This Week in African Tech 🌍

Binance exec is finally free after 8 months 🎉🔓

Author

Caleb Maru
October 27, 2024

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Hey guys! 👋🏽

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

  • There’s a new kid on the block! The CEO and co-founder of Nigerian fintech Leatherback has stepped down. Toni Campbell, Managing Partner at Kinfolk Venture Capital, has stepped in as the interim CEO.

  • Traction Apps, a fintech startup, is laying off some employees after being acquired by OmniRetail. Some members of the Traction team have moved into roles at OmniRetail while the company looks for "further opportunities for others."

  • Free at last! Binance executive Tigran Gambaryan is a free man after being detained in February. The Nigerian government has dropped all money laundering charges and ordered his release.

  • Digital commerce startup tappi is partnering with Safaricom's M-PESA to help Kenyan micro, small, and medium businesses (MSMEs) build trust and grow their online presence.

  • Sendstack is pivoting to a new product called CTRL, which will help businesses manage everything from one dashboard. They’re moving on from DLVR, which focused on last-mile deliveries for small and medium-sized businesses.

  • South African retail bank Capitec has blocked Electronic Funds Transfers (EFTs) and payments to cryptocurrency exchanges as an anti-fraud measure.

  • Egyptian VC firm Sawari Ventures will launch its second fund, "Sawari Ventures II," in early 2025 with a target to raise $200 million. The new fund aims to build on the success of Sawari Ventures' first fund by investing in additional sectors and expanding into new regions.

  • US-based data center Equinix has completed its integration of Nigerian connectivity company MainOne after acquiring it for $320 million in 2022.

  • Togo's government has suspended the Russian ride-hailing service Yango due to safety concerns and non-compliance. They emphasized the importance of user safety and legality, stating that Yango's operations in Togo are illegal.

  • Rwandan e-mobility startup Ampersand has launched a 21,000-square-meter facility in Nairobi, tripling its previous space. This expansion enables Ampersand to assemble up to 60 electric motorcycles daily and support its battery swap network.

Deal Roundup

  • The African Export-Import Bank (Afreximbank) has signed a $3 million term loan agreement with Tunisia's Mediwood Studios to help grow its operations and make Tunisia a top filmmaking spot in the Middle East and North Africa (MENA) region.

  • Klasha is on a roll! The Nigerian fintech  has secured $2 million to expand its B2B cross-border payment services in China, bringing its total funding to $6.5 million. They’re also teaming up with Singapore's EasyTransfer to help international students in Africa pay tuition in local currencies. Smart move!

  • Kenyan e-mobility startup BasiGo has raised $24 million in Series A equity and $17.5 million in debt funding to expand its electric bus fleet in Kenya and Rwanda over the next three years. The round was led by Africa50, British International Investment (BII), and the U.S. Development Finance Corporation (DFC).

  • Moroccan logistics startup Colis.ma has secured $300,000 in pre-seed funding from private-backed VC Witamax. Colis will use this funding to grow in Morocco’s biggest regions and expand into Europe and West Africa.

  • Still in Morocco, prop-tech startup Agenz has secured an undisclosed investment from Renew Capital, which will support its growth in Morocco and across Africa.

  • South African eCommerce platform Pargo is expanding to Egypt after raising $4 million in a funding round led by 3Capital Ventures, Endeavor, SAAD Investment Holdings, and UW Venture.

  • Nigerian climate tech startup Earthbond has secured $200,000 in pre-seed funding from early-stage investment firm Madica. The funds will help Earthbond onboard more small and medium-sized businesses (SMBs).

  • Ghanaian AI startup Aya Data has raised $900,000 in a seed funding round led by 54Collective. This funding includes both debt and equity, bringing the startup’s total to $1.15 million after a previous $300,000 pre-seed investment.

  • Rwandan e-mobility provider IZI, has received a $222,000 grant from the Rwanda Green Fund. The funding will help expand its fleet and set up a battery maintenance and repair facility in Kigali.

  • IHS Towers has secured a $439 million loan to manage currency risks and support its operations. About half of the loan is in South African Rand, and the other half is $255 million in USD.

Events and Opportunities

  • South Africa, big news! Tech Safari Mixers are happening twice this November — starting with our first-ever Johannesburg mixer on November 7th, followed by a return to Cape Town on November 14th. Caleb will be hosting, featuring special surprises for each city, along with free welcome drinks, snacks, and lively icebreakers to connect SA’s top founders, investors, and tech innovators. Don’t miss out — get your Johannesburg tickets here and Cape Town tickets here 🎉 See you there!

  • 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 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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