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Ylomi, a Benin-based startup bags funding from local angel group, BBAN

The Benin-based startup, Ylomi raised US$16,600 (CFA10 million) in seed funding

Ylomi is a fast-rising online service that helps to match clients with vetted local professionals. The startup had just secured funding from local angel investors called BBAN. The investment will go into scaling the business and strengthening its team. 

The equity investment will include other benefits such as support and monitoring for Ylomi’s team. The BBAN, (Benin Business Angel Network) made the equity investment to Ylomi. And they are the first angels’ network in the whole of Benin, established in April 2019.

Ylomi is one lucky platform to have caught the attention of the BBAN, and it’s also the first investment the angel network has made since established. BBAN’s aim is not just to provide funding to promising early-stage startups. They also seek to provide mentoring and other professional support to help startups grow and attain their true potentials. 

BBAN’s president, Medea Degbe, said, and I quote, “The COVID-19 pandemic is boosting critical transformations in local customer behaviors, and it’s pushing online service providers to the forefront of our communities. Ylomi is a startup that has what it takes to facilitate such a digital change. Thus, promoting the app appeals to our angels. 

“Besides the funding, we also aim to provide other investments. These will include providing the needed resources, which would consist of mentoring and providing connections to its business networks. All we are doing is to help the team grow bigger and attain their goals. 

BBAN’s Plans for the future

The Benin Business Angel Network (BBAN) is the first of its kind in the country. Ylomi is also the first startup it had invested in but seeks to extend its hands to other promising early-stage startups. 

According to the network, it plans to cover at least 3 to 5 promising startups before the end of the year 2020. Degbe, the angel network’s head, also reiterated that the network understands the challenges the COVID-19 pandemic has brought to startups and how BBAN is fully committed to providing the necessary support to help the situation.

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