The Aspire Coronation Trust (ACT) Foundation was founded in 2016 with the goal of providing grants to regional, national, and local non-profit organizations that are tackling issues and related vulnerabilities throughout the African Continent. In order to create sustainable communities that offer creative answers to social, economic, and environmental problems, the ACT Foundation works to…
Meta is excited to announce the launch of the Llama 3.1 Impact Grants, continuing its commitment to supporting innovative use cases of open-source AI to address critical global challenges. Building on the success of previous grant programs, the Llama 3.1 Impact Grants will provide up to $2 million USD in funding to organisations worldwide. The Llama…
Through its Affirmative Finance Action for Women in Africa (AFAWA) initiative, the African Development Bank (AfDB) has announced plans to boost its finance support for women-owned small companies from $1.7 billion to $2 billion. At a workshop on bankable business ideas for young people and women in agriculture held in Abuja on Monday, Marie Akin-Olugbade,…
With the goal of becoming the top early-stage investor in African entrepreneurs, Breega, one of the fastest-growing early-stage funds in Europe, has announced the opening of its first African fund, “Breega Africa Seed I.” The Paris-based Breega, which also has offices in London and Barcelona, closed its first fund in 2015 and now manages $700…
across order to support entrepreneurs from the “Orange Digital Centers” network across Africa and the Middle East, Orange Ventures and Digital Africa have pledged to co-invest. The Orange Digital Centre is an ecosystem that is present in eight European countries as well as 17 countries in Africa and the Middle East. It unites a variety…
With the announcement of the first close of its US$10 million angel-style early stage fund, OpenseedVC, a new operator-led fund aiming to be first investors in seasoned operators beginning innovative firms across Africa and Europe, has officially started. Supported by LPs including founders, operators, and HNIs in the US, Europe, and Africa, the OpenseedVC fund…
Global non-profit Accion launched the US$152.5 million Accion Digital Transformation Fund (ADTx), which aims to help financial institutions address the needs of small businesses that are currently excluded from the financial system by providing growth capital and strategic support for digital transformation. Founded in 1961, Accion works to improve the lives of nearly two billion…
In 20 Sub-Saharan African nations, the Mastercard Foundation Fund for Resilience and Prosperity is looking for SMEs in the fields of digital economy, agriculture, and climate adaptation. Benefits: Grants ($500,000 – $2,500,000 USD)Connections with investors and trainingGaining access to markets and developing capacitySupport for policy advocacy Deadline for applications: November 22, 2024 Apply here. Source
The acquisition of Reflector Marketing, a South African strategy and branding consultancy, has been announced by Baobab Network, an early-stage investor supporting entrepreneurs throughout Africa. Since 2019, the Baobab Network has assisted businesses in raising capital and developing their capabilities. Most recently, the network increased the average investment to $50,000 USD. It has fifty startups…
Seeking female entrepreneurs spearheading cutting-edge health firms around the continent, Villgro Africa is a healthcare-focused investor and incubator seeking to provide venture capital to assist these businesses grow. With the establishment of Villgro Kenya in 2017, the India-based Villgro Innovations Foundation broadened its reach into Africa. Villgro Kenya is an impact investor and early-stage company…
Nigerian startup alGROWithm has obtained funds to expand its patented Growth Talent Accelerator Programme to additional people in six African nations. AlGROWithm, founded in March 2022, is the firm behind the Growth Talent Accelerator Program, which offers ed-tech solutions to growth hackers. The company has now acquired funds from Digital Africa, which it will use…
The Kofi Annan Award for Innovation in Africa (KAAIA), which focuses on technologically advanced approaches to guarantee that no one goes hungry in Africa, is now accepting applications. In order to scale their impact and help as many Africans as possible, the Austrian Federal Chancellery and the Kofi Annan Foundation are organizing the KAAIA, which…
A Nigerian startup called Miden has been chosen for Y Combinator’s winter 2024 class. Through its API, Miden enables businesses to issue virtual cards to their clients. After the cross-border payment provider Cleva, the newest Nigerian company in this year’s winter batch is called Miden. In 2022, Miden started to address the operational issues businesses…
IFC has announced a $20 million equity investment in the Africa50 Infrastructure Acceleration Fund (IAF Fund), which will fund projects related to digital infrastructure, renewable energy and power, transportation, logistics, and water and sanitation. The goal of the IAF Fund is to support sustainable infrastructure development throughout Africa. The fund seeks to engage in initiatives…
A fund for creatives named Somefund has been introduced by US-based animator and artist Somehoodlum and multihyphenate creative/entrepreneur Arsonic (Zeblocks). Somehoodlum claims in an Instagram post that the fund, also known as an artist empowerment contest, is available to creatives in need of money for projects involving short films, equipment purchases, assistance with music videos,…
The EchoVC Eco Pilot Fund I is the newest pre-seed fund vehicle from EchoVC, a seed and early-stage technology venture capital firm that invests in underrepresented founders and underappreciated industries. The fund will support startups in the energy and climate sectors. At the moment, EchoVC operates out of offices in Lagos, Nairobi, New York, and…
Aduna Capital, a Nigerian venture capital firm, announced the creation of a $20 million fund today. The fund would invest 55.5% of its cash in Northern Nigeria businesses, with the remainder spread across the country and Africa. According to General Partner Surayyah Ahmad, the fund’s goal is to have 50% female participation in the firms…
The Africa Business Club at Harvard Business School is hosting the New Venture Competition, where entrepreneurs can compete for cash prizes of up to US$50,000. Applications are now being accepted. The New Venture Competition, which aims to highlight the range of entrepreneurs making an impact on the continent today, will be a feature of the…
With Norrsken22, a Pan-African venture capital firm, reaching the final closure of its maiden fund and raising a total of $205 million, exceeding its initial target, it’s an exciting time for growth-stage investing in Africa. This further demonstrates institutional investors’ strong interest in helping African businesses during a critical stage of development. Five individuals with…
A Sub-Saharan African (SSA) investment company, Kuramo Capital Management, has announced plans to invest $150 million over the next 10 years to promote female-led businesses. The investment will be provided through its Moremi Platform, a three-pillar initiative that includes an accelerator program, a warehousing/lending facility, and a Fund of Funds in an effort to support…
The Nigerian hybrid solar system supplier WATT Renewable Corporation (WATT) has raised US$13 million to expand its operations. The US$13 million in funding came from Empower New Energy, a lender and partner in the development of renewable energy. For the needs of commercial, industrial, and agricultural energy users, Empower New Energy finances, builds, and owns…
In order to support digital startups across Africa, early-stage investor and accelerator Baobab Network has announced plans to invest in 1000 businesses between now and 2033. Since its 2019 launch, Baobab has continuously been one among the continent’s most active investors, supporting locally led businesses from the start. The co-founder of Baobab, Toby Hanington, claimed…
Bill Gates said the Bill & Melinda Gates Foundation will spend $30 million in a new artificial intelligence platform in Africa yesterday at the Grand Challenges annual event sponsored by the foundation and its partners in Senegal. Grand Challenges, the foundation’s flagship innovation program, was introduced in 2003. It focuses funding and attention on urgent…
Payments processor Visa has joined the number of investors who have rushed to the field this year by launching a $100 million venture fund for start-ups using generative artificial intelligence. After chatbot ChatGPT’s success, a number of well-known companies, including Microsoft and Google, have backed the AI sector, which has been a hot topic in…
The startup cryptocurrency Nestcoin from Nigeria has secured a $1.9 million investment round. Hashed Emergent led the financing round in collaboration with a global group of investors, including Adaverse, Base Ecosystem Fund, Alter Global, CMT Digital, Magic Fund, 4DX Ventures, and participating angels. Yele Bademosi, co-founder and CEO of Nestcoin, outlined the goal of his…
A Nigerian firm is making waves with its ground-breaking project in an effort to establish a welcoming and digitally-driven business climate in Nigeria, establishing the nation as a hub for the continent’s expanding digital and service industries. Notably, Nigeria is well-known for its privately and publicly run free zones that have attracted manufacturing, oil, and…
A new $1 billion fund has been established by the African Development Bank to speed up climate funding for the continent’s young firms. Akinwumi Adesina, president of the African Development Bank, made the announcement at a high-level intergenerational dialogue titled “Africa Driving Climate Adaptation Solutions and Jobs” that took place on the outskirts of Nairobi…
One of the most admirable of cryptocurrency’s many high promises is the possibility of bringing financial inclusion to disadvantaged people. The Nairobi-based Kotani Pay cryptocurrency payments firm wants to make it simpler for the sizable unbanked communities in Africa to send money across borders. A use case that affects the lives of hundreds of millions…
Leading pan-African Banking-as-a-Service (BaaS) provider Anchor has revealed its $2.4 million Seed round, which will be used to introduce new products, improve its infrastructure for licensing and compliance, and assess potential new markets. Goat Capital led the round, which also included FoundersX, Rebel Fund, and other renowned investors. One of them is Y Combinator. The…
This September, during World Literacy Month, Innovation Edge has released a call for startups to submit proposals for funding and strategic support to develop their edtech innovation focused toward enhancing literacy and language acquisition in young children in South African households. Even though many parents lack the tools and resources necessary to give their kids…