Frain Technologies raises $473K pre-seed financing to build Webhooks Infrastructure

Frain Technologies is a Nigerian developer-tooling company that specializes in building webhooks infrastructure. It recently closed a $473k preseed round.

Frain founders scaled 1

Frain Technologies will be able to bring its flagship product, Convoy to maturity locally and internationally with the help of this round.

Rally Cap Ventures led the pre-seed round. Future Africa, Musha Ventures and Odunayo Eweniyi also participated.

Frain was founded in February 2021 by Subomi Oluwalana. He quit his job at Tangerine Life (one of Nigeria’s most prominent fintech startups) to create APIs for fintech.

The team also had Emmanuel Aina as co-founder and chief operating officer. However, they failed to sell APIs to startups for many months. The team tried to improve their solution to make it more profitable, but they soon realized that webhooks were an issue faced by many startups who want to create APIs.

This realization led to the creation of Convoy, a cloud-native service that allows developers and users to quickly push webhook events to each other.

Webhooks are an essential component of most API businesses such as Stripe, Twillo, and Paystack. Webhooks is a crucial component of modern APIs. Technically, it is what makes APIs function.

A failed webhooks event can have a direct impact on customers. Paystack’s failed events mean that customers won’t get value for their Domino’s purchase if they have received a debit alert. This means that a Piggyvest customer won’t see their top-up until the customer has received a debit alert.

Before Convoy was created, engineers had to create and maintain the infrastructure component of their APIs in-house. Convoy, Frain’s flagship product is open source. It can be used worldwide by developers to accelerate their building processes. Convoy makes it easy for engineers to focus on their product and eliminates the need to manage infrastructure.

Convoy received great reviews from the community since its launch. Many companies have used it in production. Among them, Buycoins and Termii. GetWallets and Dojah are just a few.

Emmanuel Aina, cofounder and COO of Convoy, spoke about why Convoy was created. Our company is unique in this space. Any developer can use Convoy anywhere in the world to build a product that uses webhooks i>

Frain will invest further in Convoy development and create more tools for developers following the fundraise.

Subomi, CEO and co-founder of Frain, spoke about the future of Frain. These are exciting times for Frain Technologies, we believe. We are passionate about open-source tools and dev tools. We also champion a new generation of startups that build global dev tools. We are currently building the next HashiCorp and GitLab from Lagos, Nigeria.

Rally Cap Ventures, the lead investor, stated that the founders made it clear to him and his team that the company was building an important tool. Rally Cap was happy to invest.

Hayden Simmons, founder and CEO of Rally Cap Ventures, said that Rally Cap Ventures invests core API companies that allow fintech solutions to scale across emerging market. Subomi, Emmanuel and their team were immediately able to see that they are passionate experts who are building in a crucial space. It was clear that their product is highly sought after not only in Africa but also globally.

Frain believes it’s time to build for the whole world, not just Africa. This is a reinterpretation of the thoughts of Timi Ajiboye who wrote Build For the World. Although there is still much to be done in our tech ecosystem, things are vastly different than they were 10 years ago. There are now fewer barriers to sharing and deploying software. It is time to build for the whole world, not just Africa i>

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