Venture studio Adanian Labs partners EMURGO to scale tech startups in Africa

AFRICA – Adanian Labs, a pan African venture studio, has announced its partnership with EMURGO, the official investment arm of Cardano, blockchain to scale tech startups in Africa and grow the Cardano ecosystem.  EMURGO has invested a seven-figure undisclosed amount as a seed investment to Adanian Labs through its newly launched EMURGO Africa investment entity.  This investment is focused on achieving one of the goals of Cardano which is to bring financial and educational empowerment via its blockchain platform to the billions who lack these opportunities.  “We are extremely encouraged by the partnership with EMURGO Africa as…

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Wicrypt startup US$1.5m funding round to help in expanding to new countries

NIGERIA – Wicrypt, a blockchain-based Wi-Fi sharing startup, has raised US$1.5 million in a strategic funding round to help it expand into new countries.  The round was led by AU21 Capital, with participation from Polygon founder Sandeep Nailwal, Inclusion Capital, Outlier Ventures, Chain Capital, Pluto Digital Assets, Onega Ventures, N7 Labs, Cardano and PolkaFoundary.    “While we have formed substantial business partnerships in Africa, this funding allows us to grow into new countries by increasing our marketing efforts,” said Ugochukwu Aronu, chief executive officer (CEO) of Wicrypt.    “Wicrypt is providing last-mile internet to people of the world who need it,…

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Solar power provider d.light secures US$15m financing round to bolster its growth plans

AFRICA – d.light, a leading innovator of solar, lighting and sustainable products has secured a US$15 million financing round led by Inspired Evolution via its Evolution II Fund.  Other investors that participated in the round included Shell New Energies, FMO, Norfund, Swedfund, and KawiSafi Ventures.   This capital raise will bolster the company’s plans to continue growing its Pay-Go consumer finance business in key markets across Africa.   “We are pleased to support the company with additional capital for growth and to secure the support from many of the existing shareholders during these difficult Covid-19 times,” Wayne Keast, Co-Managing Partner of Inspired…

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Scatec closes deal to develop 100MW Green Hydrogen plant in Egypt

EGYPT – Norwegian renewable energy company, Scatec, has entered into an agreement with Fertiglobe plc, a leading ammonia producer jointly owned by OCI N.V. and Abu Dhabi National Oil Company (ADNOC), and The Sovereign Fund of Egypt (TSFE), to jointly develop a 50-100MW green hydrogen facility as feedstock for green ammonia production. Scatec will build, operate and majority own the facility and a long-term off-take agreement will be entered into with Fertiglobe’s subsidiary EBIC. The facility will be located near EBIC in Ain Sokhna and is the first step towards developing a green…

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E-commerce startup Sendbox raises US$1.8m to digitize deliveries for SMEs in Africa

NIGERIA – Sendbox, a Nigeria-based e-commerce fulfilment platform for merchants in Africa, has announced the completion of a US$1.8 million seed round from investors including 4DX Ventures, Enza Capital, FJLabs and Golden Palm Investments. With participation from Flexport and YC Combinator as part of its 2021 winter cohort, Sendbox’s total investment raised has now reached US$2 million following a pre-seed round from Microtraction and 4DX Ventures in 2018. The e-commerce fulfilment platform for merchants in Africa says the new funding will be used to expand the company’s operations in other…

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Sanlam launches new product for low-cost healthcare market

SOUTH AFRICA – Financial services group Sanlam has launched Sanlam Health Solutions, which aims to fill a gap in the healthcare market for affordable and flexible solutions that offer a low-cost alternative to traditional medical scheme cove, reports IOL News. The product will also deepen its existing partnerships with medical schemes Bonitas and Fedhealth. According to the group, medical scheme penetration is low in South Africa with only 8.9 million South Africans (15.2% of the population) are members of medical schemes, either directly or as beneficiaries. Paul Hanratty, Chief Executive…

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Air Tanzania gets a boost as government orders 5 additional aircraft

TANZANIA – The government of Tanzania has made a down payment of US$258.7 million purchase of five more aircraft for its struggling national carrier Air Tanzania. The order includes cargo planes, which are all expected to be delivered before the end of 2023. Aviation industry sources told The EastAfrican that the funds were approved by the current government despite heavy losses incurred by the carrier under a revival program initiated by former president John Magufuli and the effects of the Covid-19 pandemic. The planes, once they arrive in the country, will…

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Nigeria’s auto financing firm Autochek officially launches in Kenya

KENYA – Autochek, the automotive technology company that aims to facilitate auto finance across Africa, has officially spread its operations to Kenya as part of its pan-African expansion. To lead its Kenya operations, Autochek has appointed Bilhah Muriithi as the Country Manager. Having recently acquired automotive marketplaces Cheki Kenya and Cheki Uganda from Ringier One Africa Media (ROAM Africa), the move into the Kenyan market signals Autochek’s focus on building digital solutions that will increase market adoption for auto loan financing and drive partner prosperity for its core stakeholders, such as dealerships,…

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Sahara Group to invest US$1b in LPG to boost African energy transition

AFRICA – Energy and infrastructure conglomerate, Sahara Group, plans to invest over US$1 billion to enhance access to liquefied petroleum gas (LPG) in Africa and emerging economies in a bid to boost the energy transition on the continent. Executive director of the Sahara Group, Temitope Shonubi, disclosed this at the African Refiners and Distribution Association (ARDA) conference 2021 in South Africa where he spoke on the role of LPG in Africa’s energy transition. “Sahara, through its subsidiary, WAGL Energy Limited, is already working towards investing US$1 billion to ramp up its…

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B2B startup Talabeyah raises pre-Seed round to scale its operation

EGYPT – Talabeyah, a Cairo-based startup that provides B2B e-commerce services for food and groceries, has raised a seven-figure pre-Seed round from strategic angel investors.   The startup, which was launched in July 2020 by Karim Nassef, Amr Abbas, Khaled Hussein, and Adel Hodroj, has leveraged its supply chain model and purchase experience by establishing a customer-centric business, due to its founders’ extensive experience in the FMCG industry.   Barakat said the round will help scale the startup’s operations, further build the technology, and leverage the use of AI and machine learning algorithms utilising the collected data…

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