What The Latest 2Africa Submarine Cable Additions Mean For Nigeria’s South East, Others

The 2Africa consortium, comprised of China Mobile International, Facebook, MTN GlobalConnect, Orange, stc, Telecom Egypt, Vodafone and WIOCC, has announced the addition of four new branches to the 2Africa submarine cable. 

Alioune Ndiaye, CEO of Orange Middle East and Africa
Alioune Ndiaye, CEO of Orange Middle East and Africa

In a statement, the consortium said the branches will extend 2Africa’s connectivity to the Seychelles, Comoros Islands and Angola, and bring a new landing to south-east Nigeria. The new branches join the recently announced extension to the Canary Islands. 

Read also Telephone Numbers In Ivory Coast Change To 10 Digits

With a length of 37,000 kilometers, 2Africa will be one of the world’s largest subsea cable projects, connecting Europe (through Egypt) to the Middle East (via Saudi Arabia) and 25 landings in 16 African countries. With a design capacity of up to 180Tbps on crucial elements of the system, the system is expected to go live in 2023/4, delivering more than the total combined capacity of all subsea cables servicing Africa today. 

Improved Bandwidth Means Increase In Capacity To Process Data, Vital For Explosion In Digital Activities

2Africa will provide much-needed internet capacity and dependability over most of Africa, supplementing the Middle East’s rapidly expanding capacity need and enabling the further expansion of 4G, 5G, and fixed broadband connectivity for hundreds of millions of people.

“As one of the world’s leading multi-service telecommunications operators and present in 18 countries in Africa and the Middle East, it was natural for Orange to be part of the 2Africa project. This major investment will complete our existing submarine and pan-African terrestrial infrastructures to provide access to international connectivity in a redundant fashion throughout the west coast of Africa. It will enable Orange to securely meet the demand for increased bandwidth necessary for the continued digital development of regions throughout the 2Africa system,” Alioune Ndiaye, CEO of Orange Middle East and Africa, said at the launch of the 2Africa project recently. 

Undersea cables provide for rapid communication by delivering 95% of all data and voice traffic that crosses international borders. “Many people around the world believe that their emails and phone messages are being sent through satellites. They are mistaken because satellites account for less than 5%,” said Matis Matthew of the US War College. Thus, under-sea cables have a far higher capacity and are more reliable than satellites.

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Under-sea cables also serve as the backbone of the global economy, transmitting nearly $10 trillion in financial transactions each day. 

“Improving connectivity for Africa is a significant step which lays the groundwork for increased digitalisation across the continent,” said Vinod Kumar, CEO Vodafone Business. “2Africa will give local businesses and consumers a better online experience while more connectivity between Africa, Europe and the Middle East will help to build a wider, more inclusive digital society across the globe.”

The 2Africa cable will use ASN’s SDM1 technology, which allows for the deployment of up to 16 fiber pairs instead of the eight supported by earlier technologies, resulting in significantly higher and more cost-effective capacity. Optical switching technology will be used in the cable to allow for flexible bandwidth control. In comparison to the previous system, the cable burial depth has been raised by 50%.

South East submarine cable
Map of 2Africa landing countries. Source: Business Wire

Why This Matters For Nigeria’s Tech Startup Landscape

Before now, Lagos is almost synonymous with Nigeria whenever Nigeria’s tech startup ecosystem and the investments that come to it are mentioned. One of the reasons for this is partly because of the population density of the city, which is home to more than 20 million people.

But then, supporting the fast processing of data of the city’s teeming population are submarine cables. Presently, all of Nigeria’s existing five international submarine cables — including the SAT3 cable, MainOne cable, Glo1 cable, ACE cable, and WACS cable, which were landed by Natcom, MainOne, Glo 1, Dolphin Telecom, and MTN respectively and have a capacity of over 40 Tbps — have only landed in Lagos. The city holds about 15.2% of the country’s entire internet population (14,192,283 subscribers). 

In the entire south east of Nigeria — made of Abia, Anambra, Ebonyi, Enugu and Imo states — there are close to 15 million active internet subscribers, as at Q3 2019.

The figures are even more interesting when a combination of adjoining states, where the highest economic activities occur, is made. For instance, the south eastern state of Anambra which forms an urban conurbation with Delta, alone, has more than 5 million active internet users. The state of Delta, on its own, has more than 4 million internet subscribers. Most interesting also is when another neighbouring state such as Abia, with over 3 million internet subscribers, is added to the combination. This therefore, presents additional — often neglected — markets for tech startups looking to scale their businesses outside Lagos.

As a result, the undersea cables will boost fast and reliable processing of digital data for the present digital population in the region while also encouraging penetration into previously unreached areas.

A recent report has listed Enugu — a city in the region — as Nigeria’s fifth biggest startup city behind Lagos, Ibadan, Abuja and Port Harcourt.

Collectively, the region also have an average GDP per capita of around $1300, compared to Lagos’ $7000, or Uganda’s capital city Kampala’s estimated $2000

“We’re excited to be collaborating with our 2Africa partners on the most comprehensive subsea cable that will serve the continent,” said Najam Ahmad, Vice President, Network Infrastructure at Facebook. “2Africa is a major element of our ongoing investment in Africa to bring more people online to a faster internet. We’ve seen first-hand the positive impact that increased connectivity has on communities, from education to healthcare. We know that economies flourish when there is widely accessible internet for businesses. 2Africa is a key pillar supporting this tremendous internet expansion as part of Africa’s surging digital economy.”

South East submarine cable South East submarine cable South East submarine cable

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

What Is The Average Funding Amount Needed To Run A Fintech Startup In Nigeria, Egypt And Other Countries In Africa?

Running a fintech startup in Nigeria, Egypt and other African countries is a tall order when it comes to funding. While no exact amount could be fixed as the standard raise for running a fintech startup in Africa, a historical study of the funding data for fintech startups in Africa gives an insight as to what is expected at every stage of the fintech startup journey. Successful fintech startups, such as Paystack, have however made a remarkable departure from what obtains for a majority of the continent’s teeming fintech startups. After raising a $1.3m seed round, the payments company proceeded to raise only a $10.2m Series A before its acquisition. This is compared to the continent’s unicorns such as Flutterwave, Chipper Cash and Opay, which have at least crossed the Series B stage of funding, and in most cases Series C. 

Finding the average funding amount required to run a fintech startup in Africa is also a tough journey as most startups failed to disclose the amounts they raised as well as the relevant stages of the funding, thereby creating uncertainty within various data sets. 

Read also:Vodacom Business Africa Goes Trans-Atlantic, Berths in South America

That said, based on the curated data below, the average funding amounts existing fintech startups in Africa have used to propel their growth at every stage of their startup journeys are: 

Pre-seed: Between $500,000 — $1,000,000

Seed: Between $1,000,000 — $2,600,000

Series A: Between $5,000,000 — $11,600,000

Series B: $20,000,000 — $33,900,000

Series C: $50,000,000 — $108,300,000

Fintech funding Nigeria Africa

In understanding the methodology behind the figures above, the following facts must be borne in mind: 

  • There are more seed rounds for fintech startups in Africa, with majority of the seed amounts uncategorized or unreported. 
  • Fintech startups in Africa raised less pre-seed rounds than seed rounds, and less Series B rounds than Series A. Again, to-date, only about 3 fintechs have reported Series C rounds. This thereby makes the data for pre-seeds, Series B and Series C more accurate.
  • It is insightful that apart from JUMO, all fintech startups in Africa that have raised Series C rounds have proceeded to become unicorns, (that is, privately-held companies valued at more than $1 billion). 

Find a larger table for the reported fundraising activities of African fintech startups for the years covered below:  

S/NName of CompanyBase Country of OperationsDescription of StartupsYear FoundedPre-seedSeedSeries ASeries BSeries CUncategorised
1MoneyHashEgyptFintech API Six Figure (2021)     
2MavianceCameroonAgency banking; bulk bill payments2012     $3m (2021)
3appsNmobileGhanaPayment processing2015     $1m(2021)
4Chipper CashGhanaInternational money transfers2018 $6m (2019) $2.4m (2019)$13.8m (2020)$30m (2020)$100m (2021) 
5Mozare3EgyptAgri-fintech2020Seven figure(2021)     
6MonoNigeriaFintech API2020$500k (2020)$2m (2021)    
7BFREENigeriaCredit Management/Debt collection2020 $800k (2021)    
8ArifPayEthiopiaMobile point of sale2021     $3.5m (2021)
9EnsibuukoUgandaMicrofinance for credit unions and SACCOs2014 $1m (2021) $500k (2016) $500k (2017)    
10KashatEgyptNano lending2020 $1m (2019)   Undisclosed (2021)
11PayflexSouth AfricaBuy now, pay later2019     Undisclosed (2021)
12OkraNigeriaFintech API2019$1m (2020)$3.5m(2021)    
13BezoMoneyGhanaCredit and investment fintech2019$100k (2019)$200k (2021)    
14ZeepayGhanaDigital assets2014 $940k(2020)$7.9m(2021)   
15NumidaUgandaCredit fintech2017 $2.3m (2021)    
16FairMoneyNigeriaNeobank2017 $1.4m (2018)$11.8m (2019)$42m (2021)  
17PayhippoNigeriaCredit fintech2020$1m (2021)     
18AppZoneNigeriaSaaS for financial institution2008 Undisclosed (2018)$10m (2021)   
19PaymobEgyptMobile wallet2015  $18.5m(2021)   
20HUB2Ivory Coast/ReunionB2B payments for e-merchants2018 $296k (2018)   $1.8m (2021)
21BanklyNigeriaDigitizing informal thrift collection2018 $2m (2021)    
22NowPayEgyptFinancial wellbeing network for workers2018$600k (2019)$2.2m (2020);  Pre-Series A (Undisclosed; 2021)   
23NomaniniSouth AfricaFintech connecting merchant with distributors2011     $500k (2021) Undisclosed (2015); $4m (2019) $1.5m(2021)
24AdumoSouth AfricaPayments processing2019     $15m (2021)
25DayraEgyptFintech API2020$3m(2021)     
26FlutterwaveNigeriaMerchant Payments/ ecommerce2016 $120k (2016)$20m (2018)$35m (2020)$170m(2021) 
27StitchSouth AfricaFintech API2019 $4m(2021)    
28MortgageMarketSouth AfricaHome loan fintech2019 $481k (2019)$684k   
29PopoteKenyaRemote inventory payments for business owners2017     Undisclosed (2021)
30OZEGhanaCredit fintech2017 $700k (2021)    
31CassbanaEgyptAI-powered credit-scoring fintech2020$1m (2021)     
32OnePipeNigeriaFintech API2019$950K(2020)     
33Zeal RewardsEgyptPayments rewards2019 6-figure (2020)    
34CredpalNigeriaCredit2018$37k (2018)    $1.5m (2021)
35PassNigeriaCheck-out payment solution for ecommerce2020Undisclosed (2020)Undisclosed (2021)    
36FinChatBotSouth AfricaChatbots for financial companies in South Africa.2016     $1.6m (2020)
37MakeebaCape VerdePOS payments/ Money transfer      $2.8m (crowdfunding, 2020)
38FlickEgyptCross-border money transfer2020$1m(2021)     
39KashierEgyptEnables payments for ecommerce startup2019 Six-figure (2020)    
40ElGameyaEgyptSavings for credit union fintech2018Six-figure (2020)     
41EversendUgandaCross-border money transfer/currency exchange2017     $1m (Crowdfunding; 2020)
42OnePayMoroccoDistributor/ aggregator      $409k (2020)
42FrancSouth AfricaInvestment robo-advisor2018 $300k(2020)    
43ProfitShare PartnersSouth AfricaB2B credit fintech2017     $5.8m (2020); $1.7m (2019)
44JamborrowNigeriaAI-powered Robo advisor/blockchain integrated payment2018     $400k (2020)
45KhaznaEgyptMobile finance services2019     Undisclosed (2020)
46JUMOSouth AfricaPayroll loans to government and corporate workers2014  $3m (2018)$64.5m (2018)$55M (2020)$34.2m (2015; 2016; 2017)
47AellaNigeriaBlockchain finance2015 Undisclosed (2017)   $10m (2020)
48MigoNigeriaCredit scoring2014  $13m (2018)$20m (2019)  
49AsilimiaKenyaB2B payment infrastructure2017     $350k (2019)
50OpayNigeria    $50m (2019)$120m (2019)  
51PalmPayNigeriaFinancial payments2019 $40m (2019)    
52ZazuZambiaDigital banking2017     $1.5m (2019) $218k (crowdfunding)
53uKhesheSouth AfricaMicro transactions, allowing card users to pay and get paid.2015 $500k (2019)   $2m(2020)
54PayitupZimbabweProcesses bill payments2017     $13m (2019)
55TeamAptNigeriaAgency banking2015  $5.5m (2019)Undisclosed (2021)  
56Yalla XashMoroccoMobile transfer2017     $675k (2021)
55AZA Finance (BitPesa)KenyaCurrency trading2013 $1.1m (2018); $650k (2014)  $6.7m (2017)$20m(2021); $5m (2018)     $15m (2019) $1.5m (2016)  
56TeldaEgyptDigital bank2021$5m (2021)     
57SpacePointeNigeriaPoS2014     $1.2m (2016)
58PaystackNigeriaPayment solution for businesses2015 $1.3m (2016)$10.2m (2018)   
59YocoSouth AfricanCard payment/PoS2013 $1.7m (2014)$3m (2017)$16m (2018) $2.4m (2015)
60Drive RevenueSouth AfricaCloud-enabled financial management system.2013     Undisclosed (2017)
61AwamoUgandaMicrofinance2015 $550,000 (2015)   $1.7m (2017)
62WalaSouth AfricaBlockchain-powered financial services2015     Undisclosed (2017)
63PiggyVestNigeriaAutomated savings platform2016 $1.1m (2018); $50k (2017)    
64LidyaNigeriaCredit fintech2016 $1.25m(2017)$6.9m (2018)Pre-Series B $8.3m (2021)  
65Thank U CashNigeriaReward-based fintech2018 Undisclosed (2018)Undisclosed (Pre-Series A, 2021)  $410k (2020) Undisclosed (2018)
66PagaNigeriaMobile payments2009  $9m (2012)$25m(2018) $2m (2012)
$700k (2010)
67KudiGOGhanaMobile-based retail, payments2017 $490k (2019)    
68KudiNigeriaMoney services for the underbanked2016 $1.7m (2017)$12.6m (2019)   
69KudaNigeriaDigital bank2018$1.6m (2019)$10m (2020)$25m (2021)   
70JulayaIvory CoastB2B digital financial transactions, e.g. mobile money, etc.2018     $550k (2019)
71TroveNigeriaMicro-investing2018     Undisclosed (2020)
72LifeCheqSouth AfricaExpert financial advisory2015     Undisclosed (2020)
73SmartWageSouth AfricaSalary payments2019     $347k(2020)
74TradeSafeSouth AfricaEscrow2013     Undisclosed (2020)
75KwabaNigeriaRent-splitting2019     Undisclosed (2020)
76BlueloopNigeriaCrypto-based payments2019$77k (2020)     
77CowrywiseNigeriaWealth management /financial planning2017 $220k (2018)$3m (Pre-Series A, 2021)   
78RaiseKenyaCrowdfunding      $25k (2020)
79AfriexNigeriaZero-free transfers2019 $1.2m (2021)    
80ZoonaSouth AfricaPayments processing2012 $500k (2012)$4m (2012)$15m (2016); Undisclosed (2016) $2.4m (2014) $1m (2017)
81Alternative CircleKenyaMobile-based credit facility.2017     $1.1m (2017)
82EntersektSouth AfricaAuthentication systems for online and mobile banking services2018     Undisclosed (2017)
83InTouchSenegalAggregation of payments2014     $11.8m (Undisclosed) Undisclosed (2021)
84i-Pay (Ozow)South AfricaBank-to-bank automated and instant electronic funds transfers2014     Undisclosed (2017); Undisclosed (2019)
85MinesNigeriaCredit-as-a-service2014 $2.2m (2017); $1m (2017)$13m (2018)$20m (2019)  
86PezeshaKenyaP2P Lending2016 $1.1m (2018)    
87Wallet.ngNigeriaSmart banking2018     Undisclosed (2018)
88AllproNigeriaEnd-to-end lending for schools2018$190k (2019)    Undisclosed (2018)
89AccounteerNigeriaB2B accounting2015     Undisclosed (2018)
90RibyNigeriaFintech for credit unions /P2P lending2016     Undisclosed (2018)
91PayabillSouth AfricaDigital Lending2017     Undisclosed (2019)
92ExpensyaTunisiaSpend management2014   $20m (2021) Undisclosed (2016); $1.1m(2017) $4.5m(2018
93OneFiNigeriaLending2012     $5m (2019)
94MerQEgyptChatbot for fintech2018 Undisclosed (2019)    
95XPayEgyptBill payments2018 $250k (2018)    
96LulalendSouth AfricaLending2014 Undisclosed (2016)$6.5m (2019)   
97OzowSouth Africa        
98SOS CreditMoroccoFinancial services broker2016     Undisclosed (2019)
99My-iMaliSouth AfricaDigital wallet2018     Undisclosed (2019)
100CarbonNigeriaConsumer lending2012 $750k(2014)$10m (2015)  $5m (2019)
101AirbuySouth AfricaEcommerce payments enabler2016     $12k (2018)
102MoneyFellowsEgyptDigitizes chit funds/ SACCOS/Esusu2015 $600k (2018)$4m (2020)  $1m(2019)
103Planet42South AfricaCredit scoring for mobility finance2017 $2.6m (2020)   $10m (2020); $2.4m(2019) $2.6m (2020) $1m (2018) $950k (2019) $593K (2018)
104Peach PaymentsSouth AfricaPayment integration for ecommerce2012 $61k (2013)   Undisclosed (2021)
105CompariSureSouth AfricaChatbot for fintech2017     Undisclosed (2020)
106FrancSouth AfricaInvestment robo-advisor2018 $300k (2020)    
107PaymenowSouth AfricaEmployee benefits/early access to salaries2019 $230k (2020)   Undisclosed (2020
108Wallets AfricaNigeriaSend and receive money via mobile2018      
109ZagaceKenyaSoftware for fintech2013 $1.7m(2015); $15m (2017)    
110ImaliPayNigeriaAI-powered fintech for the gig economy2020Undisclosed
(2021)
     
111DioolCameroonB2B payments for merchants2015 $1.2m (2020)   $3.5m(2021)
112FawryEgyptElectronic payment network2008 Undisclosed (2008)   $100m(2015) Undisclosed (2017) $22m (2019)
           
           
           
           
           
           
Data based on reported figures for the years covered

Fintech funding Nigeria Africa Fintech funding Nigeria Africa Fintech funding Nigeria Africa Fintech funding Nigeria Africa Fintech funding Nigeria Africa

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Synthetic Identity Theft on the Rise

Synthetic Identity Theft

Identity theft has become a very common practice by criminals, and most people are relatively aware of it. Traditional identity theft has been around since forever, and it’s a practice where criminals steal personal information to then use for their benefit. However, identity theft can be synthetic as well.

This crime relates to fraudsters combining real and fake information to create a persona. For instance, criminals might use leaked or stolen Social Security Numbers (SSNs) and pair them with fake names, addresses, and dates of birth. How to stay safe? It isn’t easy, but possible.

Synthetic Identity Theft

Traditional Identity Theft

Traditional identity theft is a common practice used by criminals all over the globe. It involves theft of some personal documents, credit card information, a driver’s license, or similar documents with legal or financial value. Once they steal a document, they use it to find out more information about the owner. When they collect enough information, they often use the stolen documents for financial gain until the owner finds out.

Read also:MainOne’s Cloud Connect to Increase Business Connectivity in West Africa

Most people don’t know what’s going on until they get a monthly bank statement that shows their accounts have been cleaned out. The worst thing about this type of threat is that it is quite difficult to prove that it wasn’t you who made these financial transactions.

Thus, identity theft means that criminals perform specific actions you’re your behalf without your knowledge.

Synthetic Identity Theft

Synthetic identity theft is an even bigger problem because criminals don’t need accurate personal information to steal money. At least, not too many personal details. They only need a few details to combine with fake details and build a new identity. After they have the information they need, they open fake bank accounts and make purchases. Most synthetic thefts use the information they steal to get money from creditors and credit card companies.

How it Works

Most synthetic identity thefts are based on stolen Social Security Numbers combined with a few false pieces of information. They combine real SSN with fake names, addresses, and dates of birth. Without clearly identifiable information, criminals can use these fake accounts for all kinds of fraud.

Read also:Investors Target Saccos As Uganda’s Fintech , Ensibuuko, Raises $1M Seed Funding

Most of them use multiple identities for frauds, and they use it for months or even years until anyone notices. To prolong the scam for as long as possible, fraudsters have several preferred target groups. First of all, children or even infants can become victims. Since they won’t need bank services for years, criminals can silently taint their credit score. Older people are also possible victims as they might not stay informed on their financial situation. Overall, synthetic identity theft is among the fastest-growing financial crimes in the US, and it’s constantly growing every year.

Synthetic vs. Traditional Identity Theft

Synthetic and traditional identity thefts are very different in nature. Synthetic identity theft is much harder to detect because it involves the combination of real and fake information. With traditional identity theft, criminals use real identities to open accounts and make purchases. Most people realize that they are victims once they get the credit file from the bank.

When that happens, victims inform the bank that freezes their accounts and credit files. If the bank authorizes an investigation and proves that the account was stolen, victims are not charged or held responsible.

How to Stay Safe

Identity theft is no joke, and hundreds of thousands of people experience problems caused by stolen personal information in the US every year. However, with the right security measures in place, you can drastically reduce the chances of becoming a victim of identity theft. Here are a few useful tips:

Don’t Share Personal Information with Anyone

This one should go without saying, but many people still make the mistake of sharing their personal information with other people. That’s why you should never share your information with unauthorized people. If you have to tell someone other than the people that need it, you’re risking a heap of problems in the long run.

Use a Password Manager Online

Cybercriminals use all kinds of advanced technologies to find your passwords. Most people use the same passwords across all of their online accounts and profiles, so criminals can access anything they want once they are broken. That’s why you should get a password manager that holds all your unique passwords safely.

Read also:Ecobank Appoints Tomisin Fashina as Group Executive, Operations & Technology

Install a VPN

VPN stands for Virtual Private Network, and it can help you protect your identity when you go online. Tools like Atlas VPN ensure that your connection to the internet is always safe. It means that no one can snoop on your financial transactions when you perform them while connected to unsecured networks.

Conclusion

Identity theft is a pressing issue, and if you’re not careful about your online behavior, you could become a victim. However, if you take some extra precautions, you can minimize the chances of becoming a target. Install some anti-malware software, get a VPN, and be very careful when sharing your personal information with others.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Why Millicom is Selling Operations in Tanzania and Ghana

Millicom has signed agreements for the sale of its operations in Tanzania and for its stake in the AirtelTigo joint venture in Ghana. Once closed, the transactions will complete Millicom’s multi-year plan to divest its African operations and focus on its Latin American markets. Millicom has signed agreements for the sale of its operations in Tanzania and Ghana – completing its multi-year plan to divest its African operations and focus on its Latin American markets.

Millicom CEO, Mauricio Ramos.
Millicom CEO, Mauricio Ramos.

In Tanzania, Millicom has agreed to sell its entire operations to a consortium led by Axian, a pan-African group that was part of the consortium that acquired Millicom’s operations in Senegal in 2018.

Read also:Why South African Businesses Adopted Hybrid Cloud at Increasing Rate In 2020

In Ghana, Millicom along with its joint venture partner, Bharti Airtel Limited, have signed a definitive agreement for the transfer of AirtelTigo to the Government of Ghana. Millicom will take a $25 million charge as a result of this agreement.

“Today Tigo is a leading provider of broadband services to consumers, businesses and governments in Latin America, where penetration and data speeds remain low by the standards of more mature markets,” says Millicom CEO, Mauricio Ramos.

“Through our investment-led strategy, we are bringing reliable high-speed mobile and fixed broadband to the communities we serve in the region. With today’s announcement that we are divesting our remaining African businesses, we close a chapter in our history and open another solely focused on the Latin American region.”

Read also:A Year After Its Pre-seed Round, Nigerian API Fintech Startup, Okra, Lands Another $3.5m

Financial details were not disclosed, and the completion of each transaction is subject to customary closing conditions, including regulatory approvals.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Gokada Appoints Nikhil Goel as New CEO

Nikhil Goel, new CEO of Gokada

After the gruesome death of its founding CEO Fahim Saleh in July 2020, Nigeria-based last-mile delivery, logistics and transportation start-up Gokada has announced a replacement in the person of Nikhil Goel as its new CEO. Goel joined Gokada in 2019 as a Vice President of Rides, bringing with him extensive experience in the global last-mile logistics space as he worked in India as General Manager of unicorn food delivery start-up Zomato, and then as Head of New Verticals at SafeBoda in Kenya.

Nikhil Goel, new CEO of Gokada
Nikhil Goel, new CEO of Gokada

A statement from Gokada says that Goel has helped the company increase its revenue by 10X and grow it’s delivery order volume by 100X, enabling the company to reach profitability in the past 12 months. Commenting on Gokada’s current business model, Nikhil Goel said, “Gokada now serves thousands of individuals and businesses across Lagos. Our range of delivery solutions now spans a number of sectors such as food delivery, grocery delivery, parcel delivery, eCommerce fulfilment, and more. What makes me so proud of Gokada is the company’s Never-Give-Up attitude. Even in the midst of the pandemic which shortly followed the ride-hailing ban, we were able to bring most of our pilots back to jobs while in parallel launching reliable logistics solutions to support businesses in Nigeria, which allowed them to continue to provide their services to their customers.”

Read also:How Fahim Saleh, GOKADA Founder Was Murdered In New York

Speaking on the current business model, Nikhil Goel said, “Gokada now serves thousands of individuals and businesses across Lagos. Our range of delivery solutions now spans a number of sectors such as food delivery, grocery delivery, parcel delivery, eCommerce fulfilment, and more. What makes me so proud of Gokada is the company’s Never-Give-Up attitude. Even in the midst of the pandemic which shortly followed the ride-hailing ban, we were able to bring most of our pilots back to jobs while in parallel launching reliable logistics solutions to support businesses in Nigeria, which allowed them to continue to provide their services to their customers.”  

Read also:CEO Of Nigerian Startup Gokada Murdered In His New York Home

While the company began as a ride-hailing service, it has since become a leader in food delivery, parcel delivery, and other “last mile logistics” solutions throughout Lagos. With a growing fleet of over 1,000 riders and thousands of SME customers, Gokada plans to expand across other states in Nigeria in 2021. In the last year, the company has tackled and surmounted many challenges; from the okada ban to the  ‘EndSars’ protests in October 2020. As they expand into new geographies and verticals, Goel’s strong track record of prior success in the sector is poised to be a big advantage for Gokada.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Plotting Africa’s Startup Funding Landscape: A List Of Over 500 Active Investors In The Last 5 Years

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

Africa has come a long way in startup financing. Since 2015 at least, thousands of investors — angels, venture capital and private equity firms, credit institutions, high net worth individuals, family offices, accelerators, incubators, development finance institutions, non-profit entities, etc. — have passed through the continent’s startup ecosystem, dropping some funds. However, while different classes of investors have populated this ecosystem, venture capital firms (aka VCs) have shown persistence as well as resourcefulness with funding. 

startup investors

In the course of plotting this investment landscape, what was most striking was the intensity of the rise of new funds meant for the ecosystem in the past three years alone; that is, between 2017 and 2020. It is expected that many more funds of this nature will crop up even, especially as more parts of Africa continue to migrate to the internet, partly forced by the coronavirus pandemic. 

That said, it must be pointed out that the long list below is not exhaustive of all the investors that have ever invested in the ecosystem. In deciding who made the list, all the investors that invested between 2019 and January 31, 2021 were, substantially, listed. For 2018 and backwards, a majority of one-time investors were excluded. They are called one-time because there was no evidence to support any subsequent investments by them. It became necessary to do so so as to assist founders in knowing who is probably still in business, and who to immediately reach out for investments. The door is still very much open, however, for any investor who was not captured in the list but who wishes to be added onto it.

It must also be pointed out that venture capital firms have mostly been preferred over other types of investors because of the very nature of startups themselves. 

Finally, if the list becomes so cumbersome, tiring to use, or simply boring and you would wish to have a hold of the first-hand document pasted here, kindly feel free and reach across to the writer through any medium, to have the document or more sent to you, although it must be noted here, also, that the document is not free.

Afrikan Heroes continues to wish you the best in your fundraising journey this year and beyond. 

Find the list next:

S/NName of  InvestorBase Country of OperationsSector/Stage FocusAverage Size of InvestmentYear (s) of InvestmentNotable Startups
in Portfolios
1TLcom CapitalLagos, NigeriaEarly stage, fintech, healthtech, logisticsUp to $1m and above2017; 2018; 2019; 2020; 2021Pula; uLesson; Kobo360; Andela; Twiga Foods
2Gaia Impact FundFranceClean energyUp to $500k and above2021;2020; 2019; 2018Innovex; upOwa; Oolu
3Orange FabFranceEarly stageUp to  $100k2021Biosave
4Owl VenturesUSAEdtechUp to $1m2021uLesson
5Founder CollectiveUSAEarly StageUp to $500k2021; 2020uLesson
6LocalGlobeUKSeed 2021;uLesson
7Maxula Seed FundTunis, TunisiaSeedUp to $100k2021MooMe
8All OnLagos, NigeriaEnergy/off-gridUp to $1m and above2019; 2020Arnergy; Oolu
9Anorak VenturesUSAConvertible Note, Early Stage Venture, SeedUp to $100k and above2021OZÉ
10Matuca SarlLuxembourgInventment, early stageUp to $100k and above2021OZÉ
11Rising Tide AfricaLagos, NigeriaFemale startups, edtech, early stageUp to $100k2021OZÉ
12Ingressive CapitalLagos, NigeriaPre-seed, seed, early stage, growthUp to $400k2018; 2020; 2021OZÉ; Vesicash; 54gene
13MEST AfricaAccra, GhanaSeedUp to $200k2018; 2019; 2020; 2021OZÉ; Nvoicia; Cofundie
14AUC AngelsCairo, EgyptEarly Stage, North AfricaUp to $200k2019; 2020; 2021Opio; ILLA
15Flat6LabsCairo, EgyptEarly Stage, Seed North AfricaUp to $20k2018; 2019; 2021Opio; ILLA; Brimore
16Investment Fund for Developing CountriesCopenhagen, DenmarkInvestments, impact investingUp to $1m and above2021Daystar Power
17STOAFranceEnergy/Off-grid, impact investingUp to $1m and above2021Daystar Power
18Verod CapitalLagos, NigeriaInvestments, ESG, energy, etc.Up to $1m and above2021Daystar Power
19Persistent EnergyNew York, United StatesInvestments, ESG, energy, etc.Up to $1m and above2017; 2018; 2019; 2020upOwa; Daystar Power; Oolu; Zonful
20Morgan Stanley Investment ManagementUnited KingdomInvestmentsUp to $1m and above2021Daystar Power
21EchoVCLagos, NigeriaEarly stage, seed$25k  to above $1m2015; 2018; 2019; 2020; 2021Agro Intelligence; Lori Systems; Hotels.ng; myPadi.ng
22Intel CapitalUSAArtificial intelligence, autonomous vehicles, datacenter and cloud, 5G, next-generation computeUp to $1m and above2021Agro Intelligence
23TPG AfricaLondon, UKGrowth EquityUp to $1m and above2018; 2021Agro Intelligence
24Alexandria FundCayman IslandsEarly stageUp to $100k and above2021Nawah Scientific
25Cairo AngelsEgyptEarly stage, North AfricaUp to $100k and above2016; 2017; 2018; 2019; 2020;2021Nawah Scientific; HireHunt; AlMaqarr; Buseet
26Alex AngelsEgyptEarly stage, North AfricaUp to $100k and above2017; 2018; 2019; 2020; 2021Nawah Scientific; AlMaqarr
27Hult Alumni AngelsLondon, UKEarly stageUp to $100k2021Nawah Scientific
28DisruptechEgyptEarly stage, Egypt, fintech, North AfricaUp to $1m2020; 2021Cassbana; Fatura
29Innlife InvestmentsCairo, EgyptSeed, EgyptUp to $100k2020Sigma Fit
30ACE & CompanyGeneva, SwitzerlandInvestmentsUp to $100 and above2020Source Beauty
31Goodsoil VCLondon; AccraEarly stageUp to 500k and above2020ZeePay
32Enygma VenturesUSAEarly stage, Southern African women, fintech, etc.Up to $500k and above2020Lupiya; Premier Credit
33Ludlow VenturesUSAConvertible Note, Early Stage Venture, Seed, VentureUp to $200k and above2020; 2021Umba
34Frontline VenturesDublin, IrelandB2B, early stage, seed, late, stage.Up to $200k and above2021Umba
35Act Venture CapitalDurblin IrelandMulti stageUp to $500k2021Umba
36XM2 PURSUITUKInvestment, droneUp to $100k and above2021Charis UAS
37TechstarsColorado; Austin, USASeed, early stage, investmentsUp to $100k and above2017; 2019; 2020OnePipe; The Sun Exchange; Farmcrowdy
38Nordic Impact FundsCopenhagen, DenmarkEast Africa, impact investingUp to $100k2019XENO
39Future Perfect VenturesNew York, USAEarly stage, blockchain, crypto, IoT, and AIUp to $100k and above2014; 2020OnePipe; AZA
40Raba CapitalCape Town, South AfricaSeed, early stage, investmentsUp to $100k and above2018; 2020OnePipe; Flutterwave
41PI VenturesSan Francisco, USAIdea, pre-seed, seedUp to $100k and above2020OnePipe
42Sherpa AfricaSouth AfricaEarly stage, pre-seedUp to $50k and above2020OnePipe
43Zedcrest CapitalLagos, NigeriaFintech, real estate, investmentsUp to $200k and above2020OnePipe
44DFS LabSeattle, USAEarly stageUp to $100k2017; 2018; 2019; 2020OnePipe; Nobuntu; Pezesha
45Angels ( Brandon Drew, Idris Ayo Bello, Rolaco, Gehan Fathi, Quirky Ventures, Jim Chu, Haresh Aswani, Vishal Agarwal, Folabi Esan, Chris Adelsbach, Rally Cap; Esther Dyson, Nijhad Jamal, Aadil Mamujee; Olumide Soyombo, Selma Ribica, Sandeep Nailwal, Shakir Merali Raffael Johnen (founder of Auxmoney), Johan Lorenzen (founder of Holvi), Brandon Krieg/Ed Robinson (founders of Stash), and Oliver and Lish Jung (angel investors in Nubank, Revolut, and Chime), Jim Waltrip, Dali Kilani, Bechir Tourki, Houssem Aoudi, Mohamed El Khamissy, Khaled Helioui and Cyril Grislain, Sylvie Ganter, Christophe, Cervasel, AngelSquare, Anaxago platform, Dr. Daniel Vasella, ex-chief executive of Novartis, Silicon Valley investor Jim Breyer, Amr Awadallah, co-founder of Cloudera, and Jim Payne, founder and CEO of MoPub, Lars Fjeldsoe-Nielsen(Former VP of mobile at Uber and Dropbox), Malek Sultan, Islam Mahdy (CEO of Credence), Calvin Ayre, Aziz Ketari, Hedi Ketari, Ahmed Mhiri, Welid Mnif, Hedi Hachouch, Slim Bouzguenda, Malek Ben Ayed, and Mehdi Triki, Tarek Sakr and Hamad Al Homizi, Flexport CEO Ryan Petersen and Nigerian founder Iyinoluwa Aboyeji, Jamal El Dabal, Frederik Gerner and Bas Hochstenbach, Abdelmoneim Al-Adawy, Black Coffee, Mohamed Elbazz, Property Finder chief executive officer (CEO) Michael Lahyani, Esther Dyson, Nijhad Jamal, Aadil Mamujee, Selma Ribica, and Shakir Merali,  Haresh Aswani with, Mohamed Gaballah, CEO of Egygab Holding, Sahil Lavingia, Essa Al-Saleh, Adam Molai, Lachy Groom (ex-Stripe staff), Shravin Bharti Mittal, Matt Mullenweg, Joel Gascoigne, David Hauser, Andrew Wilkinson, Vinny Lingham, Daniel Guasco, Wayne Gosling, Manuel Koser, Justin Drennan, Riaan Conradie, Roy Rodenstein, Collis Ta’eed, Ta’eed, Guillermo Rauch, Jesse Rasch, Michael Leeman, Mark Levitt and Henk Kleynhans, Maude Gliwa, Bill Paladino and Jacques Ludik; Kevin Gaskell, Taurai Chinyamakobvu, Brett Hurt; Rishi Varma; Saurabh Khetrapal; Jason Reneau; Alykhan Nathoo; Scott Kosch; Faisal Jiwa; Ed Keller; Aadil Mamujee; Dale Mathias; Edward Mathias; Claude Wasserstein; and Shamir Jiwa, Tyler Scriven, Michael Cohn, Josephine Group, FC Agro Allied SPV and Dr Christof Walter, chairman of EDventure Holdings Esther Dyson, Boston-based investor Joe Caruso, Patrick Munis, sther Dyson and Jambu Palaniappan, Wade Flemons  Hans Hawinkels, experienced Silicon Valley investor Justin Caldbeck, Y Combinator chief executive officer (CEO) Michael Seibel, Ahmed Kamal Selim, Julian Dames, foodora’s co-founder and DeliveryHero vice president.2021; 2020; 2018; 2019; 2017; 2015; 2016OnePipe; Kuda; Wee Media; NowPay; ThankUCash; GoMyCode; NextProtein; mPharma; Instabug; Kukua; Brimore; Argnineering; Centbee; Intigo; Lori Systems; SweepSouth; SWVL; Ilara Health; Kuda; isqan.com; Cowryrise; Odiggo; mPharma; Receiptful; The Student Hub; delvv.io; BitcoinFundi; Bamba; Farmcrowdy; SWVL; Aerobotics; Jamii; Xeneoh; Bwala; Kudi; MerQ; Elmenus
46Lateral CapitalNew York, USADebt, Early Stage Venture, Late Stage VentureUp to $100k and above2018; 2019; 2020Asoko Insights; Lynk
47Ventures PlatformLagos, NigeriaEarly stage, seedUp to $100k and above2018; 2019; 2020Flutterwave; Mono; MDaaS; ThankUCash; Trove
48Golden Palm InvestmentsAccra, GhanaInvestments, early stage, growth capital, real-estate, agribusiness, technology, etcUp to $500k and above2017; 2018; 2019; 2020Flutterwave; Mono; Chaka; Autochek; Sokowatch; Tizeti
49Orange VenturesFranceEarly Stage , Networks & IT, Digital Business, Cybersecurity, and Fintech) and beyond (Consumer platforms, E-gaming, Edtech, Health, etcUp to $1m and above2018; 2020Chari.ma; Africa’s Talking; Yoco
50DOB EquityNetherlands; Kenya; TanzaniaEast African startups, energy, growthUp to $1m2016; 2017; 2018; 2019; 2020Ilara Health; Twiga Foods; Mr. Green Africa
51Global VenturesDubaiEarly stageAbove $1m2020Ilara Health; Paymob; Helium Health
52Chandria CapitalNairobi, KenyaSeed, Growth, Series A, Series BUp to $500k2018; 2019; 2020Ilara Health; Carry1st; Kobo360
53ShakaVCNairobi KenyaFintech, health, new retail, transport and logistics.Up to $1m2019; 2020Ilara Health; GONA
54Villgro KenyaIndia;  KenyaEast Africa, health, early stageAbove $100k2018; 2019; 2020Ilara Health; Turaco
55RP GlobalLagos, Nigeria; Wien AustriaEnergy/Off-gridUp to $1m and above2020Oolu
56Persistent EnergyZurich, SwitzerlandEnergy/Off-gridUp to $1m2020Oolu
57DPI Energy VenturesSingaporeEnergy/Off-gridUp to $1m2019; 2020Oolu
58Falak StartupsEgyptSeed, Pre-seedUp to $100k2019Raseedi
60AfricInvestTunisiaInvestmentsUp to $1m and above2019; 2020Aerobotics; InstaDeep
61FMO Ventures ProgramNetherlands; Johannesburg, South AfricaAgriculture, fintech, energy, investmentsUp to  $1m2018; 2020Aerobotics; Easy Solar; Apollo Agriculture
62Cathay AfricInvest Innovation FundFranceSeed, growth, logistics, e-commerce, edtech, fintech, mobility, healthtech, energy and agtech.Up to $1m and above2020Aerobotics
63Energy Access VenturesParis, France.Energy/Off-gridUp to $1m2017; 2019; 2020SunCulture; PayGo Energy; PEG Africa; PAYG
64Electricte de FranceFranceEnergy/Off-grid 2020SunCulture
65Acumen Capital PartnersUKEnergy/Off-grid, impact investingUp to $1m2017; 2020SunCulture; Easy Solar; PEG Africa
66Dream Project IncubatorsSingapore, SingaporeEnergy/Off-gridUp to $1m and above2020SuncCulture
67Investisseurs & PartenairesParis; Burkina Faso; Cameroon, French-speaking Africa.Impact investingUp to $1m and above2020;StarNews; PEG Africa
68Expert DojoCalifornia, USAPre-seed; SeedAbove $100k2020;StarNews; MARJ3
69Blue Heaven InitiativeMassachusetts, United StatesImpact investingUp to $1m2017; 2018PEG Africa; Twiga Foods
70GFH HoldingsBahrain Financial Harbour, BahrainInvestmentsUp to$100k2020Africa Foresight Group
71ENGIE Rassembleurs d’EnergiesParis, France.Impact investing, energy, early growth stage, late growth StageUp to $1m2017PEG Africa
72AcumenNew York, USAImpact investing, agriculture, energy, etc.Up to $1m2017; 2019; 2020;PEG Africa; PowerGen
73PCG InvestmentsLoosdrecht, NetherlandsFintech, impact investingUp to $1m2017PEG Africa
74Lorax Capital PartnersZamalek, Al Qahirah, EgyptGrowth, Egypt, private equityUp to $500k and above2020Dsquares
75Algebra VenturesCairo, Al Qahirah, EgyptEarly stageUp to $500k and above2017; 2018; 2019;  2020Dsquares; GoodsMart; Elmenus; Eventtus; La Reina; iCommunity; Halan; Trella; Brimore; Orcas
76Ezdehar ManagementEgyptEgypt, Private equityUp to $1m and above2020Dsquares
77GreenTech CapitalGermanyEarly stageUp to $100k  and above2018; 2019; 2020Bismart; Pricepally; WidEnergy; Parcel-it; SuperFluid
78LendableUKDebtUp to $1m and above2019; 2020Planet42; OneFi
79Y CombinatorUSAEarly stage$150k2015;2016; 2017; 2018; 2019; 2020Paystack; Kobo360; Oolu; Aella; Tizeti
80GreenHouse CapitalLagos, NigeriaEarly stageUp to $100k2016; 2017; 2020CredPal; Helium Health
814DX VenturesNew York; Ghana; EgyptEarly stage, ecommerce, etcUp to $1m2018; 2019; 2020Eksab; MaxAB; Sokowatch; Tizeti; Flutterwave
82ShEquityMauritiusFemale founders2020WidEnergy
83Groupe CofinaCôte d’Ivoire, Burkina Faso, Mali, Guinea-Conakry, Congo-Brazzaville, Gabon and Senegal.MesofinanceAbove $100k2020Ogooue Labs
84Goodwell InvestmentsNetherlandsEarly stageAbove $1m2015; 2016; 2018; 2019; 2020Inclusivity Solutions; CopiaKenya; Sendy; Paga; WhereIsMyTransport
85Sawari VenturesEgyptEarly stage, EgyptUp to $1m2018; 2020ExpandCart; SWVL
86Agility VenturesKuwaitEarly stage, North Africa, delivery & logistics, Ecommerce, Food & Beverage, IoT, Renewable Energy,Transport, Agnostic,Technology, Artificial IntelligenceUp to $1m and above2019; 2020ExpandCart
87Graphene VenturesPalo Alto, USAMulti stageUp to $1m2020ExpandCart
88Africa Capital AllianceLagos, NigeriaPrivate EquityUp to $20m2020Accelerex Holdings
89Ribbit CapitalPalo Alto, USAEarly stage, financeUp to $1m and above2020Chipper Cash
90Bezos ExpeditionUSAEarly stageUp to $1m2020Chipper Cash
91500 StartupsUSAEarly stageUp to $500k2015; 2016 2017; 2018; 2019; 2020Chipper Cash; Aella; Dabchy; NowPay; La Reina; Mumm; Eventtus; Buseet; Brimor
92Liquid 2 VenturesSan Francisco, USAEarly stage, seed stageUp to $1m and above2020Chipper Cash
93Transition Level InvestmentsQueensland, AustraliaEarly stage, seed stage, investments, consultingUp to $1m and above2020Chipper Cash
94One Way VenturesMassachusetts, USASeed stage, early stage, immigrant AmericansUp to $1m2020Chipper Cash
95Deciens CapitalSan Francisco, USAEarly stage, fintech (payments, lending, insurance, regtech, risk mananagement, capital markets, trade finance)Up to $1m and above2019; 2020Chipper Cash
96Catalyst FundUSAEarly stage, fintech, ecommerce, agritechUp to $100k2017; 2019; 2020Chipper Cash; OMG Digital; Turaco
97Le Studio VCParis, FranceEarly stageUp to $1m2019FairMoney
98MSA CapitalBeijing, ChinaEarly stageUp to  $1m2019; 2020AutoChek; TradeDepot; Homzmart; SWVL
99Kepple Africa VenturesJapanEarly stageUp to $100k and above2019; 2020AutoChek; UTU Tech
100Naspers FoundrySouth AfricaEarly stageUp to $1m2020The Student Hub
101MENA Technology FundUKEarly stage, MENA 2020Wuilt
102Daal VCDubaiEarly stage, North Africa, ecommerceUp to $100k2019; 2020Wuilt; Dabchy
103Binance LabsHong KongBlockchainUp to $50k; Up to $1m and above2020Xend Finance
104Google LaunchpadSan Francisco, USAEarly stage, product strategy, UX, technology, marketing and business developmentUp to $50k and above2020Xend Finance
105AU21 CapitalSan Francisco, USABlockchain, early stageUp to $500k and above2020Xend Finance
106TRG CapitalAmsterdam, NetherlandsEarly stage, seedUp to $100k and above2020Xend Finance
107JUN CapitalShanghai, ChinaBlockchain, cryptocurrencyUp to $500k and above2020Xend Finance
108Amplifi CapitalSan Jose, California, USABlockchain, cryptocurrencyUp to $100k and above2020Xend Finance
109Imperial Venture Fund (Newtown Partners)Cape Town, South AfricaEarly stage, logistics etc.Up to $1m2016; 2017; 2018; 2019; 2020Lori Systems; Field Intellgience; SweepSouth; Wala; OVEX
110Saviu VenturesFranceEarly stage (mostly French-speaking Africa) logistics, fashion ecommerce, HR, transport, fintech, etcUp to $1m2020FinChatBot
111Compass Venture CapitalMauritiusEarly stage, fintech, energy, HR etcUp to $1m2018; 2020FinChatBot; Ominiscient
112Kalon Venture PartnersSouth AfricaEarly stage South African fintechs, marketing etcUp to $1m2017; 2018; 2019; 2020FinChatBot; Mobiz; Sendmarc; SnapnSave; The Sun Exchange; Flow; Ozow i-pay
113Mercy Corps VenturesArizona, USAEarly stage, fintech, Insurtech, agritech, HR, logisiticsUp to $1m2019; 2020Turaco
114Musha VenturesNew York Area, USAEarly stage, agritech, edtech, healthtech, fintech, logisticsAbove $1002019; 2020Turaco; WorkPay
115GAN VenturesDenver Area, USAEarly stage, fintech, insurance, ecommerce, etcUp to $500k2019; 2020Turaco
116Zephyr AcornNairobi KenyaEarly stage, insurance, fintech, etc.Up to $100k and above2018; 2020Turaco; Asoko Insights
117Target GlobalBerlin, GermanyEarly stage blockchain, healthtech, fintech, logistics, etc.Up to $1m2020Kuda
118Entrée CapitalIsrael, UK, USMulti stageUp to $1m2020Kuda
119SBI InvestmentTokyo, JapanManages VC fundsUp to $1m2020Kuda
120Outlierz VenturesMoroccoEarly stage, Nigeria, Kenya, Egypt, Morocco; retail, logistics, healthtech, fintechUp to $1m2018; 2019; 2020Sokowatch; MaxAB; Asoko Insight
121Averroes Venture CapitalCairo, EgyptEarly stage, foodtech, logistics, transport, healthtechAbove $100k2020ILLA
122Samurai IncubateJapanEarly stage, FinTech / insureTech, logistics, Medtech / healthcare, retail & e-commerce, agritech, transport & mobility, and entertainment sectorsBetween $50k-$500k2020;Eden Life; Evolve Credit
123Grenfell HoldingsHong KongFinanceAbove $100k2020Wee Media
124Knarrs VenturesTexas, USAAsset ManagerAbove $100k2020Wee Media
125Morocco Numeric FundMoroccoEarly stage, MoroccoAbove $1m2020Atlan Space
126Saudi Venture Capital CompanySaudi ArabiaEarly stage, North AfricaUp to $100k2019; 2020Brantu; Dabchy; Glamera
127Vision VenturesKhobar, Saudi ArabiaSeed, Early stage, North Africa, ecommerce, transport, cloud & mobileUp to $500k and above2019; 2020Brantu; Chefaa; Brimore; Dabchy
128Dhaman CompanyBahrainIoT, North AfricaUp to $100k2020Brantu
129Goldman SachsNew YorkMulti stageAbove $1m2019; 2020Twiga Foods; JUMO; Kobo360
130International Finance CorporationNew York; regional officesMulti stageAbove $1m2015; 2018; 2019; 2020Twiga Foods; Tradeport; Grainpulse; Lulalend; Kobo360; Vezeeta
131Bill & Melinda Gates FoundationUSAMulti stage, grantUp to $1m2020Ilara
132Mobility 54 Investment Fund (Toyota Tsusho)JapanMulti stage, logistics, transport, mobilityUp to $1m2020Tugende; Data Integrateda; WhereIsMyTransport; Sendy
133FinX CapitalSouth AfricaSeed, Early Stage, South AfricaUp to $500k2020Udok
134SixThirtyUSAEarly stage, fintech, Insurtech, cybersecurityAbove $100k2020Click2Sure
135Foundation VenturesCairo, EgyptEarly stage, Egypt$Above $100k2020NowPay
136Endure  CapitalCairo, EgyptEarly stage, energy, fintech, edtech, foodtech, ecommerce etcAbove $100k2015; 2018; 2019; 2020NowPay; Brimore; MaxAB
137Beco CapitalDubai, UAEEarly stage, North Africa, fintech, transport, ecommerce, healthtech, etc.Up to $1m and above2017; 2018; 2019; 2020NowPay; MaxAB; SWVL; Vezeeta
138Plug & PlayUSAEarly stage, fintech, blockchainUp to $500k2020NowPay
139EFG-EV FintechEgyptEarly stage, fintech etcUp to $250k2018; 2019; 2020NowPay; Raseedi; XPay
140EbtikarCairo, EgyptEarly stage, fintechUp to $100k2019; 2020NowPay; Wasla
141MicrotractionLagos, NigeriaEarly stage, fintech, blockchain, AI, etc.Up to $25k2018; 2019; 2020Sendbox; NowPay; 54gene; Cowryrise; Wallet.ng; ThankUCash; Accounteer; Riby; Stack Dx
141Amano CapitalZambiaEarly stage, SMEs, ZambiaUp to $20k2020Lusaka Grocery
142EF LogisticsCairo, EgyptEgypt, Early stage, logisticsUp to $100k2020Dreevo
143AI5EgyptSeed, Early Stage, adtechUp to $100k2020Milango
144Wamda CapitalDubaiMulti stage, agnostic, North Africa, AfricaUp to $1m and above2017; 2018; 2020GoMyCode; Twiga Foods; Aqarmap
145Jasminium CapitalTunisiaEarly stage, Tunisia, edtech, etcUp to $100k2020GoMyCode
146Meninx HoldingTunisiaEarly stage, edtechUp to $100k2020GoMyCode
147Anava Seed FundTunisiaEarly stage, Seed, edtech, etc.Up to $100k2020GoMyCode
148Social Venture Fund (Global Partnerships)USAMulti stage, mobility, Impact Investment etc.Up to $1m2017; 2018; 2020Tugende; PayGo Energy; PEG Africa; Tulaa
149Denali Venture PhilanthropyUSAImpact InvestmentUp to $1m2020Tugende
150Segal Family FoundationUSAEast Africa, Multi stage, impact investmentUp to $1m2020Tugende
151FINCA VenturesUgandaAfrica, Early stage, Impact Investment, social startupsUp to $1m2018; 2020Eneza Education; Good Nature Agro
152ItannaNigeriaEarly stageUp to $100k2020Indicina
153Betraton Venture GroupHong KongEarly stageUp to $500k2020ThankUCash
154Power Africa (USAID)USAEnergy/Off-grid, grantsUp to $200k2020Zuwa Energy; PEG Solar
155Angolan Active Venture Capital FundAngolaAngola, Early stage, agnostic.Up to $10k2020
156Angel Investment NetworkLondon, UKEarly stage, agnostic,Up to $1m2020okHi
157ResponsAbilitySwitzerlandImpact investmentAbove $1m2016; 2017: 2019; 2020Greenlight Planet; PAYG; PEG Africa; SolarNow
158SIMA FundsNew York, NairobiEnergy/Off-gridAbove $1m2019; 2020Greenlight Planet; d.Light
159SymbioticsCape Town, South AfricaImpact investingAbove $1m2020Greenlight Planet
160ARCH Emerging Markets Partners’ Africa Renewable Power Fund. Nairobi, LondonEnergy/Off-gridAbove $1m2020Greenlight Planet
161NorfundNorwayMulti stageAbove $1m2019; 2020Greenlight Planet; M-KOPA; Arnergy; Sundry Food
162CDC GroupUKMulti stage, debt, equity.Above $1m2019; 2020Greenlight Planet; PEG Africa; PAYG
163Aptive CapitalUSAEarly stageUp to $10k2020Skyfire Digital
164Glint Ventures (Glint Ventures Media limited)UKEarly stageUp to $100k2017; 2019; 2020Wasla; Kashier; Wasla; Filkhedma
165ChangelabsEgyptEarly stage 2020Diziria
166Endeavor CatalystUSAInvestment only in the companies of Endeavor EntrepreneursUp to $1m2017; 2019; 2020CopiaKenya; SWVL; Entersekt; InstiDeep
167HIMangelGiza, EgyptEarly stage$250k2019; 2020Rology; Shezlong; GBarena
168Dubai Angel InvestorsDubiaSeed, Early stageUp to $250k2019; 2020Rology; MoneyFellows
169Asia Africa Investment & Consulting (AAIC)JapanMulti stage, HealthtechUp to $1m and above2019; 2020Rology; Dentacarts; Kobo360
170Athaal GroupDubaiEarly stage, North AfricaUp to $100k2020Rology
171U.S. International Development Finance Corporation USAImpact InvestmentAbove $1m2020Lumos; CopiaKenya
172Kauffman Fellows’ SyndicateUSAEarly stageUp to $500k2017Elves
173EmaarDubaiEarly stage, North AfricaUp to $500k2017Elves
177LGT LighstoneCheshire, UKImpact investingUp to $1m2019CopiaKenya
178Perivoli InnovationsUKImpact InvestingUp to $1m2019; 2020CopiaKenya; Carry1st
179ELEA FoundationSwitzerlandImpact InvestingUp to $1m2019CopiaKenya
180GSV VenturesUSAEarly stage, edtech, Future of WorkUp to $1m2020Valenture Institute
181IKEA FoundationNetherlandsImpact investingUp to $1m2020SunFunder
182EDFI ElectriFiBelgiumEnergy/Off-gridUp to $1m2018; 2019; 2020Solarise; PowerGen; Arnergy; SunCulture
183Platform Investment PartnersJohannesburg, South AfricaEarly stage, telecom, tech, South AfricaUp to $1m2020Yellow
184Ruby Rock InvestmentSandton, South AfricaEarly stage, South AfricaUp to $500k2020Yellow
185LBO EnterprisesFlushing, New YorkLate stageUp to $1m2020Yellow
186TrineSwedenCrowd-investing, debt, energyUp to $1m2018; 2020Yellow; Pawame
187Indigo 7 Ventures (I7V)ScotlandEarly stage, ESG, energyUp to $100k2020Roundr
188Calvert Impact CapitalWisconsin, USAImpact investingAbove $1m2020SunFunder
189CeniarthLondon, UKEnergy, off-gridAbove $1m2020SunFunder
190SwedfundSwedenImpact investingAbove $1m2020SunFunder
191Paper Plane VenturesRandburg, South AfricaEarly stage, South Africa,Up to $1m and above2019; 2020Aerobotics
192Digital HorizonLondon, UKEarly stage, enterprise software, fintech, edtech, ecommerce, healthtechUp to $1m2020Healthlane
193Silicon Valley BankSilicon Valley, USAEarly stageAbove $1m2020Healthlane
194TSVC (formerly TEEC Angel Fund)Silicon Valley, USAEarly stageAbove $1m2020Healthlane
195Supernode VenturesNew York, USAEarly stageAbove $1m2020Healthlane
196CRE Venture CapitalNew YorkEarly stageUp to $500k and above2017; 2018; 2019; 2020SweepSouth; Rensource; Carry1st; Asoko Insight; Flutterwave; Flow; FlexClub
197CapitoriaCayman IslandsEarly stage, fintech, ecommerce, healthtech, biotechUp to $500k2020Healthlane
198 Ping An Good DoctorChinaHealthtech            –2020Healthlane
199PolychainUSABlockchain, Early stage, fintechAbove $1m2020Yellow Card
200Andreessen HorowitzUSABlockchain, Early stage, fintechUp to $1m2020Yellow Card
201Celo Ecosystem FundUSABlockchain, Early stage, fintechUp to $1m2020Yellow Card
202Loyal VCEgyptEarly stage, Egypt, startups must be alumni of Founder Institute or  INSEADUp to $100k2020DigiFi
203Clean Energy VenturesUSAEnergy, cleantech, off-gridUp to  $1m2020SparkMeter
204Breakthrough Energy Ventures (Bill Gates)France, USAEnergy, cleantech, off-gridUp to $1m2019; 2020SparkMeter; Max.ng; Arnergy
205Alitheia CapitalLagos, NigeriaEntreprise, edtech, fintechUp to $1m2018; 2020SparkMeter; Lidya
206Total Energy VenturesUSAEarly stage, energy, cleantech, off-gridUp to $1m2020SparkMeter
207Schmidt Family FoundationPalo Alto, USAImpact investingUp to $1m2020SparkMeter
208Incite CapitalMalaysiaSeed, Early stageAbove $100k2020SparkMeter
209Powerhouse FundUSAEarly stage, energy, mobilityUp to $200k2017; 2020The Sun exchange
210Shell FoundationUKImpact investing, mobility, energyUp to $1m2020SparkMeter
211Factor[e]Colorado, USAEnergy, cleantech, agritech, mobilityUp to $500k2020SparkMeter
212The E8 FundSeattle, USACleantech, Early stage,Up to $500k2020SparkMeter
213Knife CapitalCape Town, South AfricaEarly stage, edtech, etcUp to $500k and above2018; 2019; 2020DataProphet; Snapplify; PharmaScout
214Industrial Development Corporation of South Africa (IDC)South AfricaImpact investingUp to $1m2020DataProphet
215Norican GroupDenmarkImpact investingUp to $500k2020DataProphet
216YellowwoodsGauteng, South AfricaSoftware, insurtech,  artificial intelligence, machine learning and technology Up to $100k2017; 2018; 2020DataProphet; Naked Insurance; Simply
217Sanari Capital (Owned by Nedbank)South AfricaSouth Africa, private equityUp to $1m2018; 2020LightWare; Snapt;  Sensor Networks
218 VentureBuilderDakar, SenegalEarly stage,energy, off-grid.Above $100k2020Energy+
219 Cordaid Investment Management (Cordaid)NetherlandsImpact investing, debt, energyAbove $100k2020Energy+
220 United States African Development Foundation (USADF).USAImpact investing, grant, energy, etc.Up to $250k2020Energy+
221P1  VenturesSan Francisco, USAEarly stage, fintech, insurtech, HR, etc.Above $100k2020OnePipe; WorkPay
222Soma CapitalSan Francisco, USASoftware, Early stageUp to $100k2017; 2020WorkPay’ OMG Digital
223ViKtoria Business Angels NetworkNairobi, KenyaEast Africa, Early stage, seedUp to $100k2019; 2020MarketForce; ManPro
224138 PyramidsGiza, EgyptEarly stageUp to $100k2020Shaghalni
225Gemini Holding (Part of billionaire Naguib Onsi Sawiris’ investments)EgyptMulti stageUp to $100k2016Shaghalni
226Quona CapitalWashington USAEarly stage, fintechAbove $1m2016; 2017; 2018; 2019; 2020; 2021Sokowatch; Lulalend; Cowryrise; Yoko
227Dual Gate Investment HoldingSaudi ArabiaMulti stage, North AfricaUp to $100k2020Glamera
228E4E AfricaSouth AfricaEarly stage, South Africa, healthtech, agritech, fintechUp to $100k2020Enlabeler
229Enza CapitalNairobi, KenyaEarly stageUp to $1m2020Tuteria, Tugende; Sendy
230Niche CapitalLagos, NigeriaEarly stageUp to $100k2020Plentywaka
231EMFATO (Formerly Crowdyvest)Lagos, NigeriaEarly stageUp to $100k2020Plentwaka
232VC4ANetherlandsEarly stageUp to $1m2020Gozem; Afrikrea
233WIC CapitalSenegalEarly stage, Senegal, WomenUp to $300k2020E-Cover
234100x VenturesIndiaEarly stage, blockchainUp to $1m2020VALR
235BittrexUSAEarly stage blockchainUp to $500k2019; 2020VALR
236Montegray Capital (Michael Jordaan)South AfricaEarly stage, Seed, blockchainUp to $100k 2020; 2019VALR; FlexClub
237Capsa Capital PartnersTunisiaEarly stage, Tunisia, transport, roboticsUp to $500k2018; 2020Enova Robotitcs;  Intigo
238Vumela Fund (Edge Growth)South AfricaSouth Africa, growth stageUp to $1m2018; 2019; 2020Sea Monster; ProfitShare; Pineapple; Giraffe
239FuturegrowthCape TownSouth Africa, cleantech,Above $100k2020SweepSouth
240SmollanSouth AfricaGrowth stage, cleantechAbove $100k2017; 2018; 2019; 2020SweepSouth; SnapnSave
241Michael and Susan Dell FoundationUSAImpact investingUp to $1m2020SweepSouth
242PartechUSA, Kenya, SenegalEarly stage, ecommerce, fintech, etcUp to $1m and above2018; 2019; 2020Tradeport; Gebeya; Yoco; Kudi
243Women Entrepreneurs Finance Initiative (We-Fi)USAEarly stage, fintech, ecommerce, etcUp to $1m2020Tradeport
244Oman Technology FundOmanNorth Africa, Early stage, gaming, etcUp to $1m2018; 2019; 2020Galactech; Homzmart; Bekia; SWVL
245Village GlobalUSAEarly stageAbove $100k2018; 2020Eden Life; Sokowatch
246SA SME FundSouth AfricaSMEsUp to $1m2020ProfitShare Partners
247FiTech VenturesSouth AfricaSouth Africa, fintech, early stageUp to $200k2019; 2020SmartWage; Ukheshe
248ViaMediaSouth AfricaSouth Africa, Early stage.Up to $200k2020Paymenow
       
249Phoenician FundsBeirutEarly stage, North Africa, fintechUp to $1m2019MoneyFellows
250WZ CapitalSouth AfricaEarly stage, South AfricaUp to $50k
251VestedWorldChicago, USAEarly stageUp to $500k2020Vanu; Get It; Tomato Jos
252EdventuresEgyptEarly stage, edtech, culture, etc.Up to  $100k2018; 2019OTO Courses; EYouth; Career180; Colnn
253Change VenturesEstoniaEarly stage, Baltic,Above $500k2020Planet42
254WomenaDubaiEarly stage, women, North AfricaAbove $100k2020Chefaa
255Crucis Venture CapitalSouth AfricaEarly stage, South Africa, Agribusiness, Fintech, Healthcare, Manufacturing, Waste management and recyclingAbove $100k2020Sticitt
256LionPride Agility FundSouth AfricaSouth Africa, Section 12J, Early stage, SMEUp to $100k2020BusyMed
257Blue Ocean PartnersParis, FranceEarly stage, cleantechUp to $1m2020NextProtein
258Telos ImpactBelgium  Early stage, Impact investing, cleantechUp to $1m2020NextProtein
259Raise ImpactFranceImpact investingUp to $1m2020NextProtein
260Althelia Sustainable Ocean Fund (Mirova)UKESG investing, Seed, Series A, Series B.Up to $1m2020NextProtein
261Aucfan Incubate Inc.JapanEarly stage, AI, fintech, etcUp to $500k2020NextProtein
262Kima VenturesParis, FranceEarly stage,Up to $100k2017; 2020NextProtein; OMG Digital
263MFS AfricaAccra, GhanaFintech, InsurtechUp to $100k2020Inclusivity Solutions
264Allan GraySouth AfricaMulti stage, insurtech, wealth manager2019; 2020Inclusivity Solutions; Healthcent
265Umkhathi Wethu Ventures (UW Ventures)South AfricaMulti stage, insurtech, wealth managerUp to $100k2019; 2020Inclusivity Solutions; Healthcent
266Dompe HoldingItalyFamily office, biotech, healthtech, etc.Up to $1m2020mPharma
267Accion Venture LabUSASeed, Early stage, agritech, fintech; healthtechUp to $500k2015; 2016; 2017; 2018;  2019; 2020; 2021Appolo Agriculture; Lulalend; Field Intelligence; Pula; Lidya; Lumkani
268Impact Angel NetworkEthiopiaLogistics, Early stage,Up to $100k2020Deliver Addis
269Edge GrowtDurban, South AfricaEarly stage, South AfricaUp to $100k2020Syafunda
270Anthemis Exponential VenturesLondon, UKMulti stage, fintech, agritechUp to $1m2020Apollo Agriculture
271Leaps By BayerBerlin, GermanyMulti stage, life sciencesUp to $1m2020Apollo Agriculture
272Flourish VenturesSan Francisco, GermanyFintech, multi stageUp to $1m2019; 2020Apollo Agriculture; FairMoney
273Sage Hill CapitalMichigan USAMulti stageUp to $1m2020Apollo Agriculture
274To Venture FoodNairobi, KenyaAgritech, foodtech, life sciences, Multi stageUp to $1m2020Apollo Agriculture
275Newid CapitalUSAAgritech, fintech, growth stageUp to $1m2016; 2017; 2018; 2019; 2020Apollo Agriculture; Lidya; Lulalend
2764Di CapitalCape Town, South AfricaEarly stage, South Africa, FinTech, InsureTech, HealthTech, EduTech, AgriTech and other tech verticals.Above $50k2016; 2017; 2018; 2019;   2020CompariSure; Zoona; Aerobotics; InvestSure
277EgbankEgyptFintech, Early stageUp to $500k2020Shahry
278Absa BankSouth AfricaFintechUp to $100k2020A2X
279Novastar VenturesEbene, MauritiusAgritech, edtech, logistics, HR, news, healthtech, cleantech, mobilityUp to $1m2017; 2018; 2019; 2020mPharma, Lynk, Max.ng; PayGo Energy
280Innovate VenturesSomaliaEarly stage, sector-agnosticUp to $10k2020Kirosom Real Estate Solutions
281IDF CapitalSandton, South AfricaPrivate equity, Multi stage, South AfricaUp to $50k2017; 2020Zulzi
282MCE Social CapitalSan Francisco, USADebt, impact investingUp to $500k2020East Africa Fruits
282Vostok New VenturesSwedenTransport, proptech, Multi stage.Above $1m2015; 2017; 2018; 2019; 2020SWVL; WUZZUF; Vezeeta; CarZar
283Accel PartnersPalo Alto, USAMulti stage, debuggingUp to $1m2020Instabug
284TencentShenzhen ChinaMulti stageUp to $1m2018; 2020Helium Health; Paystack
285Chrysalis CapitalLagos, NigeriaEarly stage, healthtech, NigeriaUp to $100k2017; 2020Helium Health
286VenturesouqDubai, UAEEarly stage, startup, healthtech, fintech, edtech, agritech, seed, foodtech, etcUp to $1m2020Helium Health
287Ohara Pharmaceutical Co. LtdSaitamaken, JapanBiotech, Early stageUp to $100k2020Helium Health
288HOF CapitalNew York, USA; London, UKMulti stageUp to $1m2020Helium Health
289Kairos Angels Lagos, NigeriaEarly stageUp to $100k2018;2020Helium Health Kukua
290Flying Doctors Healthcare Investment CompanyLagos, NigeriaEarly stage, fintech, healthtechUp to $50k2020Kukua
291firstminute CapitalLondon, UKEarly stageUp to $500k2018Kukua
292Burda Principal InvestmentsMunich, GermanyMulti stageUp to $1m2018Kukua
293Modus CapitalCairo, EgyptEarly stage, blockchain, Egypt, pre-seedUp to $100k2020Pravica
294DYRES VenturesEstoniaEarly stage, AI, Cyber Security, Blockchain, Big-data and IoT.Up to $100k2020Pravica
295Founders Factory AfricaJohannesburgEarly stageUp to $300k2019; 2020RxAll; Kudigo, Digest Africa
296Omidyar NetworkLondon, USA, MauritiusMulti stageUp to $500k2015; 2016; 2017;2018; 2019; 2020; 2021Hotels.ng; Stears; PowerGen;Rensource; Paga; Pula; Hotels.ng; Zoona; Landmapp; Twiga Foods; Rensource; Giraffe; Lidya
297Enso EquityCape TownMulti stageUp to $50K2020Ingress Healthcare
298Hala VenturesSaudi ArabiaEarly stage, growth, EgyptUp to $100k2020Eventtus
299Adjuvant CapitalNew York, USAMulti stage, life sciences, healthtechAbove $1m202054gene
300KdT VenturesNorth Carolina, USAEarly stage, healthtech, life science, computational sciences.Up to $1m2019; 202054gene
301Better VenturesOakland, USAEarly stageUp to $1m202054gene
302Novartis Venture FundSwitzerlandEarly stage, life scienceUp to $100k202054gene
303Aera VCSingaporeDeep tech, early stageAbove $100k202054gene
304V8 CapitalEbene, MauritiusEarly stageUp to $1m202054gene
305Standard BankSouth AfricaFintechAbove $100k2019; 2020Payment24; Nomanini
306AntlerKenyaPre-seedUp to $100k2019; 2020Uncover
307Wise CapitalMoroccoEarly stage, fitnessUp to $100k2020ElCoach
308Cornerstone EnterprisesNairobi, KenyaMulti stageAbove $100k2019; 2020Fuzu
309Sparkmind VCFinlandMulti stage, edtechUp to $1m2020Fuzu
310FinnfundFinlandCleantech, ESGUp to $1m2020Fuzu
311Seedstars InternationalSwitzerlandEarly stage, Impact investingUp to $1m2020Fuzu
312BaronaFinlandEdtechUp to $100k2020Fuzu
313Loftyinc Afropreneurs FundLagos, NigeriaEarly stage FinTech; HealthTech; EduTech; AgriTech; Social Issues  Up to $100k2020YouVerify
314Shorooq PartnersAbu DhabiSeed stage, Early stageUp to $1m2019; 2020Breadfast; QuickBus
315Chinook CapitalLagos, NigeriaPre-seed, early stageUp to $50k2018; 2020YouVerify; Safi; Edves
316Village CapitalWashington, USASeed, energy, Early stage, agritech, edtech, fintech, healthtechUp to $200k2017; 2018; 2020YouVerify; PayGo Energy; Piggybank
317Nedbank CIBSouth AfricaFintech, dataUp to $1m2017; 2018; 2020Ominiscient; Aerobotics; Entersekt
318InvestecSouth AfricaFintech, data2019; 2020Ominiscient; Crossfin
319LiiL VenturesMexicoMobility early stage, transportUp to $500k2019; 2020WhereIsMyTransport
320Global Innovation FundWashingto, USA; London, UKSocial startups, multi stage, mobility, fintechUp to $1m2017; 2018; 2019; 2020WhereIsMyTransport; Paga; Mr Green Africa;  PayGo Energy
321Saviu VenturesParis, France; Nairobi, KenyaEarly stage, Pre-seed, Series A, Mobility, Fintech & E-commerce/New Retail sectorAbove $100k2018; 2020Afrikrea
322ShowroompriveFranceEcommerceUp to $100k2020Afrikrea
323id4 VenturesParis, FranceEarly stageUp to $500k2020Afrikrea
324Egypt VenturesCairo, EgyptEarly stageUp to $100k2019; 2020Garment IOLe; Wasla
325LeapFrog InvestmentsMelrose Arch, South AfricaGrowthUp to $1m2020JUMO
326Odey Asset ManagementUKGrowthUp to $1m2020JUMO
327Gemcorp CapitalUKMulti stage; fintechUp to $1m2020JUMO
328Vostok Emerging FinanceHamilton, BermudaMulti stageUp to $1m2020JUMO
329Consonance Kuramo (Managed by Consonance Investment Managers)Ikoyi, LagosEarly stage, healthtech, proptechAbove 100k2020Lifestores
330Greentree SyndicateUSAHealth, Early stage, etcUp to $1m2020Lifestores
331Altadore Lionbear CapitalLondon, UKEarly stageUp to $100k2020Lifestores
332Unseen VenturesEarly stage2020Lifestores
333Transformer Fund (StartUp Health)New York, USAHealthUp to $1m2020Lifestores
334Two Hope VenturesNetherlandsBlockchain, Indexing, Remittance, regtech, documentUp to $500k2020Lifestores
335K50 VenturesUnited StatesSeed, Early stageUp to $100k2020Lifestores
336Timon CapitalLagos, NigeriaSeed, Early stage, Sub-saharan Africa,Up to $500k2020Sokowatch
337AmploTexas, USAEarly stage, Seed, Late stageAbove $1m2017; 2020Sokowatch; Andela
338Breyer CapitalCalifornia, USAData analytics, security, blockchain, fintech, security, mediaUp to $1m2017; 2019; 2020Sokowatch; mPharma
339Vertex VenturesUSAAI, ecommerce, logistics, management service, software,Up to $1m2020Sokowatch
340Payitup Clearinghouse Ltd.LondonBlockchain, fintechUp to $1m2020Bitfxt
341Innovate UKUKGrantUp to $200k2019; 2020WeFarm; Knowledge Officer
342DPDgroupFranceLogisticsUp to $1m2020Bosta
343Gulf CapitalUAELate stage, North AfricaUp to $1m2020Vezeeta
344Saudi Technology FundRiyadh, Saudi ArabiaMulti stageUp to $1m2020Vezeeta
345Silicon BadiaAmman, JordanNorth Africa, healthcare, financial services, urbanization, education, etc.Up to $1m2016; 2017; 2018Vezeeta; SWVL
346CE Ventures (Crescent Enterprises)Sharjah, UAEMulti stage, North Africa, artificial intelligence (AI), the Internet of things (IoT), and blockchainUp to $1m2016; 2018Vezeeta
347HQ Financial Group (HQF)SingaporeDebt, material science, semiconductor and blockchain financial investmentsUp to $1m2020Aella
348Consonance Investment ManagersIkoyi, LagosEarly stage, growth,  commodity, fintech, healthtech, edtech, regtech, HR, realtech, proptechUp to $500k2018; 2020Gebeya; SeamlessHR; Lifestores; Pezesha
349I&P Afrique Entrepreneurs 2 (IPAE 2) (Investisseurs & Partenaires (I&P)Paris, FranceImpact investing, energy, SMEs etc.Up to $1m2017; 2018; 2020Rensource Energy; PEG Africa; CoinAfrique
350Enviu/ DOEN FoundationNetherlandsGrant, agritechUp to $200k2020Taimba
351Gray Matters CapitalNairobi, KenyaWomen, edtech, agritechUp to $100k2018; 2019Redbird; Taimba; SonoCare
352EQ2 Ventures, formerly Equitrust (Choueiri Group)Dubai, UAEEcommerce, Multi stage, North AfricaUp to $500k2020Homzmart
353Sunu CapitalNairobi, KenyaEarly stageUp to $500k2019; 2020Sendy; FarmDrive; Neopenda
354Atlantica VenturesWashington, United States; NairobiEarly stage, Kenya, Nigeria, South Africa, Ivory Coast, Ghana, TanzaniaUp to $1m2020OnePipe; Sendy
355Middle East Venture PartnersDubai, UAEEarly stage, growth, North Africa, ecommerce, enterprise, fintech, mobility, new media, etc. Above $1m2020Halan; Eventtus; Instabug;
356Battery Road Digital HoldingsDubai, UAENorth Africa, mobilityUp to $1m2018Halan
357Greycroft PartnersNew York, Los Angeles, USAFintech, seed, growthUp to $1m and above2017; 2020Flutterwave; AZA
358eVenturesCalifornia, USAEarly stage, Adtech, Commerce, Fintech, Media, Mobile and SoftwareUp to $1m2020Flutterwave
359Green Visor CapitalSan Franscisco, USAEarly stage, Late stage, FintechUp to $1m2017; 2020Flutterwave
360VisaCalifornia, USAEarly stage, growth stage, fintechAbove $10m2018; 2019; 2020Flutterwave; Interswitch; Paystack
361WorldPay-FISUSAFintechUp to $1m2020Flutterwave
362Five Elms CapitalKansas City, USASoftware, Early stageAbove $1m2020Skynamo
363Alethea CapitalSanta Fe, USAMulti stageUp to $1m20193×4 Genetics
364Raptor Group HoldingsBoston, USAMulti stageUp to $1m2019Chipper Cash
365HAVAICCape TownEarly stageUp to $500k2016; 2017; 2018; 2019Mpost; delvv.io; Digital Cabinet; RecoMed; Aura; Instant Property
366INCO VenturesParis, FranceGrowth, fintech, energy, impact investingUp to $1m2019upOwa
367LITA.coParis, FranceImpact investing, energy, environment, ESGUp to $1m2019upOwa
368Colam ImpactParis, Franceimpact investing, ESG, energy, family officeUp to $500k2019upOwa
369Renewable Energy Performance Platform (REPPUKEnergy/Off-grid solarUp to $1m and above2019upOwa; PowerGen
370Deepcore (Softbank)Tokyo, JapanAI, Early StageUp to $100k2019UTU  Tech
371The Artesian (HP) China VC Fund 1 (Artesian VC)ChinaAI, healthcare, cleantech, social, blockchain, etc.Up to $100k2019UTU Tech
372AnimocaHong KongBlockchain, gaming, AIUp to $100k2019UTU Tech
373Æ VenturesSofia, BulgariaEarly stage, blockchainUp to $100k2018; 2019UTU Tech; RiseSafe
374Zeroth.AIHong KongBlockchain, AIUp to $100k2018; 2019UTU Tech
375Crypto Valley Venture CapitalZug, SwitzerlandBlockchain, Early stageUp to $100k2019PocketJam
376Knuru CapitalDubai, UAEOnline listing, fintech, early stageUp to $1m2019JiJi
377Digital Spring VenturesDubai, UAEGrowth stage, ecommerce,Up to $1m2019JiJi
378Capaci.TechJohannesburg, South AfricaEarly stage, Seed, AI, etcUp to $100k2019GotBot
379Valor Capital GroupBrazilBrazil founders, fintech, multi stageUp to $1m2019Migo
380The Rise Fund (Managed by TPG Growth)San Francisco, USAMulti stage, fintech, othersUp to $1m2018; 2019Migo; Mines
381Velocity Capital Fintech VenturesUtrecht, NetherlandsNo seed, early stage, fintechUp to $1m2017; 2018; 2019Migo; Mines; Yoco
382Al-Tharawat Private Investment Holding CompanySaudi ArabiaAdtech, multi stage, wealth manager, North AfricaUp to $1m and above2019Adzily
383PangeaOslo, NorwayEarly stage, seedUp to $20k2018; 2019ManPro; Onesha
384Unicorn GroupLagos, NigeriaGrantUp to $200k2019Asilimia
385Meituan-Dianping Beijing, ChinaEcommerce, China/Chinese foundersUp to $1m2019Opay
386GaoRong CapitalBeijing, ChinaEarly stage, China/Chinese foundersUp to $1m2019OPay
387Source Code CapitalLiaoning, ChinaEarly stage, Late stage, China/Chinese foundersUp to $1m2019OPay
388Softbank AsiaSeoul, South KoreaEarly/late stages, Asia/Asian foundersUp to $1m2019OPay
389BAIChicago, USAFinancial servicesUp to $1m2019OPay
390Redpoint Ventures ChinaBeijing, ChinaEarly stage, China/Chinese foundersUp to $1m2019OPay
391IDG CapitalBeijing, ChinaMulti stageUp to $1m2019OPay
392Sequoia Capital ChinaChinaMulti stageUp to $1m2019OPay
393GSR VenturesChinaEarly stage, AI-enabled healthcare technology, enterprise software, and consumer platforms.Up to $1m2019OPay
394TranssionShenzhenTelecom, FintechUp to $1m2019PalmPay
395NetEaseHangzhou, ChinaEcommerceUp to $1m2019PalmPay
396MediaTekHsinchu, TaiwanMedia, fintechUp to $1m2019PalmPay
397CVenturesCairo, EgyptFintech, AI, HealthtechUp to $100k2019Yodawy
398ASI VenturesEgyptFintech, healthtechAbove $50k2019Yodawy
399Hillhouse CapitalBeijing, ChinaLogistics, private equity, wealth managementUp to $1m2019Lori Systems
400Crystal Stream CapitalBeijing, ChinaSoftware, food, multi stage, fintech,  edtech, early stage, later stage, etc.Up to $1m2019Lori Systems; GONA
401InnoventuresHeliopolis, Cairo, Egypt.Early stage, seed, Egypt, travelUp to $100k2019Tripdizer
402AlphaCode  IncubateSouth AfricaEarly stage, South Africa, fintech, rentalsUp to $30k2017; 2019Jamii Cities; Livestock Wealth; Entersekt
403Shell New EnergiesUnited KingdomEnergy/Off-gridUp to $1m2019PowerGen
404Sumitomo CorporationChiyoda city, Tokyo, JapanInvestmentsUp to $500k2019PowerGen
405Micro-grid Catalytic Capital PartnersDelaware, USAOff-grid/energyUp to $500k2019PowerGen
406AHL Venture PartnersNairobi, KenyaImpact investing, financial services, energyUp to $1m2016; 2019; 2018PowerGen; Tulaa; Rent To Own
407Cross-boundary Energy Access fundNairobi, KenyaEnergy/off-gridUp to $1m2019PowerGenG
408Safaricom Spark Venture FundNairobi, KenyaEarly stageUp to $1m2015; 2016; 2017Sendy; Eneza Education
409CreadevParis, FranceInvestments, private equityUp to $1m2019Twiga Foods
410Association for Savings and Investment SA (Asisa)South AfricaInvestment, South AfricaUp to $100k2018; 2019Pineapple; Sensor Networks
411Lireas HoldingsRosebank, Johannesburg, South AfricaInsurtech, South AfricaUp to $100k and above2017; 2018; 2019Pineapple; Lumkani; InvestSure
412Development Bank of Southern AfricaJohannesburg, South AfricaInvestment, blockchain, Southern AfricaUp to $1m2017AZA
413SunFunderNairobi, KenyaEnergy/off-grid, debtUp to $10m2016; 2017; 2019PEG Africa; d.Light; PAYG; SolarNow
414Imfezeko Investment HoldingsRandburg, South AfricaSouth Africa, security, IoT, connectivity and related technologies.Up to $100k2019Santian
415Pure ConsultingJeddah, Saudi ArabiaLogistics, Investments, North AfricaUp to $1m2019Yumamia
416Tell Venture AutomotiveDubai, UAEMobility, investmentUp to $1m2019TemTem
417Hlayisani Growth FundSouth AfricaSouth Africa, ICT, manufacturing, agriculture, education and healthUp to $1m2019Snapplify
418AngelHub Ventures (Hlayisani Growth Fund)Stellenbosch, South AfricaMulti stageUp to $1m2016; 2017; 2018; 2019Godochurch; Ikeja Wireless; Snapplify
419Empower New EnergyFornebu, NorwayEnergy/Off-gridUp to $1m2020Miniplast
420Savant Venture FundCape Town South AfricaEarly stage, e-health, etc.Up to $500k2019SmartBlade; Jonga Systems
421Kingson Capital PartnersDurban, South AfricaEarly stage, fintech, healthtech, etc.Up to $100k2018HealthCloud
422Africa HealthCare Master FundBencoolen, SingaporeHealthcare, MultistageUp to $1m2019MyDawa
423Crescat LimitedUKInvestment, agritechUp to $500k and above2019Twiga Foods
424Adolf H. Lundin Charitable FoundationVaduz, LiechtensteinGrant, Impact investingUp to $1m2017; 2018Twiga Foods
425Index VenturesLondon, UK; San Francisco, USAMulti stage, agritech, e-commerce, fintech, mobility, gaming, infrastructure/AI, and securityUp to $1m2018Twiga Foods
426OTF Jasoor VenturesMasqat, OmanConvertible Note, Early Stage Venture, Seed, North AfricaUp to $500k and above2019SWVL
427Arzan VCKuwait City, KuwaitNorth Africa, Early stageUp to $500k and above2018; 2019SWVL
428Autotech VenturesCalifornia, USAEarly stageUp to $1m2019SWVL
429BlustoneDubai, UAEEarly stageUp to $1m2019SWVL
430YamahaShizouka, JapanMobility, investmentsUp to $1m2019Max.ng
431Zrosk Investment ManagementLagos, NigeriaInvestments, NigeriaUp to $100k and above2019Max.ng
432Rise CapitalSan Francisco, USAEarly stage, late stageUp to $1m and above2019Gokada
433Adventure CapitalNew York, USAEarly stageUp to $1m2019Gokada
434First MidWest GroupRockford, USAInvestmentsUp to $500 and above2019Gokada
435IC Global PartnersDubai, UAEMulti stageUp to $500k and above2019Gokada
436Allianz XMunich, GermanyInvestmentsUp to $500k and above2019Safeboda
437Go-Ventures (Go-Jek)Jakarta Raya, IndonesiaInvestments, Multi stageUp to $500k and above2019Safeboda
438Hack VC     
439TechHammerNew York, USAEarly stageUp to $1m and above201954gene
440Fifty YearsSan Francisco, USAEarly stageUp to $1m201954gene
       
441Developing World MarketsStamford, USAImpact investingUp to $1m and above2019d.Light
442Dutch Good Growth FundNetherlandsImpact investingUp to $1m and above2019Rent To Own
443Accelerated Digital VenturesSheffield, United KingdomEarly stage, currency tradingUp to $1m and above2019VertoFX
444Lamar HoldingsSeef, BahrainInvestments, energy, fintechUp to $1m2019TechAdvance
445UnityVC (Shaw Wang)ChinaEarly stageUp to $500k2019GONA
446Ocean on 76 GroupJohannesburg, South AfricaInvestments, South Africa, telecom, fintechUp to $100k2019Ukheshe
447Landwey  InvestmentLagos, NigeriaProp-tech, investments2019Vistafront
448Numu CapitalDubai, UAENorth Africa, ehealth, logistics, seed, etcUp to $100k2017; 2019Doctoorum; Boosta
449Unreasonable CapitalColorado, USAInvestments, early stageUp to $1m2018Paga
450Adlevo CapitalLagos, NigeriaInvestments, early stageUp to $1m2018Paga
451Greenwold CapitalCape Town, South AfricaInvestments, South Africa, early stageUp to $50k2019Digemy
452Vunani CapitalSandton, South AfricaInvestments, South Africa, fintech2019SNAPnSAVE
453DST GlobalLondon, UKInvestments, techUp to $1m2019FairMoney
454NewfundFrance; USAEarly stage, seed, pre-seedUp to $1m2019FairMoney
455SpeedinvestParis, FranceEarly stage, European founders/startupsUp to $1m2019FairMoney
456PG InvestmentsNorth Carolina, USADebtUp to $1m and above2019Tugende
457OikocreditAmersfoort, NetherlandsDebt, investmentsUp to $1m and above2016; 2017; 2019Tugende; PAYG; PEG Africa; SolarNow
458SymbioticsCape Town, South Africa; London, UKImpact investingUp to $1m2019Tugende
459Frankfurt School Financial ServicesFrankfurt, GermanyInvestments; DebtUp to $1m2019Tugende
460ADA MicrofinanceRue Glesener,  LuxembourgInvestment; DebtUp to $1m2020Tugende
461AgoraNetherlandsDebt, investmentUp to $1m2020Tugende
462Yunus Business SchoolFrankfurt, GermanyInvestments, debtUp to $500k2019Tugende
463Global Social Impact FundJose Abscal, Madrid, SpainDebt, impact investmentUp to $500m2018Tugende
464Verdant CapitalJohannesburg; Lagos; Accra, Port Louis; KinshasaInvestmentsUp to $1m2019; 2020Tugende
465ELMA PhilanthropiesKampala, Cape Town, New YorkHealthcare, growthUp to $1m and above2019CarePay International
466Investment Funds for Health in AfricaAmsterdam, NetherlandsGrowth, private equity, healthcareUp to $1m and above2019CarePay International
467Thawer Capital ManagementLondon, UKInvestmentsUp to $1m2019Payitup
468Social CapitalPalo Alto, USAMulti stagesUp to $1m and above2017; 2018mPharma; OMG Digital; Farmcrowdy; Africa’s Talking; Tizeti
469Olive Tree VenturesTel Aviv, USAMid-growth stage, healthUp to $1m and above mPharma
470Esas VenturesIstanbul, TurkeyInvestmentsUp to $1m2020mPharma
471The Skoll FoundationPalo Alto, USAInvestmentsUp to $1m2020mPharma
472Bose VenturesFramingham, Massachusetts, United StatesMulti stage, healthUp to $1m2019hearX Group
473Relevant HealthRockville, Maryland, United StatesHealth, pre-seed 2015Neopanda
474Network Society VenturesNew York, USASeed stageUp to $500k2017Sun Exchange
475BoostVCSan Mateo, California, United StatesCrypto, virtual reality, augmented reality, AI, Ocean Tech, Space Tech, human augmentationUp to $500k2017Sun Exchange
476Venturra Capital    Luno
477Balderton Capital    Luno
478Innovus  Transfer Technology (Owned by Stellenbosch University)lStellenbosch, South AfricaEarly stageUp to $200k2016Custos
479Pantera CapitalMenlo Park, California, USABlockchain, early stage, digital currency, tokens, early stage, seedUp to $1m2015; 2017AZA (formerly BitPesa)
480Digital Currency Group (formerly Bitcoin Opportunity Fund)New York, USABlockchainUp to $1m2015; 2017AZA
481Piton CapitalLondon, UKGrowthUp to $500k2015WUZZUF
482Stephens Investment ManagementHouston, USAInvestmentsUp to $500k and above2015AZA
483Draper VCUSAEarly stageUp to $1m2017AZA
484Blockchain CapitalSan Francisco, USABlockchainUp to $500k and above2015; 2017AZA
485BnkToTheFutureCayman IslandsFintech, blockchainUp to $500k and above2017AZA
486The BitFury Group     
487Plug and PlayCalifornia, USABlockchain, Early stageUp to $1m2017AZA
488Citigroup     
489Ghana Angel Investor NetworkAccra, GhanaEarly stageUp to $100k2014Revo
490InventureHelsinki, FinlandEarly stageUp to $100k and above2014Irofit
491Zouk CapitalLondon, UKEnergyUp to $1m and above2014Off Grid Electric
492C5 HoldingsLondon, UKInvestment, early stageUp to $1m and above2015Parcelninja
493Mountain PartnersZurich, SwitzerlandEarly stageUp to $100k and above2015TopCheck
494Horizen VenturesBangalore, IndiaEarly stage, South AfricaUp to $100k and above2015; 2016WhereIsMyTransport
495Lundin FoundationVancouver, CanadaImpact investing, FintechUp to $1m2016Zoona
496Technology Innovation FundBerea, South AfricaInvestment, innovationUp to $400k2016Custos
497Frontier Digital VenturesKuala Lumpur, MalaysiaReal estate, early stageUp to $500k and above2015; 2016meQasa; ToLet.com.ng
498SPARK.NG (Spark Capital)Lagos, NigeriaEarly stage2016; 2017Paystack; Andela
499Comcast VenturesCalifornia, USAMulti stage, equity, debtUp to $1m and above2016; 2017Paystack; OMG Digital
500XSeed CapitalCalifornia, USAEarly stageUp to $1m2018Mines
501Western Technology InvestmentsCalifornia, USAEarly stageUp to $1m2018Mines; Kobo360; Tizeti
502KNF Ventures (Knife Capital)Cape Town, South AfricaSection 12J, South AfricaUp  to $500k2017; 2018; 2019Quicket; Snapplify; SkillUp Tutors
503Macro VenturesLos Angeles, USAMedia, early stageUp to $100k and above2017;OMG Digital
504M & Y Growth CapitalCalifornia, United StatesEarly stageUp to $100k and above2017;OMG Digital
505Savannah FundNairobi, KenyaEarly stage, seedUp to $500k2015; 2016; 2017; 2019; 2020Aerobotics; Orbit Health; FlexClub
506Glynn CapitalCalifornia, USAEarly stageUp to $1m and above2017Flutterwave
507Alpha MundiZurich, SwitzerlandImpact investingUp to $1m and above2017Twiga Foods
5081776 VenturesColumbia, USAEarly stage, seedUp to $1m2017; 2018Twiga Foods
509UNICEF Innovation FundNew YorkInnovation, investmentUp to $100k2017; 2018; 2019; 2020Utopixar
510DBL PartnerCalifornia, USAEarly stageUp to $1m and above2017Andela
511Salesforce VenturesCalifornia, USAMulti stageUp to $1m and above2017Andela
512nChainLondon, UKBlockchainUp to $1m2018; 2019Centbee
513Lynett CapitalSan Francisco, USAEarly stage, seedUp to $100k and above2018Sokowatch; Tizeti
514STV CapitalRiyadh, Saudi ArabiaMulti stage, North AfricaUp to $1m and above2018Vezeeta
515Raed VenturesDammam, Ash Sharqiyah, Saudi ArabiaEarly stage, seedUp to $1m and above2017; 2018SWVL; Aqarmap
516Convergence PartnerJohannesburg, South AfricaInvestmentsUp to $1m and above2014; 2015; 2017; 2016; 2018;Snapt; Synergy Communications; InQuba
517Quantum Capital PartnersMunich, GermanyInvestmentsUp to $1m and above2019TeamApt
518Cox EnterprisesGeorgia, USAInvestments; agricultureUp to $1m and above2017; 2019Farmcrowdy
519Kosla VenturesMenlo Park, California, USAEarly stage, late stage, seed, environmentally friendly tech, internet, computing, mobile, fintechUp to $1m and above2019Kudi
520Kuria CapitalNairobi, KenyaSeed, East Africa, Early stageUp to $100k and above2019; 2020OkHi; Fundis
521NFX CapitalSan Francisco, USASeed stage Up to $1m2019Orcas
522Growth Capital Fund (CcHub)Yaba, Lagos, NigeriaEarly stageUp to $50k2018; 2019Edves, Lifebank; DrugStoc
523Rally Cap VenturesSan FranciscoEarly stage, fintech, Fund of FundsUp to $1m and above2020Mono
       
       
       
       
       
       
       
NB: For want of space, not all notable startups were captured here

list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa list startup investors Africa

According to African Private Equity and Venture Capital Association 2019 VC report, North American investors represented 42% of the total number of investors that participated in VC investments in Africa between 2014 and 2019, followed by European based investors at 23%. African based investors accounted for only 20%, followed by Asia-Pacific (8%) and investors based in the Middle East (6%). 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Why WhatsApp Users Are Revolting Against the Messaging App

WhatsApp has started its long announced restructuring that is expected to come into effect by February 8, but there is a snag in that majority of users are protesting against what they see as far more intrusions on their privacy that earlier thought.  This is because WhatsApp has announced that if users fail to agree to its new privacy policy within the next month, they will lose access to the app. Tech security experts say that agreeing to the terms will mean that a user’s private data, including their phone number, will be shared with Facebook, which owns WhatsApp.

WhatsApp

The update comes in the form of an in-app notification, which users can choose to ignore until the date arrives.  “By tapping Agree, you accept the new terms, which take effect on February 8, 2021,” the notification states. After this date, you’ll need to accept the new terms to continue using WhatsApp. You can also visit the Help Center if you would prefer to delete your account.”

Read also:Education, Technology and Finance To Dominate Africa’s Investment Landscape In 2021 — African Venture Capital Chair

Sources say the new update is designed to “offer integrations across the Facebook Company Products”, which also includes Instagram and Messenger. Data collected includes “battery level, signal strength, app version, browser information, mobile network, connection information (including phone number, mobile operator or ISP), language and time zone, IP address, device operations information, and identifiers (including identifiers unique to Facebook Company Products associated with the same device or account).”

Some WhatsApp users criticised the new privacy policy on social media, with many saying they planned to move to a rival messaging app like Telegram. But with around 2.5 billion users worldwide, WhatsApp is by far the most popular messaging app in the world. However, since it was acquired by Facebook in 2014 for $19 billion, it has faced criticism for the way it handles users’ data. WhatsApp co-founder Jan Koum stepped down as the firm’s chief executive in 2018 due to a reported irreconcilable clash over Facebook’s decision to monetise personal data in the app.

Read also:Egyptian IoT Startup Amjaad Technology Raises Six-figure Seed Funding

Critics points out that an older version of WhatsApp’s privacy policy stated: “Respect for your privacy is coded into our DNA. Since we started WhatsApp, we’ve aspired to build our Services with a set of strong privacy principles in mind.” This line is no longer present in the latest version. The new policy also means that simply deleting the app from a device will not prevent WhatsApp from retaining a user’s private data. To ensure WhatsApp no longer continues to do this, users must instead use the in-app feature for deleting their account. The policy notes that even after using this delete feature, some data will remain with the company, stating, “when you delete your account, it does not affect your information related to the groups you created or the information other users have relating to you, such as their copy of the messages you sent them.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Cameroon’s Dikalo Plans Expansion as Growth Soars

Alain Ekambi, the founder and chief executive officer (CEO) of Dikalo

Dikalo, a  social network designed to help people communicate with ease and safety in Cameroon has passed the 120,00 user mark and has expressed ambitions to expand to over Africa countries. This expansion is inspired by the growth of the startup over the last few years. Dikalo works much like any other social network, but it has key differentiators. The feed and stories are largely similar to elsewhere, but Dikalo’s messaging aspect works without the need to share a phone number, and all conversations are encrypted. Sources say that Cameroonians seem to like it. The startup now has 120,000 users, with 100,000 of those active daily.  A total of 700 million messages have been sent on the platform so far.

Alain Ekambi, the founder and chief executive officer (CEO) of Dikalo
Alain Ekambi, the founder and chief executive officer (CEO) of Dikalo

“People love the idea of a local platform,” said Alain Ekambi, the founder and chief executive officer (CEO) of Dikalo.

“Most of our users come from Cameroon and Ivory Coast. Our main goal is to become number one everywhere. I would love us to be big in places like South Africa, Kenya, Ghana, Nigeria, Rwanda, Algeria… We will get there.”

Ekambi accepts that Dikalo’s competition in this regard is rather serious, including as it does the likes of Facebook, Twitter and Instagram.

Read also:Lead Afrique Outlines Strategy as First GrowthWheel International Certified Business Advisor in Ghana

“This sounds like its mission impossible, but that’s what makes our mission with Dikalo so important and special. Go against those giants to create a place we can call “home”. Currently 99 per cent of our ways to communicate come from outside Africa. For something so important and central, like chatting and communicating, this is a dangerous position to be in. With Dikalo we want to create a local strong alternative to the foreign offering,” he said.

The startup is making a decent fist of it so far, and Ekambi said it would have done even better had it not been for some issues with performance on mobile.

“This is preventing us from growing even faster. Version two should fix it. We are super excited to see what will happen when we release the next generation of our tools,” he said.

Read also:Technology has Become a Major Driver for an Inclusive Trading Market

That should take place shortly, after which Dikalo, which so far has only taken on a small amount of crowdfunding capital, will be looking to raise a funding round in order to scale further.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Foreign Investment in Rwanda: Year 2020 in Review

President Paul Kagame

You may think that 2020 was not a good year for investments to flourish, and on one hand that seems to be true given the magnitude of the pressure that the Covid-19 pandemic has exacerbated on businesses and investors. In fact, reports such as one that was released in April by the International Monetary Fund (IMF) pointed to the unprecedented outflow of investments from emerging markets in the first months of this year.

President Paul Kagame
President Paul Kagame of Rwanda

Between February and April, more than $100 billion in financial capital flowed out of emerging and frontier markets, five times as much as in the first three months of the global financial crisis. The World Bank forecast that remittances would fall by an additional $100 billion in 2020, four times as much as during that earlier crisis.

Read also:MTN Rwanda to list on Rwandan Stock Exchange

Yet, countries like Rwanda continued to attract key investments. Overall, Rwanda attracted $1.2 billion in investment, according to President Paul Kagame. In May this year the Global Finance Magazine, a monthly magazine based in New York, US, ranked Rwanda among the world’s top emerging markets hotspots in 2020.

The magazine branded Rwanda as “Sizzling”, basically an emerging market to watch out for dramatic growth and intense investor interest in 2020, due to its favourable business climate, skilled labour, and good infrastructure. Here’s a list of some of the top investment deals that Rwanda attracted in 2020.

Read also:Fintech Startup, Chipper Cash Strengthens Presence In Rwanda

Perhaps the biggest news of the year came in February when Qatar Airways announced that it was acquiring 49 per cent stake in RwandAir, the country’s national carrier. It was confirmed by the Group CEO of Qatar Airways, Akbar Al Baker on the margins of the Qatar Aviation Aeropolitical and Regulatory Summit.

The Gulf airline’s plan to acquire a stake in RwandAir came at a time when the pandemic was starting to take a hit on many economic activities, including commercial airlines. 

Read also:How Small Businesses Can Get Maximum Value From Mobile

That did not, however, stop the two parties from continuing their negotiation plans. The chief executive of RwandAir, Yvonne Makolo told The New Times during the announcement in Doha capital that it was “great for an airline like RwandAir to partner with a world-class airline like Qatar Airways.”

“There are a lot of synergies that we would tap into, and the potential for growth will be huge for the airline,” she noted at the time.

The development followed another major investment deal that the airline signed with the Government back in December 2019 to invest in airport infrastructure through Bugesera International Airport in Bugesera District. In December, Qatar and Rwanda signed three agreements that saw the two parties set up a joint venture to build, own, and operate the international airport. Another key deal was registered in Rwanda’s hospitality sector when United Arab Emirates-based investors under Kerzner International opened their luxury hotel in the country’s north.

One&Only Gorilla’s Nest, a luxurious hospitality facility, was inaugurated on the foothills of the Volcanoes National Park in February by President Paul Kagame and Chair of Kerzner International, Mohammed Al Shaibani. It was the firm’s second facility in the country after One&Only in Nyungwe Park, joining the growing list of luxury hospitality facilities in the west such as Bisate Lodge, Singita Kwitonda Lodge, and Amakoro Lodge. The Dubai-based firm invested over $65 million in the facility to create luxurious experiences for the top end of the market.

While the development of the property started way before the pandemic hit, it was inaugurated at a time when the world was starting to witness an outbreak that saw many investors hold back on their plans.

Rwanda’s longstanding solo cement manufacturing company, Cimerwa, lost monopoly this year, thanks to the entry of Milbridge Holdings which opened its cement plant in the country. 

The presence of Prime Cement meant that the country’s struggle to bridge the cement supply gap would be addressed as the company opened a $40-million factory in Musanze District. The factory, launched in 2020, was a result of the 2017 commitment.

Henri Nyakarundi, a Kigali-based entrepreneur, told The New Times that the Covid-19 pandemic wasn’t meant to stop long term investments such as those in infrastructure projects.

“Those are infrastructure deals and I’m sure those deals were negotiated before the pandemic. Plus, those types of investment are long term investments as opposed to being startup investment,” he argued. Yet, investors in some key sectors like hospitality halted their plans.

The pandemic slowed down the development of hotels in Africa in 2020 despite the sector returning growth at the start of the year, the survey by W Hospitality Group indicated.

According to data published in June, there were 90 hotels with 17,000 rooms that were scheduled to open in 2020, but the Group estimated that at least half of them will be delayed.This would bring the actualisation rate down to no more than 40 per cent.

Rwanda’s economy also saw an addition when Safe Gas Rwanda announced the opening of the country’s first ever Liquefied Petroleum Gas (LPG) cylinder manufacturing plant in September.

The government has been encouraging Rwandans to switch from the use of charcoal to adopt LPG in cooking, but lack of affordable options slowed the transition.

Liban Mugabo, the Managing Director of Safe Gas behind the Nyamata-based LPG plant believes most non-speculative sectors registered a rise in investment, highlighting his case. 

“We are not a speculative product,” he said. “Gas is a product that many people demand because everyone wants to eat at the end of the day.”

Mugabo said this is why they went ahead to develop a $7 million manufacturing plant even in the middle of the global outbreak. At the height of the pandemic, he indicated that the company saw a hike in demand for liquefied petroleum gas, perhaps because household consumption was on the rise as movement of people was minimal.

“We actually had to increase our fleet,” he noted.

The mining sector was not left behind. UK-based company, TechMet announced in November that it would invest $20 million (about Rwf19.5 billion) in their tin and tungsten mining operations in Rwanda. The sector, despite being hit by the pandemic, is currently seen with potential drive economic recovery and investments such as those by TechMet could propel the country in the right direction.

Brian Menell, a South African renowned businessman in mining, oil and gas, and banking, among other sectors, announced the investment commitment during a virtual press conference. His firm owns Tinco, a local company that operates tin and tungsten mining concessions in Rutongo and Nyakabingo in Rulindo District.

The US government recently announced a $25 million investment in TechMet, whose use will primarily focus on the expansion of nickel and cobalt projects in Brazil. While that funding is not primarily focused on their project in Rwanda, however, it would free up other resources to deploy in Rwanda, the investor said early in November.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

A Few Thoughts for this Generation of Africans in 2021: Be Bold and Cut Out Entitlement, No One Owes Us Anything

NJ Ayuk, Executive Chairman of the African Energy Chamber, CEO of pan-African corporate law conglomerate Centurion Law Group

By NJ Ayuk

In 2021 most opportunities in the energy sector and in business in general will go to those who show up and negotiate better deals and get involved in making African resources work for us. Forget handouts, foreign aid and government handouts.

NJ Ayuk, Executive Chairman of the African Energy Chamber, CEO of pan-African corporate law conglomerate Centurion Law Group
NJ Ayuk, Executive Chairman of the African Energy Chamber, CEO of pan-African corporate law conglomerate Centurion Law Group

As I wrote in the second edition of Billions at Play: The Future of African Energy and Doing Deals, in 2021, young African dealmakers, negotiators and lawyers will have to embrace a new mindset to win. They will have to mobilize their resources and advocate for important principles of personal responsibility, smaller government, lower taxes, free markets, personal liberty, and the rule of law.

Read also:How to choose the best mPOS for your business

In 2021, African gas projects are going to be in the news. Companies will push to get them going, from Mozambique to Nigeria and from Equatorial Guinea to Tanzania.

If some extremists have their way, none of these projects should happen and our people should be left in the dark. Question we must also ask is how Africans are going to participate when it comes to jobs and contracts. In 2021, we cannot be bystanders. We all can’t afford to.

Africa’s economic recovery from Covid-19 and our global significance in the era of energy transition and attacks on our energy sector must be driven by the talent and entrepreneurship of its people.

Our continent is still struggling when it comes to establishing democratic and trade institutions, we must push for more democracy. Democracy isn’t perfect but it is the best of all political practices and we must embrace it.

Read also:America’s Kariya Energy to Acquire Oil and Gas Assets in Africa

I have a few words of advice for this generation, for Africa’s young attorneys, entrepreneurs, rising stars and dealmakers:

Never lose sight of the significance of your work.

By negotiating effectively for African businesses and governments, you can play a huge role in transforming the lives of hundreds of thousands of Africans. Few things in life are more satisfying.

I am proud of the law group I have built, but I consider the work I have done to get justice for and empower African individuals, businesses, and communities among my greatest successes.

I am the first to advise many young people to avoid feeling entitled to anything. No one owes you or us anything. We have to earn it. Our approach and success in oil and gas negotiations stem from our deep preparation and mindset. More of that is needed in 2021.

I have stated many times: you succeed when you look for mentors and let them mentor you. It’s important to have someone who is promoting you when you are not in the room. Next, be stubbornly loyal. Don’t try to pull a fast one because you know more than others! Further, embrace your trials and shortcomings for they teach you to be a better person and lawyer.

Read also:Education, Technology and Finance To Dominate Africa’s Investment Landscape In 2021 — African Venture Capital Chair

I have seen too many young lawyers or rising stars who get a chance to be on a podium, and then tend to spend more time being celebrities than being around colleagues or supervisors.

Many so-called celebrities have not earned a deal and completed one, so avoid having a big head. For me if you have not closed a deal and are not making money, you need to keep your philosophies to yourself. It is crucial to have a strong focus on building your skills because clients and business partners really want you to be good at what you do. Your writing, critical thinking, commercial mindset and in-depth industry skills cannot hurt you. Most clients want to know who is working on their deals, and they do not care about your race or nationality. They want to know you are qualified and can get the job done.

When you finally get a deal done and you get your first bonus or check, do not fall in the trap of buying that fancy car or getting into fast life. You will get broke so quickly. Spend wisely even when you think you have arrived where you need to be. Always think there is more and stay hungry. Look at the Texas oil boys, they are always hungry. They wear their cowboy boots and continue searching for the next big discovery.

Hashtags do not pay the bills. Get off your phone.

Get offline, social media is nice but it isn’t everything, we have seen people who prefer to sit on their phone even during business meetings rather than engage in real business. How do you want a deal when you are busy on your whatsapp group chats? Why have a meeting with someone when you will be on your phone while they are talking? Get out of the room and take the call or send a message. If you decide to work on your Instagram while talking to me, I walk you out of my office or end the meeting. When you don’t get the job or the contract, don’t be so quick on blaming the “White Man” or Racism.

Read also:Kepple, Japanese VC Firm Backs 16 More African Tech Startups

I know this will get the young generation annoyed, but its real. We need to start having a post covid mindset and know we will have to engage again. I am not crazy about Zoom meetings, but we have to do it. Business is not about who had the best tweet two hours ago or who does the best hooting and hollering. Get down on the ground and make money. Do not believe those who tell you money is bad. We know it is bad being broke and we hate being broke. You should never apologise for working hard and making money. To do that, you must be focused and yes, get off your phone.

Commit to work. Pay your dues. Your time to shine will come.

Always ask yourself, “Am I adding value to the firm or the company?” Don’t think you are in the firm to be the labor union representative or the head of diversity.

Do not walk around the firm or even negotiate with arrogance or give off a sense that you are entitled, or that your opinion matters on every subject. You are not owed anything. It is important not to cry over discrimination on every issue, whether it is sexism, racism, or xenophobia.

You beat them with excellence and success. We see it every day and you will be surprised it comes from the same liberals who claim to love all humans and want to save the world. They will love to patronize you and put you in your place. I have experienced it myself. I just work harder, and success follows.

You must understand that building a successful practice or business calls for something not taught in law school or business school or any school: the ability to hustle and deliver on deals. I have always had run-ins with young lawyers because I can be a tough, goal-oriented taskmaster. I have a fierce sense of urgency that many others don’t share. 

Working for Centurion is not for the naïve or the fainthearted—we don’t tolerate young lawyers viewing Centurion as merely a job. Everyone has to give their maximum effort all the time.

The truth is, I am harder on myself. I am never satisfied, and I just believe I can win bigger and do the deal better. The most important outcome for me is to have people around me achieve more than they ever thought they could.

Lean in and take the heat for your client or causes you believe in, and for Africa

In 2021, you will have to be visible, be vocal in defending the African energy sector from those that want to end it and you must capitalize on the opportunities that you see. One of the key things you must do in 2021, is take the heat for your clients. I have never had a problem being called an ambulance-chaser in the past. Today I am that ambulance that is being chased and many know I will always stand with them and I built a strategy of taking the heat for them. Don’t let them push on your client or kill your issue. Develop a thick skin and let them hit you. If I can’t take the heat, I have no business being in the kitchen.

I have been pushed, been kicked, sometimes been spat on, lied on, demonized, talked about and even derided in the media. Its does not bother me one bit, I always know I am going to outlast my distractors or competition. In 2020, we made more money than any other year with Centurion Plus, our latest on-demand service. I have also been invited to meet with Presidents, Ministers, CEO’s and even Royals. But I never lost my way.

Never take your eyes off the prize. Be patient, play chess, keep smiling, be ready to take a punch and definitely hit back and do it harder. Maybe a combination of Jabs, Uppercuts and Hooks. That’s going to be you in 2021. Its going to be a fight to stay alive, stay employed, stay in business, stay relevant and stay sane when everything and everyone around you is going crazy.

You are going to be tested. They are going to come after you. sometimes even your own friends and those who laugh with you then stab you in the back. You will be called a traitor to most of your liberal elitist friends who feel entitled, drink latte with soy or almond milk. They sometimes cannot believe that this kid who was their darling and their best boo does not buy into their tree hugging, cry me a river ideology. You and I will have to believe and fight for Africa first, against energy poverty, and for personal responsibility, free markets, limited government and yes we must not be ashamed of being people of faith.

The wisdom and advice my law school mentor and professor John Radsan, who used to serve as the CIA’s assistant general counsel and Ron Walters shared with me hold true for you today: each one of us has a mandate to use our education and skills to impact communities and to promote economic growth and empowerment.

So, yes, seek career success and prosperity in 2021. But, in the end, choose to do good: use your skills to make sure that everyday Africans receive their fair share of the benefits the continent’s natural resources can provide.

NJ Ayuk is Executive Chairman of the African Energy Chamber, CEO of Centurion Law Group

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry