UniSmart, a Nigerian startup that offers discounts and perks from online and in store to verified students, received a $25k seed investment from Savannah Fund.
The startup is currently participating in Savannah Fund’s accelerator program and was chosen out of 95 applicants.
Nigeria, being Africa’s most populous country, is home of 1.5 million university students which is about a third of all university students in the sub-Saharan region. Other factors that work for UniSmart are a growing Nigerian middle class, a thriving retail sector and a growing spending power among students and the country.
Founded by Frederik Obasi, UniSmart has already worked together with international brands like Nike, Puma, Levis and United Colors of Benetton since its launch in February. The service has currently over 1000 subscribers and partnered with the University of Lagos which has a student body of over 45,000 people.
Like students everywhere, Nigerians now spend a considerable amount of money on leisure, food, beauty, electronics. Vertical discount programs that target this demographic are already established in North America and Europe. Brands want to get in contact with these customers early on as often spending habits and brand loyalty are formed during this phase of life.
The Savannah Fund Accelerator Program offers startups $25k seed investment and three months mentoring in return for a 15% equity stake.
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