Nigeria – Page 2 – Africa Tech Digest

More than 300 African tech startups have raised over $1.1bn so far in 2021

12Aug

By Africa Tech DigestNo Comments

Start-ups

More than 300 African tech startups have raised over $1.1bn so far in 2021

More than 300 African tech startups have raised more than US$1.1 billion combined so far in 2021, the first time the sector has broken the US$1 billion mark – and with four-and-a-half months of the year still to come. Up to and including August 11, 2021, a total of 303 African tech startups have raised a combined US$1,184,220,000, up 69 per cent on the US$701,460,565 banked over the entirety of 2020. This is according to figures being compiled by Disrupt Africa in advance of the release of its flagship funding tracker in January 2022. The report, which was the first of its kind upon its inaugural publication in 2016 and is now preparing for its seventh edition, tracks investment into the continent’s startup space, and highlights growth in funding for African tech ventures. Conti...

African e-commerce firm Jumia targets tech and user growth

11Aug

By Africa Tech DigestNo Comments

ecommerce

African e-commerce firm Jumia targets tech and user growth

NAIROBI, Aug 10 (Reuters) - Africa’s Jumia Technologies said on Tuesday it plans to spend more on marketing and hire more technology professionals after reporting an increased loss in its second quarter. Jumia, which became the first Africa-focused tech startup on the New York Stock Exchange when it listed there in 2019, reported the fastest growth in order volumes in five straight quarters in the period to end-June. The company, which operates in more than 10 African countries spanning Morocco to South Africa, offers an online market place for vendors and food sellers, as well as associated services. Continue reading (Image Credits: Jumia)

Nigerian eCommerce startup, Omnibiz, secures $3m seed to expand across West Africa

10Aug

By Africa Tech DigestNo Comments

ecommerce, Start-ups, West Africa

Nigerian eCommerce startup, Omnibiz, secures $3m seed to expand across West Africa

Nigeria-based Business to Business (B2B) eCommerce startup, Omnibiz has announced securing $3million in a seed round. It plans to expand into other cities in West Africa and participate in Seed Stars’ accelerator program. Led by V&R Africa, Timon Capital and Tangerine Insurance, this seed round also saw investments from Launch Africa, Sunu Capital, Musha Ventures, Rising Tide Africa, and Lofty Inc. Swiss-based emerging markets investment company, Seed Stars also joined the round. Founded by Deepankar Rustagi — CEO — in 2019, Omnibiz connects manufacturers of fast-moving consumer goods (FMCG) with local retailers using a mobile app, WhatsApp and a phone number. This enables direct communication between manufacturers and retailers. Continue reading (Imag...

When it comes to investing in African tech, sustainability matters

10Aug

By Africa Tech DigestNo Comments

Opinion

When it comes to investing in African tech, sustainability matters

Sustainability and African tech startups This article was written by Maya Horgan Famodu – partner & founder of Ingressive Capital – and reviewed by TechCabal’s editorial team. All views are hers and not attributable to TechCabal. Ingressive Capital is soon launching our second Africa-focused investment fund at a much larger size, and for those of us who are not going anywhere and have built lives, teams, and careers in this ecosystem, sustainability matters. What do I mean by sustainability? Although some foreign investors are happy to sign term sheets regardless of valuations, as prices are still better than their home market and African tech is unquestionably booming; those of us here for the long term need to ensure signed valuations match...

Moove Raises $23 Million Series A Funding to Democratize Vehicle Ownership in Africa

9Aug

By Africa Tech DigestNo Comments

Fintech, Start-ups, West Africa

Moove Raises $23 Million Series A Funding to Democratize Vehicle Ownership in Africa

African mobility fintech start up provides revenue-based vehicle financing, empowering individuals across Africa to own their own vehicle LAGOS, Nigeria--(BUSINESS WIRE)--Moove, an African mobility fintech, today announced that it has raised $23 million in Series A funding. The round was led by Speedinvest and Left Lane Capital, with participation from DCM, Clocktower Technology Ventures, thelatest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Spartech Ventures, Class 5 Global, and Victoria van Lennep, co-founder of Lendable. Africa specialist, Verod Kepple Africa Ventures, and one of Moove’s existing lenders, Emso Asset Management, also joined the round. This brings Moove’s total funding to $68.2 million, including $28.2M in equity and $40.0M ...

Raise, a startup building Africa’s Carta, gets backing from 500 Startups

8Aug

By Africa Tech DigestNo Comments

Start-ups

Raise, a startup building Africa’s Carta, gets backing from 500 Startups

As startups in Africa continue to grow and raise money at a ridiculous pace, so too will their cap tables expand. Most African startups’ bulk of VC money is from foreign investors, making it imperative for African startups to incorporate abroad, especially in the U.S. The processes for incorporation are quite complicated, and even though most founders still get the hang of it, they risk the chance of messing up their cap tables. For instance, some Nigerian startups are guilty of issuing preferred shares in naira and then canceling to issue dollar-denominated SAFEs when they get incorporated in the U.S. Raise, a startup building Africa’s Carta is tackling these challenges and has received backing from 500 Startups to scale its technology. Continue reading (Photo Credits: Raise...

Norwegian tech company exits Nigerian venture

1Sep

By Africa Tech DigestNo Comments

West Africa

Norwegian tech company exits Nigerian venture

Norwegian software company, Opera, announced it has made a $6.1 million divestment from a Nigerian subsidiary. The disclosure was made during the company’s second quarterly report for 2020. Opera did not mention the name of the company it exited. In Nigeria, Opera operates a few companies alongside a partnership in portfolio company OPay. The European company owns the Opera browser, one of the most popular browsers in the country thanks to its data saving features. Opera also operates OList, the classifieds listing platform, Opera News and OKash, the lending service. OKash exits as both a separate app and on OPay through a partnership. So which Nigerian venture did Opera divest from? Obviously, it’s not OPay. Opera considers the Nigeria-based fintech to be a st...

Are tech companies Africa’s new colonialists?

8Jul

By Africa Tech DigestNo Comments

Opinion

Are tech companies Africa’s new colonialists?

Foreign-owned start-ups are driving an African tech revolution — and prompting old fears of exploitation Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.comT&Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here. https://www.ft.com/content/4625d9b8-9c16-11e9-b8ce-8b459ed04726 In 1886, barely a year after Europe’s great powers met in Berlin to carve up the continent of Africa, Queen Victoria granted Sir George Goldie a charter for his Royal Niger Company. The charter gave Goldie, a moustachioed, waistcoated gentleman of Scottish descent, the rig...

Can Nigeria’s tech community contribute to solving the country’s energy crisis?

9Jun

By Africa Tech DigestNo Comments

Energy, Opinion, West Africa

Can Nigeria’s tech community contribute to solving the country’s energy crisis?

Two weeks ago, I tried renewing energy credits online via my bank’s website. I got debited instantly and immediately proceeded to check if power was restored. It wasn’t and I didn’t receive a refund until a week later. Although in the past, I have successfully used the system a few times, the unreliability of the service is a problem for many. At least 30,000 electronic payment transactions fail every day, according to one Nigerian commercial bank. Nigeria is a nation where its citizens live with limited power daily. Last month, the power supply droppedfrom 4,000 megawatts to 2,039 megawatts, grossly insufficient for a nation of 180 million people. The power generated dropped due to a shortage of gas supply to power stations. If all the country’s power facilities work to thei...

8Jun

By Africa Tech DigestNo Comments

Nigeria, West Africa

New innovation centre launched in Lagos

Governor of Lagos state, Mr Babajide Sanwo-Olu, has unveiled the Eko Innovation Centre, a tech hub that is private sector-driven. The initiative was developed to strategically increase entrepreneurial and technological capacity across the state. Speaking during the launch of the centre located at Ikoyi, Sanwo-Olu, who would be sworn in today as Governor of Lagos State, said the location of the innovation centre used to be one of his campaign offices. “It used to be a place where I had lots of young people who used to spend long nights to develop a lot of concepts around my manifesto. “So, we said to ourselves, what is the best thing we can use this place for and so we decided to turn it into a tech hub, where people can come here to develop ideas. “So, it is for Lagosians to...