Deals: Cisco-backed Harambe invests $200,000 in Max.ng, Releaf Group

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Harambe Entrepreneur Alliance has allocated about $100,000 each to two Nigerian tech startups Max.ng, a taxi-hailing service, and Releaf Group, a platform for sorting and distribution farm products, to help them through economic downturns caused by the Coronavirus pandemic. This was disclosed by the Harambe Chairman, Okendo Lewis-Gayle, in a telephone interview, according to Bloomberg Meanwhile, Harambe, whose backers include Cisco Systems Inc. and a foundation of South African businessman Jonathan Oppenheimer, raised $1 million to support its African technology startups and help kick-start the return of venture capital to the continent after the coronavirus outbreak. READ ALSO: Investors cash in N1.2 trillion at Nigeria’s stock market for the month of May Harambe also invested $100,000 debt funding in Releaf Group, a Nigerian agritech company that is using technology to address supply chain challenges in the agriculture industry. Venture capital across the world has been drying up, with deals down 23% during the first quarter of the year compared with 2019, according to Preqin Ltd., as investors and funds take a more cautious approach amid the pandemic. For example, Max has decided to also include home-deliveries of goods as part of its service, and actually delivers for free to the elderly population.” Founded in 2008 by Okendo Lewis-Gayle, Harambe Entrepreneur Alliance supports innovators developing solutions to problems on the African continent.

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