Orange Digital Ventures’ $1.5 Million Investment in Youverify

Jones Day and Aluko & Oyebode advised Orange Digital Ventures in the transaction.

Orange Digital Ventures Africa announced its $1.5 million seed investment round in Youverify. The start-up, founded in Lagos, Nigeria automates identity and background verification processes, primarily serving financial and telecommunication service providers. Youverify is the fifth company to join the portfolio of Orange group’s African investment initiative.

Financial and mobile payment services continue to accelerate their development on the continent. Verification tasks remain complex and manual for major players, fintech and large corporates and the rise of RegTech companies, such as Youverify, is key for the market in order to speed up and simplify these tasks.

The $1.5 million investment round will help Youverify improve its technology and accelerate business development in Nigeria and the continent.

Orange Digital Ventures is an early-stage tech fund which invests globally. It finances disruptive start-ups in the fields of connectivity & networks, enterprise SaaS (cloud, AI, big data, cybersecurity…), Fintech and Internet of Things.

The Jones Day team was led by David Sikes (Picture).

Aluko & Oyebode advised Orange Digital Ventures LLC with a team including Sumbo Akintola (Partner), Ina Arome (Senior Associate), Motunrayo Ope-Ogunseitan (Associate) and Tobenna Igweonu (Associate)

Involved fees earner: Sumbo Akintola – Aluko & Oyebode; Ina Arome – Aluko & Oyebode; Tobenna Igweonu – Aluko & Oyebode; Motunrayo Ope-Ogunseitan – Aluko & Oyebode; David Sikes – Jones Day;

Law Firms: Aluko & Oyebode; Jones Day;

Clients: Orange Digital Ventures;

Author: Ambrogio Visconti