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Herconomy | Company profile, Business Model, and Operations

Recieved Funding?
yes
Type of Funding
Angel investors, Venture capital, Grants, Series B Funding, Seed funding, Accelerator/Incubator
Number of Funding Phases
4
Business Type
Private Company

All you need to know about Herconomy

About Us

Herconomy is Nigeria’s first Fintech company for women dedicated to empowering female entrepreneurs and professionals through Financial Services, Capacity Building, Community, and Opportunities.

Our History

Herconomy, a startup empowering women through financial services, capacity building, jobs, and networking, has announced the close of a $600,000 pre-seed round to expand the product offerings on their platform.

The pre-seed round was led by members of the Herconomy’s community, venture capitalist firm Oui Capital and a host of angel investors including Zephans & Co CEO Nkiru Ayemere; Ehi Onwudiwe, Director of Business Transformation at Ernst & Young; Head of Reserve at Diageo, Ope Makinwa; Ama Akpata,  co-founder of Jand2Gidi and a host of others.

According to the founder and CEO, Ife Durosinmi-Etti, when the round started, the startup got commitments worth $5.7 million from 509 community members within 24 hours but decided to only accept what it needed to scale—$600,000.

One of the global issues exacerbated by COVID-19 was the wage gap. Millions of people lost their jobs due to the lockdown, but women were hit harder with 5.5 million of them affected, almost 1 million more than men.

In addition, many more women faced increased responsibilities at home as the lockdown mandated work/school-from-home situations everywhere.

The launch of the app also came with the realization that not all women would be able to afford the membership fees and they wanted to reach even more women. “The mobile app also included a free membership option.

Presently, Herconomy has a community base of over 15,000 people with 20% of them as paying members. The startup plans to introduce financial services to its community members which it believes will be of great benefit to them.

Over the years, it has run several saving challenges overseeing at least 500 women who have saved over $100,000 in total. With its new funding, Herconomy plans to introduce a savings feature where members can earn high interest.

Our Vision

To build the #1 Finance and Lifestyle app for women in Africa.

Our Mission

Creating a better economic future for women and women-owned businesses.

Our Core Values

Innovation

We are committed to pushing boundaries and finding creative ways to empower women economically.

Teamwork

We value teamwork above all else. We promote a culture of collaboration, open communication, and mutual respect, which helps us build strong relationships with one another and our community.

Excellence

We hold ourselves to the highest standards of quality and are constantly seeking ways to improve and innovate.

Responsibility

We believe in being responsible to our community, our customers, and the world at large. We strive to make a positive impact through our business practices and take accountability for our actions.

Our Services

We empower women to secure their financial future through savings. You can finally gain control of your money and achieve your financial goals with our tools, resources, and guidance. Start saving today and begin your journey toward financial freedom.

Our Business Model

The app has a three-tier membership structure: a freemium subscription which gives members access to their community and opportunity board for free; a Silver membership which gives you access to their weekly capacity-building workshops called the Lightbox; and a Gold subscription which offers access to the community’s affinity network where members can get discounts from over 60 brands including Raddison Blu Lagos, Qatar Airways and Adidas.

The mobile app came with additional benefits for their Gold members (people who pay $120 yearly). They also introduced a job board and eventually became Amazon’s first recruitment partner in Nigeria for their EU region.

Related Topics


Industry

Iyinoluwa Aboyeji
Ife Durosinmi-Etti

Herconomy
Business Model

The Company major services and product include: Financial services

The Company was Founded
The Company was established on
April 6, 2021
HeadQuarters
The Company has its Operational Headquarters at 226 Bourdillon Rd, Ikoyi 101233, Lagos
Industry
The Company is contributing to the development of the Industry Finance, Financial Software
Staff Strength since Inception
The Company prides in her team member of about 1 - 50 active members

Herconomy Business Model

The Company major services and product include: Financial services

yes
Have they recieved Funding from VCs
yes
Have they recieved Funding from VCs
yes
How many number of Funding rounds?
What is the company's Networth
Company Net worth as of 2023

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