Silicon Valley tech entrepreneur moves to Ghana and raises $4.8 Million for start up
Since repatriating to Ghana, Silicon Valley tech entrepreneur, Paul Owusu partnered with tech entrepreneur Kojo Sarpong to form LOGIQUE, tech accelerator and parent company to tech products Stack, SmartLobby and Coast.
The products provide a wide array of services ranging from loyalty and payments to SaaS (Software as a Service) for data collection. The company will function as a tech accelerator and consultancy focused on growth hacking for public and private sector companies. Services will target start-ups and modernize technology systems for larger institutions in Ghana and Africa, at large.
Frustrated by the notion that African tech start-ups can only secure investment from western countries, founders Paul and Kojo pitched LOGIQUE exclusively to local investors. After months of preparation and pitching, CEO of GIG Oil Group, Anthony Akorley decided to invest $4.8 million dollars into LOGIQUE and its subsidiary products Stack, SmartLobby and Coast.
When asked why he invested and why now, Akorley stated, “Technology is the future and in order to affect change in Africa, it’s time for us to support home grown innovation and businesses solutions. Kojo and Paul both want to build products that people want to use. Importantly, they don’t want to fit the status quo. I was impressed with their knack for design thinking, [and] overall customer engagement processes.”
Kojo met Akorley five years ago and was impressed with his focus on design-led companies and his commitment to developing industry through technology in Africa.
“There are amazing products and entrepreneurs here, but many times it’s difficult for them to secure investment because we all get blinded by how to package ourselves and make a connection to sell the idea to investors. LOGIQUE intends to close that gap,” said Co-Founder, Paul Miller Owusu who is also the co-founder of SIKA, a peer to peer payments and remittance company.
With investor Anthony Akorley joining the board, the company believes it gets the best of both worlds, an investment firm that understands enterprise and a partner who understands the African market and its challenges.
The duo have consulted for the majority of their careers and used LOGIQUE to accelerate their own ideas and products. They hope with the success of LOGIQUE, Ghana can foster a tech renaissance across industries.
To provide sustainability for the company, the team will offer consulting as a service. “We simply do not want to have crazy burn rate. We didn’t accept funding to pay ourselves, we did so to build and scale our business” says, Kojo.
The company has plans to grow and hire like-minded entrepreneurs in Ghana and across Africa. It will focus on hiring more designers, engineers, developers and marketing talent. Despite its focus on enterprise, automotive and education, former Silicon Valley Paul shared that the company is not planning on adopting a big sales force. They are most interested in organic growth.
The LOGIQUE team will spend the rest of 2017 conducting research and development on all products. STACK will be the first product to launch in Q1 2018.
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