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The round, led by Tiger Global — the VC firm’s third major investment in Africa this year after Flutterwave and FairMoney — also had participation from new investors Target Global (an investor in neobank Kuda), General Catalyst, and SBI Investment. Tiger Global confirmed it led the investment in an email to TechCrunch.
Silicon-Valley based VC firm 500 Global and German’s economic development agency Gesellschaft fu?r Fifteen accelerators from key tech hubs, including Uganda, Egypt, Ghana, South Africa, Senegal, Nigeria, Ivory Coast, Kenya, Rwanda, and Tanzania will participate in the program.
You can count on one hand the number of funds bigger than Tiger Global. From that fund, Tiger Global made more private investments than any other firm last year — about 340 as of late December — roughly one investment per day, according to CB Insights. However, Tiger Global limited its activity in Africa from 2009 to 2014.
Michael Seibel , the CEO of Y Combinator, is a global advisor and an investor in the firm, and so is Andy Volk , the head of ecosystem for Google Sub-Saharan Africa. Microtraction revealed that it accepted over 500 applications from startups in Nigeria, Ghana, Zambia, and Mauritius in its first full year of operation.
Today, it is doubling down on this effort by announcing the global expansion of its engineering talent. It also tested satellite models in Egypt and Ghana as substitutes to physical hubs. That experiment, which the company conducted in less than a year, is also part of its mission to be a global company. Image Credits: Andela.
The venture capital scene in Africa has consistently grown, with an influx of capital from local and international investors reaching unprecedented heights in recent years. “When these companies evolve to go global, we still count them as African companies.” Ghana, for instance, is already attracting above $100 million.
Two years ago, the African tech ecosystem saw newfound attention from global players that translated to the continent’s best year of receiving venture capital. But two months into 2020, the pandemic did an excellent job of lowering expectations as investment activities from local and international investors slowed down.
Experts told TechCrunch that most recently announced deals were finalized months before macroeconomic challenges — high-interest rates, war, inflation — hit the global VC landscape. “If these global funds pull out and do less, it also means more room for participation from local funds into the extensions or their pre-Series A.”
The funding comes at a time when Farmerline, which has operations across Ghana, is setting up shop in Ivory Coast as it continues its expansion across West Africa. As fertiliser prices more than quadruple and the conflict in Ukraine compounds global food security challenges, this investment is crucial,” it said. million , including $6.4
Many of them consistently draw larger audiences on Audiomack than on Spotify or Apple Music , largely due to the platforms strong presence in local markets. 1 on iOS and Android in Nigeria and Ghana. Audiomack responded to this by striking bundling deals with local cellphone carriers. We’re No.
Sub-Saharan Africa’s share of the global population without access to electricity stood at 77% in 2020, according to reports. Adisa told TechCrunch that BPS has grown from a single utility in Nigeria to four utilities in two countries, including Ghana, covering more than 8 million customers (residential and businesses).
African startups join global funding boom as fintech shines. An interesting instance would be freelancers in Ivory Coast trying to receive payment for services on a global payments platform. This alternative financial infrastructure is one of the largest globally. He also sits on the board of 88mph.
The firm co-led the round with Global Ventures, the MENA-focused VC that has backed the likes of Tabby, Helium Health and Paymob. “I KlashaWire allows small merchants in these six countries to pay their suppliers in their local currencies. Image Credits: Klasha. KlashaCart.
During his time at Huawei, Li Jian was an R&D algorithm engineer, representative of the Nigeria and Ghana offices, president of the West Africa region, president of Europe, and president of the Americas. Honors global CMO Guo Rui will temporarily take on the role of CMO for China, previously held by Jiang Hairong.
The fintech’s new growth strategy follows its plan to power its embedded finance offering beyond its current markets, including Uganda and Ghana, to bridge the financing gap affecting millions of micro, small medium-sized enterprises (MSMEs) across these markets. [We Image Credits: Pezesha.
It also recently expanded into Nigeria, Ghana and Vietnam, among other markets. In some countries where Pillow has partnered with local, compliant on-ramp service providers, users can also buy crypto with their local fiat currency. It focuses on retail investors, enabling them to start with investments as small as $5.
Andela has been pivotal to placing the continent’s tech talent globally. It’s a one-year program where students take classes for nine months (three semesters) followed by a three-month internship at local tech companies to gain experience. SoftBank sinks $200M into Andela, propels company into unicorn territory.
NALA , a Tanzanian cross-border payments company that recently pivoted from local to international money transfers, said Thursday it has raised $10 million in a new fundraising round. to Tanzania, Kenya, Uganda, Rwanda and Ghana. It also struck a deal with Citi Bank Global to manage their F.X. and the E.U., and the U.S.
“Our solution is for people in the local market moving into their first market or a company in their fourth market trying to scale their enterprise.” These countries include Nigeria, Kenya, Ghana, South Africa, Rwanda, Senegal, Togo, Tanzania, Ivory Coast, Egypt, Mauritius and Burkina Faso.
Patients in Ghana, Nigeria, Kenya, Zambia, Malawi, Rwanda and Ethiopia, where mPharma has a presence, now have access to the virtual services. Covid showed us that the best form of care is local, it is in the community, and the closest thing in communities are pharmacies. doctors for every 10,000 people against the best ratio of 84.2
At the time, the company’s focus was to make it easier for African consumers to purchase products directly from global fashion retailers. Klasha Checkout, which works a lot like Checkout , allows international merchants to collect payments from Africa in local currencies. of global venture funding. Today, it has raised $2.4
For one thing, by the first half of 2022, A frica seemed to defy the global venture funding decline after its startups raised $3 billion, double the amount secured over a similar period the previous year; therefore, a twofold increase by December seemed plausible. There was reason to believe so.
The startup hopes that the Series A funding will drive its presence in 12 countries, including South Africa, Kenya, Ghana and Saudi Arabia. While there are various jobs in every facet of life, tech jobs are currently in high demand in the global economy these days.
Cross-border remittances — when people living and working abroad send money back home to friends and family — continues to be a huge part of how those living in developing countries, off the global financial grid, can be helped. on 2020, as parts of the global economy started to claw back growth after a tough 2020 due to Covid-19.
“For us, our strategy is to build a global team that can think local and execute properly. MaxAB’s acquisition of WaystoCap is the second local cross-border acquisition that has played out in Africa this week. And we figured out that they’re already a perfect fit for that.”
VC firms 500 Global and Unicorn Growth Capital co-led the Lagos-based company’s seed round. The company plans to use the investment to expand within its home market Nigeria — where it operates in Lagos, Port Harcourt and Abuja — and outside to Ghana and Kenya. It saw participation from U.S.-based
However, with global sea levels still rising rapidly , biodiversity declining at an alarming rate , and the world’s most vulnerable populations bearing the brunt of the climate crisis, it is clear that the efforts of dedicated environmental nonprofits alone are not enough. From nonprofits like 350.org With a digital-first approach, 350.org’s
The investment was led by Ed Brakeman, a senior managing director at Bain Capital and Hans den Bieman, founder and ex-CEO of Mowi, one of the largest salmon businesses globally. And using data, we have built the most efficient operation globally at half the capex of current global leader,” Rehmann told TechCrunch via email. “We
We want to encourage capital into African women-led businesses, and to support a high number of existing local and global investors to invest more capital in this market,” Impact Room CEO and founder Blantern told TechCrunch. Impact Rooms is backed by US-based investment group Global Blockchain Ventures (GBV).
The founders draw on prior experience building API products for local markets in the past. We might not wait long as Okra is currently in beta in Kenya and South Africa, and Mono is planning an expansion into Ghana and Kenya before the end of the year. He left a year to Smile Identity, a San Fransisco-based identity API company.
blog is to facilitate networking, collaboration & the sharing of information and ideas about global and local issues. Check out her global mosaics gallery. The photo above is from Ghana. T he main purpose of the blog, according to the "about" page, is: The purpose of the OneWorld U.S.
By the time he left, three years after, Bundle was only live in Nigeria and Ghana with less than 100,000 active users. Bundle’s numbers might not seem impressive from a global standpoint. Still, it is when compared with its peers in Africa as no local crypto platform serving just Africa has reached a million customers.
Kuda claims to have up to 5 million users, more than thrice the number it had last August during its $55 million Series B round , money it raised to enter into other African countries like Ghana and Uganda this year. a move the company says is part of a major global expansion drive. . From an administrative point of view, Kuda’s U.K.
billion raised by web3 startups globally last year, $60 million of that went to U.S.-based Born in Accra, Ghana, he moved with his family to Los Angeles at the age of three. He’s already part of a somewhat rarified club. Per Crunchbase data, only 1% of all VC funds were allocated to Black founders last year; out of the $21.5
of Africans are insured , which is less than half the global average of 6.3%, making it the least insured continent in the world. It is used by over 100 companies, including banks, fintechs, logistics and e-commerce platforms across eight African markets: Nigeria, Ghana, Kenya, Uganda, Tanzania, Rwanda, Morocco and Egypt.
CEO Tunde Kara , in an interview with TechCrunch, said Vendease plans to use the investment to deepen operations, consolidate its presence in eight cities across Nigeria and Ghana (the company recently expanded to the latter), move into new markets and build new products to increase customers’ efficiency. And that’s what keeps us going.”.
The Barcelona-based company has invested up to €25 million ($30 million) by bringing its food delivery service to six African countries — Morocco, Uganda, Kenya, Ghana, Côte d’Ivoire and Nigeria. Earlier this year, it launched operations in Lagos, Nigeria and Accra, Ghana before expanding to Tema, another Ghanaian city last month.
FFA is an extension of the Founders Factory organisation that has invested in more than 130 companies globally. These startups, mainly from Ghana, Kenya, Nigeria and South Africa, have collectively raised more than $7 million during and after the program. This is a change from when the company launched in 2018.
Its platform is active in 10 African markets; however, it fully supports six countries — Kenya, Uganda, Tanzania, Nigeria, Ghana and Ethiopia, where more than 100 banks and mobile money accounts are available for customers to use. Mobile money is more used in Kenya than anywhere else globally. Nigeria and Kenya.
Promises include : beU delivery says it offers a “great selection of local restaurants and door-to-door food delivery” that allows customers to have their favorite food from the “comfort of their homes or offices.” Team size : 300. Location : Addis Ababa, Ethiopia. Bloom’s offering allows Sudanese to save in U.S.
Globally, about 60% of air cargo is flown in the belly hold of passenger flights which is one reason why to an extent, shipping air cargo is more straightforward to start than ocean cargo. ” Late last year, merchant groups from Ghana, Tanzania and Kenya invited Topship to gauge the possibility of launching in their respective markets.
But from a purely geographical standpoint, five are based in Nigeria, one each are from Kenya and Ghana, and one, though Africa-focused, is Geneva-based. Globally, banking-as-a-service (BaaS) platforms, such as Unit and Treasury Prime, have helped newly launched businesses scale to thousands of customers.
In Ethiopia, she did organizational capacity building work for a local network of NGOs. The tools can be useful for in-country connections, in local languages, or north-south connections. In Ghana people are interested in knowing about new tools, because they need to stay in touch with what???s Through my blog I see what???s
Also, don’t forget to mark your calendar for the upcoming TC Sessions: Robotics event, which will feature such guests as Amazon’s VP of global robotics and the director of Carnegie Mellon’s robotics institute. Federal Aviation Administration to fly drones can be a challenge for small businesses — much less local governments.
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