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Kenyan Agritech Startup Taimba Raises $100k To Scale Operations

July 26, 2019

Kenyan agritech startup Taimba has joined the league of African startup fundraisers. US impact investor Gray Matters Capital is committing $100 000 in the Nairobi-based B2B agritech startup to help it scale its operations.

Here Is The Deal

The investment from Gray Matters Capital was made through its gender lens early-stage fund GMC coLabs.
The startup explained that the markets it wants to take on in Nairobi are Umoja, Kayole, Pipeline/Imara Daima, Kawagware/Waiyaki way, Kahawa west/Githurai, and Southlands/Langata.
Last year, Taimba was one of 15 startups selected to join the Make-IT accelerator.
The startup also emerged the winner of the inaugural Disrupt Africa Live Pitch Competition which was held in Nairobi last year.
Taimba also won $10 000 at the 2018 Food+City Challenge Prize at SXSW.
The deal also marks GMC coLabs fourth investment in Africam with investment ticket sizes of up to $250 000. The impact investor’s other investees include Rwanda’s African Renewal Energy Distributor (ARED), Ghana’s Redbird Health Tech and Nigeria’s Sonocare.
In addition, the investor has also supported two other start-ups from the continent — Kenya’s parent advisory turned e-commerce start-up MumsVillageand Sierra Leone based Mosabi as part of its global digital accelerator program — GMC Calibrator earlier this year.

A Look At Taimba

Taimba is a mobile-based platform that connects rural small scale farmers to urban retailers, restaurants, hospitals, and schools in Nairobi.
The startup was founded in 2017 by Dominique Kavuisya and Joan Kavuisya
Taimba aims to remove middlemen, shrink the agricultural value chain, cut wastage and make products more affordable.
Gray Matters Capital said the startup currently works with 2000 farmers as well as 15 farmer savings and credit co-operatives that sell products that include potatoes, tomatoes, cabbages, and carrots.
Informal greengrocers make up the bulk of Taimba’s 310 customers at 85%, this while restaurants and cafes make up 10% of its customer list, with schools and hospitals located outside of Nairobi making up 5% of its clientele.

“The funding is a shot in the arm for us to strengthen our warehouse infrastructure by setting up cold storage facilities and also our delivery logistics so that we can cater to six new markets within Nairobi,” noted Taimba’s CEO Kavuisya.

Outside of Nairobi, Taimba is planning to launch a pilot in Mombasa and Kisumu City by next year. In addition, the startup is also looking to produce new products that include fruits, nuts, and eggs as part of its farm product catalogue.
The startup also has plans to replicate its model in Tanzania, Uganda, Ethiopia, and Rwanda over the next five years.
GMC coLabs portfolio manager Jennifer Soltis said Taimba has built a solution that can be replicated in other markets in East Africa “with minimal tweaks”.
The startup’s first deal which was signed last month marks Taimba’s first investment. The company currently employs a team of seven permanent staff and five part-time workers.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

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U.S. based group installs 435 solar suitcases in health facilities across Liberia

July 22, 2019

A Non-profit organization called We Care Solar, based in California; the USA says it has installed 435 Solar Suitcases in 430 health facilities across Liberia. The organization working in partnership with the Ministry of Health (MOH) here is dedicated to improving maternal health care in health facilities through access to renewable energy.

We Care Solar Global Program Officer Kim Gordon presented the evaluation study result of the organization at a one-day conference held at the Paynesville City Hall outside Monrovia on 18 July. During the presentation, Mr. Gordon said 518 health facilities were assessed and it was found that 430 were in need of reliable electricity, following which 435 solar suitcases were installed in 430 health facilities.

According to him, 44 installers were trained; 2,203 health workers trained, and 220,000 mothers and newborns served in health facilities using Solar Suitcases. He discloses that since 2010, the organization has designed technology and developed programs to bring compact rugged solar electric systems-Solar Suitcases-to under-resourced health centers.

To date, Mr. Gordon reveals that more than 3,800 health centers globally have been equipped with this technology, replacing candles and kerosene lanterns with bright, efficient LED lights which provide electricity for photo charging, fetal monitoring and small medical devices which enable health workers to promote life-saving care.

He notes that the organization had a special interest in supporting Liberia conduct a plot solar suitcases program in Bong and Lofa counties in 2011, in partnership with Liberian Institute of Biomedical Research and the Light Every Birth initiative.

Mr. Gordon discloses that funding came from UN DESA, UBS Optimus Foundation, Gilead Foundation, Music for Relief, Meadow Fund, and other generous donors. According to him, assessment of health facility electricity needs was conducted by the Family Health Division of the Ministry of Health, County Health Teams and We Care Solar.

In order to qualify for solar suitcase development, he says the health facility must offer delivery services by a skilled trained professional, have unreliable electricity and lighting, and be a building suitcase for installation, among others.
Liberia’s Minister of Health Dr. Wilhelmina Jallah expressed gratitude to We Care Solar for helping to save the lives of newborns in health facilities across the country. She assured the organization of the government’s continued commitment to collaborating with it in achieving the goal of providing solar suitcase to every health facility in Liberia.

Kelechi Deca

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

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Agric to benefit as the US establishes West African trade hub in Nigeria

Representatives of the US government say plans are underway to establish the West African Trade Hub (WATH) in Lagos and Abuja, Nigeria. This is in a bid to support the bilateral trade between Nigeria and the United States. Grace Adeyemo, Director of the Nigeria-American Chamber of Commerce (NACC), said this at a conference for Prosper Africa, an initiative of the US government targeted at “creating an enabling environment for foreign and direct investment” in African countries.

Adeyemo expressed optimism about the economic prospects of the President Donald Trump-backed trade initiative, which, according to her, prompted the decision to move the trade hub into Nigeria.

She, however, noted that Nigerian entrepreneurs who seek access to opportunities that would accrue from the initiative through the hub would need to meet the regulatory standards required to break into the US/global market.

According to her, the NACC would also offer advice to prospective exporters who would like to take advantage of the tariff-free market on the US-Nigeria bilateral trade agreement.

“US representatives have told us that the West African Trade hub would now move into Nigeria to be situated in Abuja and Lagos. This is so that we can address our challenges and have the hub serve as an overseer reciprocatory for all we are going to be doing in the US,” she said.

“It will be launched anytime soon. It has always been in Ghana. US government is willing to support a partnership between US investors and Africa. Nigeria can latch onto that but we need to get it right first. We need to try to grow our businesses and add value to them.”

WATH is a one-stop-shop organization backed and funded by the United States Agency for International Development (USAID) to increase the value and volume of West Africa’s exports by addressing challenges in intra-regional and export-oriented products.

Apart from synergizing with local regulatory agencies and policymakers to influence the business environment and attract investors, it is also targeted at promoting the two-way trade between Africa and the US under the African Growth and Opportunity Act (AGOA).

AGOA is a US policy that accords duty-free treatments to virtually all products that are exported to the US by beneficiary sub-Sahara African countries. Acclaimed as the cornerstone of US trade policy with Africa, it is aimed at facilitating the export of over 6,000 goods with no tariff.

Prosper Africa, a trade initiative launched by the Trump’s administration, is one aimed at synchronizing the efforts of the US government agencies to facilitate more deals between the US and African businesses and address trade/investment barriers.

Earl Gast, executive vice president of programs at Creative Associates International, said the end-result of the initiative would create more jobs for Nigerians. He said it would significantly grow the economies of both countries and improve the export capacity of Nigerian businesses.

“With Africa’s prosperity should come the US’ prosperity. We’re looking at how we can marry up the private sectors of both countries and, in the context of Nigeria, partner with the US capital know-how and exports,” he said.

“Economies would grow, jobs would be created through private sector development. Nigeria would export into the region, through AGOA strategy, and to the US. We’re also looking at US exports that might help grow companies in Nigeria so that they can take advantage of the US market.”

On her part, Florie Liser, CEO of the Corporate Council on Africa (CCA), said the initiative would support US firms that intend on investing in Africa and develop the value of Nigerian products to enable the private sector benefit substantially from the value chain.

Kelechi Deca

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

Facebook: https://web.facebook.com/Afrikanheroes/

Facebook, Other Tech Companies May Be Barred Entirely From Offering Financial Services and Digital Currencies

July 15, 2019

The US House of Reps is pushing to ban Facebook and other tech companies from ever having anything to do with financial services or digital currencies.

A bill to prevent big technology companies from functioning as financial institutions or issuing digital currencies is currently being circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation.

Here Is What The Bill Is Proposing

In a sign of widening scrutiny after Facebook Inc’s (FB.O) proposed Libra digital coin aroused widespread objection, the bill proposes a fine of $1 million per day for violation of such rules.
Such a sweeping proposal would likely spark opposition from Republican members of the house who are keen on innovation, and would likely struggle to gather enough votes to pass the lower chamber, says Reuters.
Even if it were to pass the full house, it would still have to pass the Senate which would also likely be an uphill struggle.
Nevertheless, the draft proposal sends a strong message to large tech firms increasingly eyeing the financial services space.
The draft legislation, “Keep Big Tech Out Of Finance Act”, describes a large technology firm as a company mainly offering an online platform service with at least $25 billion in annual revenue.

“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System,” it proposes.

Facebook, which would qualify to be such an entity, said last month it would launch its global cryptocurrency in 2020.

Facebook and 28 partners, including Mastercard Inc (MA.N), PayPal Holdings Inc (PYPL.O) and Uber Technologies Inc (UBER.N), would form the Libra Association to govern the new coin. No banks are currently part of the group.
Last week, U.S. President Donald Trump criticized Libra and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to the U.S. and global regulations if they wanted to “become a bank.”

His comments came after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook’s plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection, and financial stability.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Largest U.S Investment In Africa Underway In Mozambique

June 21, 2019

Trump’s administration has few months to complete its tenure but Africa appears the last bait of his administration. In a landmark investment, Trump’s administration is backing the largest-ever U.S. source investment in Africa as the Houston-based Fortune 500 oil and gas independent Anadarko Petroleum Corp. invests in $20 billion Liquefied Natural Gas project in Mozambique.

The Terms Of The Deal

The project when completed would be Mozambique’s first onshore LNG development, initially consisting of two LNG trains with a total capacity of 12.88 million tons annually.
Liquefied natural gas is natural gas that has been cooled down to liquid form for ease and safety of non-pressurized storage or transport.
The project will support the development of the Golfinho-Atum natural gas fields located offshore in the Rovuma basis on the northern coast of Mozambique in the Indian Ocean.
According to the Mozambique government, the project will initially supply volumes of approximately 100 million cubic feet of natural gas per day for domestic sales in Mozambique and key LNG buyers in Asia and Europe.
As of year-end 2018, Anadarko had revenues exceeding $13 billion and produced nearly 1.47 billion barrels-equivalent of proved reserves, making it one of the world’s largest independent oil and gas exploration and production companies. Last month, Anadarko agreed to be acquired by Los Angeles-based Occident in a cash-and-stock deal.

Why the US Is Getting Involved?

Although the U.S. Deputy Secretary of Commerce Karen Dunn Kelley led a delegation of U.S. government officials to witness the historic $20 billion signing ceremony by Anadarko and the government of Mozambique to construct a Liquified Natural Gas (LNG) terminal just off the coast of the southeast African nation. It appears the U.S is rather coming when China has already taken over the business landscape of the continent.

Trump administration officials said involvement in the Mozambique project and the Commerce Department-led delegation’s trip to the African nation underscores America’s commitment to expanding trade, investment and commercial ties between the two countries and the Sub-Saharan African region.

“The Trump Administration is committed to increasing trade with African nations where all can reap the benefits of new investments and economic growth,” Kelley said. “American companies and products set the standard in the international market and the historic deal signing between Anadarko Petroleum and the Government of Mozambique reaffirms the goal of achieving long term economic development throughout the region.”

Chinese President Xi Jinping recently pledged $60bn in financial aid to Africa and promised to write off debt for the country’s poorer nations. China has been Africa’s biggest trading partner over the past decade.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

US’ Private Equity Firm, LeapFrog, in Search of African Healthcare and Financial Services Startups To Invest Over $700 million In

May 14, 2019

Private equity firm LeapFrog Investments which has raised $700 million is looking for high impact projects such as healthcare and financial services to invest in, including startups.

Image result for Leapfrog Investment Private Equity latest revenue Chart

Where The Funds Would Go To

The fund is focused on African and Asian economies.

Kenya’s pharmaceutical chain Goodlife is one of the beneficiaries of the fund. Other companies LeapFrog Investments has invested in are: WorldRemit, the money transfer services provider and India’s SME focused financial institution, NeoGrowth.

Leapfrog will put in equity investments of between $25 million and $30 million in emerging economies such as Kenya, Ghana, Nigeria, South Africa, India, Indonesia, and Sri Lanka.

Leapfrog aimed to raise $600 million from the fund drive but exceeded its target by $100 million.

In the first quarter of 2019, East African economies benefited from Private Equity investments worth $110.9 million as per a report by I&M Burbidge Capital.

Sixty per cent of the funds went into the Financial services sector with notable investments like the $12,000 capital injection into Sidian Bank by Danish firm Investment Fund for Developing Countries (IFU).
The fund’s founder and CEO, the South African Andrew Kuper said:

“It is time for a better kind of capitalism. LeapFrog was founded on a philosophy of profit with purpose. That has proved a winning strategy, driving strong growth and returns while changing tens of millions of lives.”

Charles Rapulu Udoh

Charles Rapulu Udoh, a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organisations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution and data analytics both in Nigeria and across the world.