This Week in African Tech 🌍

Hey 👋🏽, 

Edukoya just pulled a rare move—shutting down and giving investors their money back. Noble! We think more startups should take notes. 👀

Meanwhile, African tech has been buzzing—big exits, closed rounds, and bold bets on Bitcoin.

We’ll get to the roundup in a sec.

But before we do, we have some announcements.

Now, on to this week’s roundup….

Tech Roundup

• Nigerian edtech Edukoya has shut down four years after raising $3.5 million in Africa’s largest pre-seed round. Edukoya cited market challenges and macroeconomic conditions for its shutdown, deciding to wind down and return capital to investors.

• E-commerce platform Jumia posted a $99.1M loss in 2024, slightly down from $99.3M in 2023, as revenue fell 10% to $167.5M. Weaker growth from market exits and currency devaluations sent its stock down 27.5%.

• US-based VC firm Digital Currency Group (DCG) expanded its footprint in Africa with 12 new investments in 2024. Its portfolio company NALA received the largest individual investment.

• Digital workforce platform Zydii has partnered with talent accelerator Venture for Africa (VFA) to launch a hands-on Go-to-Market (GTM) strategy course designed for African businesses by African experts.

• Ifeoma Nwobu has exited her role as Sendstack’s co-founder and COO, citing a deep internal shift. Her departure comes as Sendstack targets $1 million in revenue by 2025—four times its earnings over the past three years.

• Russian ride-hailing app Yango has expanded its SuperApp in Senegal with a new food delivery service. To support local businesses, it is waiving commission fees for partner restaurants, helping boost orders while reducing costs.

• 54 Collective will close its venture studio in Africa as its Mastercard Foundation partnership ends in April 2025. While layoffs are expected, its $40 million VC fund will continue backing African startups.

Deal Roundup

• Altvest Capital has become the first publicly listed African company to adopt Bitcoin as a treasury asset after acquiring one Bitcoin worth $98,200. The firm is seeking regulatory approval to raise $10 million for further Bitcoin investments.

• UAE fintech Flow48 has secured $69 million in Series A funding led by Breega. The debt-and-equity round will support expansion in the UAE, South Africa, and Saudi Arabia, while enhancing its platform for SMEs.

• Ghanaian fintech Oze has secured an undisclosed investment from backers including Visa and DEG. The funds will help scale its Lending Management System (LMS) to offer unsecured digital loans to merchants and small businesses.

• Tunisian e-commerce platform Dabchy has raised an undisclosed pre-Series A round led by Janngo Capital. The funding will support market expansion, product diversification, and platform enhancements.

• SA-founded public safety startup RapidDeploy has been acquired by Motorola Solutions for an undisclosed amount. The deal aims to enhance data access and situational awareness for public safety agencies during emergency response.

• West African super app Gozem has secured $30 million in Series B funding, led by SAS Shipping Agencies Services Sàrl and Al Mada Ventures. The funds will support regional expansion, finance new vehicles for taxi drivers, and accelerate the launch of its digital bank, Gozem Money.

 Other Events and Opportunities

• Talent Safari, a community for Africa’s top mid-level startup professionals, is now helping companies hire from its exceptional talent pool. Employers looking to recruit the best talent can fill out this form to get started. Haven’t joined Talent Safari yet? There’s still time to sign up!

• On the 15th of March, Founders Connect is hosting its Live in Nairobi event for founders, tech workers, and investors. Register here for an exclusive day of conversation about innovation, impact, and scaling businesses across Africa. There’s also up to $12,000 in funding and resources up for grabs.

• The second edition of Payd Founders Game Night is happening on Friday, March 28th, at Antler, ABC Place Nairobi, starting at 7 PM. Get ready for Maverick vibes, high-stakes fun, and an unforgettable night. Secure your spot here.

• Applications are open for the sixth edition of the OceanHub Africa accelerator, a 12-month program supporting up to 24 high-impact, for-profit startups dedicated to ocean conservation. The program will run in two intakes, March and July, with applications reviewed on a rolling basis. Applications are open here.

And that's a wrap!

That’s it for this week. See you on Wednesday 😃 

Cheers,

The Tech Safari Team

PS. refer five readers and you’ll get access to our private community. 👇🏾

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