Nigeria: Wicrypt startup raises 1.5 million USD for its African expansion

Wicrypt, a Nigerian blockchain-based Wi-Fi sharing startup, announced it raised $ 1.5 million in a fundraising round. Funding was led by AU21 Capital, Inclusion Capital and Outlier Ventures, among others.

The newly secured fund is expected to help the decentralized mobile internet sharing and monetization network expand into new countries. The “platform had formed substantial business partnerships in Africa, but the funding will further allow expansion into new countries by increasing marketing efforts,” said
Ugochukwu Aronu, the CEO of Wicrypt.

Initially launched in 2018, the startup became profitable in 2020 and signed an exclusive partnership with the city of Enugu, Nigeria, to provide internet service to its citizens. Users can download the Wicrypt app and provide a Wi-Fi connection through their mobile device or by purchasing a unique personalized Wicrypt hotspot maker device.

Wi-Fi providers can also personalize their user experience through their Wicrypt dashboard by offering surveys, advertisements, and collecting customer data.

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