This Week in African Tech 🌍

JPMorgan Chase is banking on Africa 💰

Author

Caleb Maru
October 20, 2024

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Happy Sunday.

First, some news.

There’s a really cool opportunity from our friends at OKOA Rescue, Kenya’s largest roadside assistance network for logistics trucks!

OKOA makes it easy for truck drivers and road users to fix up their trucks without hassle, and they’re looking for a General Manager based in Nairobi!

If you’ve got 7+ years of logistics ops experience, can keep clients happy, and know East African logistics like the back of your hand, this is for you!

You'll get to:

- Manage OKOA’s extensive mechanic and tow truck network.

- Lead and mentor operations teams to deliver top-notch service.

- Oversee finances, collections, and client relationships.

- Help OKOA create and execute growth strategies.

Sound like you? Apply here and we’ll be in touch.

Now, let’s get into This Week in African Tech!

Tech Roundup

  • JPMorgan Chase & Co. has opened representative offices in Kenya and Ivory Coast. Sailepu Montet is Kenya's country manager, and Michael Ahonzo Avou will lead the business in Ivory Coast.

  • Intelsat is launching a brand new satellite service in Nigeria! This is a game-changer for mobile network operators (MNOs) and internet service providers trying to expand their reach across Nigeria and West Africa. How cool is that?

  • Ethio Telecom is selling 100 million shares at 300 birr ($2.54) each. It is setting aside 10% for Ethiopian citizens and 45% for foreign investors.

  • Chanzo Capital, in partnership with MEST Africa, Antler, Startup Bootcamp Africa, and iHub, has selected ten startups to pitch at the Angel Fair Africa event happening on the 7th of November.

  • Nigerian fintech Lendsqr has launched an on-lending initiative to improve lenders' credit capacity. They’ve created a ₦1 billion ($611,692) capital pool to boost credit capacity for lenders with State Moneylender or Cooperative licenses.

  • Over in Egypt, Entlaq is partnering with Sudanese incubator Savannah to support Sudanese migrant and refugee entrepreneurs in Egypt through training, support, and advocacy.

  • Now, here’s a shift: Jumia is exiting South Africa and Tunisia by the end of 2024. They’re choosing to focus on markets with better growth potential since their South African and Tunisian operations only made up a tiny fraction of their total orders last year.

  • 500 Global plans to strengthen its physical presence in Africa to better support its portfolio. The early-stage venture fund and seed accelerator has made 156 investments on the continent since 2012.

  • South Africa’s Terra Firma is launching a R1.3 billion ($73.8 million) solar project amid the country’s electricity crisis and proposed tariff hikes by mid-2025. The project will deliver 110MWp of solar energy, helping businesses manage rising energy costs.

  • Rajeev Suri is M-KOPA's new Board Chair. He has previously served as CEO of Nokia and Inmarsat and is currently the Chairperson of Jamaican telco Digicel and a Board Director at Singaporean telecom company Singtel.

  • Good news for music lovers! Kenyan music streaming service Mdundo has surpassed 36 million monthly active users! They’re projecting over $1 million in royalties for 2025.

  • Nigeria's Moove has expanded into Mexico just one month after launching in the US. The expansion is part of Moove’s plan to meet Latin America’s demand for ride-hailing services.

  • Safaricom's M-PESA Global is now live in Ethiopia. The company plans to increase mobile money usage and reach more Ethiopian customers with the launch.

  • The Nigerian government has recovered ₦160 million ($97,870) from Paparaxy Global Ventures Limited and Lemskin Technologies Limited after charging them with unauthorized USDT-Naira transactions and unlicensed operations.

  • Egyptian health tech WellPal has officially relocated to Saudi Arabia after receiving funding from an undisclosed angel investor. This move is part of WellPal's plan to become a regional leader in health and wellness e-commerce.

 Deal Roundup

Quite a lot of money moves this week:

  • GoMetro, a South African B2B fleet management company, has received a £147,000 ($191,000) grant from the UK Freight Innovation Fund. The London-based company will use the grant to fund a six-month trial with Maritime Transport and Welch’s Transport.

  • Kenya’s Sistema.bio has raised $15 million in a round led by ElectriFI. This funding will help the company grow in Africa, Asia, and Latin America by scaling its clean energy technology.

  • Egypt’s Rabbit Mobility has raised $1.3 million in a round led by 500 Global. The micro-mobility startup will use the funding to support its expansion in Egypt and other North African markets.

  • Endeavor South Africa has secured ZAR190 million (US$11 million) in the first close of its Harvest III, moving closer to its ZAR500 million (US$28.8 million) target.

  • Ghanaian health tech BIMA has raised an undisclosed amount of funding from AAIC Investment. BIMA will use the funding to grow in existing markets and speed up its expansion across Africa.

  • Yellow Card has secured $33 million in a Series C funding round led by Blockchain Capital. This latest round brings the startup's total funding to $88 million, following a $15 million Series A in 2021 and a $40 million Series B in 2023.

  • South Africa's Grid Africa has received a R50 million ($2.8 million) equity investment from Rifuwo Energy Partners. The funding will support the development of renewable energy projects across the country.

  • Eyewear startup Lapaire has secured funding to strengthen its presence in existing markets and expand into Senegal, the Democratic Republic of Congo, and Tanzania. AfricInvest provided $2.5 million, and Proparco contributed EUR 450,000 ($490,278) through Bridge by Digital Africa.

  • Finally, Kenyan direct air capture (DAC) company Octavia Carbon has closed a $5 million seed round, plus $1.1 million in non-dilutive carbon finance. The funding moves Octavia Carbon closer to becoming the world’s second DAC company to complete full CO2 capture and storage.

Events and Opportunities

  • The Latitude59 Pitch Competition is coming back to Kenya, and this is your shot to pitch in front of 2,000 people from the global tech scene! If your startup is B2B, based in Africa, and has proven traction, come compete for a prize pool of €1 million and many more perks. Apply here by the 1st of November.

  • The Africa’s Talking Summit is happening from the 23rd of October at the Four Points by Sheraton in Kampala, Uganda. This event will bring together industry leaders, tech innovators, and forward-thinking professionals for cutting-edge talks, hands-on workshops, and exclusive networking sessions. Don’t miss out on the chance to be part of Africa’s tech future—get your ticket today!

  • The Africa Digital Finance Summit (ADFS) is happening in South Africa from November 20th to 23rd, 2024. The summit will gather governments, central banks, and fintech leaders to discuss the future of finance on the continent. Sign up here to learn more.

And that's a wrap!

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