To boost country’s tech ecosystem: Organisation, Okwelians, assists start-up with 20 million FCFA.

Through its drive tagged, Okwelians Venture Fund, OVF, the organisation has announced its first investment of 20,000,000 FCFA to assist a company, Light Group, which is a promising young company operating within the country's growing technology ecosystem to expand business. 

The information was made known in a statement signed recently by the management of the group.

This accord, to the Think Do Tank, marks an important milestone for both the venture fund and Light Group. It thus signals a growing interest in fostering innovation-driven businesses in the country.

Okwelians Venture Fund remains committed to nurturing local talent

According to the Investment Coordinator at OVF, Larissa Hagbe, the latest investment underscores OVF’s commitment to driving innovation and nurturing home-grown talent in the country.

“Our investment approach targets young ventures with high growth potential. We provide them with this funding and a range of other supports to help them achieve even higher levels of maturity and performance. By investing in Light Group SARL, we are confident that we are supporting one of Africa's future leaders in Internet of Things, IoT,” Hagbe remarked.

The project, she said, was launched on March 29, 2023, in Douala with an initial capital of 200,000,000 FCFA and till date, OVF has positioned itself as a key player in supporting high-potential startups in Cameroon. 

She went on to note that by focusing on young enterprises with significant growth prospects, the fund aims to not only provide financial backing but also offer strategic guidance that helps these companies scale effectively.

“The fund’s involvement goes beyond capital. As a strategic partner, OVF provides mentorship and connects startups with networks that can accelerate their growth. For Light Group, this means access to valuable industry insights, partnerships, and additional resources that will further catalyse its expansion,” Hagbe detailed. 

To the Think Do Tank official, the significance of the investment extends beyond the immediate impact on Light Group but it represents a wider effort to fuel the development of the country’s technological ecosystem. 

“With startups like Light Group leading the charge in industries such as data analytics and IoT, Cameroon is gradually positioning itself as a regional tech hub, ripe for innovation and digital transformation,” Hagbe added.

According to Hagbe, startups in the country face numerous challenges, from limited access to financing to a lack of technical expertise but the OVF seeks to alleviate some of these barriers by providing not just the financial resources, but the operational know-how and strategic backing that young companies need to thrive in a competitive landscape.

The investment, Hagbe explained, is seen as a vote of confidence in the potential of the country’s tech sector, which has been growing steadily in recent years. 

According to industry experts, the country’s young population, coupled with increasing mobile penetration and internet usage, provides fertile ground for tech-driven solutions to flourish.

By targeting essential industries like petroleum, agriculture, and logistics, Light Group is aligning itself with the country’s broader economic goals while showcasing the power of locally developed technological solutions.

OVF seeks to empower local tech innovations

According to the Founder of Light Group, Bertrand Solanga, thanks to the funds, he has quickly made a name by offering data analytics solutions designed to help businesses optimize their operations. 

The timing of the investment, he said, is crucial as his company aims to bridge its technological gaps and expand its offerings. 

“This funding comes at a time when we critically need resources to address our technological gap in IoT, optimize our technical platform, recruit, and train our personnel,” Solanga said.

With this substantial financial boost, the company, he added, plans to accelerate its growth trajectory, strengthen its foothold in the country’s market, and introduce new products designed to meet the evolving needs of its clients.

He noted that among his company’s flagship offerings is Light Oil, a data management solution tailored for the petroleum sector that uses real-time telemetry to monitor fuel management, enabling businesses to track oil consumption and storage with increased precision.

This article was first published in The Guardian Post issue N0:3231 of Monday September 16, 2024