Startups and founders - Afrikan Heroes

Andela Expands European Presence with Acquisition of Casana’s IT Talent Network

May 19, 2023

In a strategic move to bolster its presence in Europe, Andela, a global talent solution provider, has announced the acquisition of Casana, a Munich-based network of IT talent. This acquisition marks Andela’s second successful purchase in 2023, further solidifying its position as a leading unified talent solution for sourcing, assessing, hiring, managing, and paying technical talent on a global scale. With this merger, Andela now boasts a massive network of over 4 million technologists across 175 countries, making it the world’s largest marketplace for qualified talent.

Andela, founded in 2014, has been at the forefront of reshaping the global tech talent landscape, aiding companies in scaling their talent strategies on an international level. Their comprehensive offerings, including a talent platform, global talent network, and managed services, facilitate the formation of remote-fluent teams from emerging geographies like Africa and Latin America. Casana’s business model aligns seamlessly with Andela’s approach to evaluating qualifications for acceptance into their global talent network.

Enrico Karnstädt, co-founder of Casana, will assume a critical leadership role within Andela as the Director of DACH and Nordics, overseeing the company’s German business and spearheading expansion efforts into Western Europe. This move ensures a smooth integration of Casana’s operations into Andela’s existing framework and strengthens Andela’s capabilities in the European market.

Jeremy Johnson, co-founder, and CEO of Andela, expressed enthusiasm about the acquisition, stating, “Enrico and his team have built Casana into an incredible presence in Europe, and we are excited to serve our clients there with our global network of digital experts. Just like in the United States, European enterprise clients are eager to rapidly expand their teams with top-tier engineering talent. Expanding our presence in Europe is a natural step as we continue our mission to connect brilliance with opportunity.”

Enrico Karnstädt, commenting on the benefits of the merger, highlighted Casana’s mission of meeting the demand for high-quality technical talent to support digital transformation initiatives among European clients. He emphasized that by joining forces with Andela, Casana’s customers would immediately gain access to an expanded pool of qualified technologists in Europe and other global regions.

Andela, known for its innovative talent platform, offers a unified solution that revolutionizes the way companies source, assess, hire, manage, and pay remote technical teams. Powered by a proprietary AI talent decision engine, the platform efficiently matches the right professionals to the job, achieving up to 70% faster results compared to traditional recruitment methods and reducing costs by 30–50%. Leading companies worldwide leverage Andela’s extensive network of technologists to scale their engineering teams quickly and cost-effectively. The company’s remarkable growth and success have attracted investment from renowned firms such as Generation Investment Management, Chan Zuckerberg Initiative, Spark Capital, and Google Ventures.

Casana, a Munich-based company, specializes in providing project-based and flexible support for organizations’ digital transformation initiatives. With a core team of digital experts and a network of highly qualified technologists, Casana offers comprehensive digital product services from a single source. The company’s curated network structure enables clients to swiftly assemble complete teams for each project, ensuring enhanced flexibility, scalability, and execution speed. Casana serves a wide range of clients, from high-growth startups to large corporations, helping them achieve their digital transformation goals.

South Africa’s Khula! App Secures Investment from Absa Bank, Accelerating Agribusiness Expansion

Charles Rapulu Udoh

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

Criticisms Linked To Recent Pivoting: CEO of Embattled Nigerian Transport Startup Treepz Shares New Details

May 11, 2023

Onyeka Akuma, the CEO of Treepz, an embattled Nigerian transportation startup, recently shared new details about the company’s pivot to car-sharing services across Nigeria, Ghana, Uganda, and Kenya. The announcement, made on May 3, 2023, drew mixed reactions from the media and technology communities. While some applauded the innovation, others expressed concerns about the business model and market size.

Treepz originally launched in Lagos, Nigeria, in September 2019, pioneering bus hailing in West Africa. However, the public transportation industry’s high price-sensitivity posed a challenge, with the company spending $1.5 for every $1 earned and resulting in a negative gross margin of 5%, Akuma says in a statement. After carefully analyzing their offerings, Treepz then decided to prioritize car rental as their core business and discontinue other services. The decision to re-launch their B2C product with a car-sharing model and marketplace for car rental companies (hosts) as their single focus was made on May 3, 2023.

Besides financial considerations, Treepz notes that it recognized several compelling trends that underscored the untapped potential of the car-sharing/rental market in Africa. First, the company observed a notable shift in consumer preferences towards flexible transportation solutions, with people and organizations prioritizing convenience, affordability, and environmental sustainability. Second, globally, the car-rental market is expected to reach USD $121.1 billion by the end of 2031, with more individuals and businesses seeking flexible transportation options. Third, over the past decade, the mobility landscape has undergone a transformation driven by technological advancements, rapid population growth, and urbanization.

Treepz, a Nigerian shared mobility startup, has raised $2.8M — *Source: Treepz*

Treepz claims prioritizes both sustainable and equitable transport, recognizing that they can coexist and reinforce each other. The company says the new business model addresses the issue of equitable access to transportation in Africa. Treepz is a car-sharing marketplace that connects car owners with individuals in need of transportation. Through the platform, owners can rent out their vehicles on an hourly, daily, weekly, and monthly basis, and users can conveniently browse, book, and unlock cars using the Treepz app.

By leveraging the sharing economy, Treepz aims to promote resource efficiency and reduce congestion. By offering a cost-effective and convenient solution, the company believes they can attract price-conscious consumers who are more responsive to changes in price, thereby impacting price elasticity and expanding the addressable market of car-sharing.

Nigerian Mobility Startup, Treepz, Acquires Uganda’s Ugabus, Raises $2.8M Seed

Charles Rapulu Udoh

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

Kenyan Agtech Startup iProcure partners with Farm to Market Alliance to expand into Tanzania

iProcure, a prominent data-driven African agricultural input supply company, has announced its expansion into Tanzania in partnership with the Farm to Market Alliance (FtMA), a consortium of public and private institutions focused on increasing the income and resilience of smallholders while boosting commercial viability for all value chain stakeholders. FtMA operates a network of last-mile service providers known as Farmer Service Centers (FSCs), which serve as critical service hubs providing demand-driven services such as quality inputs, weather and planting advisory information, affordable financing, handling and storage solutions, and timely market connections to guide producers’ transition to commercial farming. Through this partnership, iProcure and FtMA will improve access to supplies and services for more than 125,000 farmers in Tanzania.

iProcure has disrupted traditional agricultural supply chains in East Africa by establishing its own distribution infrastructure, connecting major agricultural input suppliers directly to local agro-dealers through its proprietary distribution technology system. By cutting out the middlemen in the traditional agricultural supply chain and providing technology-driven insights on supply levels and prices, iProcure ensures the availability, quality, and delivery of critical agricultural inputs like fertilizers and seeds while delivering savings. This, in turn, enables agro-dealers to provide the farmers that rely on them with the products they require when they need them.

In addition to procuring and delivering supplies to over one million farmers, iProcure’s software and data management solutions digitize agro-dealers’ businesses and offer invaluable insights into regional agricultural input demand, price sensitivity, and creditworthiness. iProcure has utilized this information to extend Buy-Now-Pay-Later (BNPL) services to more than 1,500 agro-dealers.

FtMA provides a platform to offer last-mile service delivery and structured market access to 125,000 farmers in rural Tanzania through its network of 295 Farmer Service Centers situated across six regions. The services offered include market access, farm inputs, financing, mechanization, advisory services, and insurance. Through this partnership, iProcure will deploy its supply-chain tracking technology and business management software solutions to 100 Tanzanian agro-dealers to enhance their operational efficiency and supply traceability. The partnership aims to deploy iProcure solutions to 100 FtMA Farmer Service Centers by November 2023.

Niraj Varia, iProcure’s CEO, stated that “iProcure has been eyeing Tanzania, and this partnership with FtMA provides an ideal opportunity to introduce our technology to an established network of agro-dealers. FtMA shares our vision of digitizing agriculture, assisting farmers, and improving supply chains, so we are excited to enter this new market alongside them.” Mads Lofvall, Managing Director of FtMA, added that “FtMA is thrilled about the partnership with iProcure in Tanzania. At our core, FtMA aims to bridge the gap between service delivery and market access at the first and last mile. Digitizing the work of our Farmer Service Centers is critical to bridging this gap, and we look forward to seeing how our FSCs and farmers will benefit from this new partnership.”

South African Cybersecurity Startup Port443 Raises New Funding

Charles Rapulu Udoh

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

Wave Mobile Money Emerges as Senegal’s Top Provider with $20.3B in 2022 Transactions and 11M Customers

May 1, 2023

Wave Mobile Money recorded over 12 trillion CFA francs (USD 20.3 billion) transactions in 2022, according to figures unveiled by the US fintech at a workshop on digital payment development and user risk mitigation in Dakar. In the mobile money sector in Senegal, Wave is considered the leading provider with nearly 11 million active customers, including approximately 7.18 million active users, representing 90% of the adult population with an account at Wave Mobile Money. This undisputed breakthrough is behind the strong growth in transactions recorded in 2022.

To democratize digital payment services, Wave Mobile Money invested at least 100 billion CFA francs ($169 million), thereby reducing the cost of mobile money pricing by 75%. According to the fintech, “this represents around 130 billion CFA francs in savings made by Senegalese, particularly thanks to the free electronic payment services for the network of concessionaires of the Senegalese state: payment of electricity bills, water bills, toll fees, and the development of merchant payment in the large distribution.”

“Until 2018, digital financial services on the Senegalese market were charged a minimum of 4%. However, the Wave Mobile Money product was built around the needs of the user and proposed a radically inclusive service, with several differential advantages, such as a simplified customer journey supported by innovative technology, diligent handling of claims to reinforce user confidence, and the most accessible costs, i.e., a money transfer at only 1% as well as free services such as deposit and withdrawal of money, bill payments, purchase of goods and services.” Wave reminds.

During the same year in the sub-region, there were approximately 133 million registered mobile money accounts in the region, representing an increase of 23 million accounts from the previous year. Approximately 54% of the combined adult population of Benin, Côte d’Ivoire, Ghana, and Senegal actively use electronic money services. However, obstacles remain significant for easy access to digital financial services. According to the results of a survey conducted in 2019 by the Observatory of Financial Services Quality (OQSF) among digital financial services users (ESFIM), the main obstacles, according to the opinions of the users surveyed, are mainly related to poor network quality (17.1%), transaction insecurity (15.7%), high service costs (15.4%), and insufficient supply.

Nigerian Startup Storspay Raises $320k to Empower Small Businesses with Affordable Capital

Charles Rapulu Udoh

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

Kenyan Cleantech Firm PayGo Energy Acquired By Sun King. Here Are Key Reasons For The Acquisition

April 27, 2023

Sun King, the largest off-grid energy company in Africa and Asia, has acquired PayGo Energy, a leading innovator in pay-as-you-go technology for clean cooking. Drawing on its experience delivering solar energy products to 95 million underserved consumers in Africa and Asia, Sun King will use this acquisition to develop clean cooking solutions for the three billion people reliant on wood and charcoal cookstoves.

Sun King’s new Clean Cooking Team is working on a range of clean cooking products and services to help families transition from wood- and charcoal-based cooking to clean, safe and more environmentally friendly alternatives. The breadth of clean cooking product range reflects customers’ diverse cooking practices and available energy supplies. The company will take a technology-agnostic approach to developing products and services that allow families to transition from wood and charcoal cookstoves to safer, modern appliances that better protect people and the planet.

Access to finance is a major barrier to clean cooking for hundreds of millions of households. Sun King’s Clean Cooking Team is developing technology-enabled products and pay-as-you-go consumer financing services to break down financial barriers to purchasing modern cooking equipment.

Founded in 2015, PayGo Energy’s team of 40 employees in Nairobi is moving less than a mile down the road to Sun King’s office, now expanded to include a lab and workspace for Sun King’s new Clean Cooking Team. The PayGo Energy team brings a wealth of experience pioneering finance, technology and distribution solutions to clean cooking challenges. In areas without access to electricity or piped gas, PayGo Energy has developed smart meters to monitor LPG consumption and predict when gas cylinders will run empty. This technology allows customers to pay incrementally for fuel — as they would for charcoal or wood — and enables proactive replacement of customers’ gas cylinders before they run out of fuel.

“The benefits of switching to clean cooking — using modern stoves and fuels — are both substantial and diverse, ranging from reductions in carbon emissions and unsustainable deforestation to improved health and gender outcomes. Globally, three billion people depend on open wood fires and charcoal stoves to cook food. The resulting smoke and respiratory disease are leading causes of early death in Africa and Asia, disproportionately impacting women who are more exposed to the fumes. Women also bear the time burden of collecting wood and tending fires. Cooking with wood and charcoal is a major contributor to global warming, accounting for approximately 2% of global carbon emissions, on par with the carbon emissions of the entire global air travel industry. Demand for wood and charcoal drives deforestation and destroys biodiversity,” said Nick Quintong, CEO of PayGo Energy and now head of Sun King’s Clean Cooking Team.

“We are thrilled to welcome the PayGo Energy team into the Sun King fold. By merging PayGo’s clean cooking product and software expertise with Sun King’s hardware and manufacturing know-how and our proven distribution channels, underpinned by Sun King’s 23,000 field agents, we hope to deliver modern, affordable cooking appliances and energy to families living across Africa and Asia,” said T. Patrick Walsh, Co-Founder and CEO of Sun King.

Recently, Sun King raised $330 million (USD) through its Series-D funding round. Sun King is rapidly expanding its pay-as-you-go solar product line and distribution network, introducing more powerful off-grid solar technology and expanding its presence to additional African countries. Sun King’s new Clean Cooking Team and its acquisition of PayGo Energy is another step towards the company’s mission to provide sustainable, affordable energy to underserved communities in Africa and Asia.

Here are key strategic reasons for Sun King’s acquisition of PayGo Energy to develop clean cooking solutions

Expanding its product range: Sun King, the largest off-grid energy company in Africa and Asia, seeks to expand its product range beyond solar energy products to include clean cooking solutions. This move will help the company to tap into a new market segment and diversify its revenue streams.
Addressing the “Dirty Cooking Problem”: Sun King’s acquisition of PayGo Energy is part of its broader ambition to address the “Dirty Cooking Problem.” Globally, three billion people depend on open wood fires and charcoal stoves to cook food, leading to health problems and environmental issues. By developing clean cooking solutions, Sun King aims to make a positive impact on people’s health and the planet.
Access to new technology and expertise: PayGo Energy is a leading innovator in pay-as-you-go technology for clean cooking. By acquiring PayGo Energy, Sun King gains access to new technology and expertise that can be used to develop and improve its clean cooking products and services.
Developing consumer financing services: Sun King’s acquisition of PayGo Energy will enable it to offer consumer financing services to African and Asian customers. These services will allow families to pay for energy and equipment in small, affordable installments, breaking down financial barriers to purchasing modern cooking equipment.

Nutanix Appoints Alex Russell to Regional Sales Manager for SADC

Charles Rapulu Udoh

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

New Acquisition: South African Tech Firm Dariel Acquired By Rival For $7.2M. Here’s Why

April 25, 2023

Capital Appreciation (CTA), a financial technology group, has announced plans to acquire Dariel, a software engineering firm based in South Africa that specializes in providing software solutions for financial institutions and fintech companies.

The acquisition is worth a total of R85.3 million ($7.2 million) and will be paid through a combination of cash and shares. CTA will pay R46.9 million ($4 million) in cash and allot 25,243,779 CTA shares from the company’s treasury shares, which are valued at R38.4 million ($3.2 million).

In a statement released on the Johannesburg Stock Exchange, CTA explained that the acquisition of Dariel is consistent with the company’s philosophy of investing in established, asset-light companies that deliver innovative fintech solutions to institutional clients. CTA believes that the digital transformation, along with the increasing demand for electronic payments, cloud services, and related solutions, will continue to support robust industry growth prospects over the medium term.

CTA’s acquisition of Dariel is subject to certain conditions, including approval by the Competition Commission. If the transaction is completed successfully, Dariel will become a part of CTA’s software division.

Dariel is a South African IT software services provider that was founded in 2001. The company provides software solutions, consulting, development, implementation, integration services, and maintenance and support to enterprises. Dariel’s participation in initiatives that are responsive to current industry trends makes it an attractive target for CTA, as the acquisition provides the financial technology group with further growth potential and investment opportunities to broaden its portfolio of services.

Here is the strategic importance of the acquisition of Dariel for CTA:

Expansion of CTA’s portfolio: By acquiring Dariel, CTA is expanding its portfolio of services in the financial technology industry. Dariel’s software engineering expertise will complement CTA’s existing offerings, allowing the company to provide a wider range of innovative solutions to its clients.
Access to new markets: Dariel has a strong focus on financial institutions and fintech companies. This acquisition will allow CTA to expand its reach into these markets, providing new opportunities for growth and development.
Synergies between companies: Dariel’s participation in initiatives that are responsive to current industry trends, such as digital transformation and electronic payments, aligns with CTA’s own philosophy of investing in asset-light companies that deliver innovative fintech solutions to institutional clients. This alignment creates potential synergies between the two companies that could lead to new and more profitable business opportunities.
Increase in growth potential: The acquisition of Dariel provides CTA with further growth potential in the financial technology industry. With the increasing demand for electronic payments, cloud services, and related solutions, CTA believes that the industry will continue to grow over the medium term. The acquisition of Dariel will help CTA take advantage of this growth potential.
Strengthening of CTA’s software division: Upon completion of the transaction, Dariel will become a part of CTA’s software division. This will strengthen CTA’s position in the market as a provider of innovative and disruptive fintech solutions to institutional clients, allowing the company to better serve its existing clients while also attracting new ones.

Dariel acquired Dariel acquired

With No Uber, Bolt or Yango in Cameroon, Can Newly Launched OnGo Make a Difference in the Ride-Hailing Market?

Charles Rapulu Udoh

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

With No Uber, Bolt or Yango in Cameroon, Can Newly Launched OnGo Make a Difference in the Ride-Hailing Market?

April 24, 2023

The suspension of Yango in Cameroon last February left a void in the ride-hailing market, but a new startup called OnGo is looking to fill that gap. Created by local engineers and the Cameroonian diaspora, Ongo launched its digital car reservation service with drivers and taxis on April 17, making urban and interurban travel more accessible and convenient for Cameroonians.

OnGo is currently available in Yaoundé and Douala, with plans to expand to all ten regions of the country in the near future. The solution has a mobile application available on both Android and iOS, allowing users to create an account and choose their destination. The app then displays the price of the race and offers the user drivers closest to their location. The cost of the ride depends on the type of vehicle chosen.

Not only does OnGo provide on-demand transport, but it also offers vehicle rental services for events such as weddings and family ceremonies. The web platform and mobile application offer several types of vehicles to choose from, allowing users to select a car that suits their needs and financial means.

Since its launch, the Android version of the mobile application has already been downloaded more than a thousand times. OnGo is facing competition from Gozem, but it could still fill the void left by Yango’s suspension, especially since neither Uber nor Bolt operate in Cameroon yet.

The Cameroonian government suspended Yango due to accusations of flouting regulations in the country. To operate as a driver at Yango, it was necessary to have the same papers as a taxi driver, in accordance with the provisions of law N 2001–015 of July 23, 2001 governing the professions of road transport and road transport auxiliaries.

Taxis are the most common form of transportation found in Yaoundé and Douala, but most are in poor condition, making them unattractive to middle-income earners. Yango’s suspension created a significant gap in the ride-hailing market, leaving room for OnGo to make a difference.

Here’s What Newly Launched Accelerator BimaLab Africa Will Offer Startups In Africa

Charles Rapulu Udoh

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

Amethis Targets High-potential Companies in Africa with Launch of $490 million pan-African Fund

April 19, 2023

Amethis, an investment fund manager focused on Africa, is preparing to launch its third pan-African fund, Amethis Fund III. The fund has a target size of $490 million and will be the largest of the three funds launched by Amethis so far. The previous two funds were Amethis Fund II in 2018 and Amethis Fund I in 2012, both of which were focused on investments in Africa.

According to a project note released by the International Finance Corporation (IFC), Amethis Fund III will be a generalist fund that aims to raise €450 million (approximately $492 million) and invest in 10 to 12 medium-sized African companies. The fund’s investment strategy will target high-potential sectors such as health, financial services, business services, manufacturing, and distribution, across several regions of Africa including Kenya, Côte d’Ivoire, Egypt, Morocco, and West Africa.

The project note also revealed that Amethis Fund III has already attracted the interest of the IFC, which is a long-time investment partner of Amethis. The IFC has proposed to make an equity investment of €40 million (approximately $44 million), not exceeding 20% of the total committed capital, and a co-investment envelope of €30 million (approximately $33 million). However, the IFC’s investment proposal has not yet been validated.

Amethis Fund III is expected to succeed Amethis Fund II, which had total commitments of €375 million, and Amethis Fund I, which had total commitments of €275 million. The new fund will have a focus on geographic and sector diversification.

While fundraising may be challenging due to the current international crises, Amethis Fund II had already attracted more than 70 investors in Europe and Africa by the time it closed in June 2019. It remains to be seen how successful Amethis Fund III will be, but the interest from the IFC is a positive sign for the fund manager’s latest venture in Africa.

Mid-market companies are typically defined as firms with annual revenues between $10 million and $1 billion and employ between 100 and 999 employees. These companies are larger than small businesses but smaller than large corporations, and they often represent an important segment of the economy. Mid-market companies may have more complex operations and may require a greater level of investment than small businesses, but they may also offer greater growth potential than larger, more established corporations.

Tunisia’s CoaChess Raises Pre-Seed Funding to Revolutionize Chess Through AI

Orange Corners Subsidy Programme Orange Corners Subsidy Programme

Adaverse Backs Nigerian Product Authentication Startup Chekkit In New Funding

Charles Rapulu Udoh

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

How Nigerian Auto Tech Firm Autochek Made Six Purchases in Two Years, Including Latest Expansion Into Egypt

April 18, 2023

Autochek, the Nigerian-based automotive technology company, has continued its impressive streak of acquisitions with a majority stake in AutoTager, a promising Egyptian automotive technology company. This acquisition marks Autochek’s first foray into Egypt, the second-largest automotive market in Africa. The deal, which is Autochek’s sixth acquisition in under two years, has positioned the company as the leading Pan-African automotive technology company, with operations in nine African countries and over 2,000 dealers and workshop locations.

AutoTager was founded in 2021 by Amr Rezk, a serial entrepreneur who has operated and invested in different geographies across Africa and the Middle East. Autochek’s Co-founder and Group CFO, Olajide Adamolekun, was impressed by Rezk’s background and track record, stating that they would be valuable as Autochek enters the Egyptian market and continues to enhance the automotive finance value proposition across Africa. AutoTager CEO and Founder, Amr Rezk, believes the acquisition will provide his company with a wide menu of options and cutting-edge tools to offer its customers a unique proposition.

Autochek’s expansion has been relentless, with the company making three acquisitions in less than a year. In Q3 2021, Autochek acquired two online vehicle sales platforms, Cheki Kenya and Cheki Uganda. The company continued its expansion into French-speaking Africa, acquiring CoinAfrique, a classifieds network available in twelve French-speaking African nations, deriving at least fifty percent of its monthly transactions from automotive sales. Through this acquisition, Autochek wants to expedite the rollout of its vehicle lending service in French-speaking Africa, particularly in CoinAfrique’s markets.

Nigreria-based Autochek acquires majority stake in Egypt’s Autotager — *Source: AutoTager*

Autochek’s most recent acquisition is Kifal Auto, Morocco’s largest automotive technology startup. The purchase marks the first significant expansion of a West African company into North Africa, laying the groundwork for an ideal pan-African collaboration to spur innovation in the continent’s booming automotive market. Kifal Auto is known for its transparent process throughout transactions and providing access to financing, mechanical breakdown warranty, insurance subscription, and other value-added services.

Morocco is a critical market for Autochek and one of the most mature in Africa, with over 180,000 new automobiles and 560,000 used cars sold each year. The country’s automotive sector is predicted to grow steadily over the next five years, reaching almost $14 billion. Autochek believes Morocco is an innovative technology hub, powered by a thriving startup ecosystem that will benefit the automotive industry in the next years. With the acquisition of Kifal Auto, Autochek is in a unique position to capitalize on the full potential of Morocco’s dynamic used automobile industry. The company plans to deploy solutions to address the challenges of the value chain and further integrate the pan-African automobile sector to offer a compelling proposition for all players: customers, manufacturers, financial institutions, and other stakeholders.

Autochek’s acquisition spree is part of its strategic plan to become Africa’s leading automotive technology company by expanding its operations and services across the continent. By acquiring different companies with unique offerings and capabilities, Autochek hopes to leverage their strengths to grow its market share and improve the automotive finance value proposition across Africa. The company’s expansion plans and focus on automotive finance have been fueled by increased demand for affordable and accessible vehicle ownership, particularly in Africa’s rapidly growing urban areas.

Autochek’s acquisition of AutoTager, its first acquisition in Egypt, marks another milestone in the company’s rapid expansion across Africa. The company’s acquisitions have positioned it as the leading Pan-African automotive technology company, with a presence in nine African countries and over 2,000 dealers and workshop locations.

Acquisitions as a Strategy For Autochek

Autochek’s recent acquisitions demonstrate a clear and deliberate strategy of expanding its presence across Africa through a combination of organic growth and strategic acquisitions. By acquiring companies with local expertise and established customer bases, Autochek is able to enter new markets more quickly and effectively.

One key strategy that stands out is Autochek’s focus on the automotive finance value proposition. By offering financing solutions for vehicle purchases, Autochek is able to provide a more comprehensive and accessible service to customers across Africa. This focus on finance is evident in the CoinAfrique acquisition, where Autochek plans to leverage the expertise of CoinAfrique’s founders to enhance its own vehicle financing offerings.

Another notable strategy is Autochek’s focus on local partnerships and collaborations. By partnering with local companies and entrepreneurs, Autochek is able to tap into local knowledge and expertise, and build relationships with key stakeholders in each market. This is evident in the acquisition of Kifal Auto in Morocco, where Autochek is able to leverage Kifal Auto’s reputation as a reliable partner for buying and selling used cars in Morocco.

Autochek’s acquisitions also demonstrate a clear focus on expanding its reach across the continent. By acquiring companies in French-speaking Africa and North Africa, Autochek is able to establish a pan-African presence and provide solutions for stakeholders in a wide range of markets. This focus on pan-African growth is also evident in the acquisition of AutoTager in Egypt, which marks Autochek’s entry into the second-largest economy and automotive market in Africa.

Overall, Autochek’s acquisitions demonstrate a clear and deliberate strategy of expanding its presence across Africa through a combination of organic growth and strategic acquisitions. By focusing on the automotive finance value proposition, local partnerships and collaborations, and pan-African growth, Autochek is well-positioned to become a leading player in the African automotive technology industry.

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Nigerian Startups Lead African Startup Expansion Efforts In 2021, With Fintech Topping The List

Charles Rapulu Udoh

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

Why Nigerian Mobility Startup Motor Africa Has Diversified Into Lending

In a move to fuel the growth of the African mobility industry, Motor Africa, a tech startup providing IoT infrastructure for transportation in Nigeria, and OnePipe, a fintech infrastructure provider, have joined forces to launch a revolutionary lending as a service (LaaS) proposition.

The LaaS technology enables mobility entrepreneurs to access working capital in the form of an overdraft to fund essential expenses such as vehicle repairs, purchasing genuine spare parts, vehicle and personal insurance, smartphones, and cash for personal and family welfare support needs.

Sylvester Chude, the visionary co-founder and CEO of envio Logistics — Sylvester Chude, co-founder and CEO of envio Logistics

What sets this LaaS proposition apart from others is its intelligent use of analytical telemetry and remittance income data to assist registered lenders in making informed lending decisions while also managing seamless credit repayments.

Motor Africa, under the trade name of envio Logistics Inc., already has more than 2,000 vehicles on its platform, and this new service enables vehicle owners to access credit services easily. The platform allows vehicle owners to lease their cars to verified drivers on e-hailing services and local transport services while seamlessly managing driver repayments to the vehicle owner and providing car maintenance oversight at partnered workshops.

Sylvester Chude, the visionary co-founder and CEO of envio Logistics Inc., sees this collaboration with OnePipe as a crucial step in driving the growth of the African economy. According to him, “commercial transportation is a crucial service for the growth of any economy, and the role of technology and innovation is essential for its success in Africa.”

With the African commercial mobility market estimated to be worth $150Bn, the LaaS infrastructure created by OnePipe and Motor Africa will address the challenges African mobility entrepreneurs face when trying to get working capital financing.

The Motor Africa technology is available on both the Google Play store and Apple Appstore, allowing mobility entrepreneurs to register their vehicles and have their overdraft wallets instantly credited with N600,000. Once the vehicle is displayed on the mygarage platform to verified drivers, the mobility entrepreneur is charged a vehicle and activation fee of N15,000.

This LaaS infrastructure, utilizing hybrid telemetry IOT systems, empowers lending partners to create loan products with interest rates and repayment terms, manage credit requests, conduct automatic underwriting, cash disbursement, and repayment collection. The intelligent repayment collection service enables credit subscribers to make repayments via bank transfer to a dedicated repayment wallet before due dates. If there is a repayment default, the system automatically disables the engine of the collateralized vehicle and shares the geo-location with Motor Africa recovery agents.

The Motor Africa service is recommended for hosts leasing out cars for e-hailing services or local last-mile transport services, drivers seeking cars on short-term lease or hire purchase, and financial institutions offering drive-to-own services or lending.

With services now offered in Lagos, Abuja, Ibadan, Benin, and Portharcourt, Motor Africa aims to announce further locations in the second quarter of 2023.

Motor Africa’s partnership with OnePipe to launch a lending as a service (LaaS) proposition is a strategic move aimed at diversifying its revenue streams beyond its core business of providing mobility and IoT infrastructure. This move enables Motor Africa to tap into the $150 billion commercial mobility market in Africa and generate additional income from interest and fees on the loans.

By providing access to credit services, Motor Africa can potentially increase the usage of its platform. This can help to attract new customers and retain existing ones by providing them with a more comprehensive solution that addresses their financing needs.

Through offering lending services, Motor Africa also hopes to differentiate itself from other mobility platforms in the market and build a competitive advantage.

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Charles Rapulu Udoh

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