About ETAP
ETAP is a company based in Lagos (Nigeria) founded in 2021. It operates as a FinTech, and Subscription Services. ETAP has raised $1.5 million across 1 funding round from investors including Newmont, Toyota Tsusho and CFAO Group. ETAP offers products and services including Car Insurance, Driving Insights, and Takaful Insurance. ETAP operates in a competitive market with competitors including Webfleet, Omoove, Axon Telematics and CXZ Telematics, among others.
- Headquarter Lagos, Nigeria
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Sectors
Transportation, Automotive & LogisticsFinancial Services
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Email
***********
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Phone
*********
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Website
*********
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Social
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- Legal Name Etap Inc.
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$1.5 M (USD)
in 1 rounds
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Latest Funding Round
$1.5 M (USD), Seed
Apr 19, 2022
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Investors
Newmont
& 5 more
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Employee Count
Employee Count
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Products & Services of ETAP
ETAP offers a comprehensive portfolio of products and services, including Car Insurance, Driving Insights, and Takaful Insurance. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Car insurance is provided for various vehicle types.
Driving behavior insights are offered to improve premiums.
Islamic-compliant insurance is underwritten for diverse needs.
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Funding Insights of ETAP
ETAP has successfully raised a total of $1.5M through 1 strategic funding round. The most recent funding activity was a Seed round of $1.5 million completed in April 2022. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 1
- Last Round Seed — $1.5M
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First Round
First Round
(19 Apr 2022)
- Investors Count 6
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Apr, 2022 | Amount | Seed - ETAP | Valuation | Mobility 54 |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in ETAP
ETAP has secured backing from 6 investors, including venture fund and institutional investors. Prominent investors backing the company include Newmont, Toyota Tsusho and CFAO Group. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Mobility-focused corporate venture capital for Africa is provided by Mobility 54.
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Founded Year | Domain | Location | |
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Early-stage venture capital funding is provided to startup founders.
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Founded Year | Domain | Location | |
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Trading services in metals, parts, logistics, and automobiles are provided.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by ETAP
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - ETAP
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Etap Comparisons
Competitors of ETAP
ETAP operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Webfleet, Omoove, Axon Telematics and CXZ Telematics, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Provides cloud-based fleet management software solutions.
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| domain | founded_year | HQ Location |
Telematics services for insurance, fleet management, and automotive industries.
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| domain | founded_year | HQ Location |
Transforms complex data into analytics for insurers and automotive businesses worldwide.
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| domain | founded_year | HQ Location |
Delivers a cloud-based platform for efficient vehicle maintenance and monitoring.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Etap
Frequently Asked Questions about ETAP
When was ETAP founded?
ETAP was founded in 2021 and raised its 1st funding round 1 year after it was founded.
Where is ETAP located?
ETAP is headquartered in Lagos, Nigeria. It is registered at Lagos, Lagos State, Nigeria.
Who is the current CEO of ETAP?
Ibraheem Babalola is the current CEO of ETAP.
Is ETAP a funded company?
ETAP is a funded company, having raised a total of $1.5M across 1 funding round to date. The company's 1st funding round was a Seed of $1.5M, raised on Apr 19, 2022.
What does ETAP do?
Car insurance services are offered by ETAP, focusing on fast and flexible coverage in Nigeria. Various vehicle types, including private cars, motorcycles, and taxis, are covered with options for annual to short-term policies. Personalized pricing and driving insights are integrated to promote safer driving and unlock savings. Additionally, Takaful insurance is underwritten for Islamic-compliant needs. Enterprise solutions are provided for businesses, alongside innovative claims processing within minutes. Operations are regulated by the Nigeria Insurance Commission (NAICOM), with a presence extended to Ghana through partnerships.
Who are the top competitors of ETAP?
ETAP's top competitors include Webfleet, Omoove and Axon Telematics.
What products or services does ETAP offer?
ETAP offers Car Insurance, Driving Insights, and Takaful Insurance.
Who are ETAP's investors?
ETAP has 6 investors. Key investors include Newmont, Toyota Tsusho, CFAO Group, Tangerine.ai, and Mobility 54.