This Week in African Tech 🌍

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Hello and welcome to this week in African Tech!

Next week, we’ve got a super exciting webinar coming up! We’ve teamed up with Anchor to bring none other than GB from Flutterwave to share how he built Flutterwave into one of the biggest companies on the continent.

So if you’re looking to take your fintech from bootstrapped to unicorn, join me and GB on the 22nd of February, as we discuss “How to Scale a Fintech Startup” in this webinar.

We’re really excited about this one. See you there!

Now let’s get into this week’s roundup.

Tech Roundup

• South Africa is rolling out digital nomad visas to attract tech talent to the country. The visa, set to debut later this year, will allow holders to enjoy SA’s healthcare and education systems, as well as open bank accounts and rent property in the country.

• Jetstream, a Ghanaian logistics startup, has launched Jetvision.ai, an AI platform designed to boost cross-border trade in Africa. The platform will help logistics businesses quickly finance, manage, and monitor their regional supply chains.

• Nigerian digital bank Carbon has bought Vella Finance, a fintech startup for SMEs. Vella Finance will now be known as Carbon Business. Carbon plans to use Vella Finance's AI-powered feature for SME banking, to give their users helpful insights from their financial transactions.

• Grindstone South Africa has successfully completed its first green programme, which supported startups in the environmental field. Out of fifteen startups, VEZ Technology won the cohort with its groundbreaking product: biodegradable toilet paper. The startup received shares in Grindstone Ventures and a cash prize.

• Kenya’s tech professionals are protesting the Kenya Robotics and Artificial Intelligence Society’s proposed robotics and AI bill, which may fine and imprison unregistered tech companies for up to 2 years. Tech professionals and companies claim this bill could stifle growth in Kenya’s tech ecosystem.

Deal Roundup

• Moove, a Nigerian-born vehicle financing startup, raises $10 million in debt funding from Stride Ventures. Moove plans to use the funding to strengthen its presence in the Indian market, increase its fleet to over 5,000 cars, and expand its operations to new cities.

• Logidoo, a Moroccan logistics startup, raises $1.55 million in seed funding. The investment was led by Maroc Numeric Fund II, 216 Capital, Gullit VC, Founders Factory Africa, Sunny Side Venture Partners, and Kalys Ventures. The startup specialises in real-time parcel tracking and will use the funds to scale its cross-border logistics services.

• Kenya’s Roam, an electric mobility startup, raises $24 million in debt and equity funding. Equator Africa led the $14 million Series A equity round, and the US government’s Development Finance Corporation provided a $10 million debt commitment. Roam plans to use the fund to boost EV production and expand across Africa.

• Sun King, a Kenyan off-grid solar energy company, raises $7 million in debt funding from Lendable. This funding will help Sun King scale its business and provide clean energy solutions to low-income consumers across Africa.

• Tunisian startup Cynoia raises $930,000 from United Gulf Financial Services, 216 Capital, and Bpifrance. Cynoia, which wants to be the ultimate collaboration hub for teams, plans to use the funding to expand to Senegal and Ivory Coast.

• Injaro, a Ghanaian investment company, raises $17.5 million for its private equity fund, Injaro Ghana Venture Capital Fund (IGVCF). Injaro will use the fund to back Ghanaian and Ivorian SMEs.

• Ilara Health, a Kenya-based health-tech startup, raises $4.2 million in a pre-Series A round. DOB Equity led the round. The funds will be used to scale operations in Kenya and expand healthcare access for the general public.

Events and Opportunities

• Founders, if you want to learn from one of the best in the game, come to our webinar where GB, CEO of Flutterwave, will be sharing how he built and scaled Flutterwave. This webinar will be held on the 22nd of February at 3 pm WAT. Register to save your seat here.

• Applications are now open for the 2024 cohort for the AWIEF Growth Accelerator Programme, which supports early-stage women-led SMEs with growth strategy training, corporate advisory, mentoring, networks, and financing. Apply here until the 3rd of March, 2024.

• Calling all African startups! Applications are now open for Archipelagos, a multi-year international cooperation programme that supports the growth of African SMEs and gives them access to capital markets. Interested startups can apply here until the 30th of June, 2024.

• Google For Startups AI For Health Growth Academy Program is calling for applications for all startups using AI to improve healthcare and wellbeing. Startups will receive Google tools & products to help them scale and the opportunity to network with experts from Google Health AI, DeepMind, Fitbit, Verily, and others. Applications are open here until the 1st of March, 2024.

And that's a wrap for this week!

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