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…
FSD Africa Investments (FSDAi) has announced a £10 million (almost $13 million) investment in a groundbreaking risk-sharing backup facility in conjunction with InfraCredit. The project intends to increase local currency investment for long-term infrastructure development in Nigeria. The new facility’s (RSBF) purpose is to solve the low credit enhancement problem. It attempts to accomplish this…
FarmWorks, a Kenyan agritech startup, has announced its $4.1 million pre-Series A funding round to advance its data analytics skills and apply AI to enhance production and influence planting and loan decisions. The financing was led by the Acumen Resilient Agriculture Fund and included the Livelihood Impact Fund, Vested World, multiple family offices, and angel…
For the third iteration of the Startup Wise Guys accelerator, which provides chosen B2B SaaS firms with access to EUR100,000 (US$110,000) in funding and five months of rigorous mentoring, applications are now open. Startup Wise Guys, which was founded in Tallinn, Estonia in 2012, also oversees cybersecurity programs out of Cosenza and SaaS accelerator programs…
Ten companies from Southern Africa have been recognized for their innovative approaches to closing the financial access gap for underprivileged people as part of a World Bank-sponsored challenge. The World Bank funded Southern Africa Innovation Bridge Portal ecosystem development efforts included the Fintech Challenge, which sought out novel and effective applications for the newest advancements…
According to a recent survey, blockchain funding increased by a startling 1,668% in 2022 compared to the previous year, reaching a total of USD 91 million in nations including Kenya, South Africa, and Nigeria. According to the “State of Web3.0 in Africa” report by EMURGO Africa, in strategic partnership with PwC, South Africa is revolutionizing…
To make the United Arab Emirates the best country in the world on the Global Food Security Index by 2051, the National Food Security Strategy 2051 was launched in 2021. The aim? to use contemporary technology and boost local production to create a complete national system that enables sustainable food production. A $27 million program…
A Nairobi-based accelerator known as The Baobab Network has revealed its most recent batch of five investees, each of whom received US$50,000 in cash. The Baobab Network invests in early-stage software firms around Africa. Since 2019, The Baobab Network has assisted businesses with capacity building and fundraising; the organization welcomed its final cohort in February….
Startups in Ghana, Kenya, Nigeria, and Tanzania have been given the opportunity to scale their impact-driven businesses and receive up to EUR100,000 (US$107,000) in grant funding from develoPPP Ventures. develoPPP Ventures, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and administered by DEG Impulse, strives to empower businesses through entrepreneurial…