- Africa’s venture capital (VC) landscape faced a significant downturn in the first half of 2024, particularly evident in the stark decline in exit activities across the continent. According to the latest Africa Venture Investment Report, the region recorded only nine exits, marking a 40% decrease…
- The first half of 2024 has witnessed significant shifts in the African venture investment landscape, marked by notable trends across various industries. Despite economic challenges and global investment headwinds, certain sectors have shown resilience, while others have struggled to attract…
- Workpay, a cloud-based HR, payroll, and benefits platform designed for organizations with employees across Africa, has announced securing $5 million in a Series A funding round. This round was led by Norrsken22 and saw participation from notable investors such as Visa, Y Combinator, Saviu Ventures…
- In the first half of 2024, Africa’s venture capital landscape experienced significant shifts, with major deals continuing to attract attention despite a broader market contraction. According to the H1 2024 Africa Venture Investment Report, the top deals and leading investors reflect the region’s…
- Proparco has granted a €400,000 loan to Rubyx through the Bridge by Digital Africa facility. This funding will allow the African start-up to accelerate the deployment of its new algorithmic loan offering, targeting both start-ups and microfinance institutions across the continent. Supported by…
- TymeBank, a South African digital bank with customer deposits totaling R4 billion ($222 million), is set to launch in Indonesia by the end of 2024. This will mark the bank’s entry into its third Southeast Asian market, following its launch in the Philippines in October 2022 and Vietnam in January…
- The first half of 2024 saw significant geographical shifts in the landscape of venture capital investment across Africa. With a total funding of $393 million and only 119 deals, the region experienced the lowest H1 funding since 2019, marking a 57% year-on-year (YoY) decline. This downturn was…
- The smartphone market in Nigeria is facing a significant slump, primarily due to economic difficulties and escalating prices. As inflation climbs and disposable incomes shrink, many Nigerians are struggling to afford new smartphones. In response to the decreasing demand for smartphones, device…
- In H1 2024, Africa saw a significant reduction in the number of unique investors, with a 29% year-on-year (YoY) decline compared to H1 2023. This decrease is largely attributed to a marked pullback from investors based in key African markets, such as South Africa, Kenya, and Nigeria, which…
- The Dutch Data Protection Authority (DPA) has imposed a €290 million ($324 million) fine on Uber Technologies in a landmark decision for illegally transmitting the personal data of European drivers to the US. This penalty, one of the largest ever under the European Union’s General Data Protection…
- Ampersand, a Rwandan electric motorcycle company, recently secured an additional $2 million in a Series A extension, boosting its total funding to $21.5 million. The funding round featured a mix of new and returning investors, including AHL Venture Partners, an Africa-focused venture fund, and…
- The first half of 2024 marked a significant shift in the valuation trends within Africa’s venture capital scene, demonstrating a departure from previous years’ investment patterns. Despite a global slowdown in venture funding, certain segments within the African market showed surprising resilience…
- In the first half of 2024, Africa’s venture capital (VC) ecosystem experienced a significant downturn, mirroring global economic uncertainties and shifts in investor sentiment. Total funding in Africa reached just $393 million, a steep 57% decline compared to the same period in 2023, and the lowest…
- Tom Kinyanjui, co-founder and CEO of Neural Labs Africa, a medical technology firm specializing in using artificial intelligence to enhance medical imaging diagnosis, emphasized the need for greater support for technology innovators from the African continent. According to Kinyanjui, this support…
- Three months after obtaining its operating license, Starlink, the satellite internet service owned by Elon Musk, is now available in Botswana. The hardware is priced at P4,820 ($363), with shipping costing P314 ($24), and a monthly subscription fee of P688 ($52). Starlink’s launch in Botswana…
- Amidst a backdrop of global economic uncertainty and a notable decline in overall venture capital funding, the African startup ecosystem has seen several significant developments in the first half of 2024. Despite a 57% year-on-year drop in total funding, new venture capital funds and strategic…
- Three weeks after Meta introduced monetisation tools for content creators in Kenya, the Kenyan government has begun discussions with TikTok to introduce similar monetisation options for local creators. Mary Kerema, the Secretary of ICT, e-Government, and Digital Economy, highlighted that this…
- Abdulazeez Ogunjobi, the entrepreneurial mind behind successful ventures like Simbibot and Fixit45, has returned with a new project—Scandium. This software testing startup, although only a year old, is already turning heads with an impressive 90% profit margin, making significant strides across…
- Starlink is gearing up to launch in Ghana by August 2024 and will follow with a September 1 launch in Zimbabwe. Meanwhile, in South Africa, users are facing disconnection from SpaceX’s satellite Internet service. SpaceX has issued a second warning, stating that customers using Starlink outside the…
- Kenyan social commerce startup Sukhiba Connect has successfully raised a $1.55 million seed extension round, almost a year after initially securing $1.5 million in seed funding aimed at expanding beyond the East African region. The recent round was led by EQ2 Ventures, with further investments…
- The macroeconomic environment in Africa during the first half of 2024 presented a complex landscape, characterized by high inflation rates, fluctuating growth rates, and significant variations in economic performance across different countries. This period was marked by a mixture of challenges and…
- Educatly, a prominent global network in higher education, has secured $2.5 million in new funding from TLcom Capital and Plus VC. The investment round also saw participation from Egypt Venture (Egypt) and the HBAN syndicate (Ireland). Founded in 2020, Educatly is committed to helping students…
- Waza, a Nigerian B2B payment and liquidity provider catering to businesses in emerging markets, has successfully raised $8 million in equity and debt funding. This funding will be utilized to develop new trade finance solutions and extend Waza’s reach beyond its existing operations in Ghana and…
- Cartona, an Egyptian startup focused on digitizing and empowering mom-and-pop stores, hotels, restaurants, cafés, FMCG companies, and wholesalers, has successfully secured an additional US$8.1 million in a Series A extension round comprising both debt and equity. This new funding aims to support…
- Mastercard has forged a strategic alliance with Scale, an issuer orchestration partner, to accelerate the deployment of fintech services across Africa and the Middle East. This collaboration aims to dismantle technical and commercial barriers that have hindered fintech companies, aggregators,…
- Nigerian government is gearing up for a significant overhaul of its tax system, with plans to introduce new legislation by September 2024. This reform will encompass various sectors, including the burgeoning cryptocurrency industry, which has operated without specific regulations until now. Zacch…
- First City Monument Bank (FCMB) has partnered with the Dutch Entrepreneurial Development Bank (FMO) to launch an innovative Agritech Hackathon and Venture Building programme in Nigeria. This collaborative effort aims to address critical challenges in the country’s agricultural sector, including…
- Recent negotiations between President Yoweri Museveni and HINENI Ltd., a South Korean company, mark a crucial step for Uganda’s automobile industry. They focus on establishing a new plant dedicated to manufacturing electric batteries and components in the country. This initiative aims to align with…
- Ericsson has positioned itself as a significant player in the mobile financial services (MFS) industry over recent years. The company supplies the essential technology that underpins major fintech brands, such as MTN Mobile Money (MoMo). Currently, Ericsson is focusing on expanding its influence…
- Nigeria’s inflation has finally slowed for the first time in 19 months, sparking hope that the series of rate hikes might be starting to show some effect. This development is likely to be welcomed by Nigerians who are enduring the worst cost of living crisis in decades. According to data from the…
- Duplo, the leading provider of payment, spend, and vendor management solutions for African businesses, has released a new report predicting substantial growth in cross-border B2B payments across Africa, driven by shifting global trade patterns and the rise of innovative payment solutions. This…
- In Botswana, the cost of internet subscriptions remains high. For example, 10GB of data may cost as much as P1400 ($103), a significant amount given the country’s minimum wage of P1500 ($111). This pricing structure has historically restricted access to the internet for many, especially the youth,…
- Energy management startup Wattnow, established in 2018 by Issam Smaali, has secured undisclosed funding from Lateral Frontiers VC through its Lateral Frontiers Fund II. Wattnow assists businesses by providing actionable insights into their energy consumption. The company’s smart energy management…
- Luno, a licensed financial services provider in South Africa and a prominent crypto investment app, is on alert following a recent deepfake scam that targeted one of its employees. This incident underscores the increasing threat of AI-powered impersonation fraud in South Africa, especially in the…
- Ten days after announcing its intention to sell 20 million ordinary shares in a secondary offering, Jumia ($JMIA) has successfully completed the sale, achieving its funding goal. According to a securities filing reviewed by TechCabal, the sale generated gross proceeds of $99.6 million. This equates…
- This week, the African tech scene has been abuzz with activity, and in the latest episode of the Techpoint Africa Podcast, our distinguished hosts, Oluwanifemi Kolawole and Bolu Abiodun, dive deep into the most significant developments. They discuss the standout stories and provide a thoughtful…
- French pay-TV giant Canal+ has taken a significant step in its African expansion strategy by acquiring a majority stake in Mauritius-based MC Vision. The move, reported by Bloomberg, sees Canal+ increase its ownership from 37% to 75%, subject to regulatory approval. MC Vision, co-founded by Canal+…
- The African Development Bank Group (AfDB) has announced a significant investment of $10 million in the KawiSafi II Fund, aimed at supporting local businesses in developing and expanding climate-focused projects for vulnerable communities. This investment, approved by the Bank’s Board of Directors,…
- The Democratic Republic of Congo (DRC) has entered a new era of digital infrastructure with the launch of its first Tier-III certified, open-access, carrier-neutral data center. This groundbreaking facility, named ‘OADC Texaf Digital’, is the result of a joint venture between Open Access Data…
- Mobius Motors, a Kenya-based automaker known for its affordable SUVs designed for African roads, has accepted an acquisition offer from an undisclosed buyer. This development comes just one week after the company, backed by Playfair Capital, announced its intention to shut down operations. Nicolas…
- MultiChoice Talent Factory (MTF) has announced the opening of applications for its 2025 fully-funded academic year. The program seeks aspiring filmmakers, scriptwriters, producers, and storytellers from 13 African countries. These include Nigeria, Ghana, Kenya, Uganda, Ethiopia, Tanzania, Zambia,…
- Uganda’s telecommunications landscape is set for a significant transformation as the state-run Uganda Telecommunication Corp. (UTel) prepares to welcome a substantial investment from Dubai-based Rowad Capital Commercial (RCC) LLC. The $225 million deal includes RCC acquiring a 60% majority stake in…
- Eutelsat Group and Bayobab have entered into a multi-year agreement to utilise low-Earth orbit (LEO) capacity on Eutelsat’s OneWeb constellation. This partnership aims to deliver fixed connectivity services throughout Africa, addressing the needs of enterprises and cellular backhaul. Eutelsat Group…
- The South African Competition Commission has granted conditional approval for the acquisition of Octotel by a consortium led by African Infrastructure Investment Managers, which includes STOA and Thebe Investment Corporation. This transaction will see the consortium take ownership of Octotel from…
- Access Holdings Plc, the parent company of Nigeria’s largest bank by assets, has extended the deadline for its ₦351 billion ($233 million) capital raise, attributing the change to the recent nationwide protests. In a regulatory filing on Tuesday, the lender announced that it had pushed the deadline…
- PrivPay, a Kenyan fintech that enabled customers to carry out M-PESA transactions without exposing their personal information, was forced to shut down in May 2023 after Safaricom revoked its access to M-PESA APIs. According to two individuals with direct knowledge of the situation, Safaricom’s…
- Lagos, the economic hub of Nigeria, is a city marked by stark contrasts. While the towering buildings in its business districts reflect wealth and ambition, the earnings of its residents paint a different picture. In Nigeria’s commercial capital, if you’re making more than ₦200,000 a month, you’re…
- Pernod Ricard, the world’s second-largest wine and spirits seller, and producer of popular brands like Jameson, has purchased 1.27 million shares in Jumia’s recently announced secondary sale. A recent regulatory filing revealed that the global liquor giant’s stake in Jumia has now increased to 7.5…
- The MVNO (Mobile Virtual Network Operator) market in South Africa is expanding, and the introduction of some “light-touch” regulations, including a clear definition of what an MVNO is, could further stimulate growth in this sector. This perspective was shared by Andre Wills, the Managing Director…
- Chinese miners and refiners are propelling a significant increase in African lithium production, dismissing worries about an oversupply as they secure future access to this essential battery metal. According to S&P Global Commodity Insights, Africa is expected to contribute nearly 11% of global…
