Nigeria Dominates African Startups in Techstars Toronto’s 2023 Summer Cohort.
Techstars Toronto 2023 summer cohort includes ten African startups out of 24 Startups. Five out of the ten African startups are from Nigeria with most of them being fintechs.
P1 Ventures Launches $50 million Fund to Support Early-stage Startups in Africa
P1 Ventures describes itself as “a high-conviction investor that intentionally focuses on a small number of exceptional African founders and companies building transformational software businesses with regional and global potential”.
Enza Capital to Support African Startups with $58 million and a Founder Partner Program
Launched in 2019, Enza Capital has been supporting tech companies across fintech, logistics, health, human capital, and climate verticals in Africa.
South African Fintech Revio Has Raised $5.2 million to Improve Its Services
Revio has raised $5.2 million in a seed round led by QED Investors. Making Revio QED's third investment in an African startup following its Moniepoint and Remedial Health investments. Everywhere VC, Speedinvest, Ralicap, and Partech also joined the round.
Kenyan Logistics Startup Sendy in Survival Mode After Failing to Find a Buyer
Sendy had been exploring buyout options with potential companies like Sabi and Wasoko. However, the potential buyer's concerns about assuming the company’s existing liabilities might have led to the unfruitful outcome.
US President Appoints CEO of Pan-African Fintech, Chipper on Advisory Council for African Diaspora Engagement
According to the White House, the Council’s members are exceptional individuals who have proven themselves in government, sports, creative industries, business, academia, social work, and faith-based activities.
Kenyan Investment Firm, Kua Ventures Invests Over $1m in 20 Kenyan SMEs
The Kenya-based impact investment firm was founded in 2020 for the purpose of providing capital, coaching and community support for SMEs to survive the economic downturn prompted by COVID-19 pandemic and its effects on businesses.
inDrive Faces Threat of Being Banned in Botswana
On the 26th of September, the Department of Road Transport and Safety (DRTS) received a petition from the Taxi Association claiming that inDrive is operating without the necessary licenses.
Risevest Acquires Chaka, Its Former Competitor
Risevest has acquired Chaka, a digital trading platform for an undisclosed amount. Risevest, formerly known as Cashestate is a fintech that allows Africans to make dollar-denominated real estate investments.
Fintechs, 5G and Internet Penetration to Boost Nigeria’s Data Centre Market Value to $288m by 2027.
With the continuous emergence of new technologies, an increase in data consumption as well as digital output and productivity is much expected. Ultimately, this will in turn expand the demand for data centres.