Network for its expansion across Africa.
The startup building addressing systems for emerging markets was launched in 2014 and registered in UK and Kenya by Timbo Drayson, an ex-Google engineer behind Google Maps and Chromecast.
According to Timbo Drayson, “This raise is a vital stepping stone to unlock our growth into Nigeria as well as explore new markets across Africa, Middle East and Asia. The Angel Investment Network was instrumental in our fundraising success and has really helped us on our Mission to enable half the world without a physical address to “be included.”
Timbo adds that a physical address should be a human right. Whether it’s opening up a bank account or getting an ambulance to your door, every person on this planet deserves access to these services.
Recently, the firm partnered with Nigeria’s Interswitch Group, to solve address verification in Nigeria and beyond. Interswitch operates in over 10 countries across Africa.
Timbo says the new funds will help the firm double the team’s size in its markets, win the Nigeria market and grow the business beyond Africa.
Since its launch in 2014, OkHi is solving a problem that affects 4 billion people and costs businesses billions every year by collecting and verifying addresses for businesses and individuals. Its major focus now is to solve address verification for financial service across emerging markets.
“This start up really ticked so many boxes for our investors who really bought into the company’s vital Mission,” said Ed Stephens, who led the raise for Angel Investment Network. “We were inundated with interest with more than 180 inquiries on the table. OKHi’s digital infrastructure helps to answer a genuine need for people without a formal address to get access to services that can help transform their lives. The team’s credentials were impeccable in their experience as entrepreneurs and addressing so we look forward to seeing the huge success of this company as it grows to help millions of people across the globe get better access to services.”
OkHi is backed by Airbnb co-founder Nate Blecharczyk and chairman of Twitter Patrick Pichette.