This Week in African Tech 🌍

Wasoko and MaxAB merger is a done deal 🫱🏻‍🫲🏾

Author

Caleb Maru
September 01, 2024

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Let’s get straight into This Week in African Tech!

Tech Roundup

  • Spleet, a Nigerian proptech, replaced its CEO for ‘misappropriating’ $1.5 million after an audit. He’s also being accused of misleading investors on company growth and financials. Law enforcement was informed about the matter in March.

  • Africa’s VC landscape faced a significant downturn in the first half of 2024. According to the latest Africa Venture Investment Report, the region recorded only nine exits - a 40% decrease compared to the first half of 2023.

  • Flutterwave has snagged another payment licence, this time in Uganda, after getting licences in Ghana and Mozambique over the past few weeks.

  • MaxAB and Wasoko finalised their merger, making them the biggest e-commerce company by volume and reach in Africa. The merger was announced earlier this year.

  • After a year of battling regulation, Starlink has finally launched in Botswana. For months, importing, using, or selling Starlink kits or services was illegal, with violators facing legal action.

  • Egyptian digital savings startup Menthum has teamed up with CI Capital Asset Management to launch a USD fixed-income fund to elevate Egypt’s savings and investment landscape. Launched in November 2022, Menthum is a B2B and B2C digital savings platform that provides an innovative way to invest in safe treasury bills.

Deal Roundup

  • Sukhiba, a Kenyan social commerce startup, raises $3 million in seed funding from Accion, Quona Capital, and Musha Ventures. The startup allows companies and small businesses to power their customer growth through WhatsApp.

  • Rwanda’s EV bike manufacturer, Ampersand, raises a $2 million Series A extension round to expand to other African countries. The round was done by a mix of new and existing investors like AHL Venture Partners, Everstrong Capital, and Beyond Capital Ventures.

  • Proparco loans €400,000 ($443,000) to Rubyx through the Bridge by Digital Africa facility. The funding will allow the African startup to increase its new algorithmic loan offering, targeting start-ups and microfinance institutions across the continent.

  • WorkPay, a Kenyan HR-tech startup, raises a $5 million Series A round from Norrsken22, Visa, Y Combinator, and other investors. WorkPay powers the entire employee journey for companies and this round will be used to power its growth.

  • Quizac, a Nigerian edtech, was acquired by Tekedia Capital one week after announcing its shutdown. Quizac built a gamified learning platform for school kids but had trouble scaling it.

  • Omnisient, a South African fintech startup, secures a $7.5 million Series A investment from Arise to support its mission of enhancing financial inclusion across Africa and beyond. The investment will help Omnisient expand its tech to African, European, and US markets.

Events and Opportunities

  • Are you running a tech start-up that is positively impacting agriculture, livestock, food, or climate in Africa? Do you need support to raise investment, reach more customers and increase your impact? The SAIS Investment Readiness Programme (IRP) offers a year-long, tailor-made company development programme in French and English. Apply by completing this application form and watching the recordings of the info sessions. Applications close on the 2nd of September.

  • Open Startup has launched the second cohort of its GROW investment readiness program. It’s designed to help African startups scale and raise funding, and it offers a range of resources and support services. Applications are open here until the 31st of August.

  • Applications for Baobab Network's October Accelerator cohort are open. Selected companies will receive a $100k first cheque, join a transformative 12-week accelerator program, and get hands-on venture support. The promise is no board seats, fast decisions, no fees, and lifetime access to Baobab’s networks. Apply here.

  • Are you a visionary HealthTech entrepreneur/innovator with a groundbreaking idea to transform healthcare in Africa and committed to leveraging innovation to contribute towards the Sustainable Development Goals (SDGs)? Do you have a scalable, defendable solution with clear monetization strategies? Apply now to join the Timbuktoo HealthTech Hub. Apply here.

And that's a wrap for this week!

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