Africa's year of Acquisitions? 💰

Tech, Deals, Events and Opportunities 😎

Welcome to Tech Safari!

Your tour guide on African Tech 🧭

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Morning from San Fransisco!

I got here on Thursday and since arriving I've been most surprised by San Francisco's 'micro-climate.'

In Daly City (where I'm staying) it's a cold foggy morning.

Drive over to Mission District (15 minutes away) and it's nice and sunny.

According to someone at our Friday Happy Hour, Oakland (on the other side of the bridge) is 5-7 degrees warmer than San Francisco.

Coming from Australia anything under 60°F (15°C) is cold, so I might be staying on the wrong side of town.

Anyway - I'm excited to finally announce our first official event!

It's an event for you - the Tech Safari Community - and for founders, investors and operators in African Tech.

The goal? Fill a room with San Francisco's Africa Tech Community, get them connected and having a great time.

The event is brought to you by Chipper Cash at their San Francisco HQ and supported by our partners, Termii, Benue Capital and HoaQ Club.

If you're in town, come along! And if you know any founders or investors in San Francisco, forward this across to them.

Just make sure to RSVP - spots are limited. Cant wait to see some of you in person! 👋🏾

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Africa’s Acquisition Season

In January, I wrote about the end of the 'mega-round’ and the start of 'acquisition season' in Africa.

My bet - African Unicorns are out. Instead, we can expect more startups to get 7-8-9 figure acquisitions rather than going public or raising mega-rounds.

And I was wrong on the first point. Mega-rounds have slowed down. But they aren't over.

Notable rounds like Carry1st ($27 million), Lulalend ($35 million), and Smile Identity ($20 million) were raised.

But the second point is becoming true - it is acquisition season in Africa.

In the last fortnight, Smile Identity announced its acquisition of Appruv for ’not more than $20 million’, and Nigerian car marketplace Autocheck Africa acquired a majority stake in AutoTager.

Here are the acquisitions that have been publicly announced since the beginning of the year:

What do you think of Africa's high acquisition activity this year?

Tech Roundup

Deal Roundup

  • Storspay, a Nigerian platform connecting retail investors to alternative investment opportunities, has raised $320,000 and has been selected to participate in the Techstars NYC accelerator to scale its platform.

  • Maholla, a South African rewards app that gives users airtime and vouchers for scanning their receipts, has raised a $1.5 million seed round from Buffet Group and Castleton Capital to scale its rewards platform and deepen its technical moat.

  • Raise, astartup organising ownership data for African companies (and otherwise known as Africa’s Carta) has received funding from Carta - a US-based equity management platform. This a strategic move from both Raise and Carta as they work together to build Africa’s leading equity management platform.

Events and Opportunities

And that's a wrap for this week! We will be back with a feature story next week.

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Catch you soon!

👋🏾 Caleb