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- With a USD 1.60 trillion market cap, the imminent intensification of Amazon’s operations in South Africa will come to shape the practices and standards that characterise and grow the domestic e-commerce landscape. For consumers and smaller sellers alike, Bezos’ venture into South Africa’s online…
- On Tuesday, a significant announcement was made by the United Nations Development Programme (UNDP), Rwanda, and seven other African nations regarding the initiation of Timbuktoo, a new project designed to inject $1 billion into 1000 African tech startups over the next decade. Known as the largest…
- Shamba Pride, an agtech firm founded in 2016, recently secured a $3.7 million pre-series A funding in a debt-equity mix to enhance its last-mile distribution network for farm inputs in Kenya. This investment round was led by the EDFI AgriFI, an EU agriculture financing initiative, and Seedstars…
- Switch on the TV, and you’ll be hard-pressed to find a sports team not endorsed by an online betting company. The online gambling market in South Africa is set to hit a revenue of USD 828.50m this year, with an estimated 3.6 million users by 2028. As the wave of online gambling sweeps across South…
- The Cairo-based D2C beauty and wellness startup, Mira Cosmetics, is poised to create a significant impact in the market with a recent $200,000 investment from Wingoo Investment and Technology. This financial boost follows the successful production of Mira’s first local beauty product, which is…
- Imaginario AI, a startup based in Tunisia specializing in the AI-assisted processing of video and audio content, has successfully secured $1 million in a pre-seed funding round. This significant financial boost supports the company’s ambitions to expand internationally. The investment round was…
- Ampersand, a pioneering electric transport energy company based in Kigali, recently secured a significant investment of $19.5 million through debt and equity funding. This funding round was spearheaded by the Ecosystem Integrity Fund (EIF) and saw participation from notable investors such as Acumen…
- iSchool, an educational technology startup based in Egypt, recently secured funding of US$4.5 million. This significant investment supports the company’s ambitious plan to broaden its reach across six additional countries within the Middle East and North Africa (MENA) region. VentureWave Capital,…
- General Atlantic, a growth equity firm based in New York with assets under management (AUM) totaling $83 billion, has agreed to acquire Actis, a London-based investor specializing in energy infrastructure focusing on African investments. This acquisition is aimed at enhancing General Atlantic’s…
- Seedstars Africa Ventures has achieved a significant milestone by securing a $30 million capital injection from EIB Global, an entity connected to the European Investment Bank. This marks a pivotal moment as it represents the first substantial institutional investment for the venture firm’s…
- E3 Capital’s Low Carbon Economy Fund has taken a prominent role in the initial funding round for Badili Africa, a re-commerce startup specializing in the refurbishment of digital devices. The investment’s primary goal is to bolster Badili’s mission of addressing Africa’s digital divide sustainably…
- Axian Group, a prominent investment firm, has recently disclosed its strategic investment in Bosta, an innovative Egyptian startup reshaping the delivery processing and logistics landscape in Egypt and Saudi Arabia. Utilizing advanced technology, Bosta’s platform optimizes first, middle, and last-…
- In the ever-evolving landscape of Africa’s business realm, one discovers the essence of innovation, resilience, and an unwavering determination to make a meaningful impact. At the threshold of a new era for African entrepreneurship, we not only applaud the dreams that have taken flight but also…
- Despite the surrounding excitement, blockchain technology holds a myriad of potential benefits for different industries across Africa. While some skeptics may downplay the significance of blockchain or limit its utility to cryptocurrencies alone, the reality is that the technology’s applications…
- Nigeria’s five largest banks, namely First Bank, Access Bank, UBA, Guaranty Trust Bank, and Zenith Bank have each achieved a market capitalization of at least N1 Trillion on the NGX, Nigeria’s stock exchange. These banks are currently benefiting from a strong market performance that resulted in a…
- Ride-hailing drivers in Nigeria are set to demand health insurance packages from e-hailing companies operating in the country following the recent passing of Adebayo Padmore, a driver for LagRide. Among the major ride-hailing companies in Nigeria, only Bolt currently offers health insurance to…
- Capital Film Productions, established by Adim Isiakpona, an ex-Google employee, and Hamza Kassim, who works as a business opportunity manager at Shell, has recently introduced Act 3, a new fund of ₦500 million. This fund is dedicated to investing in a variety of Nollywood films. Both founders have…
- As we enter 2024, Africa’s dynamic tech landscape is poised for rapid evolution across various sectors. From crypto to AI to shifting investment patterns, several key trends emerged in 2023 that will likely accelerate in the new year. After a period of overheated growth and steep market correction…
- Video streaming service Showmax has announced the launch of its majorly revamped platform, Showmax 2.0, coming in February 2024. The updated service promises a wealth of fresh local and international shows for African audiences. This follows MultiChoice Group’s partnership formed last year with…
- Ridesharing platform Bolt has rolled out a new safety feature in Kenya aimed at reducing risky offline trips. The “Driver Asked to Pay Off-the-App” tool lets riders immediately flag situations where drivers request payment outside the official Bolt app. Through the feature, passengers can report…
- In an effort to empower women and protect the planet, IT services provider SmartCIC has launched an impactful e-waste repurposing initiative. The company has partnered with non-profit Maxim Nyansa Foundation to provide underprivileged young women across Africa with hands-on tech education and…
- A recent standoff between two major players in Nigeria’s telecommunications industry has sparked questions around the sector’s financial agreements and stability. Globacom, the country’s second largest mobile network, faces partial disconnection from certain services of rival operator MTN Nigeria…
- Twitter has long been the hub for trending conversations in Nigeria, from serious social issues to mundane marital roles. But it’s rare for the latter to spawn a massive brand marketing outlet. Yet that’s exactly what happened in the past week with Deborah Olaki, known as Mumzee. On January 4,…
- In a landmark 100% acquisition, the Kuwaiti education technology firm Baims, founded by Bader Al-Rasheed and Yousef Alhusaini in 2017, has successfully acquired the Egyptian EdTech company Orcas. Baims, renowned for its online pre-recorded courses for university and high school students in…
- weVenture, an Ethiopian venture capital-backed incubator, has recently commenced its operations. Established through a collaborative effort of local industry experts, investors, and seasoned professionals, this hub focuses on discovering, cultivating, and expanding early-stage startups in Ethiopia…
- Mastercard has teamed up with Illicocash, a fintech division of Rawbank, to initiate a virtual card program in the Democratic Republic of the Congo (DRC). This collaboration aims to provide an innovative and easy way for consumers and businesses to conduct eCommerce transactions. This development…
- Cleva, a Nigerian fintech startup, recently secured $1.5 million in a pre-seed investment round to enhance international payment solutions throughout Africa. The funding round was spearheaded by 1984 Venture, a venture capital firm based in San Francisco that specializes in supporting early-stage…
- Oludayo Ojerinde, a specialist in artificial intelligence from Nigeria, recently launched a new health-focused chatbot in Lagos. This innovative chatbot is set to transform how healthcare is accessed and cater to the healthcare needs in Nigeria. This recent unveiling aims to address significant…
- In 2023, Africa faced a significant financial challenge, with three currencies ranking among the five poorest performers globally. The continent’s weakest currencies were the Nigerian naira, Angola’s kwanza, and Malawi’s kwacha. Notably, the Nigerian naira experienced a steep decline, only…
- Octavia Carbon has recently obtained funding to enhance its Direct Air Capture (DAC) technology. This technology primarily focuses on removing carbon dioxide (CO2) from the air. The firm is dedicated to fighting climate change by developing, constructing, and implementing machines specifically…
- The United Nations has issued a grave forecast, indicating that the hunger crisis in Africa is set to intensify dramatically next year, with an estimated 50 million Africans likely to face hunger. This alarming situation will bring the total number of hungry individuals on the continent to over 300…
- Former CNN correspondent Zain Verjee and Grammy award-winning director Matthew Miguel Cullen have teamed up to transform the narrative on climate change’s impact in Africa with their pioneering artificial intelligence (AI) film, Ndoto. This film aims to showcase the stark realities of climate…
- Starlink, a subsidiary of SpaceX, has recently inaugurated its first service in Africa in Nigeria and is now setting up its inaugural physical office in Kenya. The company specializes in satellite internet and has announced a job opening for a Global Licensing Activation Manager in Sub-Saharan…
- Koree, a fintech company from Cameroon, recently secured a pre-seed investment of $200,000. This funding will be allocated to expanding its merchant network, increasing its customer base, and striving for product-market fit, as stated by Magalie Gauze-Sanga, the founder of Koree. The investment was…
- In the past year, African tech startups faced considerable challenges. Securing venture capital proved to be a daunting task, aligning with earlier predictions. Bridge and down rounds became increasingly common, while reports of fire sales, staff layoffs, and startup closures spread throughout the…
- The Emerging Africa Infrastructure Fund (EAIF), a subsidiary of the Private Infrastructure Development Group (PIDG), has pledged a senior secured loan facility worth $30 million to AXIAN Energy. This financial commitment is integral to AXIAN Energy’s growth strategy, which aims to establish more…
- The global re-commerce sector is on the brink of expansion, with more consumers opting for secondhand products to save money and support sustainable consumption. As the worldwide re-commerce market continues to grow, platforms like Soum from Saudi Arabia aim to attract users across the Middle East…
- Zerodip ng introduces a revolutionary approach to helping Nigerians discover their ideal property, whether it’s for purchase, rental, short-term leasing, or joint ventures. This innovative platform is ushering in a new era for the real estate sector in Nigeria, bringing fresh air to the industry.…
- As Europe faces challenges in supply and seeks to diversify its imports, Africa is increasingly recognized as a key investment destination. The continent’s rich resources and untapped potential are drawing attention from various European businesses and countries. This shift is creating new market…
- A leading South African international banking and wealth management group has partnered with Synthesis to create its upcoming PayShap payments platform. Their strategic objective is to update current banking systems and introduce a new, cloud-based payment platform. This new platform aims to unify…
- MINDEX, a prominent fintech company, recently celebrated the launch of the first-ever virtual assets marketplace in Mauritius, a landmark event for the region’s financial sector. The Virtual Assets Marketplace license was awarded to MINDEX by the Financial Services Commission (FSC), enhancing its…
- All On, a leading impact investment firm in Nigeria, recently signed a significant investment agreement with Baobab Plus Nigeria, committing $2.25 million to a credit facility. This investment is pivotal for rolling out 1,536 solar energy systems throughout Nigeria, with capacities ranging between…
- Samson Olatunde, the founder of Knowledge Digest Africa (KDA), has emphasized the importance of African business owners embracing technology to enhance their enterprises. Olatunde’s company, known as a comprehensive digital knowledge repository, was recently honored with an award recognizing it as…
- Fawry, a prominent Egyptian company in digital banking and payments technology, has recently entered into a strategic partnership with Simple Touch, a renowned provider of advanced business management software and ERP solutions for the food and beverage industry in the Middle East and North Africa…
- The Zambian government recently unveiled an ambitious plan to establish Community Digital Transformation Centers (CDTCs) across the country. These hubs aim to enhance Zambia’s digital ecosystem while empowering citizens through free internet access, digital skills training, and online service…
- After announcing plans to establish its regional headquarters in Kenya, TikTok is doubling down with a $1.49 million fund to empower local small and medium enterprises (SMEs). This investment aims to provide loans, grants, training and mentorship to Kenyan entrepreneurs using TikTok to showcase…
- Microsoft and Gebeya have partnered to launch Microsoft.Gebeya.com, a platform aimed at developing in-demand digital skills amongst African youth and empowering them for cloud computing careers. Through this collaboration, the companies seek to upskill 300,000 developers across 8 African countries…
- TikTok’s recent enforcement report revealed over a million video removals in Nigeria last quarter for policy violations like nudity and hateful content. This highlights the platform’s exponential growth in Africa, especially Nigeria. While Kenyans mostly use TikTok for news, Nigerians favour…
- Starting January 1, 2024, ride-hailing drivers in Ghana will be required to pay a new Value Income Tax (VIT) every quarter, as announced by the Ghana Revenue Authority (GRA). This tax applies to commercial vehicle owners earning income from ride-hailing services like Uber, Bolt, and Yango. To…
- MAKA, a Nigerian social commerce startup, has secured $2.65 million in pre-seed funding to support its expansion efforts. The funding round was co-led by 4DX Ventures and Janngo, with additional support from Palm Drive Capital. Notable participants in this round included executives from the…
