Brief (431)
Nigerian startups focused on sustainability and innovation are invited to apply for the Sterling Bank Green Innovation Challenge.
The initiative offers NGN2 million (US$1,200) grants for cleantech and social enterprise ventures and a NGN20 million (US$12.2 million) facility for agriculture businesses.
Applications are open until October 20. Applicants must have operated for at least two years, offer locally developed solutions, and have a scale-up plan.
Zepz, formerly WorldRemit, has secured $267 million to expand across Africa and other key markets. The funding round was led by Accel with participation from Leapfrog, TCV, Coller Capital, and a $20 million investment from the International Financial Corporation (IFC).
Since rebranding in August 2021 after acquiring Sendwave, Zepz has retained both the WorldRemit and Sendwave brands.
The investment will enhance Zepz’s position in Africa’s fintech market, supporting financial inclusion and the growing demand for cross-border transfers.
Akwa Ibom state in Nigeria will host the Akwa Ibom Tech Week (AKTW) 2024 from October 28 to November 2, under the theme "Building a Resilient Innovation Ecosystem."
This year’s event aims to bring together local and global innovators to explore how the state can position itself as Africa’s next tech hub.
Innovate Africa, an early-stage investment fund will headline the event with a $2.5 million venture fund to support promising startups. Attendees will also have the opportunity to engage with Kristin Wilson, Innovate Africa's co-founder, through a series of curated fireside chats, knowledge-sharing sessions, and masterclasses throughout the week.
Timbuktoo GreenTech Hub in Kenya has announced its Energy Accelerator Program to support African startups tackling the continent’s energy challenges.
Participants will receive mentorship, technical assistance, and the opportunity to test solutions through a regulatory sandbox. Additionally, startups will gain access to financing and networking opportunities with investors and partners to scale their operations.
Eligible startups must contribute to the Sustainable Development Goals (SDGs) and have been operational for at least three years. Applications are open until October 20, 2024, with the accelerator running from January to June 2025, following a bootcamp in November 2024 in Nairobi.
Payment technology company Flutterwave announced, on September 24, the expansion of its money transfer service, Send App, to 49 states across the United States.
Implemented through a strategic collaboration with American MainStreet Bank, the expansion aims to provide Africans in the Diaspora with a seamless way to send money back home.
The move highlights Flutterwave's commitment to offering secure and efficient banking solutions, compliant with regulatory standards.
Uganda's Agent Banking Company (ABC) has received an undisclosed investment from Goodwell Investments, marking the Dutch firm's entry into Uganda’s financial inclusion sector, Goodwell announced September 19.
Through Goodwell’s €150 million uMunthu II Fund, the funding will help ABC expand its client base, increase agent coverage, and introduce new services.
Goodwell’s uMunthu II Fund focuses on early-stage growth companies in financial services, food, agriculture, mobility, and logistics across Africa.
Latin America-based payment processor PayRetailers has expanded into eight more African countries, including Kenya, Cameroon, and Ghana, offering businesses scalable, localized payment solutions. This brings its coverage to 12 African countries.
PayRetailers now operates in Burkina Faso, Kenya, South Africa, Nigeria, Uganda, and others, providing access to local payment methods like MPESA, Airtel, and MTN.
Founded in 2017 by Juan Pablo Jutgla, PayRetailers offers e-commerce solutions through local payment agreements.
The International Telecommunication Union (ITU) and the United Nations Development Program (UNDP) will host the SDG Digital event on September 20-21 in New York. The event will spotlight digital innovation’s role in advancing the Sustainable Development Goals (SDGs).
SDG Digital will showcase how digital technologies can drive a more sustainable and inclusive future. Leaders from various sectors government, civil society, private industry, youth, and academia will discuss the trends, risks, and opportunities of emerging technologies.
African healthtech company Field has introduced a new route-to-market service to address maternal mortality, newborn health, and nutrition. Announced on September 11, the launch is backed by an initial $11 million investment from the Bill & Melinda Gates Foundation.
The initiative will use Field’s technology, distribution network, and financing services to deliver emerging therapies across Kenya and Nigeria.
It will focus on digitalizing healthcare operations and enhancing supply chains, including financing options, last-mile delivery, and installing pharma-grade refrigerators.
AgDevCo, an African agriculture investor, has secured $32 million from the UK’s Foreign, Commonwealth, and Development Office (FCDO) to launch "AgDevCo Ventures." The new fund, announced September 4, will support early-stage agribusinesses, focusing on investments between $1 million and $3 million to address the "missing middle" often overlooked due to perceived risks.
The venture aims to boost job creation, increase smallholder farmer incomes, and enhance climate resilience. A key focus will be on African and female-owned businesses, managed by a dedicated team based in Nairobi.
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International calling app Talk360 has secured $1.4 million (R25 million) in a Pre-Series A round, led by Havaic. The funds will help the company expand its user base to seven million by 2025 and enhance profitability.
Talk360, which connects African migrant communities with their families, aims to strengthen local partnerships, introduce more African languages, and expand its payment platform to external companies across Africa by late 2024.
Tunisian startup Wattnow has closed a multi-million dollar funding round led by Lateral Frontiers and 216 Capital, with support from Outlierz Ventures, Satgana, Octerra Capital, and angel investors like Karim Beguir.
Wattnow provides AI-powered, IoT-based energy management systems to help businesses optimize energy use, cut costs, and reduce emissions.
The company plans to use the new funds to expand globally, enhance its technology, and further sustainability efforts.
Ghanaian fintech Fido has raised $20 million in Series B funding from BlueOrchard and Dutch Entrepreneurial Development Bank FMO, with an additional $10 million in debt financing from Stanbic Bank Ghana and Growth Investment Partners.
The funds will support Fido's expansion across Africa, focusing on providing small business loans, savings, and personalized insurance solutions.
Fido offers credit access to individuals and MSMEs in Ghana and Uganda, leveraging AI-driven technology to deliver its services.
From November 6-8, 2024, Cape Town will host Africa's leading innovation conference, the Afrilabs Annual Gathering. The gathering is a hub for Africa’s innovation community to come together, collaborate, and advance the continent’s digital transformation.
The event will feature six tracks on critical innovation topics, with over 50 thought leaders sharing their insights and more than 20 panels highlighting groundbreaking ideas.