Nigerian identity verification startup Youverify raises $1.5m

Nigerian identity verification startup Youverify has raised a $1.5-million seed investment round. The round was led by Orange Digital Ventures Africa.

Tech publication TechNext reported in an article yesterday that Loftyinc Afropreneurs Fund, an African early-stage investment fund also participated in the round.

In a statement yesterday, Orange Digital Ventures Africa said the investment round will help Youverify improve its technology and accelerate business development in Nigeria and the continent.

Orange Digital Ventures Africa said since its launch, Youverify has already performed more than 300 000 customer registrations and verifications for some of Nigeria’s largest banks and financial companies.

Youverify was co-founded by Gbenga Odegbami and Suru Avoseh in Lagos in 2017

The investor said Youverify is the fifth company to join the portfolio of Orange group’s African investment initiative.

The startup automates identity and background verification processes, primarily serving financial and telecommunication service providers.

It was co-founded in Lagos in 2017 by Gbenga Odegbami, a former partner of Nigerian investor Chinook Capital until 2018, and Suru Avoseh, a current partner at Chinook Capital, according to Avoseh’s LinkedIn profile page.

In addition, Kyane Kassiri is lists himself on his LinkedIn page as an angel investor in Youverify, as well as in several other African startups.

The latest investment follows a 2018 round in which the startup raised an undisclosed pre-seed round from US-based venture capital firm Village Capital and Chinook Capital, according to an article by tech publication Techpoint.Africa.

Featured image: Youverify team members (LinkedIn)