Kenyan innovation hub and tech accelerator iHub has recently partnered with Raise, a Bahamian and Kenyan technology company that has developed a company ownership platform to manage compliant digital securities in frontier markets.
The announcement of this new venture was made at the annual the ALN Africa Investment Conference in Dubai held on 7-8 November 2018.
Built using blockchain technology, Raise will work with iHub to digitise all of its company assets – making iHub the first tech accelerator to take such a step in Africa, and this partnership the first publicised instance of a tokenised asset on the continent.
Raise CEO and co-founder Marvin Coleby also demonstrated the platform at the event, which serves to provide a platform for dialogue on critical commercial and policy topics with the objective of spurring investment into Africa. It draws on speakers from ALN’s network of leading corporate law firms in 16 African jurisdictions as well as key policy and investment organisations like the US Trade and Development Agency, Dubai Chamber of Commerce and Industry and the Brenthurst Foundation.
“iHub is committed to making it easier for our community of start-ups and entrepreneurs to raise the capital they need to grow their business,” says Nekesa Were, iHub, Managing Director. “The Raise platform promises to radically transform how businesses raise money and we hope this will lead the way for more start-ups in our community to follow suit.”
“The iHub has worked with 300+ startups, in various sectors including fintech, agritech, edutech, AI & IoT, health, infrastructure, logistics, and many others,” she adds, “and has supported businesses through grants funding totalling more than USD 300 000. The startups in iHub’s portfolio have raised over USD 40 million in early and growth stage financing, and a further USD 1 million in grants. The number of jobs that have been created has exceeded 40,000 in the last five years. With an average annual revenue of USD 350,000, the iHub startups have an economic impact of more than USD 104 million. We look forward to working with Raise to bring further value to the iHub community.”
Says Coleby: “Raise aims to make it easier to digitally manage and trade corporate assets by providing a compliant way to securitise assets using blockchain technologies. We’re excited to partner with iHub to create their security tokens and look forward to the future of creating more accessible and liquid private markets for investors with the use of blockchain-based digital securities in frontier markets.”
“It makes absolute sense for iHub to take this step,” he adds, “as it has been a major catalyst for regional technology innovation in East Africa, nurturing one of the most vibrant innovation and entrepreneurship ecosystems on the Continent. iHub aims to create an environment of trust and experimentation and in this case it is leading from the front by securitising its assets on blockchain technology.”