Mirova has announced the purchase of SunFunder, a private debt management company that supports renewable energy projects in Africa and Asia, which accelerates its mission to become a global leader in impact investing.
Audrey Desirato, Co-founders of SunFunder
“We couldn’t imagine a better partner to join forces with than Mirova, a company with a mission and strong culture of impact that we share. We’ve heard a lot of talk about ESG1 investment, but there are very few companies like Mirova and SunFunder leading the pack with 100% truly sustainable investments. Together we become the leading clean energy and climate investor in emerging markets, through bold new investments with real impact,” Audrey Desirato and Ryan Levinson, Co-founders of SunFunder said.
With the acquisition, the entire SunFunder team will be retained in order to continue developing their high impact energy transition work and to build a bigger emerging markets platform committed to clean energy and climate investments with Mirova.
According to Mirova, SunFunder’s business objectives fit Mirova’s goal of being a global leader in energy transition financing, and it enhances its debt financing experience and in-depth knowledge of emerging countries. Mirova, a pioneer in impact investing in Europe through its investment strategies in energy transition infrastructure, private equity, social impact investing, and listed stocks, is thereby increasing its commitments in emerging markets, where it already has a presence in natural capital.
“In order to thoroughly address the challenges that come with the fight against global warming and social inequalities, having a local presence in emerging countries is critical. We are delighted that SunFunder’s teams, with their proven experience and expertise, are joining us. Together, we will pursue our efforts to meet the needs of the real economy and increase the impact of our investments,” said Philippe Zaouati, CEO of Mirova.
Mirova will control 100 percent of SunFunder after the transaction is completed, and its teams and expertise will boost its local investment and execution capabilities for its private assets strategies. Mirova is thus creating an emerging countries investment platform, into which the Singapore office will be integrated in 2021.
Mirova is a Natixis Investment Managers affiliate committed to impact investment, with a primary goal of financing the environmental and energy transition.
The first goal of Mirova and SunFunder is to develop a solar energy debt financing vehicle with a $500 million investment capacity dispersed over Africa, Asia, and Latin America. The first closing could occur before the end of the year2.
As of March 31, 2022, Mirova and its subsidiaries managed €27 billion in assets, including €2.2 billion in energy transition infrastructure and €500 million in natural capital.
A Look At What SunFunder Does
SunFunder was founded ten years ago as a crowdfunding platform with the primary goal of providing finance solutions for Africa’s decentralised solar energy sector in order to create direct impact at the nexus of climate change and inequality. Since then, the company has launched a number of innovative blended finance investment vehicles and closed over $165 million in investments in 58 companies deploying clean energy primarily in Africa and Asia, including off-grid solar home systems in Malawi, village mini-grid projects in Kenya, and commercial and industrial rooftop installations in Nigeria and Thailand.
SunFunder has helped more than ten million people gain access to solar energy, primarily in East and West Africa, before expanding its expertise to other growing markets, including Southeast Asia.
SunFunder boasts an experienced and diverse workforce of 38 employees from 16 different nationalities, with 55 percent of them being women and 45 percent being African, based mostly in Nairobi, Paris, and London.
SunFunder had previously invested in African renewable energy startups such as PEG Africa, d.Light, PAYG, SolarNow, SunCulture, as well as Daystar Power.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
The central bank of Barbados has authorised the fintech company Zeepay to establish its Zeemoney Caribbean headquarters on the island.
In a press release, the Ghana-based firm, which claims to be one of the world’s fastest-growing fintech companies, stated that its activities in Barbados were expected to stimulate the fintech ecosystem while creating approximately 10,000 employment.
Andrew Takyi-Appiah, Managing Director and Founder of Zeepay.
Andrew Takyi-Appiah, co-founder and chief executive officer, stated that remittances and diaspora payments remained an important source of foreign money and household income for developing nations worldwide.
In 2020, the World Bank predicted that remittance inflows into low- and middle-income countries will surpass US$540 billion, notwithstanding the covid19 epidemic.
“Our Barbados company, Zeemoney, will position itself to act as a bridge between Africa and the people of the Caribbean by making it easier for individuals to receive and send funds to friends and family abroad and improve access across 200 corridors globally. Currently, Barbados alone receives about US$216 million in remittances and is anticipated to grow through this arrangement. Zeemoney will open the country for ease of receipt of international remittances and help improve last-minute access, which hither to had been a bane as evidenced in the long queues experienced during collection,” he said.
He stated that Zeepay’s parent firm, with its emphasis on innovation and technology, boosted its sales volume to $400 million in 2020, connecting international money transfer operators to digital assets such as mobile money wallets, cards, ATMs, and global tokens.
In addition to its registered presence in Grenada, Jamaica, Guyana, and Trinidad & Tobago, Zeepay is also regulated by the Financial Conduct Authority in the United Kingdom and various regulators in Africa. It operates in twenty African nations.
“Our long-term Caribbean objective is to become the number-one remittance-to-wallet player in the region and to facilitate this we will leverage our global presence, while exploring mergers and acquisitions of other mobile financial service operators and green field operations. The company was “excited by the Caribbean’s great potential for the sustained promotion of financial inclusion, and we see Barbados as a strategic gateway for the rest of the region, with transformational and visionary leadership that enjoys growing international respect and a stable economy that’s receptive to innovation and technology,” Takyi-Appiah.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
The Egyptian toy e-commerce portal Tasala has halted operations. This e-commerce website was established in 2019 and pressed the pause button in April this year.
Speaking on why the startup decided to shut down, Ahmed Atif, co-founder of Tasala, said: “Egypt relies on imports for nearly 95% of its domestic consumption; locally produced toys make up only a small fraction of total sales. We face a triple challenge: the global shipping crisis, import restrictions, and currency The depreciation made it impossible for us to continue operating. Also, our business model was challenging.”
Ahmed Atif, co-founder of Tasala
The Egyptian government imposed limits on “non-essential commodities,” including toys, after announcing new import restrictions. In the meantime, the protracted war and its economic repercussions have shook global financial markets as inflationary pressures rise.
Egypt is experiencing one of the worst economic downturns in recorded history. Recently, the country has been plagued by a lack of foreign currency, which has slowed imports. Some small enterprises have already suspended operations, shifted their key business focus, or taken preventative measures such as wage cuts and layoffs to escape the economic hardship. The retail and e-commerce industries are the most impacted by economic challenges.
The COVID-19 pandemic increased Egyptians’ need for digital services, particularly the rapid development in demand for local e-commerce, with toys being the most popular item.
The $1 billion Egyptian market for children’s toys is anticipated to reach $1.5 billion by 2025. Due to shifting market conditions and a bleak economic outlook, market growth is anticipated to decelerate. In addition, the exchange rate of the U.S. dollar has increased at customs, and stores have limited stock, resulting in a 20–40 percent increase in the price of toys in Egypt.
Larger merchants (those serving to higher income levels) have strong pricing power and can eventually weather the storm, but smaller competitors will struggle to locate adequate suppliers. To be vertical, but also to diversify products, the toy e-commerce platform sells additional children-related items, such as clothing and baby essentials.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
Last week, Tunisian edtech startup GoMyCode raised $8 million. GoMyCode, which was founded in 2016, now teaches 10,000 developers and piques the curiosity of investors and investment managers. The startup, which began with a capital of 1000 dinars, is now worth at least 45 million euros. Its founder Yahya Bouhlel, who is only 23 years old, was named one of the top 100 startup founders in the Middle East and North Africa (MENA). Yahya Bouhlel is part of a new breed of Tunisian entrepreneurs that have no boundaries. He doesn’t think any less if he doesn’t show it loud and clear. In this interview, he shares more on his journey so far.
GOMYCODE founder Yahya Bouhlel
To begin, can you tell us how much GoMyCode is currently worth?
We are currently assessing the company and believe it is worth between 45 and 60 million euros.
Did you expect to reach this level when you started this adventure?
Absolutely not! At first, it was more of a summer camp than a commercial initiative. I began coding when I was 13 years old. At the age of 15, I had had a small portfolio of 20 projects ranging from websites to applications, software, and algorithms. Following that, I was hired by a Silicon Valley firm to work on video games over the summer. This voyage lasted from the age of 15 until the age of 19, when I made roughly 15 round trips between Tunisia and Silicon Valley. I also took part in 55 hackathons. As a result of the latter, I met numerous developers and others from the ecosystem. I instantly realized the disparity that exists between Tunisia and Silicon Valley. In Silicon Valley, there was an explosion of companies between 2014 and 2015, yet nothing was occurring in Tunisia. This remark sparked the idea for a three-week summer boot camp where young people might learn to build video games. These are the early stages of GoMyCode. I should also mention that I learned everything on my own via the Internet. I created a new educational system, GoMyCode, as an alternative to the traditional method.
What distinguishes the GoMyCode system from standard training?
The first is that GoMyCode is active learning in the sense that participants learn the design itself by creating real projects. This has an effect on the entire learning process, which becomes increasingly project-oriented. Another point of distinction is the employment of learning techniques similar to those employed in Silicon Valley, which is capable of closing the previously existing gap. GoMyCode is also suitable for people of all ages, including children. The oldest student was over 60 years old, and the youngest was only 7 years old. In addition, we have tailored our training program to accommodate those who work by offering instruction from 9 a.m. to 7 p.m. Monday through Sunday.
How has the training you give changed since the inception of GoMyCode, and at what rate and with what tools?
We now have 85 staff and 150 trainers working for GoMyCode. We also have over 2,000 active students dispersed across 15 spaces and eight countries. We also have a team of 7 developers working on the tech platform and a team of content creators. We are constantly competing for new ideas. Every two weeks, we introduce a new product or feature. Furthermore, the platform has reached version 15. We greatly support the culture of acquiring know-how by learning mistakes at GoMyCode. In addition, we have teams in many departments such as technical, marketing, product, and human resources. We do not outsource, which allows us to move more quickly and efficiently. We don’t have many processes, but we have excellent managers.
Let’s talk about it, specifically, managers. What criteria do you use to hire them, and what, in your opinion, is the profile of a good manager?
In reality, we chose our managers based on three primary factors. First and foremost, it is about intellect in its broadest meaning. Then there’s their capacity to deliver, and finally, a purely subjective factor: their willingness to work with that personality. A good manager, in my opinion, is one who knows how to constantly and continuously challenge his people.
To be honest, when I first launched GoMyCode, I did everything myself: the content, the platform, the website, the training, and so on. What drew the first 30 pupils was an action I took, which consisted of mailing a letter specifically tailored to these students, with whom I spent a month during the summer. Previously, I had to spend a long time on the phone with everyone to persuade them to incorporate GoMyCode, which was unknown at the time.
And how has your marketing strategy changed since then?
It is a marketing and sales strategy. We have implemented a concept centered on people in regard to our company, which is centered on people. Furthermore, we receive students from various backgrounds and with various stories. As a result, we base our marketing strategy on telling and sharing these people’s stories. We also have a sales team of 15 employees called educational advisers, 12 of them are in Tunisia. Each is in charge of managing 500 leads per month. To accomplish this, we employ commercial and prospecting tools.
What is the most successful foreign subsidiary today?
There is an Algerian subsidiary that is performing quite well, despite the fact that it was the first one we started in 2020, with the rest following in 2021. It takes time for the model to become established. I also believe that Morocco and Egypt have a lot of promise because no equivalent model exists.
Is there anything that has to be changed based on the country of expansion?
Absolutely ! Despite the fact that these are Arab countries, there are considerable cultural variances. The first obstacle is language, and we had to change all of the team’s communication by introducing English as everyone’s internal language. Furthermore, there is a cultural gap, particularly in marketing. The photographs we use in Nigeria, for example, are not the same as those we use in Bahrain. Similarly, the message we aim to transmit is not designed in the same manner in every country.
Are the teams based in other countries made up of Tunisians or locals?
All of these teams are made up of locals of those countries.
How do you decide which countries to settle in?
The startup ecosystem is the first factor we take into account. We also consider investor involvement, the rate of employability and unemployment, schools and universities, and the indication of target students.
What does the school of the future look like for you?
In fact, you should be aware that by 2030, the African continent and the Middle East will have more young people aged 14 to 40. We will have 250 million young people between 15 to 35 who will need to be educated and workable. The current educational approach no longer serves these young people’s interests and is no longer as successful. Indeed, we must consider what function education should play in society. Before we even talk about university, we should, in my opinion, define learning. Learning must continue throughout one’s life, but the problem with universities is that learning is confined to a few years at most. When it comes to developers, for example, technology changes every 12 months. As a result, we require a model that allows us to learn and progress in this learning as well as in our subsequent work. Furthermore, we must recognize that the learning model used in our schools dates back to the industrial revolution. However, today’s learning resources, such as those available on Google and YouTube, have advanced significantly. The learning model must be a synthesis of the various sources. It all is about talents; for example, being able to learn on your own is now regarded a separate ability.
Have you considered young pupils who do not have the financial means to attend the training you provide?
Absolutely. We provided scholarships to over 2000 students between 2020 and 2021. We have received 3500 scholarships for students since the inception of GoMyCode. We have a very unusual concept in which we collaborate with organizations to assist those who are interested in our training. Furthermore, we have launched a system of financing training at maturity, which means that the student receives it for free at first and then begins to pay for it over a 12-month period after he enters the working world. Furthermore, at this level, we are interested in a KPI: the difference in wage between our pupils before and after training. For example, before training, the typical income is roughly 600 dinars, rising to 1,500 dinars after a year.
Moving on, how did you progress from coder to entrepreneur and manager?How did the transition take place?
I consider myself mostly a creator. In addition, I now devote approximately 35% of my time to recruiting. I also commit a significant amount of time to the sales and marketing teams. Then, as a manager, I must establish the company’s vision, mission, and goals. The country managers are then given significant time each week, in addition to the time I spend with investors discussing fundraising.
Can you explain a normal day in your life?
My average day begins at 8 a.m. and concludes at 8 p.m. However, my usual day has evolved significantly from the beginning; today, I spend far more time with teams situated in other countries than with those in Tunisia. For example, I have daily review sessions with GoMyCode Egypt, Morocco, and Nigeria.
Would you like to focus more on recruiting?
This is the most crucial aspect.
Let’s start with your surroundings. Did it give you any support when you first started your project?
Yes, absolutely. My entourage and surroundings were quite encouraging. I was extremely fortunate to be surrounded by the proper people, beginning with Cogite, when I first arrived in Tunis. Many people have assisted me, including my family and other business owners. However, as far as my parents are concerned, they can’t help but inquire about the continuation of my education, which I had to interrupt in order to begin my firm.
And what compelled you to take on this undertaking at the expense of your studies?
Simply said, I believed in this project. But I must admit that I took a lot of chances.
And what motivates you to get out of bed every morning?
Change. I wish to make numerous changes. When I see the impact our product can have on people’s lives, it only inspires me more.
Have you noticed a difference that has moved and revitalized you today?
When we see that we have trained 3000 developers in Tunisia, we know we have transformed the lives of 3000 people. Furthermore, we are a firm that began with a 1,000 dinar fund and is now worth over 60 million euros. I also believe that I have a responsibility to change the thinking of young people so that they can become entrepreneurs. We require young people who are capable of making a difference.
What is your biggest concern or worry about your company’s growth?
I believe the Covid pandemic is one, but there is also an opportunity coming from it. The true issue in the long run, though, is the flight of good talents. I also believe that this is a difficulty that all entrepreneurs face: identifying the correct talents. It is not always easy to keep these talents. Otherwise, I learned to look for solutions rather than consider threats. There are difficulties, one must admit. However, it should be noted that when businesses grow, it might become harder to change things due to rigidity. We also make certain that this rigidity does not spread among our personnel.
What do you do every day to grow as a person?
I’m still learning; I read a lot and watch a lot of masterclasses on YouTube. I don’t have a television or a radio. I don’t pay attention to national news. I work 12 to 14 hours per day.
What feelings do you have today after spending your youth absorbed in your project?
This is not self-evident. I was seeking for a job when I was 19–20 years old. I was also looking for information on how to complete my apprenticeship. In fact, I realized one thing: we cannot be successful in life unless we understand how to manage it correctly. As a result, I’ve just begun to better manage my life by participating in sports and attempting to live a healthy lifestyle.
Where and how do you envision yourself in 40 years?
I can’t say for certain. But one thing is certain: I want to invest in startups. I also believe that we require investor entrepreneurs.
And who has been the most influential investor/entrepreneur in your life?
To be honest, there are a lot of them. There’s Sam Heltma, who has a similar background to mine. Khaled Halioui and my brother, the co-founder of GoMyCode, are also present.
What attributes do you believe entrepreneurs require?
There are various skills, but the most important, in my opinion, is the ability to make mistakes and fail in order to learn. We don’t need to set restrictions and try again and again. It is entirely possible to begin small and expand from there. We must quit whining and convincing ourselves that we are incapable of success. You must also know which advise to heed.
How do you see GoMyCode in three years?
We plan to increase the number of available spots from 15 to 100, and the number of students from 10,000 to 80,000 per year. The focus will be on Africa in the following months.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
Chari, a Moroccan FMCG and financial services digital distributor focusing on small retailers in Francophone Africa, has announced the acquisition of a 100 percent stake in Diago, an Ivory Coast-based startup that connects neighborhood shops to FMCG producers and importers.
Amidou Diarra and Ali Ouattara, two former managers at Glovo and PepsiCo, founded diagoapp.net in 2021. The startup operates solely in Abidjan.
With the acquisition, Ali and Amidou will continue to serve as CEO and COO, respectively, and will manage local business growth before expanding into other Sub-Saharan African countries.
Chari purchased Diago mainly through an all-stock transaction.
From left to right, Sophia Alj cofounder of Chari, Amidou Diarra cofounder of Diago App, Ali Ouattara cofounder of Diago App, Cyrille Jacques VP expansion of Chari. Credits: Chari
Why The Acquisition
Diago’s acquisition will be critical to Chari’s expansion plans. After a successful proof of concept in Morocco, Chari intends to become the leader of its business model in Francophone Africa, according to the company.
“The secret of a successful expansion is to build a local team that masters local market dynamics. The real challenge is to convince local entrepreneurs to join forces with Chari to grow faster. We continue to surround ourselves with young and ambitious entrepreneurs from Francophone Africa to build together a pan-African giant of FMCG and financial services distribution,” Ismael Belkhayat, co-founder and CEO of Chari, said.
Also commenting on the acquisition, Cyrille Jacques, Vice-President of Chari in charge of leading international expansion said: “Diago’s entire team will receive Chari’s full support functions. Chari’s Casablanca back office will help Diago team in setting up operations, IT tools and customer service,” said
Chari is a FMCG and financial services digital distributor targeting small retailers in Francophone Africa. The startup launched its operations in Morocco before expanding to Tunisia in early 2022. It was launched in January 2020 by husband and wife Ismael Belkhayat and Sophia Alj. Before joining the ranks of STATION F in Paris, Chari was incubated within the family-owned H&S Invest Holding.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
Swvl has announced the suspension of its daily and city-to-city services in Kenya. SWVL Daly, City-City, and Business-Business are the three services provided by the mass transportation and shared mobility provider in the country.
SWVL Daly was created for intra-city rides in Nairobi, City to City rides were created for long-distance travel, and Swvl Corporate was created for business journeys. Swvl has announced the indefinite suspension of Swvl Daily intra-city and Swvl Travel rides.
“In light of the global economic downturn, we are pausing our Swvl Daily intra-city rides in Nairobi next Friday the 3rd of June, 2022. And Swvl Travel on Sunday the 30th of May, 2022,” the company says in a statement.
Swvl Business, on the other hand, will continue to function and serve corporations, organizations, and private entities.
The company just announced that it will reduce its workforce by one-third, affecting 400 people across the company’s many markets.
Swvl asserts that the move is part of its objective to achieve positive cash flow by next year.
Swvl commuter trips included 300 routes to over 55 destinations, allowing commuters quick access to the CBD, Upperhill, and Westlands. Swvl has also extended the number of routes available, allowing more passengers to plan trips to their desired destinations. These routes include Utawala to CBD, Joska to Westlands, Ongata Rongai to Westlands, and Kiserian to CBD and Westlands.
As a result of the company’s decision to discontinue operations in Kenya, approximately 100 workers who work directly for it in the nation may be impacted. Swvl collaborates with around 500 bus owners who have joined the company as partners.
In the same vein, SWVL shut down its operations in Pakistan. Swvl stated that it would “pause” daily rides throughout Karachi, Lahore, Islamabad, and Faisalabad on Friday (June 3) “in light of the worldwide economic slump.”
I have got absolutely amazing experience in the past couple of years with #SwvL Its sad to see it discontinue the service as I don't wanna drive to my office now. @SwvlPakistan We DO NOT have any public transport. Somebody please do something about this. pic.twitter.com/YnAGX9WNHe
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
Swvl Holdings, a global provider of transformative tech-enabled mass transit solutions, has announced that it is implementing a portfolio optimization program to improve efficiency and reduce central costs in order to accelerate its path to profitability and achieve cash flow positive status by 2023. Swvl’s Transport as a Service (TaaS) business, through which it provides technology-enabled transportation for corporates, schools, universities, industrial facilities, airlines, and other institutional clients via its asset-light marketplace, and Software as a Service (SaaS) business, through which it licenses its proprietary technology to transit agencies, bus operators, and other high-capacity vehicle fleet owners and users, are both rapidly growing. They now have over 500 live accounts across four continents, with over $5 million in monthly revenue.
Mostafa Kandil, Egyptian CEO and founder of Swvl
The following will be included in the Company’s portfolio optimization program: TaaS and SaaS business expansion, both organic and inorganic, throughout all geographies of operations, including Germany, Spain, Italy, Switzerland, Turkey, Japan, Argentina, Saudi Arabia, United Arab Emirates, Jordan, Egypt, Kenya, and Pakistan; Focus of the Business to Consumer (B2C) business on Egypt and Pakistan, the Company’s current greatest B2C revenue contribution and profitability markets; Optimization of B2C route networks in specific cities, as well as staffing and operating expenses Investment in developing the Company’s proprietary technological stack will be maintained.
The recent acquisitions of TaaS and SaaS companies Viapool, Volt Lines, and Shotl, as well as the imminent acquisition of door2door, all contribute to this expansion.
The company aims to downsize its workforce by around 32%. Such reductions will target roles that have been automated as a result of investments in the Company’s engineering, product, and support divisions. Swvl intends to provide monetary, non-monetary, and job placement assistance to assist in the transition of certain of its employees to new responsibilities. Swvl’s management now anticipates the company to be cash-flow positive in 2023 as a result of the portfolio optimization program.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
InstaDeep, a leader in advanced AI decision-making systems for tackling real-world challenges, has announced the opening of its first U.S. office in the dynamic Cambridge, Massachusetts Life Sciences Research and Innovation Center.
The new R&D base of InstaDeep will enable the AI startup to collaborate with the surrounding academic community and some of the world’s most inventive and prominent enterprises and organizations.
Co-founder and CEO of InstaDeep, Karim Beguir
InstaDeep selected the Kendall Square Innovation District in the Boston metropolitan area, which has been regarded as “the most innovative square mile on the world,” due to the district’s high number of startups and the quality of innovation that has evolved in the area. It is the most recent addition to the AI company’s global network of offices, which spans from London to Paris and includes Tunis, Lagos, Dubai, and Cape Town.
Co-founder and CEO of InstaDeep, Karim Beguir, stated: “The opening of our first office in the United States is a major step in InstaDeep’s global expansion. The Kendall Square wave of AI and biotechnology innovation and new firms is very motivating, and InstaDeep looks forward to engaging with the Cambridge, Massachusetts community.”
Thomas Pierrot, head of research in the United States, who previously managed the company’s research team in Paris, will lead the office. His research combines bioinformatics, evolutionary techniques, and deep reinforcement learning. In addition to presenting findings at key AI conferences, Pierrot contributed to the development of InstaDeep’s DeepChainTM protein design platform and early warning system to discover probable high-risk variants of SARS-CoV -2, which were co-developed by InstaDeep and BioNTech.
During the grand opening of the new office, Karim Beguir held a fireside chat with Wade Roush, host of Soonish’s Deep Tech podcasts and MIT Technology Review, to discuss the history of InstaDeep and answer questions. inquiries from students, academics, and executives in the community of Kendall Square.
InstaDeep assists businesses in accelerating operations by leveraging AI technologies such as reinforcement learning, a type of machine learning that enables neural networks to rapidly learn from simulations and focus on the most effective optimization strategies for a variety of problems, such as therapeutic development, rail operations, etc. InstaDeep and BioNTech run a combined AI innovation lab that employs machine learning to explore new immunotherapies for a variety of malignancies and infectious disorders. In addition to working with Google on AI-related projects, InstaDeep has published joint research with DeepMind and Google Research. In addition, InstaDeep is collaborating with Deutsche Bahn, the largest rail operator and infrastructure owner in Germany, to automate rail routing.
The company formed in Africa, which has been listed among the world’s 100 most innovative startups by CB Insights for three consecutive years, will also use its new US location to mentor and teach students, providing them internships and part-time positions. while encouraging diversity and inclusiveness in the realm of artificial intelligence.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
Top Senegalese logistics startups have just created the Afriware consortium with the aim of competing at the highest level in the subregion.
Cohesion is strength. This is what the most innovative startups in logistics have recognized.
Indeed, OuiCarry, ShopMeAway, Paps, Tiak — Tiak, Outalma, and Logidoo, which are all nearly sponsored by the General Delegation for Rapid Entrepreneurship of Women and Youth (DER/FJ), have established the Afriware consortium.
Pape Amadou Sarr
According to trustworthy sources, “The combination of their diverse talents and resources has resulted in the formation of a formidable organization, capable of competing at the highest levels both locally and in the subregion. It will also enable each participant to access markets that were previously inaccessible to them.”
The DER has committed around 250 million FCFA in the construction of this new consortium.
The complementary nature of these six players enables a consistent value proposition. Afriware encompasses the full supply chain. Last mile of international transportation warehousing, transit, and distribution.
With the assistance of PACAO and a modern infrastructure, the partnership is now prepared to handle the major logistics difficulties in Senegal and Africa, such as the preservation and distribution of agricultural products.
Afriware is the result of two years of hard labor and an idea conceived by Pape Amadou Sarr. The former leader of the DER/FJ has made significant investments to make this a reality. He believed in the individual and collective potential of each of the concerned startups. Beyond the logistics industry, they are some of the most notable participants in the country’s technical environment, with some making news for their substantial fundraising efforts.
These startups account for a total turnover of 5 billion FCFA. Through their collaborative initiative, Senegalese and African economic agents will gain greater agility, technological prowess, and innovative potential.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
Mastercard and fintech giant OPay have today announced a strategic partnership, which marks a significant boost for wider financial inclusion and economic prosperity by opening up digital commerce to millions of people across Middle East and Africa.
“As the leading fintech in the Middle East and Africa, we are delighted to be partnering with Mastercard as we continue on our journey to promote financial inclusion, helping to open up the global economy to more consumers and businesses across Middle East and Africa,” Yahui Zhou, CEO of OPay, said.
Here’s How The Partnership Will Work
The collaboration enables OPay consumers and merchants in the region, which includes Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa, and the United Arab Emirates, to interact with brands and businesses anywhere in the world, courtesy of a Mastercard virtual payment solution linked to the OPay eWallet.
This is the most recent milestone in Mastercard’s emerging market strategy, in which the technology company collaborates with growing Fintechs such as OPay to expand access to digital payments, enable multiple lifestyle services, create new pathways to financial inclusion, and support the next generation of superapps. Consumers are increasingly seeking streamlined user experiences on a single platform that facilitates interactions for a variety of day-to-day tasks, such as sending and receiving money, ordering meals and groceries, arranging transportation, lending, investing, and putting products for sale.
In the initial phase of this agreement, OPay consumers will be able to shop at well-known global companies for leisure, travel, lodging, entertainment streaming services, and more using the Mastercard virtual payment solution linked to their OPay wallets. The service is accessible regardless of the customer’s bank account status. It also enables small businesses to acquire from international vendors and pay via a secure virtual payment service.
OPay CEO Yahui Zhou
“At Mastercard, our innovation strategy is rooted in partnerships to support inclusion at scale. Our partnership with OPay demonstrates our commitment to supporting payments providers across the world to create an interconnected global payments ecosystem that benefits an array of consumers with unique needs,” Amnah Ajmal, Executive Vice President for Market Development, Mastercard EEMEA, said.
Opay Continues To Grow
Since it began operations in 2018, OPay’s active user base has expanded to 15 million across dozens of markets. On average, the organization conducts millions of transactions per day. In Nigeria, where OPay holds a considerable market share, customers have saved billions of dollars over the past four years through credit-linked savings accounts linked to their mobile wallets and small loans from lenders that use its platform.
Plans are in place to offer OPay services in other markets within the next three to five years, thereby considerably accelerating the expansion of digital inclusion and digital commerce and expanding OPay user participation in the global economy.
Mastercard has declared a global commitment to financial inclusion, pledging to integrate 1 billion people and 50 million micro and small companies into the digital economy by 2025, with a focus on 25 million women entrepreneurs.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
