Investment firm Beta.Ventures has ventured into additive manufacturing after backing Lagos-based startup Elephab.co with an undisclosed equity investment. The seed investment round was led by Beta.Ventures.
Founded by Anjola Badaru in 2017, Elephabe leverages a modern manufacturing platforms to locally produce high demand imported goods with long delivery lead times. The manufacturer is currently producing plastic parts across a number of industries.
“Nigeria imports most of the manufactured goods used in the country. Local manufacturing using affordable modern technology to produce global quality goods at a fraction of the cost and time required to import them presents an attractive opportunity for us,”said Ovo Emorhokpor, Beta.Ventures General Partner.
“It is a large, under-penetrated and growing market with potential for success across a broad range of African countries beyond our borders.”
Welcoming the Beta.Ventures Investment, Badaru of Elephab said, “We are very grateful for the many successes to date, but Elephab is still in the very early stages of realizing its potential as a transformative manufacturing company. The investment, business experience and, commitment to actualizing our potential make Bete.Ventures a worthy investment Partner to us.”
Ike Eze, Beta.Ventures General Partner added, “Beta.Ventures seeks to invest in entrepreneurs with bold dreams, tackling big domestic markets that have pan-African expansion possibilities. ElePhab meets these key criteria for a Beta.Ventures investee and we look forward to assisting Anjola to build and scale this amazing opportunity.”
Eze has joined the board of Elephab as part of the investment.
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