Ayodeji Ayenuwa
New York-based firm Writesea has acquired CoverAI, a Nigerian AI startup, in a cash deal estimated to be less than $50,000.
The acquisition comes after Adolphus received a dozen offers for his startup on the Acquire.com marketplace, choosing to sell to Writesea, although the exact value of the transaction remains undisclosed.
CoverAI’s founder, Chris Adolphus, who spent $386 to launch the startup, stated that “Selling the startup was the plan from day one, but it could have easily been a six-figure deal, considering the tech we built.”
He believes that Writesea’s competence and experience will take CoverAI to the next level.
With 13,000 organic customers and a subscription-based model offering three tiers, CoverAI has established itself as a valuable tool for job seekers.
To manage costs effectively, CoverAI used an intermediary layer to summarize prompts, especially during extended conversations.
How it Works
CoverAI’s technology is based on OpenAI’s large language model and focuses on quickly generating or enhancing CVs.
Adolphus explained, “It empowers you to land your dream job confidently, from revamping your CV into a compelling narrative of your skills and achievements and crafting compelling cover letters to mastering interview techniques.”
The service operates on a freemium model, allowing users to optimize their CVs and receive a free cover letter.
To access additional features like interview preparation and job application tracking, users can choose from one of three subscription tiers: a $5 basic plan, a $7 premium plan, and a $15 lifetime plan.
Adolphus, in addition to selling CoverAI, continues to manage other projects, including a crypto venture and a subscription-based design studio.
He is already working on a new AI product that is expected to be more capital-intensive, with plans for paid marketing, third-party app integration, and the utilization of OpenAI’s imaging.
His goal is to achieve a $200,000 exit within the next six months.
Techrectory with Agency Report.
