Showlove.io, A Startup With A Mission To Connect People In Africa Through Gifting, Has Raised $300,000 In Pre-seed Capital
Showlove.io, a startup with a mission to connect people in Africa through gifting, has raised $300,000 in pre-seed capital
Several angel investors joined forces to fund Showlove, a Nigerian social platform for gifting, in a $300,000 pre-seed round led by Fedha Capital.
Seye Bandele is a young entrepreneur who founded a company in 2020 to simplify the process of requesting, giving, and receiving gifts and cash in Africa. The company also assists African businesses in promoting their services and deals in order to generate more revenue.
“It's a strange problem,” says Chikodi, a former Jumia and Konga vice president. “In our personal lives, we have had difficulty determining exactly what people want when we want to share gifts with them on a random basis or on special occasions in their lives. If you don't ask someone directly, there's no real way to know what they want without ruining the entire experience.”
When it comes to addressing the issues mentioned above, Showlove's approach is to create a fun community for people to share their wants and needs, either with a small group of people or with the general public, where they can request and receive the things that they actually value.
Consider it a social network – one that allows you to request, receive, and share gifts with your peers, but with cutting-edge financial services layered on top of that to make it even more useful. In addition, thousands of vendors, SMEs, and hypermarkets are connected to the system through APIs, allowing you to put your money to good use right away.
Through the Wishlist feature on Showlove, for example, users can compile a list of gifts from anywhere on the internet, which they can then share with their friends and family — either directly or through integration with other social media platforms. Afterwards, people can either contribute to the purchase of the gift or donate the entire amount. In this situation, you have the perfect opportunity to ask for the things that you really want, and you don't have to worry about selecting the right gift for your intended givers.
With the launch of Showlove's public beta in December 2020, users will be able to purchase electronic gift vouchers for their loved ones from a variety of different Nigerian businesses. Showlove has now launched a fully functional version of their product, which allows users to purchase gifts and deals, create and share Wishlists, and send and receive cash, all of which is backed by a digital wallet, in addition to other features.
The following is Chikodi's explanation: "Before now, people were paying for gifts with debit cards or using USSD or bank transfers." As a result, we're introducing a wallet that greatly simplifies the process; you can use your wallet to pay for anything or accept payments in almost any situation. Moreover, if purchasing gifts isn't your thing, you can send cash to your friends at no cost.”
In conclusion
The company aspires to create a future in which people can confidently request and give or exchange value with one another in the context of and within the same environment. “It is widely acknowledged that Africa has a number of infrastructure problems, but we are committed to addressing a more emotional issue: we want to see an African continent where relationships are fortified and new connections are fostered through giving and gift exchange, regardless of distance, currency, or cultural differences.” Chikodi shared his thoughts.
