- Almouneer, an Egyptian healthtech company, has raised $3.6 million in seed funding to support the development and expansion of its platform for treating diabetes and obesity. The funding round was led by Dubai-based Global Ventures, with participation from other international investors, including…
- The rapid spread of misinformation and disinformation, commonly known as “fake news,” has become a mounting concern worldwide. This issue is particularly pronounced in Nigeria, where false claims have impacted election integrity, public health, and security. To address this problem, the Brain…
- Leading cybersecurity company Infoprive recently rebranded as Cybervergent during the Nigeria Fintech Week. This strategic move aims to expand its security solutions by leveraging AI and machine learning amid rising cybercrime. As internet access grows in Africa, so do cyber threats. Recent…
- StarNews Mobile, an African mobile video network, has raised $3 million in pre-Series A funding to further its mission of providing monetisation platforms for African content creators. Founded in 2017 by Guy Kamgaing, StarNews partners with telecom operators to distribute creators’ content via…
- African accelerator platform Chenosis has collaborated with Botlhale AI Solutions on a project enabling people of all languages to use AI. The partners will work together to let companies on Chenosis’s platform communicate with customers in their native language via conversational AI. “We provide…
- SoberTech, founded by engineer Dinah Lugard, is expanding its innovative addiction recovery outreach program from Nigeria and Ghana to South Africa. Through technology, it aims to make recovery accessible, engaging, and stigma-free. “SoberTech’s vision is digital rehabilitation across the globe. We…
- Blockchain mining platform Pacminer has announced a $50 million joint venture with Ghanaian government agencies and blockchain companies, aiming to enhance its industrial chain and boost user earnings. Since entering Ghana in October 2022, Pacminer has introduced innovative employment and…
- Oracle is poised to establish cloud computing infrastructure in Rwanda by June 2024, accelerating the country’s aspirations to become a regional tech hub. Cloud computing, delivering services like data storage, servers, and software over the internet, enables rapid scaling, flexibility, and…
- Ghana has successfully obtained vital financial backing for its climate change efforts during the 2023 IMF/World Bank annual meetings, Finance Minister Ken Ofori-Atta announced. The World Bank’s International Finance Corporation (IFC) has pledged funding to bolster Ghana’s implementation of climate…
- African data center operator Raxio has raised an additional $46 million in equity financing from existing investors Roha and Meridiam. The funds will support Raxio’s expansion and development of new hyperscale-ready facilities across Africa. The capital injection enables Raxio to meet the rising…
- Iroko TV, once considered the “African Netflix” for its pioneering online streaming of Nollywood films and shows, has ceased operations in an unfortunate turn of events. Founded in 2010 by Nigerian entrepreneur Jason Njoku, Iroko TV quickly gained global fame and subscribers as the first major…
- While SpaceX’s Starlink has made waves recently, Eutelsat’s Konnect satellite internet service has been steadily transforming the market in Nigeria. In partnership with local provider Coollink, Konnect challenges perceptions and addresses unmet needs in impactful ways. Eutelsat, which has long…
- Malawi is a landlocked country in southeastern Africa with fertile soil and a subtropical climate well-suited for agriculture. As over 80% of Malawians work in farming, with their livelihoods dependent on the seasonal rains, the agricultural sector is a mainstay of the economy. However, due to…
- The Nigerian Railway Corporation (NRC) has announced the launch of a new e-ticketing system for its standard gauge railway network starting November 1st. According to NRC Managing Director Fidet Okhiria, e-ticketing represents a major step towards modernising and improving rail transportation…
- Ola Electric, a leading manufacturer of electric two-wheelers, has recently achieved a milestone in its electric vehicle (EV) venture. The company has successfully raised an impressive Rs 3,200 crore (about $385 million) in a new funding round to establish India’s premier lithium-ion cell…
- Nearly two million Tunisians living overseas have become an essential support for Tunisia’s economy. Remittances from these expatriates are projected to hit TND 10 billion (about $3.1 billion) by the end of 2023. Among the innovative initiatives tapping into this vital resource is My Easy Transfer…
- The Milkor 380, with an expansive wingspan of 18.6 meters and a top takeoff weight of 1300 kg, completed its first flight on September 19, DefenceWeb reported on October 10. The website described this event as a “giant milestone.” As per the report by DefenceWeb, “South Africa now joins the small…
- South Korea is seeking graphite from African nations as China increases export restrictions on this vital component for electric vehicle batteries. According to a statement from South Korea’s trade ministry on Monday, the country is focusing on Mozambique and Tanzania to mitigate potential deficits…
- In 2022, investors in South African venture capital saw $17 million in returns from exits, achieving a 3x return. However, the number of deals incurring losses still exceeded those yielding returns. According to the Southern Africa Venture Capital Association (SAVCA) 2023 survey, exits in the South…
- The Digital Nigeria Conference, spearheaded by the National Information Technology Development Agency (NITDA), kicked off its 2023 edition in Abuja on Tuesday. The focus of the event’s opening day was primarily on how Nigeria can leverage emerging technologies for further advancement. Keynote…
- The South African mobility startup WhereIsMyTransport is ceasing its operations due to difficulties in securing additional funding. Established by Devin De Fries in 2016, the company successfully secured over $27 million in investments and employed 140 people. Devin De Fries stated, “Having failed…
- The current prolonged downturn in the cryptocurrency market has negatively impacted numerous crypto startups, even those with significant funding. Many of these startups are now facing the tough decision to downsize or cease operations altogether due to these adverse market conditions. One recent…
- In Nigeria, only 35% of women have access to financial services compared to 48% of men. However, fintech startup HerVest is driving financial inclusion for female farmers who remain largely unbanked. HerVest provides a peer-to-peer lending platform where female farmers can access credit and…
- Clean energy company Husk Power Systems has secured $103 million in a Series D round, including $43 million in equity and $60 million in debt financing. The company will use the funds to accelerate the deployment of solar mini-grids providing electricity access across Africa and Asia. Since 2008,…
- Impact investment firm LeapFrog Investments plans to raise $1 billion for a new fund to back financial services and healthcare companies in emerging markets like Africa. The new Emerging Consumer Fund IV has already secured commitments from major backers like the European Investment Bank ($60…
- Kenyan conversational commerce startup Sukhiba Connect aims to power seamless buying and selling through WhatsApp as social commerce booms across Africa. The continent’s social commerce market is rapidly expanding as businesses leverage platforms like WhatsApp. However, limitations exist around…
- Nigerian fintech startup Vella Finance is ceasing all cryptocurrency services to become a digital bank for small and medium-sized enterprises (SMEs). In an email on Monday, Vella announced it will shut down its crypto trading, deposits, wallets and other offerings on October 30th. The move comes…
- Recent shutdowns of well-funded African startups like Ghana’s Dash fintech have sparked debate on whether unrealistic expectations from venture capitalists contribute to such collapses. Dash raised $86.1 million but suddenly closed shop despite claiming rapid user growth. This pattern of overvalued…
- Sony Group recently announced a $10 million fund focused on growing Africa’s entertainment tech startups. As a global leader in gaming, music, movies and content distribution, Sony’s investment represents a major opportunity for Nigeria’s burgeoning entertainment sectors. The Sony Innovation Fund:…
- Airtel Africa has collaborated with the Rwandan government to introduce the country’s most affordable 4G smartphone as part of the ConnectRwanda initiative. The goal is to provide over one million Rwandans high-speed internet access by 2024. Priced at 20,000 Rwandan Francs (approximately $16.50),…
- South African startup Adbot has partnered with leading Nigerian telecom MTN to bring its AI-powered ad management platform to small businesses in the country. This marks Adbot’s first expansion outside South Africa. Adbot offers automated tools to help SMEs easily create and optimise online ad…
- A Nigerian company called Possible EVS plans to open electric vehicle assembly plants in the country, with a goal of producing up to 10,000 EVs per year. This aligns with the company’s mission to spearhead electric vehicle adoption in Nigeria. Based in Abuja, Possible EVS is an electric mobility…
- The upcoming Global Startup Award (GSA) Africa Summit, scheduled from 25 – 27 October 2023 at the Ethiopia Arts & Science Museum in Addis Ababa, is a monumental occasion for Ethiopia, a potential-laden country, signalling a significant milestone in the country’s entrepreneurial journey. As we…
- Today marks a significant milestone for Specno as we celebrate our 5th birthday. Over the last 5 years, Specno has completely transformed the digital industry in South Africa, by offering businesses and startups access to world-class solutions in tech and innovation. In the last 5 years, Specno has…
- The global payments arena is undergoing significant transformation, marked by disruption and novel innovations. Driven by technological advancements, there’s been a notable transition from conventional cash-based transactions to modern digital payment methods. In this wave of change, Africa is…
- Banque Misr, one of Egypt’s largest banks and a leader in electronic payment solutions, has partnered with Etisalat Misr to introduce SuperPay, an advanced electronic payment technology company. This collaboration between Banque Misr, a prominent financial institution, and Etisalat, a…
- BayWa r.e. Energy Ventures, the investment arm connected to BayWa r.e. ‘s VC subsidiary, has spearheaded a financing round that garnered 1.25 million Euros (equivalent to $1.3M) for Circadian, a Berlin and Africa-oriented energy startup. The purpose of this strategic capital infusion is to…
- The CEO highlighted the existing shortcomings in Sub-Saharan Africa’s financial infrastructure, indicating that only 17% of the populace can access mobile financial services. At the same time, the rest remain excluded from formal financial systems. Ogunsanya observed that even among those with…
- Egyptian deep tech startup Intella has successfully concluded a pre-Series A funding round, securing an impressive $3.4 million. This substantial investment will play a pivotal role in supporting Intella’s expansion into the Saudi market and facilitating the development of tailored, end-to-end AI…
- Kippa, the Nigerian fintech startup, has officially announced its forthcoming discontinuation of its offline payment solution, KippaPay, effective from November 15, 2023. This strategic decision also entails the eventual departure of the core team responsible for managing this product, which will…
- Crafty Workshop, an Egyptian startup within the education technology sector, has achieved a successful $400,000 seed funding round. Leading this funding endeavor is EdVentures, the region’s inaugural corporate venture capital firm dedicated to educational technology. Founded in 2019 by Hadeer…
- Mediterrania Capital Partners, a renowned Private Equity firm with a specialization in fostering growth for Small and Medium Enterprises (SMEs) and mid-cap companies across the North Africa and Sub-Saharan regions, is delighted to announce a substantial €57 million ($60M) investment in CASH PLUS, a…
- Starlink, the satellite internet service owned by SpaceX and currently serving over 2 million customers across 60 countries, is expanding its horizons by bringing its connectivity directly to mobile phones. satellite arena, positioning itself to challenge Starlink in the years ahead. This scenario…
- Stitch, a South African fintech startup, has announced a substantial US$25 million extension to its Series A round, with Ribbit Capital leading the investment. This infusion of capital will be dedicated to the expansion of its comprehensive payment solutions and the venture’s entry into fresh…
- After witnessing substantial success in its operations and user engagement, Nigerian crypto venture Coinazer is venturing into the Brazilian market. Established in April 2022, Coinazer proudly serves a community of 5,000 users and has overseen transactions totalling a noteworthy $3.8 million.…
- Amenli, an Egyptian insurtech startup, recently secured a significant equity funding round of $1 million to expand its team, enhance its product offerings, and strengthen its brand presence. Established in 2020 by Adham Nauman, Omar Ezz El Din, and Shady Elohfa, Amenli delivers comprehensive…
- Sanari Capital, a majority black and female-owned private equity firm based in South Africa, has successfully secured $65 million for its growth fund. The primary goal of this fund is to stimulate job creation and foster economic development across the African continent. Sanari Capital invests in…
- IFC, the International Finance Corporation, has committed a $50 million equity investment to support fast-growing health and financial services companies across Africa, South Asia, and Southeast Asia. This investment is channeled through a new fund managed by LeapFrog Investments, a prominent…
- WATT Renewable Corporation (WATT), based in Nigeria, has successfully secured funding of US$13 million to enhance its operations as an autonomous provider of hybrid solar systems. Empower New Energy, a firm that operates as a lender and co-developer in the renewable energy sector, generously…
- Leading African payments company, Flutterwave has entered a 5-year technology collaboration with Microsoft to build an upgraded platform on Microsoft Azure. The goal is to accelerate payment innovation and small business growth across Africa. Small and medium enterprises (SMEs) are crucial for…
