Raise Capital Terms

Raise Capital lets a business on Habaqa apply for funding from Promoat Investments Ltd. Applying is free and does not promise a reply, an interview or an offer. We look at what you send and at how your business uses Habaqa. A small team, including people outside Promoat who have agreed to keep it private, may review your application. Nothing is agreed until both sides sign a term sheet. These terms add to our Terms of Use and Privacy Policy, which still apply.

Promoat Investments Ltd (“we”, “us”), a company registered in Nigeria, runs Habaqa and is also the investor in Raise Capital. That means the company that runs the platform you use every day is the one deciding on your application. We keep the two apart where it matters: your application never changes how Habaqa works for you, and investors on Habaqa’s register never see it.

• Any business on Habaqa whose owner’s account is in good standing and whose business is listed. Only the owner can send an application, answer an offer or sign.
• Your business must meet the minimums shown on its Raise Capital page when you send: a finished profile, both badges, and the account age, active weeks and score shown there. We set and may change the minimums and the amounts you can ask for. A change never affects an application already sent.
• One open application per business at a time. After a decline, you can apply again from the date we give you.

You never pay us, or anyone, to apply, be reviewed, be interviewed or receive an offer. If someone asks you for money in our name, it’s a scam. Please tell us at hello@habaqa.com.

Your Raise Capital page shows a score out of 100. We work it out from your business’s use of Habaqa: how complete your profile is, your badges, how long the account has been open, how many weeks you used it, money customers paid through Habaqa (which counts most), and the records you keep there, such as invoices, expenses and customers. Payments made in test mode never count.

The score helps us decide who can apply and the order we review in. It is not a credit score, not a rating of your business, and not shared with anyone outside the review. We save your score with your application when you send it, and the team can also see your score today.

By sending an application, you let us use, for the review:

• everything in your application;
• your business profile and badges;
• your business’s records on Habaqa: money in and out, invoices, payments, orders, bookings, expenses, customers and how often you use the tools. Our investor panel sees only totals, counts and trends, never your customers’ details;
• documents and answers you send when we ask for more, and what you tell us in an interview.

We may check what you tell us, including with the CAC, your bank or references you give.

Everything you send must be true and complete to the best of your knowledge. If something changes while your application is open, tell us. False or misleading information lets us decline your application, withdraw an offer, or end an agreement already signed, and may lead to your removal from Habaqa.

• Promoat’s team: the people who run Raise Capital and make decisions.
• Our investor panel: people we ask to review and score applications. Some work for Promoat and some don’t. Each one sees only the applications we assign to them, has agreed in writing to keep them private and use them only for the review, and must tell us about any link to your business before seeing it.
• Our advisers (lawyers, accountants) under confidentiality, and authorities where the law requires it.

Investors on Habaqa’s register, other businesses and the public never see your application or your score.

• Your application page shows where it stands and the time we aim to decide in. That is an aim, not a promise.
• We may ask for documents or answers, with a date to reply by. If you don’t reply, we may decide on what we have.
• Interviews are by video call or in person. We send the time and, for a video call, the link. You pay your own costs of taking part.

Whether to make an offer, and on what terms, is our decision alone. We may decline any application. When we do, we tell you, with a short note, and the date you can apply again. We don’t have to explain every reason.

• An offer shows the amount, the type (for example a share of sales or profit until a set total is paid back, or a stake in the business) and its terms, with a date to answer by. The type you asked for is a preference; the offer may differ. An offer you don’t answer in time lapses, and we may reopen it.
• Accepting an offer means you want to go ahead on those terms. It is not yet a binding agreement for either side.
• We then send a term sheet from Promoat Investments Ltd for you to sign electronically on Habaqa. You sign first, then we do. What the signed term sheet says, and any agreement it says will follow, is what binds both sides, including when and how the money is sent and paid back.
• Read the term sheet carefully and take your own legal and financial advice before you sign. Nothing on Habaqa is investment, legal or tax advice to you.

You can withdraw your application at any time before the money is sent. A term sheet still waiting for signatures is then cancelled. You can apply again straight away.

We keep applications, what was sent with them, the scores, notes and decisions as Promoat’s record of each decision. If you delete your Habaqa account, we keep that record but it is no longer linked to you, and any open application is withdrawn. More in our Privacy Policy.

We may change, pause or stop Raise Capital, its minimums and the amounts on offer. If we stop it, we will still deal fairly with applications already sent, and an agreement already signed stays in force on its own terms.

Applying is at your own cost and risk. To the fullest extent the law allows, we are not liable for any loss from an application not being reviewed, declined, delayed, or not leading to an investment. Nothing here limits what a signed agreement says, or liability the law does not allow us to exclude.

These terms are governed by the laws of the Federal Republic of Nigeria, and the courts of Lagos State deal with any dispute. The version you agree to when you send your application applies to that application; we save which one it was. Questions: hello@habaqa.com.