This Week in African Tech 🌍
Scale-ups struggle and funds land fresh capital
Welcome to Tech Safari!
Your tour guide on African Tech 🧭
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On the Tech Safari Side - we will be in Kigali this week taking over Norrsken’s Africa Week for an afternoon, with a lineup of my favourite community builders.
We’ll be talking about the future of e-commerce and how to scale an e-commerce company. RSVP to attend here.
Alright, let’s dive into the edition!
Kenya opens its first smartphone factory to make low-cost phones. The factory is set to produce up to 3 million 4G-enabled phones a year priced from as low as $50.
Norrsken22 has successfully closed its fundraise at $205 million to invest in growth-stage companies across Africa. Their growth portfolio includes companies like TymeBank, Sabi, Smile Identity, Autochek, and Shara. Given the funding gap for growth-stage companies in Africa, we think this is a big win 🏆.
Novastar Ventures partners with Japanese finance conglomerate, SBI Holdings, who will invest $80 million into Novastar’s future funds. This comes as Novastar is raising a $200 million third fund: The Africa People + Planet Fund.
Maisha Meds, a Kenyan digital health startup that lets pharmacists and clinicians in rural areas buy medicine affordably, raises $5.25 million from the United States Agency for International Development (USAID).
Almouneer, the Egyptian health tech startup supporting patients with chronic diseases, raises $3.6 million. The round was led by Global Ventures, Wrightwood Investments, Proparco, and Digital Africa through the Bridge Fund.
Almouneer’s founders, Noha Khater (CEO) and Rania Kadry (CTO)
Events + Opportunities
Our friends at Zindi are running a 2-day Data Science Retreat for tech leaders and executives in Dar Es Salaam. Get insights from Zindi, CareerLauncher, and IIT experts on how to leverage data science, Machine Learning, and AI for better decision-making. Register here.
Startups in Kenya - Latitude59 are calling for early-stage startups for the Latitude Pitch Competition on December 6th.
Finalists will have the chance to come to Estonia with me next year and pitch live at Latitude59 🎉
Apply here, or shoot me an email if you have any questions.
Founders! Google Cloud is hosting a Lagos Founder's Story event with the CEO and Co-founder of PiggyVest, Somto Ifezue. Come and network with startup ecosystem leaders on the 9th of November. Register here
And that's a wrap for this week!
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