This Week in African Tech 🌍

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We’re about to dive into this week in African tech.

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Now, into the roundup!

Tech Roundup

• Tizeti, a Nigerian internet provider startup, is planning an IPO on the Nigerian Stock Exchange. If the IPO goes through, it’ll become the first startup on the exchange.

• South African web hosting company, Host Africa, is in talks to acquire GO54 - a Nigerian web hosting company with 130,000 active domains. The deal already has the backing of Nigeria’s consumer protection regulator and will likely happen.

• Terrahaptix, a Nigerian drone company, reportedly earned $1.6 million in revenue in its first year from exporting to countries like Ghana and Cote d’Ivoire. Its drones are gaining ground in the mining industry, and it’ll kick off exports to South Africa next year.

• Bamboo, a Nigerian startup that lets users buy global stocks, has secured a US broker-dealer license, allowing it to directly offer investment services to Africans. This means more investment options and a smoother experience for Bamboo users.

• MTN has just opened up a new Digital Experience Centre in Johannesburg and is showcasing devices from phone makers like Huawei, Samsung, Xiaomi and Honour. It’s also offering demos of different MTN business solutions.

Deal Roundup

• Tyme Group - a South African neobank - has raised $250 million in a Series D funding round led by Nubank, Latin America’s biggest neobank. Tyme is now Africa’s ninth unicorn and is gearing up for an IPO by the end of 2028.

• A report from the African Business and Angel Network (ABAN) found that most angel investors were investing less than $25,000 per startup in 2024. This means they’re becoming more risk-averse, much like institutional VCs.

• HUB2, an Ivorian fintech, has raised €8M ($8.3 million) in Series A funding to build better payment infrastructure for Francophone Africa. HUB2’s tech will let businesses process local and cross-border payments through mobile money, bank transfers, card payments, and cryptocurrency.

• PBR Life Sciences, a Nigerian healthcare analytics company, has raised $1 million in pre-seed funding from Launch Africa, Kaleo Ventures and a few other VCs. PBR has grown its revenues by 200% since 2023 and will use the funds to invest in AI and expand into Kenya and Ghana.

• Cassava Technologies, a South African IT services company, has raised $90 million in equity from United States DFC, Google and FinnFund. The funds will be used to prop up Cassava’s balance sheet and improve its operations.

• Juicyway, a Nigerian cross-border payment startup that helps businesses get FX for their transactions, has come out of stealth mode with $3 million in pre-seed funding. Since it started, Juicyway has processed $1.3 billion in payments for over 4,000 customers.

• South African fintech, Sourcefin, has raised $8.2 million from FutureGrowth Asset Management to scale its funding support for small and medium-sized businesses.

Events and Opportunities

• The 7th edition of Africa Tech Summit Nairobi (powered by Raenest) is happening on February 12th and 13th, 2025 at the Sarit Expo Centre. Over 2,000 leaders, investors, and corporates will be there on both days, networking and sharing insights. Get your early bird passes here!

• Applications are open for the first Climate-Smart Agriculture Angel Network cohort! If you're passionate about angel investing in Africa’s climate future, this program offers tools, training, and technical support to help you maximize your impact. You get training, networking, venture showcases, and technical assistance. Apply here by December 20th.

And that’s a wrap!

It’s our last roundup for the year, and we’re wishing you a merry Christmas and a happy 2025! 🎄

See you next year 👋🏾

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