Startups & Corporate Governance - Afrikan Heroes

Ivorian Logistics Startup Yobante Express Expands to Morocco and MENA

November 1, 2023

In a groundbreaking development that promises to reshape the logistics landscape across the Middle East and North Africa, Yobante Express (YES), a pioneering African logistics technology startup, has announced a strategic partnership with SAPRESS Logistique & Messagerie, a subsidiary of the Edito Group.

This significant collaboration signifies YES’s expansion into the vibrant Moroccan and MENA (Middle East and North Africa) markets, while also facilitating SAPRESS’s entry into the fast-growing Sub-Saharan African market.

yobante CEO Oumar Basse — Yobante CEO Oumar Basse

Under the visionary leadership of co-founder and CEO Oumar Basse, YES has redefined regional logistics by merging ancient wisdom with cutting-edge technology. The company seamlessly integrates a 5,000-year-old form of shipment with a state-of-the-art technology platform, ensuring unmatched efficiency, affordability, and delivery speed within cities, between cities, and across countries.

With a vast network spanning over 24 African markets, YES operates through 11 offices and a robust mesh network comprising more than 4,000 hubs and 3,500 carriers. This extensive network guarantees swifter, cost-effective, secure, and traceable deliveries, catering to a diverse range of e-commerce, retailers, enterprises, and individual customers.

SAPRESS Logistique & Messagerie, a result of the merger between Sapress and Sochepress, boasts a rich legacy dating back to the 1920s. With significant support from major institutional and financial entities in Morocco, including Banque Populaire, CIMR, and Mamda, the Edito Group has established itself as a formidable player in the logistics sector.

The collaboration between YES and SAPRESS Logistique & Messagerie is expected to facilitate over 2,000 daily deliveries within the initial months, marking a transformative milestone for both companies. The pilot phase, scheduled to commence in November 2023, aims to further enhance its capabilities with the active involvement of Blassa, a company backed by 500 Global that addresses the challenge of delivery failures across the Middle East & Africa.

Blassa, with its streamlined address verification and enhanced delivery information, ensures precise drop-offs through its extensive network of shoppers with verified profiles. By resolving recipient location ambiguities, Blassa plays a vital role in ensuring successful deliveries, reducing losses, and enhancing customer satisfaction.

CEO Oumar Basse has expressed YES’s ambitions beyond the MENA region, with the company venturing into the Southeast Asian market through a pioneering pilot project in Vietnam. This move solidifies YES’s position as the first African tech logistics company to expand its operations into Southeast Asia, marking a historic moment in the industry.

Furthermore, YES is actively pursuing its Series A funding round, aiming to propel the company to new heights and realize its ambitious objectives. As it continues to expand, YES remains committed to reshaping the logistics industry through innovative approaches and strategic partnerships.

Yobante Express

South African Insurtech Startup Inclusivity Solutions Raises USD 1.5 Million in New Funding Round

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

Tingo Group Strengthens Nigerian Presence Amidst Fraud Allegations

October 22, 2023

In a strategic move aimed at reaffirming its commitment to the Nigerian market and bolstering its operations, Tingo Group, a prominent player in the Nigerian fintech sector, has announced the establishment of a new office in Lagos, Nigeria. This expansion comes against the backdrop of recent fraud allegations and demonstrates Tingo Group’s determination to maintain a strong foothold in the country.

The new office, strategically located in Victoria Island, Lagos, adds to the existing headquarters on Lagos Island. While the latter focuses on commodity trading and operational support, the new facility is poised to become the epicenter of the company’s broader operations. Spanning three stories and encompassing 60,000 square feet, it is equipped to accommodate a sizable workforce, further propelling Tingo Group’s growth initiatives.

Dozy Mmobuosi, Interim Co-Chief Executive Officer of Tingo Group, expressed his pride in enhancing the company’s investment in Nigeria, stating that the upgraded facilities are expected to accelerate the company’s growth not only in Nigeria but also across the African continent and globally. Moreover, this expansion will fortify Tingo Group’s position and impact on Nigeria’s agricultural sector, addressing the ongoing food security challenges while enhancing shareholder value.

Ken Denos, Interim Co-Chief Executive Officer, shared his excitement about the extended facilities and the opportunities they bring. He emphasized the company’s partnerships with organizations such as the All Farmers Association of Nigeria (AFAN) and its expansion into markets like Ghana, reinforcing its commitment to global growth.

This strategic expansion underlines Tingo Group’s unwavering dedication to the Nigerian market and its resolve to tackle the recent allegations head-on. By increasing its ground presence and investing in state-of-the-art infrastructure, the company signals its commitment to transparency, growth, and its long-term mission in the fintech sector. The recent allegations have spurred Tingo Group to take proactive steps to secure its position and maintain the trust of its stakeholders.

Tingo Group Nigerian Tingo Group Nigerian

Investigation Results are Out on Allegations Against Tingo Group: Here’s What They Show

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

CrossBoundary Access and Mobile Power Announce $10 Million Initiative for MOPO Hubs in Nigeria

October 6, 2023

CrossBoundary Access and Mobile Power have announced a significant partnership valued at $10 million, aimed at introducing Mobile Power’s MOPO Hubs in Nigeria. This initiative seeks to provide access to clean energy for approximately 300,000 people through an innovative battery service. To initiate this collaboration, CrossBoundary Access has initially committed $2.25 million, with the potential to extend their investment up to $10 million.

Gabriel Davies, Managing Director and co-founder of CrossBoundary Access

Key Takeaways:

CrossBoundary Access and Mobile Power have joined forces to deploy MOPO Hubs in Nigeria, with a total investment of $10 million.
This partnership marks a pioneering approach in Africa by utilizing infrastructure financing to invest in battery-swapping technology.
The primary goal is to offer access to clean energy to 300,000 individuals without requiring upfront payments, thanks to solar-powered, pay-per-use MOPO batteries.

Solar energy has revolutionized electricity generation, and MOPO Batteries, along with their associated hardware and software, are poised to transform electricity distribution. For Mobile Power, this partnership accelerates the deployment of their technology in Nigeria. Simultaneously, for CrossBoundary Access, MOPO Hubs complement their existing mini-grid portfolio, offering a more cost-effective and rapid deployment method compared to traditional distribution infrastructure.

CrossBoundary Access will oversee the financing, development, and ownership of the projects, while Mobile Power will ensure the delivery of clean and reliable electricity to residents.

MOPO Hubs, powered by solar energy, enable customers to access energy without upfront costs, utilizing secure pay-per-use MOPO batteries distributed by local Mobile Power agents. Additionally, each MOPO Hub creates employment opportunities for local individuals, supporting both men and women. The cost-effective deployment strategy, coupled with data collection capabilities, allows CrossBoundary Access to optimize the placement of future mini-grid sites and connections, ultimately enhancing socio-economic opportunities and expanding energy access.

Legal counsel for CrossBoundary Access in this transaction was provided by Foley Hoag LLP, while Mobile Power received legal advice from Knights PLC.

Lynne Wesonga, Associate Director and lead for the transaction at CrossBoundary Access, highlighted the impact of combining innovative financing with technology, emphasizing the potential to efficiently allocate capital and deliver electricity to a broader population.

Chris Longbottom, CEO of Mobile Power, sees this partnership as a turning point in energy infrastructure investment in Africa, offering scalable solutions to previously challenging infrastructure issues.

Gabriel Davies, Managing Director and co-founder of CrossBoundary Access, believes that battery-based electricity distribution represents a significant revolution in the power sector, allowing for better alignment of distribution costs with customer needs.

Michiel Bakker, CFO of Mobile Power, views this partnership as a substantial step towards channeling investment capital into affordable, reliable, and sustainable energy solutions to boost economic productivity in African communities.

CrossBoundary Access is Africa’s leading blended finance platform for mini-grids, employing innovative financing to provide grid-quality electricity to rural households and businesses in Africa. The platform has secured substantial investments and aims to bring clean energy to one million Africans over the next three years.

Mobile Power is a growth-focused company specializing in deploying practical and affordable energy infrastructure across Africa. Their MOPO Batteries offer energy-as-a-service to a diverse customer base, with integrated payment technology for convenient access to clean energy. Mobile Power aims to connect millions of households in the years ahead through its expanding network of solar-powered hubs.

Apple’s iPhone’s FineWoven Fabric Has Become Major Headache

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 Investment Startup Chaka Was Acquired: A Key Insight

October 3, 2023

In a significant development within the world of global finance, Rise, a prominent player in the investment industry, has made a strategic move by acquiring Chaka, a rapidly growing fintech company based in Africa. This acquisition marks a pivotal moment in Rise’s expansion strategy, with the focus squarely on tapping into Africa’s burgeoning investment market.

Africa, often perceived as one of the least accessible continents for investments, has been a challenge and an opportunity in equal measure for global financial firms. Recognizing the untapped potential and the unique dynamics at play in this region, Rise has taken a decisive step toward solidifying its presence on the continent.

The Motivation Behind the Acquisition

At the heart of this acquisition lies the motivation to bridge the gap in equitable investment options within Africa. Rise has long been committed to fostering borderless investing opportunities worldwide. However, Africa has presented unique challenges, including regulatory complexities, currency fluctuations, and limited access to global markets. Chaka, with its established presence and pioneering solutions tailored for the African market, was seen as the ideal partner to overcome these hurdles.

Eke, a well-known figure in the investment landscape, and Tosin Osibodu, the founder of Chaka, engaged in thoughtful discussions that revealed a shared vision for the future. The alignment of their business objectives and missions became evident as they explored synergies between the two companies. With a digitally savvy, globally connected youth demographic in Africa, Rise recognized that the potential for growth was boundless in this partnership.

A Promising Outlook

Both Chaka and Rise are committed to maintaining distinct product offerings in the immediate future, ensuring that existing customers experience minimal disruption. The goal is to harness the collective strengths of both companies to create a financial powerhouse capable of reshaping the investment landscape in Africa and beyond.

Rise’s acquisition of Chaka underscores the growing importance of Africa in the global investment ecosystem. The decision to create a new license category by regulatory bodies, with Chaka being the first to obtain it, further indicates the positive shifts occurring in the Nigerian financial sector, facilitating innovation and investment opportunities.

As this exciting chapter begins, it holds the promise of a future without financial borders, where African investors can access a broader range of opportunities and the global investment community can participate in the continent’s growth story. The acquisition of Chaka by Rise marks a significant milestone in the journey toward achieving this vision, and it is a development that will be closely watched by financial experts and investors worldwide.

Chaka acquired why Chaka acquired why

How South African Crypto Startup VALR Processed $10B in 5 Years

Charles Rapulu Udoh

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

Mali Fintech SAMA Money Acquires Bank After Securing Operational License

September 30, 2023

SAMA Money Group, a fintech company specializing in digital financial services and owned by Malian entrepreneur Daouda Coulibaly, has revealed the acquisition of the First Microfinance Agency (PAMF) Mali, a microfinance institution previously under the control of AKAM. Following this acquisition, PAMF now operates within the SAMA Money Group under the name “SAMA Finance,” with a clear mission to enhance the group’s contribution to financial inclusion for the unbanked population by offering accessible digital microfinance services to all.

It’s worth noting that this transaction, for which financial details have not yet been disclosed, occurred just two weeks after SAMA Money received approval as an Electronic Money Establishment (EME) from the Central Bank of West African States (BCEAO). This achievement solidified the unique status of SAMA Money as a fintech founded by a West African entrepreneur to hold such a designation.

Daouda Coulibaly, CEO of SAMA Money, expressed his enthusiasm for this acquisition, stating, “This acquisition will allow us to combine PAMF’s expertise in credit provision with SAMA Money’s mastery of mobile payments to offer our customers a 100% digital solution for savings and credit, thereby optimizing the customer journey and experience.”

This strategic move opens up new opportunities for the SAMA Money Group, which already has a presence in Côte d’Ivoire and Burundi. It extends the company’s reach within the microfinance sector, a field that accumulated nearly 2,077 billion CFA francs in deposits in the UMOA region in 2022.

Furthermore, this operation highlights Daouda Coulibaly as a visionary and accomplished entrepreneur. His consistent presence on the Choiseul 100 Africa list for five consecutive years (from 2015 to 2020) demonstrates his status as one of the 100 inspirational young leaders on the African continent. Daouda Coulibaly is also the founder of TRAINIS, a computer training company. He holds a Master’s degree from the University Paris 1 Panthéon-Sorbonne, earned in 2005, followed by an MBA in Management from IAE France in 2009.

SAMA Money Bank SAMA Money Bank

Sama Money Breaks New Ground in Mali: The First Fintech to Operate Independently in Electronic Money Distribution

Charles Rapulu Udoh

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

Egyptian PropTech Firm Boyot Expands Its Footprint into Kuwait

September 24, 2023

In a significant move, Boyot, an emerging Egyptian real estate management platform, has officially announced its expansion into Kuwait, marking a strategic leap into the Gulf region. The company aims to address the pressing issues in property management and maintenance, particularly the challenge of collecting maintenance funds.

Boyot’s journey began within the nurturing confines of the Technology Applications Business Incubator, sponsored by the Suez Canal Bank, as part of the Nile Pioneers Initiative. Since its inception, Boyot has been committed to offering comprehensive technological solutions that simplify the process of paying expenses associated with real estate units, while also streamlining the relationship between property management companies, developers, owners, and residents or tenants.

Mahmoud Al-Sabunji, co-founder and CEO of Boyot, shared his thoughts on this momentous expansion. He expressed his excitement at the company’s official entry into Kuwait, marking its first international venture. Al-Sabunji highlighted their collaboration with the first Kuwaiti bank, underscoring the company’s keen interest in the region. He also cited his personal connection to Kuwait, having previously worked in the real estate sector there and possessing valuable relationships, making it a natural choice for their expansion strategy.

This strategic move into Kuwait not only serves as a stepping stone for Boyot’s broader Gulf ambitions but also underscores the company’s commitment to bridging critical gaps in property management and maintenance, ultimately enhancing the real estate experience for all stakeholders involved.

Boyot’s journey, nurtured through the Technology Applications Incubator under the Nile Pioneers Initiative and supported by the Suez Canal Bank, now sets its sights on further growth, leveraging investments to enhance its operations and extend its reach. Stay tuned as Boyot continues to reshape the real estate landscape, one innovative solution at a time.

Boyot Kuwait Boyot Kuwait

Zambia’s PremierCredit Secures $2.5 Million Investment to Drive Financial Inclusion

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

Dozy Mmobuosi Returns to Tingo Group as Interim Co-Chief Executive Officer

September 20, 2023

Tingo Group, Inc. (NASDAQ: TIO), a prominent fintech, agri-fintech, and food company, has announced the return of Dozy Mmobuosi to the helm of the organization as an interim Co-Chief Executive Officer. This decision comes following the retirement of Darren Mercer, who led the company through transformative acquisitions and a rigorous investigation into allegations made by short seller Hindenburg Research.

Darren Mercer, who had originally planned to step down as Chief Executive following the merger of MICT and Tingo, Inc., postponed his departure due to changes in the merger structure and further delays caused by the Investigation. However, he has now decided to retire to spend time with his young family and to coincide with his milestone birthday.

Dozy Mmobuosi, the founder of Tingo Foods Plc and Tingo Mobile Limited, brings over two decades of experience and a unique perspective to his role as interim Co-Chief Executive Officer. Under his leadership, Tingo Mobile Limited has become one of Africa’s leading agri-fintech companies.

Joining him as an interim Co-Chief Executive Officer is Kenneth Denos, who has been a director of Tingo since its acquisition of Tingo Mobile in November 2022. Denos also has extensive experience with U.S. public companies and governance, making him a valuable addition to the leadership team.

In addition to these appointments, Jamal (Jamie) Kurshid has been appointed as an independent member of the Board of Directors. Kurshid brings over 20 years of investment banking experience and executive roles in technology, digital payments, and fintech sectors. His expertise will be instrumental in guiding the company’s strategic direction.

As part of these changes, Deputy Chairman John Scott will assume the role of Chairman, and Sir David Trippier will expand his role as an independent member of the Board to Chair the Audit Committee.

Darren Mercer expressed his gratitude for his time as Chief Executive Officer and the company’s growth during his tenure. He emphasized the need for a CEO with expertise in relevant sectors and geographical markets to guide the company’s unlimited potential.

John Scott, Chairman of Tingo Group, thanked Mercer for his contributions and welcomed the new leadership team, including Dozy Mmobuosi and Kenneth Denos, into their roles.

Dozy Mmobuosi acknowledged Mercer’s contributions and expressed excitement about the company’s future. He highlighted the significant increase in cash balances and progress toward delivering dividends to shareholders.

Kenneth Denos echoed the sentiment of building on Mercer’s foundations and thanked him for his dedication to the company.

Tingo Group, Inc. is a global fintech and agri-fintech group with operations in Africa, Southeast Asia, and the Middle East. The company, through its subsidiaries like Tingo Mobile, offers innovative products and services, contributing to its substantial growth and shareholder value.

The company’s future endeavors, including expanding internationally, launching food processing facilities, and increasing dividend payments, signal a promising trajectory for Tingo Group, Inc. Under the leadership of Dozy Mmobuosi, Kenneth Denos, and Jamie Kurshid, the company aims to continue its remarkable journey in the fintech and agri-fintech sectors.

Nigerian Auto-tech Startup Fixit45 Raises $1.9 Million in Pre-Seed Funding Round

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

Uganda’s Turaco Acquires MicroEnsure Ghana in a Bid to Expand Accessible Insurance Across Africa

MicroEnsure Ghana, a pioneering microinsurance company, is set to undergo a transformative change following its acquisition by Africa’s leading tech-enabled affordable insurance provider, MicroEnsure. The acquisition, which comes as part of MicroEnsure’s long-term vision to extend straightforward and accessible insurance coverage to a billion individuals globally, will see the company rebranded as Turaco Ghana while retaining the expertise and leadership of its current team.

This strategic move expands Turaco’s operational reach to four key African markets, including Kenya, Uganda, Nigeria, and now Ghana, bolstering its active policies by an impressive 25 percent. This development is expected to bring significant benefits to both new and existing customers, with enhanced tech-driven processes aimed at reducing claim turnaround times and optimizing service offerings.

Furthermore, this acquisition opens doors for Turaco to strengthen partnerships with industry incumbents and forge a strategic reinsurance alliance with MIC Global, a renowned leader in micro-reinsurance globally.

Ted Pantone, Co-founder & CEO of Turaco, expressed enthusiasm about the deal, stating, “This deal marks a significant milestone for our growth and expansion strategy for Africa and a strategic move to drive innovation into a market that has one of the continent’s highest insurance coverage rates. We are excited about the opportunity of building on the 15-year legacy of MicroEnsure and leveraging our customer-centric tech solution to provide affordable and accessible cover. Turaco Ghana is a fantastic team with lots of enthusiasm and most importantly, expertise for this next chapter, which we’re confident will make this transition period seamless for our partners and customers.”

Ghana, as per 2021 census data, boasts one of the highest insurance coverage levels in Africa, with more than 60 percent of its population holding either the National Health Insurance Scheme (NHIS) or private health insurance. However, millions of Ghanaians still lack access to healthcare, with over 10 percent facing significant financial hardships due to yearly health expenses. Those who do have insurance often grapple with complexities and slow claims processing.

Leona Abban, General Manager of Turaco Ghana, reflected on the company’s history of pioneering microinsurance in Africa, stating, “As a pioneer of microinsurance in Africa, we focused on making an impact while providing affordable insurance to low-income customers. Over our 15-year history, our inclusive approach has benefited 3 million Ghanaians with the safety net of being insured. As we move into this next growth phase as Turaco Ghana, we look forward to leveraging our in-market experiences to improve our approach further and capture additional segments of the market that have historically been excluded.”

Turaco Ghana, previously known as MicroEnsure, has been a trailblazer in microinsurance intermediation in Ghana. It was the first to introduce mobile insurance through partnerships with Tigo in 2012 and Airtel in 2013, serving a substantial customer base of 3 million. In 2020, the company extended insurance protection to 4,000 Micro, Small, and Medium Enterprises in Ghana, offering comprehensive life and business protection in collaboration with the United Nations Capital Development Fund. Turaco also launched a health protection plan for Vodafone Ghana customers in the same year.

Harry Croydon, Co-Founder & COO of MIC Global, expressed confidence in the acquisition, stating, “I am delighted to partner with Turaco as they take over management and operations of MicroEnsure Ghana (now Turaco Ghana). We are confident that our micro-insurance products and the unique Turaco model will drive continued success in providing millions of customers the insurance safety net they need.”

Turaco, launched in 2019, stands out with its technology-driven approach to make affordable insurance more accessible. Operating on a B2B2C model, Turaco forges partnerships with tech-enabled mass-market companies, including telecommunications, banks, and fintech firms, to seamlessly integrate insurance into their offerings. This white-labelled approach allows partners to bundle insurance with their core products or services, streamlining premium collection through existing payment processes. Thanks to proprietary algorithms, Turaco ensures that claims are processed swiftly, with a commitment to completing claims within three days.

Liquid Intelligent Technologies Improving Connectivity, Driving Intra-African Digital Trade

Through its active partnerships, Turaco has developed customized insurance packages, covering various aspects such as medical, life, assets, and vehicles, reaching over 1,300,000 individuals across Nigeria, Kenya, Uganda, and now Ghana. This acquisition is poised to propel Turaco further on its mission to provide essential insurance coverage to underserved populations throughout Africa.

Nigerian Auto-tech Startup Fixit45 Raises $1.9 Million in Pre-Seed Funding Round

Charles Rapulu Udoh

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

Egyptian Startup SWVL Sells Off Mexican Startup It Bought at $82M for $12M

September 13, 2023

In a stunning turn of events, Egypt’s prominent transport startup, SWVL, has announced the sale of Mexico’s Urbvan Mobility for a fraction of the price it paid just over a year ago. This startling development raises questions about SWVL’s financial health and strategic decisions, underscoring the challenges facing the ambitious tech company.

In July 2022, SWVL made headlines with its acquisition of Urbvan Mobility for a hefty $82 million, positioning itself to expand its reach into the bustling Latin American market. The move was seen as bold and forward-thinking, as it marked SWVL’s foray into a region ripe with transportation opportunities.

A Substantial Loss

Fast forward to September 13, 2023, and SWVL has offloaded Urbvan Mobility for a mere $12 million in cash. This massive loss underscores the tumultuous journey SWVL has embarked upon since its aggressive acquisition strategy.

Urbvan Mobility had initially held great promise, but the sale at such a significant loss paints a grim financial picture for SWVL. The company’s decision to divest itself of Urbvan Mobility at an 85% markdown indicates that its investment did not yield the expected returns, raising concerns about its financial stability.

SWVL acquires Urbvan and expands to Mexico - WAYA — *Credits: Urbvan*

Strategic Missteps?

While SWVL’s CEO, Mostafa Kandil, described the sale as a strategic move towards “profitable growth” and a refocus on “higher priority markets,” the decision to acquire Urbvan Mobility in the first place now appears to be a questionable strategic move. The abrupt turnaround and fire sale of the company highlight SWVL’s challenges in navigating the competitive and ever-evolving world of transportation technology.

It should be noted that Urbvan had previously secured more than $11 million in funding from prominent Latin American funds before its acqusition by SWVL in 2022.

Nasdaq Listing Shift

In addition to the Urbvan Mobility sale, SWVL’s decision to transfer its listing from the Nasdaq Global Market to the Nasdaq Capital Market also indicates a shift in the company’s strategy. The move, although aimed at alleviating compliance challenges and adapting to its stage of development, further underlines SWVL’s ongoing struggle to maintain its financial and operational footing.

The story of SWVL’s woes, magnified by the cut-rate sale of Urbvan Mobility, serves as a cautionary tale for startups in the highly competitive transportation technology sector. It highlights the challenges of rapid expansion, the importance of prudent financial management, and the need for a well-calibrated growth strategy. SWVL’s path forward remains uncertain, as it attempts to navigate the complexities of the global mobility solutions market while addressing its financial setbacks.

SWVL Adds Chairman of Egypt’s New Capital City and Top US Investor to Address Compliance Breach

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

InstaDeep Expands Its Presence in Africa with the Opening of a New Office in Rwanda

September 12, 2023

InstaDeep has announced its latest venture in Africa, unveiling plans to establish a new office in Kigali, Rwanda, as part of its commitment to advancing the Artificial Intelligence ecosystem on the continent.

Karim Beguir, CEO of InstaDeep, made this groundbreaking announcement during the annual “Deep Learning Indaba,” the premier gathering of Africa’s machine learning and artificial intelligence community, dedicated to bolstering African AI.

Initially, the InstaDeep office will host a select team of researchers highly specialized in the field of AI.

Heading the charge at the InstaDeep office will be Dr. Arnu Pretorius, the lead researcher for InstaDeep’s AI endeavors in Africa. Dr. Pretorius was also honored at the 2023 Deep Learning Indaba, receiving the prestigious Kambule Doctoral Award, celebrating excellence in AI research and scholarship.

“InstaDeep has consistently provided outstanding opportunities for AI enthusiasts in Africa. As Rwanda emerges as a pioneer in shaping the future economy, it only makes sense to expand and cultivate our team in Kigali,” declared Beguir.

In his response, Arnu Pretorius emphasized, “Kigali presents InstaDeep with an incredible opportunity to further fortify AI in Africa and continue building sustainable solutions for the continent and beyond. Rwanda is at the forefront of policy, exemplified by its recent hosting of the International Conference on Learning Representations (ICLR) — a major global AI conference — for the first time in Africa. Establishing an office in Kigali allows us to offer a multitude of opportunities to African AI talent from all corners of the continent.”

Sama Money Breaks New Ground in Mali: The First Fintech to Operate Independently in Electronic Money Distribution

Charles Rapulu Udoh

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