A pre-seed round of $473k was completed by Frain Technologies, a Nigerian developer-tooling startup. Rally Cap Ventures led the seed round that saw participation from Future Africa Ventures, Musha Ventures and Aidi Ventures as well as angel investors like Eric Idiahi and Opeyemi Awoyemi and OdunayoEweniyi. These funds will be used to continue developing Convoy and other developer tools.
Subomi Oluwalana is the founder and CEO. He started the company in 2017, after he left his job as a backend programmer at Tangerine Life, a leading fintech startup in Nigeria. To focus on building APIs for fintech, he quit. It was co-founded by Emmanuel Aina, the chief operating officer. The team tried to sell APIs to startups for several months, but failed. The team discovered webhooks were a significant problem for startups building APIs.
Convoy was born. API-driven businesses like Twillo and Stripe rely on Webhooks as a key infrastructure component. Webhooks are a crucial component of modern APIs. They provide the glue that makes APIs function for non-technical users. Convoy allows developers to quickly build and maintain their infrastructure without having to do it themselves.
Convoy received an overwhelming response from the community since its inception. Among them are Buycoins and GetWallets. Emmanuel Aina (co-founder/COO of Convoy) explained in the press release how the product can be used to build any product that uses webhooks.