Charles Udoh - Afrikan Heroes

Turbulence Continues: Nasdaq Keeps Tingo Group Further Suspended Amid New Query

November 30, 2023

In a development that adds a new layer of intrigue to the ongoing saga surrounding Tingo Group, the multinational fintech giant, Nasdaq has issued a request for information following the expiration of the Securities & Exchange Commission’s (SEC) temporary suspension of trading in the company’s securities.

Tingo Group, Inc. (NASDAQ: TIO), a global player in the realms of fintech, agri-fintech, food processing, and commodity trading, disclosed today that it received Nasdaq’s information request despite the SEC’s lifting of the trading suspension on November 28, 2023. Nasdaq, however, has chosen to keep the trading of Tingo’s securities halted pending a thorough review of the provided information.

The temporary suspension, initiated by the SEC on November 14, 2023, cast a shadow over Tingo Group, prompting Nasdaq to scrutinize the situation further. The company, resilient in its stance, asserts its commitment to a transparent resolution by promptly responding to Nasdaq’s inquiry within the next 3 to 4 business days. Tingo Group emphasizes its willingness to cooperate fully with Nasdaq, aiming to expedite the review process and resume trading at the earliest opportunity.

Tingo Group, listed as Nasdaq: TIO, operates globally with a significant presence in Africa, Southeast Asia, and the Middle East. The company’s diversified portfolio includes Tingo Mobile, a leading Agri-Fintech entity with a focus on innovative products, and TingoPay, a SuperApp in collaboration with Visa, offering an array of B2C and B2B services.

The recent expansion of Tingo Mobile into international markets and strategic trade partnerships seeks to elevate the company’s reach. These initiatives are contracted to boost the number of subscribed farmers from 9.3 million in 2022 to over 32 million, providing them access to various services through platforms like the Nwassa ‘seed-to-sale’ marketplace.

Apart from its core business verticals, Tingo Group also operates in food processing through Tingo Foods and engages in commodity trading through Tingo DMCC, based in the Dubai Multi Commodities Center. Additionally, the company holds an insurance brokerage platform business in China and Magpie Securities, a regulated finance services Fintech business operating in Hong Kong and Singapore.

This recent development comes against the backdrop of a series of controversies involving Tingo Group. Hindenburg Research, renowned for its short-selling strategies, targeted the company on June 6, 2023, levying allegations of financial wrongdoing and misconduct. Tingo Group, however, chose to confront these claims head-on.

On August 30, 2023, the company’s independent directors initiated a thorough investigation into Hindenburg’s allegations. Engaging independent counsel and a top-tier U.S. law firm, Tingo Group meticulously examined the claims and emerged unscathed, refuting each of Hindenburg’s allegations with a clean bill of health.

As Tingo Group navigates these challenging waters, stakeholders await Nasdaq’s review and the subsequent resolution that could determine the company’s trajectory on the stock market. The fintech giant remains steadfast in its commitment to transparency and cooperation, signaling its determination to overcome the hurdles it faces in the current financial landscape.

Nigerian Auto-tech Startup Fixit45 Raises $1.9 Million in Pre-Seed Funding Round

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

A New $17.5M Fund Announced for African Clean Cooking Solutions. Here’s How to Apply

In a bid to catalyze the green energy transition and address the global challenge of clean cooking solutions, the Modern Cooking Facility for Africa (MCFA) has unveiled its second funding round, offering up to EUR 16 million to support high-technology clean cooking solutions in seven Sub-Saharan African countries. The initiative aims to provide access to modern and clean cooking solutions for up to 4 million people.

Funding Structure and Eligibility Criteria

MCFA’s funding round is divided into two windows: the Catalytic Funding Window and the Scale-up Funding Window. The Catalytic Funding Window targets earlier-stage companies with scaling potential, offering 50% in non-reimbursable catalytic grants. This window is available to companies in the Democratic Republic of the Congo, Malawi, Mozambique, Zambia, and Zimbabwe. The Scale-up Funding Window, open to more mature companies, provides up to 30% in catalytic grants, with the remainder as results-based financing.

The funding is earmarked for companies involved in clean cooking services, including residential, commercial, or institutional use, utilities, mini-grid operators, and companies deploying standalone solar systems supporting e-cooking services. The focus remains on higher-tier cooking solutions, such as electric cookstoves and those using sustainably produced solid and liquid biofuels or biogas solutions.

Application Process

Companies interested in securing funding should navigate a two-stage application process: the Pre-Qualification stage and the Final Application stage. During the Pre-Qualification stage, applicants must provide limited information on eligibility criteria and funding utilization plans. Successful applicants will proceed to the Final Application stage, where they will submit comprehensive business plans evaluated by an external committee appointed by Nefco, the Nordic Green Bank managing MCFA.

It’s crucial to note that companies currently undergoing or contracted under the first funding round (MCFA1) for a specific project country are ineligible for funding under the new funding round (MCFA2) for the same project country. The application deadline is 31 January 2024 at 12:00 (noon) Helsinki time.

Information and Assistance

For detailed information about the Call for Proposals, interested parties are encouraged to visit the official MCFA website (www.moderncooking.africa) and register for the online application system. The website also hosts application guidelines and additional resources to aid in the application process.

Applicants are invited to submit questions through the online application system by 12 January 2024. Answers will be made available to all registered applicants by 19 January 2024 in an anonymized and redacted form.

Programme Overview and Background

The MCFA programme, managed by Nefco, aims to create sustainable markets for the clean cooking sector and accelerate access to modern cooking solutions in Sub-Saharan Africa. The facility, part of the Global Gateway initiative, is funded by Sweden, Norway, and the European Union. The overall goal is to provide clean cooking solutions to up to 4 million Africans across the Democratic Republic of the Congo, Kenya, Malawi, Mozambique, Tanzania, Zambia, and Zimbabwe.

Nefco, the Nordic Green Bank, operates as an international financial institution headquartered in Helsinki, Finland. Owned by the five Nordic countries, it focuses on environmental and climate investments, actively participating in the global green transition. Nefco also manages external funds in the climate and energy space, holding accreditation from the European Union and the Green Climate Fund. As the Facility Manager for the Beyond the Grid Fund for Africa, Nefco plays a pivotal role in driving multi-donor results-based financing for climate and energy initiatives. Further details are available on their official website (www.nefco.int).

As the application window opens, prospective applicants are encouraged to seize this opportunity to contribute to the acceleration of the green energy transition in Sub-Saharan Africa by providing innovative and scalable clean cooking solutions.

Cooking African fund Cooking African fund

Africa Calls for Attention on Climate Finance as Conference of the Parties (COP28) Kicks Off

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

How Does Morocco’s 212 Founders Invest in Startups?

African-tech-startup-funding-rises-51-to-195M-in-2017

In a strategic move to boost the global presence of Moroccan and African startups, 212 Founders, the investment arm of CDG Group, has pioneered an innovative program providing both guidance and financing. This initiative seeks to propel startups with international ambitions, fostering a new wave of entrepreneurial success in connection with Morocco and Africa.

Whether seasoned entrepreneurs, experienced professionals, or recent graduates venturing into entrepreneurship, the program welcomes all high-potential individuals equipped with at least a Minimum Viable Product (MVP). The eligibility criteria encompass projects that are innovative, scalable, and demonstrate a strong ambition for internationalization in Africa or the Middle East.

Key conditions for entry include having a functional MVP with observable field feedback and measurable traction, a dedicated and expert project team, and a connection to Morocco, Africa, or the Middle East. The program emphasizes a deployment vision across one or more countries in the African or MENA region, with a base or team connection to Morocco.

Financed by CDG Invest, the program operates on a non-profit basis with a clear mission to bring forth globally impactful startups tied to Morocco and Africa. Entrepreneurs engaged in the program benefit from a funding structure designed to be entrepreneur-friendly, facilitating the growth and sustainability of their ventures.

During the incubation phase, startups can secure Seed funding ranging from €200k to €700k in exchange for a 10% to 20% equity stake. As startups progress to acceleration, 212 Founders stands ready to co-invest up to €1M during a Series A funding round, collaborating with other venture capital funds.

The program unfolds in three distinct phases:

Project Sourcing: An annual call for projects, open to both Moroccan and French campuses, selects the most promising startups for the 212 Founders program.

Incubation (6 months): Entrepreneurs benefit from comprehensive support in developing their startups, covering areas such as go-to-market strategy, product development, commercial strategy, and overall vision, preparing them for a Seed funding round.

Acceleration (12 months): Focused on enabling large-scale deployment and preparing startups for a Series A funding round, this phase targets expansion in the Middle East and Africa.

The rigorous selection process involves three stages of interviews, ensuring that only the most promising and well-prepared startups progress through the program.

Historically based in Casablanca, Morocco, 212 Founders has expanded its reach to Paris, France, establishing a presence within Station F, the world’s largest startup campus. The program’s operations remain consistent, whether a startup is based in Casablanca or Paris, ensuring equal access to mentorship, support, and resources.

For startups in the French campus, the program offers an opportunity to:

Develop and implement an internationalization strategy towards MENA and Africa.

Uncover the competitive and strategic advantages of Morocco, such as a pool of tech talents and development resources.

Access a unique financing structure for Seed and Series A directly provided by 212 Founders, complemented by connections to VC partners in Africa and the Middle East.

Startups based in the Moroccan campus also stand to benefit, providing a holistic approach to fostering entrepreneurship and innovation in the region.

11 Startups Selected For 212 Founders New Accelerator Program

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Data-Driven Logistics: South Africa’s GoMetro Raises $11.4M in Series A to Accelerate Global Expansion

November 29, 2023

GoMetro, a South African tech company specializing in fleet management, recently secured a £9 million (~$11.4 million) investment in a Series A funding round. Leading the investment is Zenobē Energy, a strategic investor known for its involvement in financing and operating electric buses, particularly in collaboration with the U.K.’s National Grid. Other contributors include Futuregrowth, ESquared Ventures, Kalon Venture Partners, and angel investor Greg Fury, along with existing investors like 4 Decades Capital, Hlayisani Capital, and Tritech Global.

GoMetro operates a Software as a Service (SaaS) fleet management technology platform, with its flagship product, Bridge, serving as a telemetry and data aggregator. Zenobē Energy’s interest in GoMetro stems from the recognition of the pivotal role robust data quality plays in driving financing, aligning with GoMetro’s expertise in logistics optimization software. The collaboration aims to enhance services for Zenobē’s extensive customer base, particularly in the realm of electric transport-as-a-service.

Why The Investors Invested

The substantial investment in GoMetro can be attributed to several key factors.

Specialized Expertise and Niche Focus:

Investors are likely attracted to GoMetro due to its specialized expertise in logistics optimization software, particularly in the fleet management space. The fact that GoMetro operates in a niche market, focusing on the data challenges within transportation networks, positions the startup as a leader in a specific and crucial segment of the tech industry. Investors often seek companies with deep domain knowledge and a clear focus on solving specific challenges, and GoMetro’s emphasis on logistics and data management aligns with this criterion.

Market Potential and Growth Prospects

GoMetro’s impressive growth metrics, including doubling its revenue over the past 12 months and ambitious plans to triple current revenue, signal positive market reception and scalability. Investors are likely drawn to the company’s ability to actively deliver tangible value to clients, addressing critical challenges in data extraction and operational efficiency. The expansion into the electric vehicle category, with a network of over 15,000 vehicles and partnerships with key industry players, further indicates the startup’s potential to capitalize on the evolving transportation sector. Investors often seek opportunities with strong growth prospects and a clear roadmap for scaling operations.

Innovation in Electric Vehicle Telematics

The focus on electric vehicle telematics and the ambition to pioneer OEM-agnostic electric vehicle telematics position GoMetro as an innovative player in the transportation technology space. Investors recognize the significance of addressing the shift towards electric vehicles across the spectrum. GoMetro’s commitment to developing groundbreaking technology that manages electric buses and trucks better aligns with the changing dynamics of the transportation sector. The potential for the startup to play a leading role in the electrification of heavy-duty vehicles adds to its attractiveness for investors seeking opportunities in the rapidly evolving electric vehicle market.

A Look at GoMetro

Founded nine years ago by Justin Coetzee, a civil engineer with a background in transportation systems, GoMetro originated from the inadequacy of available data for designing transportation networks in South Africa. Coetzee’s initial project involved creating a chatbot for informing people about train arrival times during the 2010 World Cup, leading to the development of GoMetro.

GoMetro’s flagship product, Bridge, functions as a telemetry and data aggregator for diverse vehicles, regardless of make or model. The platform consolidates relevant data, allowing fleet managers to access and analyze information without being constrained by disparate telematics systems. GoMetro has evolved into a critical player in the South African logistics data management space, with a focus on electric vehicle and bus management in the U.K.

The company’s strategic move into the electric vehicle category, including a network of over 1,000 electric vehicles, has significantly contributed to its business growth. GoMetro’s next targets include tripling its revenue over the next year and integrating over 2,000 electric vehicles and 50,000 diesel vehicles onto its platform. The Series A funding will support operations in the U.K., Europe, and South Africa, with plans for expansion into the U.S., Latin America, Australia, and possibly the Middle East.

Africa Must Invest in Rugby or Outsiders Would Own What is Ours – Herbert Mensah

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Tunisia’s Cynoia Secures $933K Funding for Global Expansion

In response to the dynamic shifts in work methodologies in recent years, Software as a Service (SaaS) solutions have emerged as pivotal tools for businesses, revolutionizing collaboration and communication. Leading the charge in supporting innovative startups, 216 Capital is thrilled to announce its €850,000 (USD 933,000) investment in Cynoia, a Tunisian startup founded by Nasreddine Riahi and Ayoub Rabeh in 2022. This strategic funding aims to propel Cynoia’s expansion into international markets.

Cynoia is dedicated to simplifying and optimizing collaboration within businesses. From chat and video conferencing to email, calendars, documents, and project management, Cynoia’s all-encompassing platform consolidates essential tools into a seamless user experience.

Dhekra Khelifi, Partner at 216 Capital, expresses enthusiasm for Cynoia’s unique position in the global market: “What is intriguing about Cynoia is its placement in the international landscape of high-performance collaboration tools. Their potential for global growth is reinforced by a formidable team, signaling a promising trajectory for success.”

Since its inception, Cynoia has achieved remarkable milestones, serving over 3,000 users across 9 different countries, a testament to the effectiveness of its approach. The €850,000 funding round, led by 216 Capital and bolstered by contributions from United Gulf Financial Services and Bpifrance, marks a critical milestone for Cynoia’s journey.

Ayoub Rabeh, Co-founder of Cynoia, emphasizes the company’s commitment to innovation: “We are dedicated to introducing avant-garde features for an unparalleled user experience. This funding will not only drive innovation but also facilitate our geographical expansion through robust strategic partnerships.”

This funding round signifies a pivotal moment in Cynoia’s growth trajectory, positioning the company for even greater success on the global stage.

Kenya’s Twiga Foods Secures Undisclosed Funding in Swift Refinancing Move Amidst Legal Turmoil

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Kenya’s Twiga Foods Secures Undisclosed Funding in Swift Refinancing Move Amidst Legal Turmoil

Twiga Foods, the Kenyan platform facilitating connections between farmers and food vendors, has successfully secured undisclosed funding in a strategic move to refinance its operations. This development comes in the wake of a recent legal challenge, where the company faced a KES 40 million (USD 261,878.75) debt collection lawsuit initiated by Incentro Africa, a cloud services vendor.

The undisclosed funding was procured as part of Twiga’s comprehensive business refinancing efforts, a significant turnaround occurring mere weeks after the cloud services dispute. Notably, the financing was sourced from prominent investors, including Creadev, Juven, TLcom Capital Partners, and DOB Equity. These same investors had previously participated in Twiga’s Series C funding round in 2021, which raised an impressive $50 million.

Peter Njonjo, Twiga’s CEO, addressed the recent developments in a Medium article that has since been deleted. In the statement, Njonjo announced the completion of the restructuring and refinancing process, assuring suppliers that long-overdue payments would be settled promptly. This marks a notable shift from Twiga’s initial stance of disputing Incentro’s debt claim, where the company had vehemently criticized the lawsuit as being “made in bad faith” and driven by ulterior motives.

Twiga had initially characterized the legal action as “unreasonable and motivated by malice.” Nevertheless, the company later confirmed engaging in negotiations with Incentro to resolve the outstanding debt. Throughout the liquidation proceedings, Twiga strategically argued that any harm to its reputation could dissuade other suppliers from pursuing similar legal actions. As of late 2022, Twiga had established relationships with over 140 suppliers, emphasizing the company’s pivotal role in the Kenyan agricultural ecosystem.

Twiga Foods Twiga Foods

EchoVC Unveils $2.5 Million Eco Pilot Fund I to Boost Early Stage African Startups

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

EchoVC Unveils $2.5 Million Eco Pilot Fund I to Boost Early Stage African Startups

November 28, 2023

In a bold move to foster innovation and address the funding gap for underrepresented founders in Africa, EchoVC, a prominent seed and early-stage technology venture capital firm, has proudly introduced the EchoVC Eco Pilot Fund I. This $2.5 million ‘pilot’ fund, established in collaboration with Shell Foundation and co-funded through UK Aid from the UK Government, is set to propel groundbreaking ideas, products, solutions, and platforms in the realms of climate, energy, agriculture, and mobility.

Venturing into Impactful Sectors

EchoVC, known for its commitment to investing in underrepresented founders and underserved markets, is directing its focus towards very-early-stage enterprise development and innovation with the EchoVC Eco Pilot Fund I. Taiwo Kamson, Principal at EchoVC, emphasized that this strategic initiative aims to address the funding gap in impact-focused sectors, particularly in agriculture, climate, and energy.

Eghosa Omoigui, Managing Partner at EchoVC, asserted that Africa’s path to entrepreneurship, job creation, and household uplift requires mission-driven founders to be supported by high-risk capital. The Eco Pilot Fund I, as a first step initiative, intends to provide first institutional checks to founders, assisting them in syndicating financing rounds to further their mission.

Addressing Funding Disparities

The decision to launch the Eco Pilot Fund I was informed by EchoVC’s observation of the uneven distribution of funding to African entrepreneurs, despite a growing interest in harnessing business potential on the continent. According to data from 2017–2021, [Black] Africans accounted for 28% of CEOs and 31% of executive teams in startups winning financing deals. The distribution was even more skewed in sectors like energy, mobility, and agriculture, where only 21% of CEOs and 36% of executive teams were African.

Strategic Approach for Lasting Impact

Tsendai Chagwedera, Partner at EchoVC, explained the rationale behind the pilot fund, stating that it allows the firm to work out the challenges of backing founders in historically underfunded sectors. This strategic move positions EchoVC as one of the most experienced VC funds on the continent, aiming to finance startups that generate long-term positive financial and high-impact returns.

Key Features of EchoVC Eco Pilot Fund I

The EchoVC Eco Pilot Fund I will make up to ten pre-seed investments in African founders and startups focusing on key areas such as energy provision for agriculture, digital technologies to unlock finance for farmers, low-cost solutions for market information and training in farming practices, and value chain creation for small holder farmers.

Building a Climate-Resilient Future

EchoVC envisions making a lasting impact by contributing to the growth and success of innovative ventures in designated impact areas, creating jobs, uplifting incomes, and expanding the reach to customers. The firm aims to nurture groundbreaking ideas to their full potential, shaping a future where innovative ventures are not only funded but also supported in reaching their pinnacle.

Calling for Visionary Entrepreneurs

EchoVC extends an invitation to visionary entrepreneurs and forward-thinking founders in Africa to connect and shape the future together. The firm expresses gratitude to its investors and anticipates making a lasting impact with the EchoVC Eco Pilot Fund I and its future funds.

EchoVC, a Black-led technology-focused venture capital firm, operates with a mission to be the Sequoia Capital for underestimated founders and markets. With offices in Lagos, Nairobi, New York, and London, EchoVC has a portfolio of nearly seventy companies, investing in technology and technology-enabled startups across various sectors and themes, including smart planet, healthcare, education, agriculture, climate, energy, AI, financial services, mobility, commerce, media, and connectivity.

Accounting and Financial Professionals Must Lead Africa’s Transition to Sustainable Development

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Why Are More North African Startups Emigrating to France?

In recent times, an increasing number of startups from North Africa, particularly the Maghreb region, comprising Algeria, Libya, Mauritania, Morocco, and Tunisia, have found a new home in France. This migration trend is noteworthy, with companies such as Algeria’s Yassir, Tunisia’s Save Your Wardrobe and Winshot, and Morocco’s Sobrus and Cloudfret either fully relocating or establishing regional branch offices in France. The allure of France as a hub for North African startups is multifaceted, with factors ranging from enhanced access to funds, larger markets, and a thriving pool of migrating talent.

Access to Funding

One significant driving force behind this trend is the heightened access to funding in France. Notably, Morocco, Algeria, and Tunisia are predominantly French-speaking countries, and many investors from French-speaking African nations have their headquarters in France. This proximity has naturally led startups to gravitate towards France, seeking to overcome the persistent challenge of limited access to funding in their home countries. An illustrative example is Save Your Wardrobe’s recent establishment of an office in Paris, a strategic move aimed at tapping into the financial opportunities that France presents.

Hasna Kourda, CEO of Save Your Wardrobe, explains, “France is currently at the forefront of promoting maintenance and repair initiatives. This year, the country took a significant step forward with the creation of the Repair Fund (a €154m Fund), thereby taking the lead in promoting a culture of circularity and responsible consumption. In line with this vision, our new French office is ready to play a central role in promoting the principles of maintenance, repair, and post-purchase responsibility.”

Access to a Larger Market

The relocation to foreign markets, particularly France, has enabled North African startups to serve larger clients and expand their horizons. For instance, Expensya from Tunisia has secured multi-million dollar contracts with major conglomerates in Europe, such as Le groupe Electricité de France (EDF). The move to France has not only broadened the startup’s clientele but has also facilitated partnerships with other European industry giants like Uber, Orange Business Services, Microsoft, H&M, and more.

Omar Sefiani, co-founder of Sobrus, underscores the strategic importance of positioning in France, stating, “Deployment in Lille, France serves as a catalyst for growth in an established, mature, and competitive European market.”

Access to Migrating Talent

The pursuit of talent is another crucial aspect of the migration wave. While tech talents in North Africa may opt to stay home, a significant portion is increasingly migrating to Europe. France, facing an anticipated deficit of 400,000 tech talents by 2030, has become a magnet for these skilled individuals. The cross-border migration of North African startups aims to tap into this talent pool and shift the competition for skills to a new battleground.

The phenomenon of brain drain, often considered a challenge for North African countries, is viewed as an opportunity by countries seeking skilled professionals. France, in particular, has implemented initiatives like the “French Tech Visa” to encourage professional immigration in the digital field, simplifying visa application procedures for innovative companies.

Sami Nasr, a sociologist, emphasizes the changing dynamics, stating, “The culture of failure is no longer bearable in Tunisia. A young graduate can no longer be content to watch his neighbor, who has immigrated illegally abroad and found a job, while he, with his degrees in hand, remains unemployed.”

In essence, the surge of North African startups to France is a complex interplay of access to funding, larger markets, and the pursuit of migrating talent — a strategic dance that shapes the landscape of the startup ecosystem on both sides of the Mediterranean.

Who Are The Investors In Francophone African Startups And How Do They Invest?

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Climate-Tech TomorrowNow Secures $5 Million to Propel Climate Adaptation for 20 Million African Farmers

TomorrowNow is on the verge of catalyzing climate adaptation for 20 million farmers across Africa, thanks to an additional $5 million grant from the Bill & Melinda Gates Foundation. This infusion of funds is set to elevate TomorrowNow’s flagship program, Osiris, aiming to harness the revolutionary potential of next-generation weather and climate data services tailored for the African continent.

Osiris stands as a pivotal strategic initiative, directed towards augmenting the value, adoption, and long-term sustainability of localized weather forecasts and historical climate datasets specifically designed to empower the Small-Scale Producer (SSP) ecosystem in Africa. Building upon a prior $2 million grant in 2021 from the Gates Foundation, TomorrowNow, in collaboration with its partners, has already assisted one million African farmers in adapting to climate change. This effort underscored the critical importance of improved access to localized weather data for applications in the food system, emphasizing both quality and accuracy.

Looking forward, TomorrowNow envisions impacting a remarkable 20 million smallholder farmers within the next three years. This ambitious goal entails delivering value-added weather intelligence services across the African continent to a spectrum of stakeholders, including research organizations, NGOs, multilateral bodies, private service providers, farmer cooperatives, and government agencies serving SSPs.

Philip Frost, the Climate Resilience Lead at TomorrowNow, expresses satisfaction, stating, “We are delighted to see donors such as the Gates Foundation place huge value on weather and climate data services in Africa as a key solution to climate change and local prosperity.”

The initiative plans to leverage significantly improved historical datasets, observations, and short-term and seasonal weather forecasts provided by global technology companies like Tomorrow.io, Salient Predictions, and Arable. Working closely with local governments and private/NGO partners, this collaborative effort aims to revolutionize farming practices in the region, democratizing access to next-generation weather and climate information. The goal is to empower frontline organizations serving farmers and scientists innovating for the food system, improving crop simulation for climate-resilient seed breeding and advocating for regenerative farming practices.

Kauê de Sousa from Alliance Bioversity-CIAT (CGIAR) underscores the impact of the Osiris project: “The Osiris project led by TomorrowNow has empowered CGIAR by providing direct access to a comprehensive and localized historical reanalysis dataset for East Africa. This has shown the potential to significantly enhance the outcomes of seed breeding analytics for our trial sites.”

By facilitating access to weather intelligence for frontline farmer-facing organizations and vital research entities such as CGIAR, TomorrowNow, fueled by transformative philanthropy, envisions local farming communities in Africa contributing to next-generation food systems. These systems are anticipated to be sustainable, enhancing crop yields and ensuring a more reliable future for all. TomorrowNow.org, the climate-tech nonprofit spearheading this mission, is dedicated to urgently addressing the systemic gaps preventing the reach of transformative weather technologies, powered by AI and satellites, to the most vulnerable communities impacted by climate change.

TomorrowNow African farmers

Ghana Allocates $14 Million to Boost Local Venture Capital Funds in 2024 Budget

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Beltone Financial Rounds Off 2023 with Four New Investments in Egyptian Startups

In a recent disclosure of its business results for the financial period ending on September 30, 2023, Beltone Financial Holding Company showcased a transformative journey under its new management. This overhaul involved a comprehensive restructuring of the company and its subsidiaries, encompassing the modernization of functions, implementation of new policies, and the assembly of a top-tier team to manage and diversify services. The strategic initiative aimed at positioning Beltone as a digital institution, leveraging data in operations, and making data science a cornerstone of innovation and decision-making.

A significant milestone in this evolution was the establishment of Beltone Academy, envisioned as a leading financial educational institution. The Academy aims to empower individuals with the knowledge and skills needed to navigate challenges in the financial sector successfully.

The company’s financial results bore witness to the success of this strategy. Operating revenues for the period soared to a record 957 million pounds, marking a remarkable 271% year-on-year increase. This surge was attributed to robust growth in revenues from non-banking financial activities, supported by the impressive performance of the investment bank.

Preceding deductions, interest, taxes, depreciation, and amortization, Beltone reported revenues of 266 million pounds and net profits of 86 million pounds during the same period, reflecting a remarkable 161% increase compared to the prior year’s losses of 140 million pounds. This turnaround is seen as compelling evidence of the effectiveness of the restructuring strategy initiated approximately a year ago.

Non-banking financial activities witnessed a staggering 680% annual increase, reaching 478 million pounds, driven by the growth in financial leasing, consumer finance, microfinance, and risk capital revenues. The investment bank reported operating revenues of 198 million pounds, while the portfolio of shares bought on margin from Beltone Securities Trading surged to 621 million pounds, a 109% YoY increase. Assets under management in the asset management activity reached 23 billion pounds by the end of the period.

Beltone not only redefined its strategic direction but also unveiled a new brand identity as part of its restructuring plan. In a move to bolster its position in the consumer finance sector, Beltone rebranded its consumer finance arm from “BelCash” to “Seven,” emphasizing its commitment to providing innovative payment solutions in financial technology.

During the third quarter of 2023, Beltone Financial Leasing Company obtained a license to incorporate factoring activity into its operations. Additionally, in November 2023, Beltone Real Estate Finance Company secured a license to engage in real estate financing, bringing the total number of Beltone licenses to 16.

As part of its commitment to fostering innovation and growth in the Egyptian startup ecosystem, Beltone Venture Capital increased its investments during the period. Notable investments were made in SehaTech, WayUp Sports, Bosta, and Ariika.

In a strategic move to strengthen its market presence, Beltone acquired 100% of Cash Microfinance Company, a leading provider of microfinance services in Upper Egypt. Cash Microfinance Company has ambitious plans to expand its branch network nationwide and launch mobile branches to facilitate access to financial services, particularly in remote areas.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard