This Week in African Tech 🌍

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Your tour guide on African Tech 🧭

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Happy Monday! A lot is going down this week..

• A new Tech Safari Syndicate deal drops on Thursday. If you don’t already, you can apply to join our syndicate here.

• Our virtual event, How to Launch a Fintech with Anchor is on Wednesday [RSVP here]

  

• And our in-person event in Cape Town 🇿🇦 is this Thursday. If you haven’t already, grab your spot here.

Alright, let's dive in 🪂

Tech Roundup

• Showmax beats Netflix to become Africa’s leading streaming platform grabbing a 40% share of the market, leaving Netflix trailing at 35%. Africa’s TV streaming scene is competitive, and heating up.

• Paycorp, a South African fintech startup, introduces CryptoExpress. The app allows users to convert their cryptocurrency into cash (South African rand) at about 3,000 ATMs across the country.

• MultiChoice hit a bump in the first half of the year, reporting an after-tax loss of $50 million for April to September 2023. This marks a drop from the $3 million profit from the same period last year.

• Paystack, the Nigerian fintech acquired by Stripe in 2020 for $200 million, is laying off part of its global team. CEO Shola Akinlade confirmed the move, mentioning a reduction in operations outside Africa as the reason for laying off 33 workers in Europe and the UAE.

Deal Roundup

• Shekel Mobility, a B2B car marketplace, raises $7 million in a round led by Ventures Platform and MaC Venture. Joining the round are Zenith Bank, VFD Microfinance Bank, Y Combinator, Voltron Capital, Zedcrest, and Rebel Fund.

• Morroco’s logistics startup, CloudFret, a company that uses a smart AI platform to link shippers and carriers along the Mediterranean shores, raises a $2.1 million fund from investors. The round was led by AfriMobility and Azur Innovation Fund.

• Egyptian Edtech startup, AKHDAR the app that discovers books and podcasts and translates them to Arabic, raises a six-figure USD funding from Saudi Arabia's Value Maker Studio (VMS) to expand.

• South African insurtech Pineapple, an online car insurance company, raises a mega $21.3 million in Series B. The round was led by Futuregrowth, Talent10, and MIC.

• South African real estate investment firm Neighbourgood has acquired travel tech startup Local Knowledge in a deal worth $1.5 million in cash and equity. This move is key to Neighbourgood's upcoming mobile app, set with exciting activities and tours.

Events + Opportunities

• Cybersecurity Startups are you ready? Join the AWS & Crowdstrike Cybersecurity Accelerator, an online equity-free program designed to empower cybersecurity startups with product development, investment, and business support. Apply here before November 30.

• Cape Town! We’re bringing our community in Cape Town together to celebrate African Tech. Come by for a night of connection, fun, and good times. Save your spot here.

• Nairobi! Latitude59 x Kenya Edition is almost here. We’re celebrating Nairobi’s ecosystem and hearing from a world-class lineup of speakers. Grab your ticket here 🥳

• Fintech founders! Want to know how to move from idea to launch to scale? On the 22nd of November, we are teaming up with our friend Segun Adeyemi from Anchor (YC S22) and our guest Cossi Achille AROUKO, the Founder and CEO of Bujeti (YC W23) to share: How to Launch a Fintech Startup. Grab your spot here.

And that's a wrap for this week!

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