This Week in African Tech 🌍
Plus, Valuations 101 with Tech Safari and Raise
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Your tour guide on African Tech 🧭
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Hey hey! Welcome to This Week in African Tech.
Before we dive in - next week we’re hosting an event with our friends at Raise called Valuation 101, where we will explore how to value a startup.
Valuations are part art and part science, and I’m excited to be learning the different methods to valuing a company. Sign up to attend here.
Alright, let’s dive in.
After raising $86.1 million in funding across 5 years, Dash, the Ghanaian fintech company, is shutting down. This comes after the former CEO, Prince Boakye Boampong, misrepresented and exaggerated user numbers, paid himself $50,000 per month, and reported a burn rate of $500,000 per month with no revenue.
In our WhatsApp community, The Safari Club, we had some interesting takes on what this means for Ghana’s startup ecosystem following the struggles of Ghanian startup, Float.
OPay, DHL, and Meta may be fined if Nigeria’s data protection commission establishes wrongdoing in data violation investigation. They may be asked to pay 2% of their gross revenues in 2022 as fines if found guilty.
Payhippo, a Nigerian SME Lending startup, appoints Dami Olawoye as the new CEO. This comes after the company raised $16 million in equity and debt and acquired a microfinance bank to service SMEs in Nigeria.
Egyptian startup Intella has closed a USD 3.4 M pre-Series A. Intella offers real-time, on-demand market research for its business clients across diverse sectors. The round was co-led by Hala Ventures and Wa’ed Ventures, the VC arm of Aramco.
WATT, a Nigerian company that delivers hybrid solar solutions, has raised $13m in funding to advance renewable energy solutions. The US$13 million funding came from Empower New Energy, a renewable energy financier.
Senegalese FMCG startup Lengo AI has raised a seven-figure pre-seed round. Lengo AI is the first data-driven operating system for informal retail in Africa. The pre-seed round was led by Acasia Ventures and Ventures Platform.
Events + Opportunities
Startups in Kenya! Latitude59 and Startup Wise Guys are calling for early-stage startups to join the L59 Pitch Competition in Kenya on December 6th. The application deadline is November 23, 2023. Apply here
Are you running a tech startup that is working to transform the agriculture and food tech industry in Africa? Apply to the SAIS Investment Readiness Programme and get help to scale your business. Apply here before October 20th.
And that's a wrap for this week!
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