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Nairaland Forum / Nairaland / General / Business / Prospa Raises $3.8 Million In Pre-Seed Round (15021 Views)
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Re: Prospa Raises $3.8 Million In Pre-Seed Round by airsaylongcome: 10:26am On Sep 09, 2021 |
youngscholar: What's your EdTech in? Mention me on a dead thread |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by angelfallz(m): 10:27am On Sep 09, 2021 |
The bolded, please tell me where I said such in my comments. SmartyPants: |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by jhubril(m): 10:27am On Sep 09, 2021 |
Fintech everytime. No ground breaking innovation. What is their unique selling point? |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by angelfallz(m): 10:28am On Sep 09, 2021 |
Lol. You might be right. But let me ask you. What do you understand by agritech? Sysdatek: |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by slydog(m): 10:33am On Sep 09, 2021 |
jhubril: There are still fairly untapped areas in fintech. We have 23 banks in Nigeria with our population but still have high unbanked population. That tells you fintech are still searching the surface. This however means agritech will do far more. Who is willing to invest 5m in my fintech @ 5% shareholding, let's talk startup |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Redman44(m): 10:43am On Sep 09, 2021 |
Hmn, nice one. What about investments in Food Processing businesses and factories? People need to eat and Nigerians spend good money on Snacks and Food . These fintechs, will they make more money than food processing companies? I think Food Industries need lots of dollar investments too. Thanks. |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by sam564: 10:45am On Sep 09, 2021 |
wevwon:yeah.... I know Broo.. tanks boss |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Nobody: 10:49am On Sep 09, 2021 |
angelfallz: Oga, you made me laugh seriously. It's like you dont know the rapid development in Agriculture in Nigeria. Lol. Ndrip is not the first who provided drip. It is called drip irrigation system and I know the person who made it. If you want to buy drip in Nigeria, there are sellers. Do you hear me? And many other stuff used in Agric. If you want to be lectured and trained, I can. Lol. Even there are guys using drones now. There are apps usef for detecting diseases. I know these people doing these things, and I know a lot sir. But my point is this, use everything and anytning....the only place Agric makes sense is in the north. They are loyal. Will the tech guys be the ones to farm? Nope. But they always run into troubles dealing with farmers in south. They can still work with northern guys, but you know the political situation of the country at this moment. And if you look at all these tech founders, they are mostly southerners. If you know you have faithful people, I can personally show you and teach you how to go about tomatoes, cucumbers, maize, and some other greens. And I will show you the market. I write a business plan also. See, with tomatoes only, if you do it well with tech on 20 acres of land, do you know how much you can make? I am sound in it. Crates of tomatoes in major markets in Lagos (you will go there yourself and confirm...na open market and sell...no one will use magomago for you) is N10k. A good consultant or farmer knows when the prices are low and high. Average high price is N15k per crate. And if you use tech and manage it well, you willl 1,000 - 1600 crates per acre in 5 months plant cycle. A N10k, do you know what that is? Then, multiply that by 20 acres and see. Of course sales will run to 200million naira plus. Now, the question is that can you raise investment of N50 to N100 million naira to get started? And most of these agritech compromises. Let me not go into the details. Even individuals who have nice cash are doing it in the south. You must just know the problems and tackle them. That's all. And the most important issue is that you dont put anyone apart from yourself in charge. If you rely on any farm manager, you are in soup. Or you think you can sit down at home and send cash, you are playing with fire. Tech or no tech, the first thing is proper monitoring and management. If I am going to farm, I put aside every other activities and focus only on it. I know that 5 months are for it. I fo us. I make my cash, and I go rest or travel abroad. Shikena! 3 Likes |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Agbebakun22: 11:02am On Sep 09, 2021 |
Franzinni: Why not go for angel investors. Do you have a great idea |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by slydog(m): 11:05am On Sep 09, 2021 |
Agbebakun22:Angel investors also want you start at least start in a small way to get validation |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by seborrhic: 11:07am On Sep 09, 2021 |
Heavance:On the contrary,they are still not enough and Nigerians need more.Reason:the cost at which these companies borrow funds is just ridiculous,30,40-50% interest,repayable in a week or month! With more fintechs,interest on borrowing will go down due to the competition.Nigeria would continue being underdeveloped if funds cannot be accessed by enterpreneurs, particularly the small scale ones,family and one man businesses,at reasonable cost. Interest of 15%-20% per year,that's about 1.5-2% per month,is the only way the economy can grow. GSM came not through government idea per se,same with Nollywood.If we can make access to finance affordable and easily accessible,as obtains in d developed world, Nigeria would truly take her place as the giant of Africa. |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Redman44(m): 11:09am On Sep 09, 2021 |
PeaceJoyLove: You have spoken well, bro . People don't know Agriculture and Food Processing is a Goldmine and Diamond Mine combined together. Why do you think the Northerners are fond of Farming and Animal Husbandry? They make good money from planting basic crops like Lemon, Melon ( Egusi ), Maize, Millet etc. I make chin-chin on a small scale and I know it can be very lucrative if it is scaled up to cover more areas and states in Nigeria. Thanks, bro for your analysis. 1 Like |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Agbebakun22: 11:09am On Sep 09, 2021 |
slydog: You're right.. He just need to plant his seed before u consider people investing into it.. A lot of people have ideas but what hold most down is starting up.. Nevertheless, much has been said, he should have a business plan or blueprint that he can follow footsteps |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Agbebakun22: 11:11am On Sep 09, 2021 |
slydog: What's your fintech all about. Do you already have a startup or just an idea. Mention me in dead thrend |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Gerrard59(m): 11:20am On Sep 09, 2021 |
angelfallz: I've gone through NDrip's technology and it's revolutionary. However, unlike Fintech, Agritech needs physical presence in solving their problems. Currently, predominantly agrarian states - Plateau, Benue, Nasarrawa, Southern Kaduna, Taraba, Kogi, Ogun etc., - are plagued with incessant attacks by marauding Fulani Islamic terrorists who ransack farmlands and slaughter people within the area. No investor will want to put the VC's money (which isn't even theirs in the first place) into such unpredictable ventures. 2 Likes |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Nobody: 11:21am On Sep 09, 2021 |
Fintech fintech fintech Na only fintech Una Sabi? |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by slydog(m): 11:24am On Sep 09, 2021 |
Agbebakun22:Done |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Heavance(m): 11:32am On Sep 09, 2021 |
seborrhic:30,40 - 50% repayable in a week or month? I really doubt that, because to the best of my knowledge I know many of their monthly interest rate. Those nano loans actually have up to 10% interest, while others charge 3% - 7 % monthly. The high interest will only lead to one thing that is happening already, a higher number of Nigerians will have a bad credit report one way or the other. That's just the summary |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Nobody: 11:37am On Sep 09, 2021 |
donestk:Wow, nice app How long did it take for you to build it? |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Franzinni: 11:42am On Sep 09, 2021 |
standfit007: Roger that! |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Franzinni: 11:46am On Sep 09, 2021 |
Agbebakun22:yes I do, and it's provides solution in terms of security, and also helps to create business opportunities for regular citizens. It's rooted in transportation but goes way beyond that. |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Ezmans: 11:47am On Sep 09, 2021 |
yorubakid:na fintech money dey now |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Nobody: 11:51am On Sep 09, 2021 |
Redman44: You are quite right sir. And that chin-chin can make huge profit. But wait! Do not expand so big. The problem with expansion is that you will need more helping hands. Before you go bug, learn how yo manage those helping hands excellently; else, it will be a sad story. This is where growing gradually is wise and not just grow big. A good example is Dangote Tomato. Baba just went to set up 1,200 tons per day capacity plant of tomato paste. Now, he manages 300 tons in some days. His factory says its 300 tons per day they are able to do now, but I know it's a big fat lie. Dangote will be doing around 50 tons max during peak period. And lesser during other periods. However, there may be days they can hit 300 tons. But setting up 1,200 tons? Iits like having 50kva generator at home and one is using it to power just normal household stuff like TV AC etc. That max of 5KVa can carry. Lol. Just imagine the amount of energy wasted daily. This is the thing na. The people who pushed Damgote into that thing are mean. They tricked him into thinking tomato farming is like sugarcane for his sugar production. Lol. The main requirement for making it in farming for small holders is that the owner must be on ground 24/7. Just go and sleep there and wake up with the farm. This way, I assure anyone that the person will make it. But we dont want to do it. We want to send money to those illiterates. And the tech guys doing agritech too dont go there. They just keep sending money to those "mofos". Na sad story at the end of the day. There is no agritech business that is not having problem. If you were also the guy who went to stay farmers and workers to make sure the project worked well and you saw the huge profit inside, woukd you still go do the "boy security" job for some investors staying in their houses while you are suffering in ths sun? Of course you would do it for yourself alone. And there is no competition. Market is full. Nothing like where will I sell. It is an open secret. I tell people....make up your mind. Go and stay there with those guys. If the person gets the right materials, seeds, and materials....he will make it. But even when one shows Nigerians the way, they get there and start listening to illiterates that wants to scam them.. Those yeye farmers there start given them cheaper options. And that is where dem wan chop. For example, there is something called mulch. You buy non light penetrating agri-nylon and spread on the farming area so that weed will not grow. The cost of buy ling the nylon alone on an acre can run to even N3million for good quality. But you get there and they tell you that they will weed for you. AMD you calculate it and see that wow....you will spend N80k max instead of 3 million. And then, you are still calculating sales of 15 million plus You get there and they weed the first time and after you realise that 1/8 of your crops start drying up 3 days after. ...and the remaining are infected with diseases. You start calling which chemicals to use... but you dont realise that those illiterates are dirty and they go to different farms...and they brought infections to your farm. Lol. What you are to do even they work for you on your farm to still curb these things, you dont know. Lol. And you will not even want to tall to the person who took you there again cos you know you are already going against the suggestions he gave you. Later after the whole this collapsed, you start shouting that farming is bad...and bal bl bla...you will not say what went wrong. Some will even start threatening. Many people I have trained have used farming to pay off their tuition abroad. Some few still come home to farm and make cash to run back. If God gives anyone the grace of good health, cos someone like me cannot even stay in the bush for long again (health issues must be considered), the person can make millions in the bush. Just go there and stay with the thing. And close your eyes. Do it the right way. 2 Likes |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Redman44(m): 12:21pm On Sep 09, 2021 |
PeaceJoyLove: Sir, you should be lecturing at a University in Nigeria . KNOWLEDGE is very important in the Agriculture and Food Processing industries in Nigeria. Many Nigerians don't do research for business purposes. I started researching online this year about Vegetable Oil, Grains ( Sorghum, Millet, Maize, Flour etc ), Food colouring, Flavors etc and I have downloaded so much material that I know will be very useful to me. When you research online about your business, you will be at par knowledge-wise with the Multinational Companies like Nestle, Cadbury, Olam, NASCO etc. Thanks, Once again . 3 Likes |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Nobody: 12:38pm On Sep 09, 2021 |
Redman44:Knowledge is good. Using the internet is nice, but you must be able to interpret it well, and apply the knowledge to your own business and climate. Remember that it is rural development; hence, you are going to work with those illiterates. And they can easily convince you to do it their own way. They do not understand your way, and if you push them too much, they will abandon your work. My own strategy is that I always do 90% of the work before I sow seeds. They are smart too. They know that after seeds sowing, you are at their mercy. But when you set up well, you put all infrastructure there before you sow seeds and you dont have to depend on them too much, you are good to go. It is very tempting to use the cheap means, but they are traps. Bro, it's only private institutions I can apply to lecture, not in theses public schools. Never. Presently, I am in my research stage. And one reason I will move to the US soon is to solve workers challenges. This is my main target. And how? I want to work with Artificial Intelligence makers who are into humanoid. I am following Tesla Bot bumper to bumper. Bro, if I see that I can use such for my farm work, bye bye to workers finally. Only contract workers I will be using for few activities. Control my farm remotely, and use humanoid there. Mayne just 2 ha will be enough for me. I am ok. For the rest of my life, I will have peace of mind making my money constantly. I prefer to buy five robots at $15,000 each and use on my farm rather than pay 10 workers N100k each monthly. Let them carry dem carry forward. I will stay abroad and operate my business nicely. You try to steal from my farm, I know what to do. If I can develop auto theft defector, my drones takes off automatically and spray acid on the thieves......by the time they land in burns and wounds hospital and have to pay for plastic surgery to get well, they will think well before coming to my farm again. Another one will have rubber bullets and stones. Na so na. Dem say dem get craze or juju, a go show them that tech pass those rubbish. Make we dey see if dem landlord owners and useless land claimed will come to my farm. Dem succeed in destroying my farm, I will load my drone to attack their farms too one by one...and then attack their homes. We go see who go tire? When a dey in a remote place dey carry my attacks, we go see. Follow them everywhere and torment them. I have all these things in my mind to do. And I am seriously working on them. This is the era of technological stubbornness to face thugs and scammers. Grains are good. Very nice area also. 3 Likes |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Vicky2k(m): 12:55pm On Sep 09, 2021 |
@peacejoylove, thumbs up with these ideas. Agritech really needs more players who will understand the peculiar challenges of our environment. The Fintech space is getting so filled up while food prices are skyrocketing everyday. The Competition in Agritech is less but the knowledge to do it well is the factor. No be when person wey see food chop, na im he go begin dey reason well. 2 Likes |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Nobody: 1:18pm On Sep 09, 2021 |
Vicky2k:EFCC is running after them now. Even politicians use them for money laundering. Any wise person will not go via that area. I do not really see any benefit of this fintech in this thread personally. Even apart from Agritech, there are other areas we can develop with tech. The knowledge in Agritech is one, but the scams there are the main challenges. Agric business is where scams are these days. Trust me, I know what I am saying. Some people are there to just scam. The slogan is "Na me dey work for farm, you dey sit down home dey wait for naira rain". Lol. |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by Jackbaur88: 1:27pm On Sep 09, 2021 |
Redman44:my brother online research is good, but most of the time, when you get down to real practice, you will see the difference. Any idea you just have on paper that you not put into practice is not yet an idea |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by youngscholar(m): 1:33pm On Sep 09, 2021 |
DissTroyer: I had to google to be sure. Traction. Product has been consumed but need to move forward. It's to simplify learning, bringing CBT environment closer to students in a different way. |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by youngscholar(m): 1:33pm On Sep 09, 2021 |
Heavance: Exactly! |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by youngscholar(m): 1:34pm On Sep 09, 2021 |
standfit007: Okay. Will send you a message. |
Re: Prospa Raises $3.8 Million In Pre-Seed Round by youngscholar(m): 1:35pm On Sep 09, 2021 |
airsaylongcome: Check my signature, let's talk. |
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