Charles Udoh - Afrikan Heroes

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

October 14, 2023

Sony Ventures plans to deploy its new $10 million fund in African startups with a focus on entertainment businesses. The fund, known as Sony Innovation Fund: Africa (SIF: AF), is set to support early-stage startups operating in the fields of gaming, music, film, and content distribution. This initiative is part of Sony Ventures Corporation’s broader efforts to back technology businesses across different markets and stages.

In 2022, Sony Ventures established the Sony Innovation Fund 3 with $215 million to support emerging technology companies across all stages. Through its various investment arms, including Sony Innovation Fund (SIF), Sony Innovation Growth Fund (a joint venture with Daiwa Capital Holdings), and Sony Innovation Fund: Environment, Sony Ventures has made more than 100 investments in various sectors, including entertainment, robotics, AI, mobility, fintech, healthcare, logistics, and SaaS.

Despite fintech being the most funded sector in Africa, Sony Ventures is focusing on entertainment startups for its initial entry into the African market. According to Gen Tsuchikawa, CEO of Sony Ventures, the company’s mission is to combine creativity and technology to enhance entertainment experiences worldwide. Africa’s vibrant community of creators and entrepreneurs looking to innovate in the entertainment sector has driven Sony to establish SIF: AF.

Sony’s Africa-focused fund aims to provide much-needed support to entertainment tech startups in Africa, which have historically struggled to secure consistent venture capital. According to Partech Africa, these startups received only $42 million in 2022, accounting for just 0.9% of Africa’s total venture capital investments, despite the substantial potential in gaming, music, movies, and content distribution.

For example, the gaming market in Sub-Saharan Africa is expected to exceed $1 billion by 2024. Video-on-demand subscriptions and the music industry are also on the rise, with considerable growth in these areas expected in the coming years.

Sony Ventures plans to offer follow-on investments to its portfolio companies in addition to its seed and early-stage investment strategy. While there’s no fixed timeframe for deploying the $10 million or a specific number of startups to invest in, the fund anticipates ticket sizes ranging from $250,000 to $1 million.

Initially, Sony Innovation Fund: Africa will focus its efforts on South Africa, Kenya, Nigeria, and Ghana, but there’s potential for expansion in the future. The fund’s activities in Africa will be supported by the Sony Ventures team in Europe, with the intention of hiring a full-time member on the continent to manage venture capital sourcing.

Sony Ventures’ commitment to supporting African entertainment startups demonstrates its recognition of the region’s untapped potential and its desire to foster the growth of the entertainment industry in Africa through technology and innovation.

South Africa’s Tripplo Poised to Disrupt Logistics with $1.8M Investment

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 Access Afya Secures Significant Investment from Philips and UBS Foundations

October 13, 2023

Access Afya, a healthcare operating system for emerging economies, has secured significant investment from Philips Foundation and UBS Optimus Foundation. The exact investment amount was not been disclosed, but it is noteworthy that both these organizations have recognized the unique value proposition offered by Access Afya.

The primary intent of this investment is to support Access Afya’s mission of addressing healthcare challenges in emerging economies. Access Afya has developed an innovative approach to providing affordable, quality healthcare that caters to the specific needs of low-income communities. The investment is aimed at helping Access Afya expand its reach and impact, allowing more people to access essential healthcare services. It is also an endorsement of Access Afya’s community-centric, technology-driven model, which is seen as a scalable solution to address healthcare disparities.

The partnership between Philips Foundation and UBS Optimus Foundation highlights the recognition of the importance of localized, community-based solutions for healthcare challenges. The investment is part of Philips Foundation’s broader effort to showcase and support social entrepreneurs who are making a difference in healthcare access. The foundation seeks to spotlight the unique approaches of these entrepreneurs, inspire others to join the mission, and overcome global healthcare disparities with innovative solutions.

Why the Investors Invested

Philips Foundation and UBS Optimus Foundation invested in Access Afya for several compelling reasons:

Innovative Healthcare Solution: Access Afya offers an innovative and holistic healthcare solution for underserved communities. By combining walk-in clinics, a digital health app, and a strong data analytics component, they create a comprehensive healthcare system. This unique approach was a key attraction for the investors, as it addresses a crucial need in emerging economies.

Community-Centric Approach: Access Afya’s commitment to understanding the specific needs of local communities and empowering local healthcare workers aligns with the investors’ vision of bridging healthcare disparities. This approach not only democratizes healthcare access but also nurtures a sense of ownership and responsibility among local practitioners, fostering sustainable change.

Data-Driven Healthcare: The data analytics component of Access Afya’s model is seen by the investors as a valuable asset. The ability to capture patient data, recognize patterns, and adapt healthcare strategies accordingly is crucial for improving the quality and effectiveness of healthcare services in underserved areas.

Scalability: Access Afya’s model is scalable and can be adapted to meet the unique needs and challenges of different regions and communities. This scalability aligns with the broader goal of addressing universal healthcare challenges through localized, tailored solutions.

Philanthropic Values: Both Philips Foundation and UBS Optimus Foundation share a commitment to overcoming global disparities in healthcare services. They see Access Afya as a partner that embodies these values by combining local innovation with technology to create inclusive, healthy futures.

A Look at Access Afya

Access Afya was founded by Melissa Menke in 2012. The organization is based in Nairobi, Kenya, and primarily serves the healthcare needs of communities in Nairobi County. Its name, “Access Afya,” translates to ‘access health’ in Swahili, reflecting its mission of providing accessible healthcare.

Access Afya operates as a healthcare operating system tailored for emerging economies. The organization’s primary focus is on offering affordable, quality healthcare to underserved communities. Access Afya achieves this through a combination of walk-in clinics and a digital health app. The clinics offer a wide range of services, including family planning, lab tests, vaccinations, prenatal and postnatal care, routine check-ups, and emergency care. The mDaktari app enables virtual doctor consultations, health coaching, and access to healthcare information, all at an affordable cost.

Access Afya stands out due to its unique “clinic in a box” concept, providing ready-made healthcare facilities that are locally relevant. The organization empowers local healthcare workers to set up and operate these clinics, ensuring healthcare services are delivered by professionals with an intimate understanding of the community’s needs.

Access Afya’s approach fosters a culture of health consciousness within the community, enhancing overall well-being and the quality of life for individuals in low-income areas.

Access Afya collects patient data and leverages data analytics to refine its healthcare strategies, making healthcare services more effective and responsive to community needs.

Access Afya’s model is designed to be adaptable, providing a blueprint for healthcare solutions tailored to specific local contexts. This approach reflects the organization’s commitment to addressing universal healthcare challenges with localized, community-based solutions.

Kenyan Healthtech Afya Rekod Bags $2m In Seed Funding Round To Digitize Health Records

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 Tripplo Poised to Disrupt Logistics with $1.8M Investment

Tripplo, a logistics software platform based in Johannesburg, has successfully secured a substantial equity investment of US$1.8 million, marking the successful conclusion of its seed funding extension round. Leading this round is Futuregrowth Asset Management, representing Old Mutual Life Assurance Company South Africa, with further investment from Galloprovincialis. These two entities join Standard Bank of South Africa, Founders Factory Africa, and Digital Africa Ventures as significant investors in Tripplo.

This capital injection is poised to significantly reinforce Tripplo’s overarching goal of establishing itself as the premier global logistics platform, dedicated to revolutionizing the logistics industry by promoting innovation and operational efficiency in the movement of goods.

In 2023, the estimated size of the South Africa Freight and Logistics Market stands at 21.53 billion USD, with projections indicating a growth to 30.56 billion USD by 2029.

Victor Chaitezvi, Founder and CEO of Tripplo, expressed his enthusiasm, stating, “We warmly welcome Futuregrowth Asset Management and Galloprovincialis as strategic partners in our pursuit to reshape the logistics sector.”

Amrish Narrandes, Head of Private Equity/Capital at Futuregrowth Asset Management, emphasized the investment’s significance, highlighting the pivotal role logistics plays in the South African economy. He commented, “This investment in Tripplo not only underscores the importance of logistics in our nation’s growth but also highlights the critical role of innovative management in driving such endeavors. We are not just investing in a platform; we are investing in a vision and a team that can truly make a difference.”

Tripplo has garnered accolades for its unique approach, which has brought transformative changes to the logistics landscape. Leveraging cutting-edge technology, Tripplo empowers businesses across various sectors to streamline their road-freight supply chains, negotiate rates with contractors, electronically process trips end-to-end, optimize routes, enable real-time tracking, manage documents, facilitate working capital for trucks, and make data-driven decisions aimed at reducing costs and enhancing overall efficiency.

Victor Chaitezvi affirmed, “This funding round attests to the confidence our investors have in our vision and our capacity to positively disrupt the industry. We look forward to accelerating our growth and continuing to provide innovative solutions to our clients.”

Tripplo’s steadfast commitment to innovation, coupled with the support of its investors, firmly situates the company at the forefront of logistics technology. In an ever-evolving industry, Tripplo’s platform is well-positioned to play a pivotal role in enabling businesses to thrive in an increasingly interconnected world.

Salient Predictions Secures $2.9 Million in Funding to Disrupt Weather Forecasting for East African Farmers

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

Leading Accelerator and Investor, Flat6Labs, Expanding to the Rest of Africa

Flat6Labs, the distinguished accelerator and investor known for its operations in the Middle East and North Africa (MENA) region, is poised to embark on a transformative journey that will extend its influence across the entire African continent. This was disclosed by Faten Aïssi, Deputy Director of Flat6Labs during the conclusion to the “Scale Up Tunisia” program, Tunisian startups celebrated their achievements on October 11, 2023. The initiative, led by Flat6Labs and backed by various partners, including the Fast project, the International Finance Corporation (IFC), and the French Development Agency (AFD), marked a significant milestone in Tunisia’s entrepreneurial ecosystem. Technical support was provided by Expertise France, and collaboration with the Tunisian Caisse des Dépôts et Consignations (CDC) further enriched the program.

Empowering the Entrepreneurial Ecosystem

The primary objective of the “Scale Up Tunisia” program was to strengthen the entrepreneurial landscape in Tunisia. It placed a particular emphasis on fostering female entrepreneurship and regional development. The results were remarkable, with the program leading to the creation of 63 jobs, with almost half of them filled by talented Tunisian women.

Over the course of 18 months, 20 startups, including seven led by women, underwent an intensive learning process. They received more than 500 hours of tailored coaching from 32 seasoned mentors. The coaching encompassed vital areas like agile methodology, sales strategies, market access, investment readiness, and legal and regulatory compliance.

Creating Opportunities and Access to Global Markets

Faten Aïssi, Deputy Director of Flat6Labs, lauded the program’s impact, highlighting how it opened doors for Tunisian startups on the global stage. She emphasized the role of the program in facilitating access to international markets and supporting startups in raising critical funding. Notably, five startups managed to secure over 2 million Tunisian dinars in investments, showcasing the program’s tangible benefits.

According to Aïssi, the leading venture capital firm is gearing up to venture into Africa, further solidifying its commitment to entrepreneurship across the region.

Collaboration with Esteemed Partners

Crucially, the “Scale Up Tunisia” initiative garnered robust support from prestigious partners. The Fast project, IFC (a World Bank Group member), and funding from the French Development Agency (AFD) were instrumental in making the program a success. The involvement of Expertise France and collaboration with the Tunisian Caisse des Dépôts et Consignations (CDC) provided essential technical support, further enhancing the program’s reach and effectiveness.

Showcasing Innovative Ventures

The closing ceremony of “Scale Up Tunisia” was a pivotal moment for the startups nurtured by the program. It provided a platform for these budding entrepreneurs to present their innovative projects to both Tunisian and international investors. This exposure is crucial for startups as it eases access to the necessary funding required for their continued growth and success.

Diverse Entrepreneurial Pitches

The startups’ pitches covered a diverse range of sectors and industries. Notable presentations included:

Kamioun: Founded and led by CEO Fares Belghith, Kamioun operates as a mobile platform serving small retailers and restaurateurs in Greater Tunis. The platform optimizes the supply chain, resulting in faster orders and cost-effective deliveries. The startup has exciting plans to expand its services, including internal stock management and bill payment solutions.

Anavid: Co-founded by Ahmed Chaari, Anavid specializes in artificial intelligence and real-time video surveillance analysis. The company focuses primarily on the retail sector, aiming to reduce losses associated with shoplifting by providing real-time video analysis, which offers valuable insights to store managers.

Dabchy: Under the leadership of CEO and co-founder Ameni Mansouri, Dabchy serves as a marketplace for buying and selling new or used fashion items for women and children. With a significant user base, this e-commerce platform actively promotes sustainable fashion and recently expanded its operations into Egypt.

Ijeni: Safi Negra, CEO and co-founder of Ijeni, leads a multiservice platform in Tunisia that connects local service providers with individuals and businesses seeking specific services. Ijeni offers a wide range of services, including cleaning, gardening, beauty and wellness, healthcare, and handyman services. The platform’s primary goal is to simplify access to high-quality local services while offering service providers an online platform to broaden their reach.

We-Settle: Co-founder and COO Wela Moula leads We-Settle, a fintech startup offering a modular solution for processing and paying bills. The platform aids small and medium-sized enterprises (SMEs) in efficiently managing their digital invoices, saving them significant time through AI-driven invoice processing and electronic signatures. Clients can make direct payments through online banking and monitor their payment status in real-time.

The “Scale Up Tunisia” program, powered by Flat6Labs and supported by a network of esteemed partners, has demonstrated its value in empowering Tunisian startups. The proactive approach to supporting female entrepreneurs and regional development has led to concrete job creation and significant investments. The program’s positive impact is evident, and the future expansion plans of Flat6Labs into Africa reflect a continuing commitment to fostering entrepreneurship in the region. The startups presented at the closing ceremony showcase the immense potential and creativity within Tunisia’s entrepreneurial landscape.

Flat6Labs is a seed and early-stage venture capital firm that operates in the Middle East and North Africa (MENA) region. They are currently running the most renowned startup programs in the region, investing in more than 100 innovative and technology-driven startups annually 1. Flat6Labs has locations in Egypt, Lebanon, Tunisia, Bahrain, Jordan, and the United Arab Emirates (UAE).

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South Africa’s TymeBank Reaches 8 Million Customer Milestone in Just Four Years

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

Inside Egypt: The Foreign Currency Debit Card Payments Ban and How Startups are Coping

Mr Tarek Amer, governor Central Bank of Egypt

In a surprising turn of events, several Egyptian banks have sent notifications to their customers, announcing the cessation of direct debit card transactions in foreign currencies. This unexpected decision has raised concerns among a diverse array of businesses, from established corporations to emerging startups, that operate within the country. The primary motivation behind this move is to combat the illegal smuggling of foreign currencies out of Egypt. However, this measure has inadvertently posed significant challenges for companies that rely on international transactions.

Numerous businesses in Egypt, especially those in the technology sector, now find themselves grappling with a complex situation. They have forged partnerships with international tech giants that necessitate payments in foreign currencies. Until recently, these transactions were effortlessly facilitated through direct debit cards. In light of this recent policy change, these businesses are urgently searching for alternative methods to conduct their financial operations.

The decision by the Central Bank of Egypt to suspend direct debit card transactions in foreign currencies can be primarily attributed to the nation’s dwindling reserves of hard currency. The central bank’s objective is to safeguard these reserves for critical import operations and reduce losses incurred due to illicit currency activities. There is speculation among experts that exceptions could potentially be made for companies that can convincingly demonstrate the legitimacy of their business activities and maintain dollar accounts.

Prominent Egyptian industry experts, whose insights were sought regarding these developments, have emphasized the profound implications of this decision, particularly for startups and technology companies that rely extensively on foreign technology services. These businesses predominantly engage in foreign currency transactions and contribute significantly to Egypt’s hard currency income. In the wake of this decision, some of these companies are considering the establishment of offshore dollar accounts or even contemplating moving their operations overseas, actions that could potentially influence Egypt’s economy.

The companies most severely affected by this decision encompass startups, online retailers, software development firms, and e-marketing companies. These enterprises heavily depend on foreign currency to carry out their trade and marketing activities. Should this policy persist, some of these businesses might even contemplate withdrawing from the Egyptian market. While a few startups are currently exploring temporary solutions, such as using foreign accounts held by relatives or acquaintances, these stopgaps are by no means sustainable in the long term.

Wael Nofal, the CEO of BlinkUp, a company specializing in phone applications, is among those who received these notifications and expressed his astonishment at the sudden disruption. BlinkUp relies on collaborations with international tech giants like Microsoft, Amazon, and Google to deliver advanced services to the public. This partnership requires payments in foreign currencies, traditionally processed through direct debit cards. Nofal is now compelled to explore alternative avenues, including involving an overseas investor to manage commercial transactions until the company can potentially establish itself outside of Egypt.

Egypt’s recent decision to halt direct debit card transactions in foreign currencies has cast a cloud of uncertainty and challenges over both established companies and burgeoning startups. While the move’s intention is to safeguard the nation’s foreign currency reserves, it inadvertently poses a threat to the survival of businesses reliant on international transactions. The hope now lies in policymakers reevaluating this decision and working towards solutions that ensure the continued growth of these companies, as well as the prosperity of the Egyptian economy.

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South African Startup Cue Raises $500K to Scale Its AI-Driven Customer Service Solutions

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 Digital Asset Platform Momint Attracts $1.25M in Investor Support

October 12, 2023

Momint, a South African digital asset platform, recently accomplished a significant milestone by securing $1.25 million during its ongoing seed funding round. This funding initiative was initiated on September 20th and impressively, 25% of the funding target was met within just 10 days. In this round, Momint’s primary objective is to raise $5 million with a post-money cap set at $25 million, structured using a SAFE note. The allocation of these funds is directed towards marketing, increasing its asset under managment as well as turning profitable.

Prominent investors in this round include Untapped Global, Outlier Ventures, Adaverse, Mountain Partners, simple.Capital(), Raj Kulasingam, Vishal Agarwal, and Crossfin Ventures (Pty) Ltd.

Why the Investors Invested

The startup has generated considerable traction. Momint operates within the renewable energy sector, offering users the opportunity to invest in solar projects and earn from electricity generation. With a community of 55,000 users and over $1.4 million in sales, Momint leverages a thriving market that is increasingly concerned with environmental sustainability and the transition to cleaner energy sources.

The introduction of a blockchain wallet, which enables users to spend cryptocurrencies at numerous South African retailers, was seen as an innovative breakthrough. This not only enhances the utility of cryptocurrencies but also promotes financial inclusion by enabling crypto transactions at small businesses and informal economy enterprises.

The blockchain wallet’s international functionality and cost-effective cross-border transaction capabilities positioned Momint as a global player. Investors were attracted to the company’s potential impact beyond the borders of South Africa.

A Look at Momint

Founded in 2020 by tech entrepreneurs Ahren Posthumus and Adam Romyn, with the support of serial investor Rob Hersov, Momint is based in Cape Town, South Africa.

Momint’s primary market focus is on South Africa, where it has established partnerships with over 10,000 retailers, including renowned names such as Checkers, Woolworths, Engen, and Takealot. Beyond retail, Momint’s services extend to other sectors, including transportation options like Lift Airlines and Intercape buses.

At its core, Momint offers a blockchain wallet integrated into its app. This wallet empowers South African consumers to utilize cryptocurrencies at various retailers, restaurants, and service providers. Users can purchase items like food, airtime, household goods, and data using cryptocurrencies. Moreover, the wallet enables transactions at 5,000 overseas retailers and supports cost-effective cross-border transactions, eliminating the need for traditional banks.

While Momint is not a cryptocurrency exchange platform, it has seamlessly integrated its app with external exchanges like Transak and BankX, allowing users to top up their crypto within the app. Users can also directly purchase USDC and Ethereum with real-time exchange rate information. The wallet incorporates essential security features, including peer-to-peer sending and adherence to know your customer (KYC), know your transaction (KYT), and anti-money-laundering (AML) checks.

In January 2023, Momint introduced its flagship product, the SunCash initiative, further underscoring its commitment to renewable energy investment.

South African Startup Cue Raises $500K to Scale Its AI-Driven Customer Service Solutions

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

Egyptian Startup Pearl Semiconductor Raises $4.5M from Leading Investors

Shorouk Partners made a significant announcement regarding its strategic investment in Pearl Semiconductor, an innovative Egyptian startup focused on semiconductors. This financial infusion saw the company secure $4.5 million in funding, with prominent participants such as Sawary Ventures, Qatar’s QBN Capital, and a group of angel investors contributing to the financing round.

Semiconductors, as the cornerstone of contemporary technology, facilitate the creation of essential devices and solutions that have seamlessly woven into our daily routines. Shorouk Partners emphasized that its foray into this uncharted territory was not solely a decision based on the immense growth potential in this sector, which is expertly navigated by the formidable team at Pearl Semiconductor. It also underlines the firm’s unwavering commitment to bolstering the emerging technology landscape in Egypt and beyond.

The collaboration between Shorouk Partners and Pearl Semiconductor transcends the realm of a promising investment in a semiconductor company poised for global leadership. It serves as a testament to the ongoing revolutionary movement in Egypt, which aspires to harness the untapped engineering prowess within the nation and the broader region.

Shorouk Partners expressed, “It is imperative to recognize the profound influence of Ayman Ahmed, a semiconductor expert and the CEO of Pearl Semiconductor, in tandem with his esteemed university mentor and industry veteran, Dr. Hisham Haddara, who serves as the Chairman of Pearl Semiconductor.” This pioneering company has been actively involved in Egypt’s semiconductor industry for over three decades, culminating in the recent establishment of Pearl Semiconductor. Their groundbreaking efforts, dating back to the early 1990s, set the stage for a flourishing semiconductor ecosystem in Egypt, enabling the nation to introduce cutting-edge innovations to the global market.

The startup was founded by Ayman Ahmed in the year 2020.

Salient Predictions Secures $2.9 Million in Funding to Disrupt Weather Forecasting for East African Farmers

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

Salient Predictions Secures $2.9 Million in Funding to Disrupt Weather Forecasting for East African Farmers

Salient Predictions, a trailblazer in the field of weather forecasting analytics, has secured a substantial $2.9 million grant courtesy of the Bill & Melinda Gates Foundation. This financial backing is poised to be instrumental in advancing their mission to provide more accurate and actionable weather forecasts for smallholder farmers in East Africa. The endeavor will be carried out in close collaboration with regional technology and weather partners, seeking to cost-effectively develop sub-seasonal to seasonal (S2S) weather predictions. The ultimate aim is to boost agricultural productivity and enhance food security within East Africa, especially in the face of a changing and unpredictable climate.

Matt Stein, co-founder and CEO of Salient, underscored the alignment of this initiative with their overarching mission of promoting climate resiliency. He expressed their commitment to aiding smallholder farmers in East Africa and supplying improved S2S forecasts, made possible through the integration of data from ground-based weather stations. Stein stated, “Supporting smallholder farmers in East Africa is well aligned with Salient’s mission of enabling climate resiliency and responding to the challenges of our changing climate.”

The financial backing from the Bill & Melinda Gates Foundation is anticipated to be instrumental in delivering climate-informed decision support tools. These tools will enable farmers to adapt to and mitigate the impacts of climate change. For instance, farmers will be better equipped to make crucial decisions regarding the choice of crops or varieties to plant ahead of each growing season, relying on forecasts of seasonal weather patterns rather than merely extrapolating from historical trends.

Georgina Campbell Flatter, the Executive Director at TomorrowNow, a non-profit organization affiliated with Tomorrow.io and an in-region partner of Salient, expressed her enthusiasm for leveraging Salient’s expertise. She highlighted the transformative potential of their next-generation sub-seasonal to seasonal weather forecasting in East Africa, emphasizing the shared commitment to positively impact the lives of countless small-scale farmers. Flatter said, “Together with our partners, we endeavor to make a profound impact on the lives of millions of small-scale farmers.”

Alex Sananka, Data Science Manager at One Acre Fund, underscored the pivotal role played by farmers in ensuring food security and prosperity. He noted that the current weather forecasts in East Africa extend only up to 14 days ahead. However, the availability of Salient’s S2S forecasting solution is poised to be a game-changer, enabling the provision of more extended lead-time forecasts. This, in turn, will better support millions of farmers in the region in making informed decisions about the crops and seed varieties to plant. Sananka expressed his excitement about the possibilities this solution brings to the farming community in East Africa.

Salient Predictions weather Salient Predictions weather

Vodacom’s Parent Company Embraces Open RAN Technology

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

Ethiopia Opens Doors to Non-Banks and Investment Platforms in Mobile Money Sector in Latest Reforms

In a notable stride toward modernizing its financial landscape, the National Bank of Ethiopia (NBE) has unveiled a series of revised directives that are set to foster both security and innovation within the mobile money service sector. These reforms signal a pivotal moment in the nation’s ongoing pursuit of a dynamic and resilient financial ecosystem. The newly unveiled Payment Instrument Issuer Directive, introduced recently, stands as a testament to Ethiopia’s commitment to nurturing a competitive and innovative environment. By aligning these developments with the broader mission of the National Bank, this report delves into the intricacies of these regulatory changes, providing a comprehensive understanding of the transformation that is underway in Ethiopia’s mobile money landscape.

Transaction Limits and Exemptions:

The NBE has raised the daily electronic account balance limit from Birr 30,000 to Birr 75,000 ($540 to $1300). This change offers greater flexibility for users, allowing them to store more money in their mobile money accounts.

Notably, certain transaction types, such as utility payments, tax payments, airline ticket purchases, fuel payments, and bulk payments, are exempt from these limits. This facilitates essential financial transactions without constraints.

Inclusion of Non-Banks:

One of the most groundbreaking changes is the inclusion of non-bank entities in the mobile money sector. This marks a shift away from traditional banking dominance and introduces competition, innovation, and diversity in service providers.

Investment in Securities:

Mobile money platforms are now authorized to facilitate users’ investments in government and private securities electronically. They can also handle payments related to these investments, including principal, interest, dividends, and returns. This expansion opens doors for fintech entrepreneurs to offer investment-related services.

Future Investment Features:

The directive hints at the potential for mobile money platforms to offer more advanced investment features in the future. This could mean the ability for users to invest in assets like bonds or stocks via their mobile money accounts.

Financial Inclusion and Economic Growth:

The overarching goal of these changes is to create a stable financial system that ensures every citizen has access to a diverse range of financial services. This not only fosters economic growth but also improves living standards for Ethiopians.

Detailed Requirements for Foreign Providers:

The revised directive includes specific and detailed requirements for foreign mobile money service providers who intend to enter the Ethiopian market. This ensures that foreign providers comply with local regulations and standards.

Securities Exchange Preparation:

Ethiopia is gearing up to establish its first-ever securities exchange, with several state-owned enterprises designated as founding members. For fintech entrepreneurs, this development presents potential collaboration opportunities and a growing ecosystem for financial services.

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South Africa’s TymeBank Reaches 8 Million Customer Milestone in Just Four Years

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 Startup Cue Raises $500K to Scale Its AI-Driven Customer Service Solutions

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

South African startup Cue is set to expand its AI-driven customer service solutions after successfully raising $500,000 (approximately R10 million) in funding. The undisclosed investor’s support signifies a major milestone for Cue, which specializes in AI-driven solutions that empower businesses to improve their customer service channels through the use of chatbots and live chat on platforms like WhatsApp and various social media platforms.

The company, which recently expanded its operations to the UK, has experienced rapid growth over the past year due to the surging demand for its AI platform. This platform seamlessly integrates chatbots and live chat into clients’ business applications. With the newly acquired funding, Cue plans to extend its operations in both the local market and the UK, further enhancing its AI capabilities across various self-service channels, including WhatsApp, Messenger, and web chat. The aim is to provide rapid, flexible, and personalized customer service experiences while significantly reducing wait times and operational costs for businesses. Notably, Cue has already delivered impressive results to clients in various industries, including well-known companies like King Price Insurance, Affinity Health, Mancosa, and Save Hyper.

Cue has seen substantial growth in its workforce, with a more than 500% increase in employees from 2018 to the present. They have also built a robust client base, serving over 300 clients over the years. This recent round of funding is expected to further accelerate growth in both of these key areas.

The surge in cloud storage solutions and the introduction of generative AI chatbots, such as ChatGPT, GPT-3.5, MidJourney, and Stable Diffusion, has greatly accelerated the adoption of AI across various industries. As companies continue to identify innovative use cases, AI adoption is on the rise. According to research by Grand View Research, the global generative AI market was valued at $10.14 billion in 2022, and it is anticipated to grow at a compound annual growth rate of 35.6% from 2023 to 2030. Key drivers for this growth include the increasing application of technologies such as super-resolution, text-to-image conversion, and text-to-video conversion, as well as the growing demand to modernize workflow processes across various industries.

Cue was founded in 2015 by Rhett Trickett, Ryan Egnos and Richard Nischk.

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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 con