Charles Udoh - Afrikan Heroes

African Agritech Accelerator Returns for Round Two, Backed by Endeavor and FMO

October 20, 2023

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

Endeavor and FMO, the Dutch entrepreneurial development bank, are delighted to announce the continuation of their partnership aimed at empowering a second cohort of early-stage African agritech ventures. This exciting initiative, known as the ‘African Agritech Accelerator’ program, is scheduled to commence in January 2024, building upon the achievements and insights gained from the first cohort, which ran from February 2022 to February 2023.

The primary goal of this program is to address the growth challenges faced by agritech startups across the African continent. Furthermore, it seeks to expand the scope of the cohort to include agri-adjacent tech start-ups. Leveraging Endeavor’s customized mentoring approach and extensive network, entrepreneurs will have the opportunity to connect with subject-matter and industry experts, as well as potential investors. This support will help these entrepreneurs become “investment-ready” and, in turn, foster the development of a thriving agritech sector on the African continent.

Reflecting on the impact of the initial program in 2022, Betrand Foffe, co-founder and CEO of Jangolo, shared his insights: “The most significant lesson from the program was the realization that we had the wrong business model. Thanks to this program, we were able to rebuild our foundation and realign our team. Today, our model has a 10x potential, our processes are well-documented, resilient, and optimized, our team is highly efficient, and within just six months, our sales have increased (and continue to grow) by over 200% month-on-month. We are deeply appreciative of FMO and Endeavor South Africa for the transformative impact this program has had on our business.”

Established in 1997, Endeavor is the world’s leading community dedicated to high-impact entrepreneurs. With a presence in over 40 offices worldwide, including six in Africa, Endeavor boasts a global network comprising more than 5,000 mentors, 500 growth investors, and 2,200 high-impact entrepreneurs. Rooted in the principle of paying it forward, Endeavor’s mission is to nurture thriving entrepreneurial ecosystems in emerging and underserved markets across the globe. It achieves this by inspiring high-growth entrepreneurs to dream big, supporting and investing in their growth, and providing a platform for them to give back to the network.

In addition to FMO’s support, AfricaGrow has joined as a co-funder for the program, underscoring their joint commitment to fortifying the agritech industry in Africa. This partnership aims to actively grow the pipeline of investable ventures and attract more local, regional, and global investors, which is essential for achieving scale.

Alison Collier, Managing Director of Endeavor SA, expressed her enthusiasm: “It’s truly exciting for Endeavor to collaborate with FMO and AfricaGrow to drive growth in the Agritech sector of Africa, thereby enhancing food security and fostering local revenue and job growth across the continent. We are eager to continue our work with promising African agritech ventures, connecting them with founders, investors, and mentors in Endeavor’s global network to accelerate their growth.”

This project receives funding through the Entrepreneurial Ecosystem Building component of the FMO Ventures Program Technical Assistance Facility, which is co-funded by the Dutch Government and the European Union. This component is focused on advancing the maturity of the venture capital sector in specific emerging markets by enhancing the services of incubators, accelerators, and other entrepreneurial support organizations and facilitating greater early-stage financing for ventures.

Marieke Roestenberg, FMO Ventures Program Manager, emphasized the importance of providing tailored support to another cohort of promising ventures in one of their key sectors: “Offering more investment readiness services for scaling businesses is crucial in expanding the agritech sector across Africa, and we are excited to collaborate with Endeavor and AfricaGrow in this endeavor.”

Endeavor SA is a non-profit organization dedicated to driving inclusive growth and job creation by supporting “high-growth entrepreneurs,” particularly in less developed markets. They leverage their extensive pro-bono global network of entrepreneurs, teams, mentors, and investors. For more information about Endeavor SA, please visit: https://endeavor.co.za.

AfricaGrow is a fund of funds based in Germany, with a mission to support small- and medium-sized enterprises (SMEs) and start-ups across the African continent. They achieve this by investing in pan-African regional and country-specific private equity and venture capital funds with proven track records and capacities. The Fund aims to have a catalytic effect on the emerging and dynamic African SME and start-up ecosystem, contributing to job creation, income generation, and sustainable economic growth. As a legally independent entity, AfricaGrow is a central instrument of the Compact with Africa (CwA) initiative, launched in 2017 during the German G20 presidency. The technical assistance facility is funded by the German Ministry for Economic Cooperation and Development (BMZ), while the fund is managed by Allianz Global Investors and advised by DEG Impact GmbH.

African Agritech Accelerator African Agritech Accelerator

Egypt Issues Africa’s First Sustainable Panda Bond Worth 3.5 billion RMB

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

CASH PLUS Gains $60M Boost to Expand Digital Financial Services in Morocco

October 19, 2023

Mediterrania Capital Partners, a distinguished Private Equity firm specializing in growth investments for Small and Medium Enterprises (SMEs) and mid-cap companies across North Africa and Sub-Saharan regions, is pleased to announce a substantial €57 million ($60M) investment in Morocco’s prominent financial services provider, CASH PLUS. This transformative investment is made in collaboration with FMO, the entrepreneurial development bank from the Netherlands, and IFC, a member of the World Bank Group.

CASH PLUS has emerged as a prominent player in the financial services sector, offering a wide array of online payment and transfer services. With over 3,600 physical locations spanning Morocco, it has solidified its standing as one of the nation’s largest financial service providers. The combined €57 million equity investment is poised to propel CASH PLUS further, allowing them to expand their network of branches both nationally and internationally. Additionally, the funding will bolster the company’s digital financial services offerings, with particular focus on enhancing its M-Wallet application, which currently caters to more than 1 million customers. The overarching goal of this investment is to enhance financial inclusion throughout Morocco.

Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners, expressed his enthusiasm, saying, “We’re thrilled to be backing Cash Plus management in its ambitious development strategy. CASH PLUS has emerged as one of the continent’s fastest-growing financial institutions, and Mediterrania Capital will provide support in creating additional value for customers and stakeholders.”

Albert Alsina, Founder and CEO at Mediterrania Capital Partners, added, “We are delighted to be part of this project alongside our long-time partners, IFC and FMO. CASH PLUS is a company that we know well and which fully embodies our mission of improving people’s lives through responsible investments. With its strong track record of promoting financial inclusion and providing access to essential financial services to underserved communities in Morocco, CASH PLUS stands as an innovative company with a powerful vision. Together with IFC and FMO, we aim to support CASH PLUS in expanding its reach and enhancing its services, ultimately benefiting the people of Morocco and fostering economic development.”

Nabil Amar, Chairman of the Board of Directors of the CASH PLUS Group, shared, “For 20 years, CASH PLUS has been a trusted partner serving its customers with a high innovation drive and over 3,600 points-of-sale, showing our commitment to accessibility and financial inclusion in Morocco. We greatly appreciate our esteemed partners, Mediterrania Capital Partners, IFC and FMO, for their unwavering belief in our vision. Together, we’re taking another significant step towards progress, inclusion, and building a brighter and more prosperous future for all.”

Mediterrania Capital Partners’ investment in CASH PLUS marks a pivotal milestone for MC IV, following its earlier investment in Laprophan, one of the largest pharmaceutical companies in Morocco in May 2023. Mediterrania Capital Partners has been an active presence in Morocco since 2013, with investments spanning across the Financial Services, Retail, Education, Construction, IT, FMCG, and Healthcare sectors. This latest investment reinforces their commitment to fostering growth and prosperity in the region.

Bitcoin’s Jump Hints at Trader ‘Playbook’ for ETF Launches

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 con

South Africa’s Outsized Secures Series A Funding, Set to Transform Freelance Work in Emerging Markets

Outsized, an innovative platform that connects top-tier independent talent in the Asia-Pacific, Africa, and the Middle East regions, is delighted to announce the successful conclusion of its Series A funding round. Spearheaded by the prominent South African venture capital firm, Knife Capital, this funding round also secured investments from various private investors, including Adrian Durham, the founder of the globally recognized wealth management platform FNZ Group.

This infusion of investment capital empowers Outsized to fortify its position as the leading player in growth markets within the expansive $5 billion freelance platform sector. The company is set to expand its workforce in sales and engineering, extend its reach in existing regions, and expedite product development for the benefit of both enterprise clients and independent professionals.

*Outsized South Africa. Credits: Outsized*

Revolutionizing the Freelance Economy in Emerging Markets

Outsized stands as a transformative force in the freelance economy across high-growth markets in the Asia-Pacific, Africa, and the Middle East. Through its cutting-edge AI-powered platform, the company offers enterprises access to a meticulously curated network of 25,000 vetted, top-tier independent professionals, effectively redefining the landscape of agile workforce solutions in these markets.

Before the emergence of Outsized, talent platforms in these growth markets predominantly concentrated on low-skilled, short-term opportunities. Aside from traditional recruitment agencies, there was no dedicated space for clients to engage with highly skilled, professional freelancers. With Outsized, enterprises can swiftly select and engage independent consultants or assemble entire teams to promptly execute critical projects.

Since its inception as a pilot project in 2016, Outsized has experienced remarkable year-on-year growth, establishing itself as a key partner to numerous management consulting firms and major enterprises.

Niclas Thelander, Founder & CMO of Outsized, expressed, “As a young firm, we’re already a key partner to a large number of management consulting firms and major enterprises. This funding is a game-changer, paving the way for new, innovative solutions for our clients and talent.”

Knife Capital’s Investment: A Testament to Team, Economics, and Market Potential

Knife Capital, renowned as Africa’s leading venture capital fund with a stellar track record in nurturing high-growth startups with African connections from Series A to successful exits, revealed that their investment in Outsized represents one of the initial investments from their third fund.

Keet van Zyl, Co-Founding Partner at Knife Capital, conveyed their excitement, stating, “We are extremely excited to spearhead this investment round. What really struck us about Outsized is the positive and growing unit economics and the fact that they have consistently achieved previous forecasts. The team has clearly demonstrated that they can execute and do justice to the scale of the opportunity. Most of the future growth in the global freelance platform market will come from the very geographies and segments of the market where Outsized is already a leader, so the business is well poised.”

Fueling Ambitious Growth Plans with New Products and AI Integration

Outsized is actively developing several new products, including additional modules designed for enterprise clients and services tailored for professional freelancers. Johann van Niekerk, CEO of Outsized, stated, “The integration of AI technology into Outsized’s product offerings and core operations is already underway, enhancing the user experience for both clients and talent.”

A Commitment to Shaping the Future Workforce

Outsized remains steadfast in its commitment to play a significant role in shaping the future workforce. Van Niekerk emphasized their core values of Passion, Integrity, and Accountability, noting that they are not mere buzzwords but guiding principles for their team and client interactions. The company is dedicated to fostering a fair, sustainable talent market in high-growth economies, and this investment validates their vision and heralds an exciting future ahead.

Koolboks, Nigerian Startup Providing Solar-Powered Freezers, Expands to 12 African Countries

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 con

Deep Tech Startups in Tunisia Have a New $10.5M Seed Fund to Tap

October 18, 2023

Within the framework of a startup support project funded jointly by the World Bank, CDC, and KfW, the Anava fund of funds has announced its commitment to invest 5 million euros (USD 5.27M) in a new underlying fund, Titan Seed Fund I, managed by Medin Fund Management Company.

Titan Seed Fund I aims to reach a size of 10 million euros with the goal of investing in around twenty Tunisian startups. It will be the first fund in North Africa focused on deep tech at the Seed stage. The fund plans to invest an average ticket size ranging from 300,000 to 650,000 euros, with the objective of preparing them for a Series A fundraising round.

Ghazi Ben Othmane, a shareholder of Medin Fund Management Company, stated, “The company’s international professional network (in the Americas, Europe, Africa, and the Gulf) facilitates startups’ access to the global scale and easier international expansion.” He also added, “The company is not afraid of taking risks, which means it invests in innovative, scalable startups and highly ambitious entrepreneurs, especially in deep tech, whether it’s in agriculture, medicine, fintech, and more.”

It’s worth noting that Anava is the first euro-denominated fund of funds in Tunisia and a key component of the national initiative “Startup Tunisia,” which aims to establish Tunisia as a hub for innovation and startups at the crossroads of the Mediterranean, the MENA region, and Africa.

Initially targeting a size of 100 million euros, with an initial closing of 40 million euros subscribed by the Caisse des dépôts et consignations (CDC) through a World Bank loan and 20 million euros subscribed by KfW, the fund of funds aims to provide the underlying funds with the opportunity to invest in Tunisia and abroad. This solution is greatly anticipated to address the funding and internationalization challenges faced by Tunisian startups.

The fund is managed by Smart Capital, a company authorized by the Conseil du marché financier (CMF) and mandated by the Tunisian government to implement its national program, Startup Tunisia.

Deep tech Fund Tunisia Deep tech Fund Tunisia

Digital Banks are Giving Big Banks Runs for Their Money

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

Egyptian EdTech Startup Crafty Workshop Secures New Funding from EdVentures

EdVentures, the investment arm of Nahdet Misr Group of Companies, a leading education sector entity in the Middle East, has announced significant investments in the Arab world at the GITEX Global Exhibition and Conference. The event, holding from October 16 to 20 at the World Trade Center in Dubai, serves as the backdrop for the revelation.

In a strategic move, EdVentures has unveiled a $400,000 investment round for “Crafty Workshop,” an Egyptian firm specializing in supporting handicrafts through its digital educational platform. This platform offers a diverse range of courses, training programs, and workshops, spanning creative domains such as crafts, design, photography, programming, game development, and animation. Notably, this marks EdVentures’ second investment round in Crafty.

Dalia Ibrahim, Chairwoman of the Board of Directors of Nahdet Misr Publishing and EdVentures Foundation, commented on the development. She stated, “Our strategic objective is to advance the educational technology sector and nurture the talents of entrepreneurs in this critical field.”

Crafty Workshop funding — *Crafty Workshop co-founder, Amgad Moustafa. Credits: Crafty Workshop*

Ibrahim added, “We’ve had a hand in supporting 76 startup companies and entrepreneurs, with investments in 14 firms across the Arab world, now boasting a collective market valuation of $100 million. These companies are engaged in diverse educational pursuits, including e-learning services, STEAM-based educational programs (with a particular focus on coding), career guidance and training, youth job market preparation, technical education, vocational qualification programs, and initiatives aimed at empowering women.”

Emphasizing a collaborative approach, Ibrahim stated, “We collaborate closely with Nahdet Misr companies and startups backed by EdVentures to deliver the latest in educational advancements. Our aim is to address the varied needs of all segments of society and ultimately enhance the educational experience, paving the way for a brighter future for our youth and future generations.”

Ibrahim noted the ongoing global revolution in education, driven by artificial intelligence, with a focus on lifelong sustainable learning. EdVentures is committed to sustaining and expanding its investments in educational technology to remain at the forefront of this transformative shift.

Looking ahead, EdVentures is poised to announce another investment round, this time directed toward the Egyptian firm “Sprints.” Sprints is unique in providing a range of educational services and programs aimed at bridging the technical skills gap. It tailors individualized educational journeys for learners, ensuring their readiness for well-paying jobs, while offering continued support throughout their career growth. This represents EdVentures’ second investment in Sprints.

The startups supported by EdVentures continue to expand across the Arab region, with four of them attracting fresh investments from Saudi and international backers due to their significant impact on the education sector. These companies include “OBM,” an Egyptian company offering training and qualification programs, career counseling services, and guidance for students in university and specialization choices. “Akhdar,” another Egyptian enterprise, provides cultural book summaries via its digital application. The Saudi firm “Jeel” offers an educational and entertaining mobile application for children, while the emerging “iSchool” provides advanced educational technologies for young students, offering a comprehensive STEAM-based educational journey tailored to children aged 6 to 18, complete with educational goals, projects, activities, certificates, and competitions, all tailored to the student’s age.

Crafty Workshop funding Crafty Workshop funding

How the Moremi Platform Plans to Deploy $150 Million in African Female Founders

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 con

Koolboks, Nigerian Startup Providing Solar-Powered Freezers, Expands to 12 African Countries

Orange is set to launch a range of solar-powered freezers in 12 African countries where it operates, in partnership with the Franco-Nigerian startup Koolboks. Koolboks deploys a freezing and refrigeration solution through equipment equipped with solar panels and batteries that provide up to three days of autonomy.

Koolboks’ solar equipment also includes LED lights and USB ports, enabling quick charging of various devices like phones and tablets, according to an official statement. As per the same source, the partnership between the Orange Group and the Franco-Nigerian startup will first be implemented in the Democratic Republic of Congo before expanding to the other 11 countries where the Orange Group operates, including Cameroon.

Ayoola Dominic, the founder and CEO of Koolboks.

“Koolboks is proud to partner with Orange to distribute our solar freezers. This product was designed to meet a need, allowing small businesses and families to store food and have light in off-grid areas. With this partnership, we can offer this luxury in many countries and regions,” stated Ayoola Dominic, the founder and CEO of Koolboks.

“No one should be deprived of refrigeration due to its cost. Thanks to Koolboks’ innovative integrated payment technology, distributors can offer Koolhome freezers to their customers with a rent-to-own option. With Koolboks, individuals and businesses can make small monthly or weekly payments to own a solar refrigerator,” the startup explained regarding the payment terms. In addition to the Aganza, Paygee, and Solaris platforms, payments can now also be made using Orange Money.

Bitcoin’s Jump Hints at Trader ‘Playbook’ for ETF Launches

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 con

South African Insurtech Simply Attracts Strategic Investment

The Hollard Group, a prominent insurance conglomerate, has made a strategic investment in Simply Financial Services, a South African-based insurtech company. Hollard’s move is expected to have a significant impact on the life insurance sector within the South African mass-market.

This investment in Simply Financial Services is part of a broader strategy by Hollard, which has previously made seed investments in other insurtech disruptors, such as Naked and Dotsure. This aligns with Hollard’s overarching goals of expanding its presence in digitally-driven insurance solutions.

Established in 2016 by entrepreneurs Anthony Miller and actuary Simon Nicholson, Simply aims to revolutionize the South African mass-market life insurance sector by offering tailored coverage and innovative payment options. Initially, Simply focused on providing direct life, disability, and funeral insurance for individuals and domestic workers. In 2020, the company expanded its services to include SMEs and brokers.

Hollard notes that Simply’s approach redefines traditional life insurance for lower- and middle-income earners. They achieve this by leveraging proprietary technology and user-friendly design to offer both individual and group insurance policies.

Co-founder Anthony Miller explains, “The current model for long-term insurance in the mass-market is unsustainable. There’s an oversupply of expensive standalone retail products, particularly funeral cover, with high policyholder turnover and limited value for customers. Simply reimagines this model by offering customers bundled benefits like life, disability, and funeral coverage, often with employer premium contributions. Thanks to high retention rates, our solutions deliver positive customer outcomes, whether through our cost-effective group option or our flexible retail option.”

Furthermore, Simply’s business model is scalable through white-label partnerships with brands seeking to enhance their digital capabilities. Presently, the company maintains three such partnerships in South Africa and intends to expand its international presence.

Willie Lategan, CEO of Hollard Group, underscores the value of Simply’s “superpowers” — their proprietary technology platform and comprehensive insurance capabilities. These assets are poised to bolster Hollard’s offerings and allow for swift deployment of new products and features.

Miller emphasizes that having the backing of South Africa’s largest privately-owned insurer positions Simply to export its model to other markets, fulfilling its mission to safeguard the financial futures of millions.

Simply Insurance Africa Simply Insurance Africa

Digital Banks are Giving Big Banks Runs for Their Money

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 con

How the Moremi Platform Plans to Deploy $150 Million in African Female Founders

October 17, 2023

Kuramo Capital Management, an investment firm specializing in Sub-Saharan Africa (SSA), is set to allocate $150 million towards advancing enterprises led by African women through its Moremi Platform. This 10-year initiative aims to empower the next generation of female entrepreneurs in Africa and promote gender-inclusive fund management.

The Moremi Platform comprises three key components: an accelerator program, a warehousing/lending facility, and a Fund of Funds. The first phase, the accelerator program, has been unveiled and serves as a mentorship, capacity-building, and technical support hub, focusing on nurturing 40 female entrepreneurs and fund managers each year.

According to Wale Adeosun, CEO and Founder of Kuramo, this initiative addresses the considerable financial and knowledge disparities faced by women in business, a significant hurdle to achieving comprehensive, sustainable economic and social progress in African nations. It also emphasizes the development of women fund managers to foster the growth of women-led businesses.

Adeosun explains, “We believe that, just as we were able to address gaps with African GPs (fund managers) in the past, we can achieve a similarly catalytic impact with our gender lens initiative.”

The accelerator program offers a structured curriculum for capacity enhancement, technical assistance, and mentorship for women in business, especially female fund managers in Africa.

Sarah Ngamau, Managing Director of Moremi Fund, states, “The Accelerator Program is being launched at such a critical time in Africa’s investing story and we are excited by the traction. Despite an increased flow of capital to Africa, women have still been underrepresented at all levels of the investment landscape. Our goal is to address this barrier and improve the ecosystem by supporting female-led African private equity and venture capital funds.”

The World Economic Forum has identified Sub-Saharan Africa as having the world’s highest rate of women involved in entrepreneurial activity, with women making up 58 percent of Africa’s self-employed population. To build on this foundation, Africa needs strategies that prioritize gender-smart investment practices.

Sarah emphasizes, “At Kuramo Capital and Kuramo Foundation for Sustainable Development, we firmly believe that the fastest way to unlock capital for female entrepreneurs and gender-smart businesses at scale is to invest in female-led and gender-diverse fund managers. We are delighted to promote inclusive economic empowerment of female-led funds in Pan-Africa.”

Kuramo, founded in 2011, has already mobilized over $3.5 billion (Ksh 73.8 billion) to support more than 200 companies, generating over 50,000 jobs in Africa. The company is committed to creating lasting capital value and promoting the sustainable growth of businesses across various sectors of the economy. The Moremi Accelerator Program is an essential part of their vision to drive gender-equitable capital growth, crucial for powering Africa’s socio-economic transformation.

Shaka Kariuki, Co-CEO & Chief Investment Officer of Kuramo Capital, sees the accelerator program as a significant contribution to positioning Africa as an attractive investment destination. Before Kuramo’s entry into Africa, there were very few investors channeling capital to African fund managers on the continent.

“However, since Kuramo’s arrival, we have been able to anchor and fund more than 15 funds across Sub-Saharan Africa, which has helped mitigate some of the concerns associated with investing on the continent. With the Moremi Accelerator Program, we will be addressing challenges facing African female entrepreneurs and fund managers stemming from such perceptions.”

Nigerian Insurtech Startup Haba Secures Pre-Seed Funding to Pursue Insurance Ambitions in West Africa

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 con

VALR Expands Crypto Services Worldwide in Strategic Partnership with Visa

The local cryptocurrency exchange, VALR, and Visa have recently unveiled a strategic alliance aimed at introducing Visa cards and a host of digital payment solutions to the market. This collaboration will amalgamate VALR’s cryptocurrency expertise with Visa’s extensive payment capabilities.

VALR, in recent developments, has secured the necessary approvals to extend its cryptocurrency services into the European market and is currently in the process of acquiring licenses in Dubai, Mauritius, and South Africa. The VALR-Visa partnership follows in the footsteps of Visa’s previous partnerships with global cryptocurrency service providers, including Coinbase, Crypto.com, and Circle.

Farzam Ehsani, the CEO and co-founder of VALR, expressed his enthusiasm, stating, “Visa is a renowned name in the world of payments, with its vast experience and global reach. Partnering with Visa was the logical next step for VALR, as we aim to expand our product and service offerings for our valued customers. We are thrilled to collaborate with Visa to continue delivering the finest technology and services to our worldwide audience.”

Lineshree Moodley, General Manager of Visa South Africa, also shared her excitement, saying, “Visa is thrilled to team up with VALR to provide Visa credentials to VALR’s customer base. This partnership will focus on pioneering payment and card products, empowering VALR customers to harness the Visa network for global payments and receipts. The potential applications are extensive, and we look forward to our collaboration with VALR in offering customers a unique value proposition.”

Founded in 2018, VALR is a cryptocurrency exchange based in South Africa that caters to customers worldwide. According to the exchange, it has successfully facilitated over $10 billion in trading volume and has secured $55 million in equity funding since its inception. VALR offers its customers the ability to trade Bitcoin, along with a diverse range of other cryptocurrencies. Currently, it serves half a million retail customers and more than 900 corporate and institutional clients on a global scale.

Nigerian Insurtech Startup Haba Secures Pre-Seed Funding to Pursue Insurance Ambitions in West Africa

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 con

Nigerian Insurtech Startup Haba Secures Pre-Seed Funding to Pursue Insurance Ambitions in West Africa

October 16, 2023

The Nigerian insurtech startup Haba has successfully secured $75,000 in pre-seed funding as part of its strategic efforts to expand its operational capacities and revolutionize the insurance landscape within West Africa. Established in 2022 by a team of visionary entrepreneurs, including Constance Oshafi, Stephen Onwe, and Paul Showemimo, Haba has devised an extensive array of services tailored to meet the diverse requirements of both individuals and businesses.

This pre-seed funding infusion of $75,000 will serve as a vital resource for Haba, enabling the company to bolster its service capabilities, reinforce its technical workforce, and intensify its marketing initiatives to connect with a broader spectrum of individual customers. The startup expressed its commitment to prioritizing customer satisfaction, introducing innovative solutions for claims and repairs, and benefiting from forward-thinking investors.

Haba InsurTech is strategically positioned to redefine the accessibility of insurance, empower policyholders, and influence the future of the insurance sector in Nigeria. As the insurance industry undergoes transformation, Haba InsurTech emerges as a beacon of innovation, poised to simplify insurance processes, enhance reliability, and ultimately center its operations on customer needs.

Haba insurance

How Sony Ventures Plans to Deploy Its New $10M Fund in 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 con