Hey there!

Meet our first Tech Safari Deal: Hulugram

This article will give you the market, context, team and risks involved. Plus, it’s a fun read.

<aside> 📖 Read the memo here

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Here are some of the highlights:

Overview

• The one liner: Ethiopia’s fastest growing messaging app, which will eventually become an ‘everything’ app.
• 1 million app downloads, 30% Monthly Active Users (8 month retention) and 40% Daily Active User to Monthly Active User ratio. These score as ‘great’ and ‘good’ respectively on Andreessen Horowitz’ Social Media benchmarks.
• Average of 40 minutes spent on the app per day and used 15 times per day.
• Growth is mostly word of mouth. Blended Cost of Acquisition is $0.02 USD.
• Will monetise by embedding wallets, peer-to-peer payments, merchant payments and in-app services like gaming and ride-hailing
• Co-Investors:
  • CRE Ventures. The first institutional investors in Andela ($1b valuation), Flutterwave ($3b valuation), Sabi ($300m+ valuation) and Stitch (raised $21m Series A).
  • Strategic angels like Angesom Teklay, founder of Kacha Digital (the first fintech to get a mobile money license) and more TBC in the coming weeks.

Deal Notes

Market: Consumer Social/Fintech

Stage: Pre-Seed

Raise: $500,000

Post-Money Valuation: $5 million