Wazoplus - New York-based firm, Writesea, acquires Nigerian AI startup CoverAI in a five-figure dollar deal 🤝🏾

TechCabal

New York-based firm, Writesea, acquires Nigerian AI startup CoverAI in a five-figure dollar deal 🤝🏾

#business

#ai

#startup

Writesea, a New York-based firm specialising in white-label services for recruitment marketplaces, has acquired the three-month-old Nigerian AI startup, CoverAI. Chris Adolphus, CoverAI’s founder, told TechCabal that he received 12 bids for his startup on the startup marketplace Acquire.com but chose to sell to Writesea. While he said the acquisition was a five-figure cash deal, he declined to share the specific transaction value. One source estimated the deal value to be less than $50,000.

📄 CoverAI, based on OpenAI's language model, offers CV and cover letter creation services. It gained 13,000 organic customers within three months.

💼 Customers can choose from subscription tiers: $5 basic, $7 premium, or $15 lifetime plans.

💰 The acquisition was a five-figure cash deal, although the exact value remains undisclosed.

💡 Adolphus, CoverAI's founder, plans to build another AI product and aims for a $200,000 exit within 6 months.

🌐 CoverAI's technology simplifies CV creation and is set for expansion with Writesea's support.

🚀 Adolphus sees Writesea as the right partner to take CoverAI to the next level.

📈 The startup started with minimal investment and quickly gained traction.

Adolphus is concurrently involved in other projects, including a crypto venture and a subscription-based design studio.

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