This Week in African Tech 🌍

Kenya now has a Digital Nomad Visa 🛬

Author

Caleb Maru
October 06, 2024

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Let’s get into This Week in African Tech!

Tech Roundup

  • The results are in! African tech startups raised $306.3 million in funding last quarter. Compared to the same period in 2023, the total funding for the first nine months of 2024 is down 40% to $836.5 million.

  • Ivorian fintech Daba Finance has won this year’s Ecobank Fintech Challenge, earning $50,000 in prize money.

  • Good news for digital nomads! Kenya has introduced a Digital Nomad Work Permit and a Transit and Long Connection Travelers Electronic Travel Authorization (ETA), allowing you to explore the country’s unique scenery hassle-free.

  • Kenyan fintech Ndovu Wealth Limited has launched its Money Market Fund (MMF), licensed by the Capital Markets Authority (CMA) and the Institute of Certified Investment and Financial Analysts (ICIFA). MMFs remain the most popular investment vehicles in Kenya, accounting for 67.4% of all funds under management.

  •  US-based fintech GrabrFi has launched in Nigeria, allowing Nigerian users to make cross-border payments using GrabrFi’s international US debit card.

  • Starlink has doubled its base subscription prices in Nigeria, citing soaring inflation. Existing customers will be subject to the new rates starting October 31st.

  • South Africa’s Plentify has partnered with Herholdts to launch SolarBot, a first-of-its-kind intelligent controller for home solar and battery systems. Herholdts will introduce SolarBot to homes across the country.

  • South African prop-tech startup Under One Roof has partnered with HouseHoppers, an exclusive relocation company specializing in same-day moving. Users who buy or rent through Under One Roof can now benefit from HouseHoppers' packing and moving services.

  • The Bank of Tanzania (BoT) has tightened regulations on digital lenders to protect borrowers. Digital lenders are now required to clearly display their loan terms to prevent customers from pursuing loan products blindly.

Deal Roundup

  • South African shipping platform TUNL has raised an undisclosed amount in seed funding. The round was led by E4E Africa, with participation from Jonathan Smit, Jozi Angels, and Utopia Capital Management. TUNL will use the funds to grow its marketing support for more than 1,300 SMEs.

  • South African startups Respo, Syked, and Word of Mouth have secured a combined total of ZAR3 million ($175,000) in debt and grant funding from the SAB Foundation’s Social Innovation Accelerator and Fund (SIF).

  • Egyptian VC firm EdVentures has invested in eight Egyptian ed-tech startups, including Saikoro, The Copywriter, El Kheta, and Techy App.

  • Nigerian agritech startup Winich Farms has raised $3 million in pre-series A funding. The round was led by the Acumen Resilient Agriculture Fund (ARAF), with participation from other investors, including Sahel Capital, which provided $590,000 in debt.

  • Zambian fintech Lesaka has completed its acquisition of Adumo for $96 million. The final acquisition amount is $10 million higher than the initial reported price, thanks to a 27% increase in Lesaka’s share price.

  • Scale, a branding and project management South African startup, has raised $700,000 in pre-seed funding. The round was led by 54 Collective and First Circle Capital, with participation from Sunny Side Venture Partners and other angel investors.

  • Moroccan recruitment platform Kwiks has raised $827,000 in funding. Kwiks will use the funds from Azur Innovation Management (AIM) to accelerate the development of its AI-driven solutions.

  • Egyptian fintech SETTLE has raised a $2 million pre-seed round, led by Shorooq Partners, with additional backing from El Sewedy Capital Holding, Acasia Ventures, and Plus VC. SETTLE will use the funds to expand globally and enhance its platform.

Events and Opportunities

  • NezaTech Africa is hosting the Tech Women Fest on the 12th of October to empower female tech professionals, founders, and industry leaders. There will be keynote speakers, masterclasses, product showcases, and networking sessions. To attend the event, get your tickets here.

And that's a wrap!

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