Nigeria-focused startup investment fund 440.ng, a joint venture between L5Lab and 88mph, has invested in video learning platform DavtonLearn.
The amount of the investment was not disclosed, but relates to the upcoming launch of the online platform of DavtonLearn.
The startup initially launched in 2009, as an offline training company. The DavtonLearn online video learning platform will launch this year in October, focusing on training videos for professional certifications.
“It’s great to receive 440’s investment, because it will help scale DavtonLearn faster. 440 is a unique partner because – apart from their investment – we get extensive mentoring and contacts which are equally as important to us,” DavtonLearn founder Tobi Obasa told Disrupt Africa.
“The education market in Nigeria is large and DavtonLearn will tap into the aspirational nature of Nigeria’s labour market participants who are keen to differentiate themselves in a fast growing market,” said 440.ng co-founder and 88mph founder Kresten Buch.
Further investment announcements are expected following the conclusion of the 440.ng Deal Weekend Lagos, held on Friday and Saturday.
Disrupt Africa reported in July 440.ng announced the new initiative, which saw four startups invited to a 24-hour event and compete for equity investment of between US$100,000 and US$250,000.
The four startups selected were fashion marketplace Traclist; PrepClass, which helps parents find tutors for their children; Kangpe – a service allowing users to communicate with a doctor via SMS; and intra-city carpooling service Jekalo; who pitched their businesses to 440 and a panel of founder-investors comprising Elo Umeh of Twinpine Mobile, Bastian Gotter of iRoko, Olumide Soyombo of LeadPath, Ngozi Dozie of Kaizen Venture Partners and Jay Alabraba of Paga.
Startups were told on the spot whether or not the investors wished to put up funds. 440.ng said it will be announcing deals resulting from the weekend shortly, as they close.
“Deal Weekend was a great success and proved the high quality of technology companies in Nigeria. We were truly impressed by the short listed entrepreneurs,” said Chika Nwobi of L5Lab, co-founder and director of 440.