Nigerian startup, SureBids selected in 500 Startups 18th Batch


SureBids, a Nigerian retail voucher platform for gifting, loyalty, remittances and credit in Africa, has been selected to take part in 500 Startups Accelerator program in San Francisco.

The startup is solving the problems associated with cash – expensive, unsafe, and difficult to track – in commerce through vouchers.

It sells and maintain an inventory of vouchers, which are exchanged between two or more parties, and spent at a closed but extensive network of merchants across Africa for various goods and services.

Through vouchers, the startup is making transactions cheaper, more secure, and instant.

SureBids was selected alongside 45 other startups (both local and international) to take part in the accelerator program, where they’ll be getting mentorship, access to the 500 Family, massive publicity, and killer co-working spaces.

Aside the aforementioned benefits, and the fun it’ll enjoy while participating in the program, SureBids will receive an investment of US$125,000 in exchange for 5% [1].

The accelerator will run for four months in 500 Startups San Francisco office and end in a Demo Day, where SureBids and the other startups will pitch to potential partners and investors.

500 Startups runs the accelerator programs in San Francisco & Silicon Valley 4x per year emphasizing Internet marketing and customer acquisition, design and user experience, and lean startup practices and metrics.

Since inception in 2010, 500 Startups has invested in a wide variety of technology startups all over the world, currently over 1,400 companies.

[1] The investment is structured as a convertible security (which is like a convertible note, but it is better because it doesn’t accrue interest and doesn’t require payback in the future).

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