Benin-based Ylomi, an online service that matches customers with vetted local professionals, has raised CFA10 million (US$16,600) in seed funding to strengthen its team with a focus on scaling.
The equity investment, which will come with mentoring for the team and other in-kind support, was made in Ylomi by the Benin Business Angel Network (BBAN).
Launched in April of last year, BBAN is the first angels network in Benin, and aims to provide seed funding, mentoring and expertise to promising early-stage startups. Ylomi is its first investment.
“The COVID-19 crisis is accelerating fundamental transformations in local customer behaviours, pushing online services to the forefront of our community. Ylomi facilitates this digital change and it makes sense to our angels to promote such an application, given the unique circumstances,” said Medea Degbe, president of the BBAN.
“In addition to the funding, our organisation will also invest substantial in-kind resources, including mentoring and connections to its business networks, to help the team grow and achieve its ambitious goals.”
BBAN plans to invest in another 3-5 startups other than Ylomi this year, focused particularly on startups bringing practical solutions to the COVID-19 crisis.
“While this pandemic poses grave challenges to our society, BBAN is committed to supporting the ecosystem, in developing the most appropriate solutions and reinforcing the new behavioural norms,” said Degbe.