TechPression

Category: Startups

  • Africa’s top tech startups honored at AfricArena

    Africa’s top tech startups honored at AfricArena

    The AfricArena Grand Summit, held on December 6, 2024, in Cape Town, brought together over 100 tech startups from 31 African countries. 

    This vibrant event, co-hosted by notable partners like TotalEnergies and AWS Startups, showcased innovative solutions and celebrated the continent’s burgeoning tech landscape.

    Read also: From $4.6 million, LAfricaMobile raises extra $2.2 million funding for AI chat breakthrough

    Celebrating innovation

    During the two-day summit, 45 startups pitched their ideas, with nine emerging winners across various categories. Each winner received $25,000 in AWS Activate credits.

    The awards highlighted excellence in AI, fintech, and climate tech. OkHi from Nigeria won the Best AI & Deep Tech Startup Award, and Djoli from Ivory Coast took home the Agri Tech Startup Award.

    Christophe Viarnaud, CEO of AfricArena, emphasised the importance of investing during economic downturns. “Now is the time to invest; Africa is not waiting for the future; we are shaping it,” he stated. 

    His reflections on the growth of venture capital in Africa were striking—funding has surged from $300 million in 2017 to over $2 billion in 2024.

    Read also: Ghanaian startup SAYeTECH wins $50,000 MEST Africa Challenge to empower farmers

    Voices of the winners

    The summit also served as a platform for winners to express their gratitude. Roger Norton from OkHi shared how their recognition validates their mission to enhance address verification in underprivileged areas. “This award validates our ability to deploy technology in traditionally slow-moving industries,” he remarked. 

    Gaël Egbid, co-founder of Solimi from Togo, expressed her pride: “Being recognised as the Most Promising Entrepreneur means a lot to me and highlights Togo’s innovation.” Her emotional response underscored the significance of such recognition for her and her country.

    The event celebrated individual achievements and fostered connections among investors, startups, and ecosystem builders. 

    Alderman James Voss of Cape Town highlighted the city as a leading tech ecosystem and stressed the need for partnerships that promote African-designed solutions to global challenges.

    AfricArena has established itself as a vital platform for fostering investment opportunities and market access for tech founders across Africa. In just eight years, its alums have gained credibility within the global startup ecosystem, collectively raising over $850 million.

    The event showed that African tech has a promising future. Recognition improves these firms’ visibility and stimulates others in the continent’s robust entrepreneurial ecosystem.

  • Seedstars Africa Ventures secures $42 million in first close to empower African startups

    Seedstars Africa Ventures secures $42 million in first close to empower African startups

    Seedstars Africa Ventures, an early-stage venture capital fund, has secured its first close at $42 million, marking a significant step in its mission to invest in highly scalable African startups. Supported by global investors, including the African Development Bank and EIB Global, the fund aims to bridge early-stage financing gaps and catalyse economic growth across the continent. With offices in Nairobi, Dakar, and Paris, the fund has also secured $50 million in commitments towards its $80 million fundraising target.

    The announcement was made during the 2024 Africa Investment Forum Market Days in Rabat, Morocco, an event co-hosted by the African Development Bank and the European Investment Bank (EIB). Seedstars Africa Ventures is part of LBO France Group’s African strategy and focuses on empowering startups with investments of up to $2 million during seed and Series A rounds and up to $5 million in follow-on funding. The fund’s operational support further enables these startups to scale and attract co-investment.

    Read also: Ghanaian startup SAYeTECH wins $50,000 MEST Africa Challenge to empower farmers

    Advancing Africa’s venture capital ecosystem

    The African Development Bank highlighted the fund’s importance as a strategic tool to enhance access to finance for youth and women while boosting risk capital availability in underserved regions, particularly Francophone Africa. Ahmed Attout, the Bank’s Director for Financial Sector Development, described it as a game-changer for Africa’s venture capital ecosystem.

    EIB Vice-President Ambroise Fayolle lauded the fund’s focus on innovation, noting, “Accelerating digitalization is a priority for the EIB, and we are committed to supporting African businesses as they drive innovation and prosperity on the continent.”

    LBO France, a pivotal supporter of Seedstars Africa Ventures, emphasised the transformative impact of the fund’s portfolio. CEO Stéphanie Casciola stated, “The team has built an innovative portfolio already providing significant value to the continent. We are proud to be part of this growth story.”

    Impactful investments transforming African lives

    The fund has deployed over $10 million across five pioneering startups operating in critical sectors like climate, food systems, financial inclusion, and internet connectivity. These companies collectively serve over 60 million people, connecting tens of thousands of households to broadband, supporting farmers, and empowering individuals with financial services.

    Among its portfolio are companies like Beacon Power Services in Nigeria, which improves electricity access; Kenya’s Poa! Internet, delivering affordable broadband; Uganda’s Xeno, offering sustainable financial products; Bizao, a payment aggregation platform for Francophone Africa; and Kenya’s Shamba Pride, which supports farmers through franchised shops.

    Read also: Visa Africa Fintech Accelerator hosts 23 fintech startups to pitch to investors in Cape Town 

    Driving inclusive growth

    Seedstars Africa Ventures adheres to the 2X Challenge, ensuring its portfolio supports women-led startups and ecosystems. This approach not only empowers women but also strengthens communities and enhances the overall economic impact of its investments.

    With this milestone, Seedstars Africa Ventures I positions itself as a catalyst for African innovation, advancing digital transformation and economic inclusion. As it scales operations, the fund reaffirms its commitment to reshaping Africa’s business landscape through targeted investments and robust partnerships.

  • From $4.6 million, LAfricaMobile raises extra $2.2 million funding for AI chat breakthrough

    From $4.6 million, LAfricaMobile raises extra $2.2 million funding for AI chat breakthrough

    Senegal-based startup LAfricaMobile announced its Series A funding milestone on December 4, 2024. The startup raised a total of $7 million, which includes an additional $2.2 million recently secured, following an initial amount of $4.6 million raised in June 2024.

    This funding was led by Bpifrance, with participation from Janngo Capital, Southbridge Investments, and Ciwara Capital. LAfricaMobile, founded in 2014 by telecoms engineer Malick Diouf, provides cloud communication for businesses to reach clients via SMS, voice messaging, and other mobile technologies.

    Read also: Bolt expands accelerator program to South Africa, offers R40,000 funding to startups

    Expanding AI-driven solutions

    The newly acquired funds will enhance LAfricaMobile’s capabilities in AI-driven communication solutions, allowing the company to expand its operations across Africa.

    Diouf expressed excitement about the investment, stating, “This funding round not only reflects investor confidence in our vision but also empowers us to accelerate digital transformation for businesses across Francophone Africa.”

    The startup aims to personalise customer engagement and improve communication strategies through advanced AI integration.

    LAfricaMobile has already established connections with over 60 telecom operators in 18 African countries, serving over 300 corporate clients across various sectors, including banking, healthcare, and education.

    Since its inception, the company has processed over 100 million transactions, showcasing its rapid growth and technological innovations.

    Investor confidence and prospects

    The backing from European investors like Bpifrance highlights the increasing interest in Africa’s tech ecosystem.

    Fatoumata Bâ of Janngo Capital praised LAfricaMobile’s approach, noting that their services effectively address the intersection of telecommunications and marketing in a market projected to exceed $150 billion by 2030.

    Read also: Google Gemini’s new memory feature remembers all your favourite restaurants, important dates

    Diouf emphasised the importance of this funding for supporting businesses throughout Africa in their customer relationships.

    LAfricaMobile’s success stems from its commitment to building an inclusive digital ecosystem. The company collaborates with NGOs, media outlets, and government agencies to extend its reach and impact.

    As it positions itself as a leader in Francophone Africa’s digital landscape, LAfricaMobile is set to redefine mobile communication while fostering economic growth across the continent.

    With this latest funding round, LAfricaMobile is enhancing its product offerings and solidifying its role as a transformative force in Africa’s communication sector. The capital infusion will help the company meet the growing demand for reliable solutions that empower organisations to engage effectively with their audiences.

  • Ghanaian startup SAYeTECH wins $50,000 MEST Africa Challenge to empower farmers

    Ghanaian startup SAYeTECH wins $50,000 MEST Africa Challenge to empower farmers

    SAYeTECH, a Ghanaian agritech startup, has made headlines by winning the MEST Africa Challenge 2024, announced on December 6, 2024.

    This achievement comes with a $50,000 equity funding prize to scale its innovative agricultural machinery designed specifically for African farmers.

    Read also: Tanzanian startup Tunzaa secures new funding for payments API

    Empowering farmers with technology

    Founded in 2018 and led by Theodore Ohene-Botchway, SAYeTECH focuses on creating agricultural solutions that address the unique challenges faced by smallholder farmers in Africa. 

    The startup’s flagship product, a multi-crop thresher, significantly reduces post-harvest losses by up to 35 percent and boosts farmers’ incomes by 50 percent, all while being 60 times faster than traditional methods. This innovation is crucial in a region where agricultural efficiency can directly impact food security.

    Ohene-Botchway expressed his excitement about the funding, stating, “This funding allows us to scale production and shorten delivery times, ensuring smallholder farmers get the equipment they need to boost productivity”.

    The financial support from the MEST Africa Challenge will enable SAYeTECH to enhance its production capabilities and improve access to essential farming tools across West Africa.

    A competitive landscape

    The MEST Africa Challenge, organised in collaboration with the Norwegian Embassy in Accra, attracted participants from 14 West African countries, including Nigeria, Senegal, and Togo. This year’s theme, “Find Your Soil,” emphasised the importance of agricultural technology innovations that enhance productivity and sustainability. 

    Six finalists were selected to present their solutions at the grand finale, which showcased groundbreaking technologies that would transform agriculture in the region.

    Read also: Moroccan startup Enakl raises $1.4 million to address traffic congestion, carbon emission challenges

    According to Ashwin Ravichandran, Portfolio Advisor at MEST Africa, “AgriTech innovation thrives when rooted in the right ecosystem. ‘Find Your Soil’ is about helping startups find the partnerships and support they need to succeed”.

    This initiative highlights innovative solutions and fosters an environment conducive to growth for emerging agritech companies.

    SAYeTECH’s victory is a testament to its potential impact on African agriculture. By providing affordable and efficient machinery tailored to local conditions, SAYeTECH aims to empower farmers and contribute to improving food security across the continent. 

    The company also offers a range of products, including dryers, mixers, and custom design services for agricultural equipment.

    As SAYeTECH prepares to utilise this funding for expansion, it stands as a beacon of hope for many smallholder farmers who rely on innovative solutions to enhance their livelihoods. 

    The MEST Africa Challenge’s recognition provides financial backing and positions SAYeTECH within a network of like-minded entrepreneurs and mentors dedicated to driving change in the agricultural sector.

  • Bolt expands accelerator program to South Africa, offers R40,000 funding to startups

    Bolt expands accelerator program to South Africa, offers R40,000 funding to startups

    Bolt officially expanded its Accelerator Programme to South Africa on December 4, 2024. This initiative aims to empower local entrepreneurs, particularly Bolt drivers and their families, by providing seed funding and mentorship. 

    Following successful launches in Nigeria, Ghana, and Kenya, Bolt is now seeking 10 startups to receive €20,000 (approximately R380,000) in funding.

    Read also: AltSchool expands into Europe with focus on tech education and global certification

    Eligibility criteria for Bolt Accelerator Program

    To participate in the Bolt Accelerator Program, candidates must meet the following criteria:

    Driver requirement: Must be an active driver on the Bolt platform with at least 100 completed trips.

    Family members: Spouses or children (18+) can apply, verified through the driver’s account. Only one family member can apply.

    Residency: Applicants must reside in South Africa.

    Time commitment: Availability for two months of intensive hybrid training and mentoring during offpeak hours is required.

     Business idea: Proposals should address real-life tech mobility challenges, focusing on sustainability or creating inclusive cities.

    Supporting local entrepreneurs

    The programme invites participants to pitch innovative business ideas that tackle realworld mobility challenges in South Africa. Focus areas include sustainability and creating inclusive cities. 

    Each selected startup will receive €2,000 (about R40,000) and comprehensive mentorship and training through a partnership with Pranary, a practical business school.

    Simo Kalajdzic, Bolt’s Senior Operations Manager for South Africa, emphasised the programme’s vision: “We see ridehailing as more than just a source of income; it’s a launchpad for entrepreneurial dreams.” 

    He expressed excitement about supporting drivers’ projects that contribute to community development.

    Read also: NITDA, Japanese agency launch iHatch Cohort 4 to empower 185 startups

    A path to success

    Pranary’s CEO, Sandras Phiri, echoed the same sentiment: “At Pranary, we believe in practical, hands-on learning that produces real results.” 

    The collaboration aims to equip participants with essential skills and guidance to transform their ideas into viable businesses.

    Since its inception, the Bolt Accelerator Programme has successfully funded 30 driver partners across Nigeria, Ghana, and Kenya. 

    Additionally, 360 drivers have participated in the Bolt Academy skills development programme.

    These initiatives have created diverse businesses ranging from maintenance apps to electric vehicle charging stations. With this expansion into South Africa, Bolt continues its commitment to fostering entrepreneurship within the ride hailing community.

    Applicants can submit their ideas here 

  • Tanzanian startup Tunzaa secures new funding for payments API

    Tanzanian startup Tunzaa secures new funding for payments API

    Tanzanian fintech startup Tunzaa made headlines on Wednesday after securing funding from Warioba Ventures to enhance its innovative payments API.  

    The startup received undisclosed investment from Warioba Ventures to expand

    With this funding, the startup, which wants to transform e-commerce transactions in Africa by providing flexible monthly payment choices, has reached a major milestone.

    Read also: Moroccan startup Enakl raises $1.4 million to address traffic congestion, carbon emission challenges

    Empowering consumers with flexible payments

    Tunzaa, founded in 2021, has created a platform enabling customers to buy goods with affordable payment plans. This strategy encourages financial inclusion and regional economic empowerment, making it easier to obtain commodities.

    By gamifying savings, Tunzaa encourages users to save towards specific goals, creating an engaging experience that fosters better financial habits.

    In a statement, Warioba Ventures expressed their commitment to supporting solutions tailored for African markets: “This investment underscores our commitment to fostering solutions that address the unique challenges of African markets while creating a ripple effect of financial empowerment and economic growth”.

    They believe Tunzaa is set to redefine how payments and savings are integrated into the e-commerce experience.

    Read also: Fako Capital to invest €500,000 in high-impact SMEs across Cameroon, Central Africa

    A vision for financial inclusion

    Ng’winula Kingamkono, Tunzaa’s founder, was influenced by his Tanzanian upbringing. He recognised that many struggle to acquire desired things and maintain healthy financial habits. Tunzaa uses technology to improve Africans’ finances.

    With this cash, Tunzaa intends to expand its services and gain more continental customers. The startup’s creative approach makes it a fintech leader, addressing challenges including credit and financial services access.

    Tunzaa shows how fintech can empower people economically as it grows. If Warioba Ventures helps this ambitious business make financial services more accessible and user-friendly for all Tanzanians, its future seems bright.

  • AltSchool expands into Europe with focus on tech education and global certification

    AltSchool expands into Europe with focus on tech education and global certification

    AltSchool, an innovative edtech startup, has officially expanded into Europe. It announced this significant milestone on Monday during the SuperCharger Demo Day. 

    Founded to democratise education, AltSchool aims to create accessible pathways for individuals to transform their lives and help businesses build necessary talent. 

    CEO Adewale Yusuf emphasised, “At AltSchool, we believe that talent is everywhere, but opportunity is not.” He stated, “Our mission is to bridge the gap between potential and opportunity, ensuring every learner can thrive in a rapidly changing world.”

    Read also: NITDA, Japanese agency launch iHatch Cohort 4 to empower 185 startups

    AltSchool picks Malta as European hub

    With a presence in over seven African countries, AltSchool’s European operations will adopt a hybrid learning model, with Malta serving as a strategic base for in-person engagements. 

    Yusuf explained, “We recognise that different regions have unique needs. Our hybrid model allows us to effectively tailor our approach to meet those needs.” 

    Initial programs will focus on high-demand fields such as cloud engineering, cybersecurity, artificial intelligence and data science. 

    This shift from a primarily online model in Africa reflects the startup’s commitment to adapting its educational offerings to meet regional workforce challenges.

    AltSchool has already gained traction in Europe, ranking third in registered users in the UK, following Nigeria and Kenya. Since its inception in 2021, the startup has enrolled over 100,000 students across various programs. 

    Yusuf noted, “The response from European students has been overwhelmingly positive. It shows that our approach resonates with learners eager to gain skills that matter.” 

    The startup also explores business-to-business (B2B) models to strengthen its revenue streams.

    Read also: Fako Capital to invest €500,000 in high-impact SMEs across Cameroon, Central Africa

    AltSchool: More than just skills

    A key aspect of AltSchool’s mission is not just providing skills but also offering recognised certifications. The startup received full accreditation from the Accreditation Service for International Schools, Colleges and Universities (ASIC) in February 2024 and is pursuing similar accreditation in Malta. 

    Yusuf remarked, “Accreditation is crucial for us. It validates the quality of our programs and ensures that our graduates are recognised by employers worldwide.” 

    Although AltSchool does not guarantee jobs for graduates, Yusuf noted that the career team is actively working on initiatives to enhance job placement opportunities post-graduation.

    He stated, “We are dedicated to supporting our students even after they complete their courses. We aim to connect them with opportunities that align with their skills.”

    This expansion into Europe marks a significant step for AltSchool, which seeks to redefine tech education and workforce development globally. 

    By leveraging resources from the SuperCharger Ventures accelerator program, which provides mentorship and access to a network of partners, AltSchool aims to maximise its impact in the European market. 

    Yusuf concluded, “This is just the beginning for us. We are excited about what lies ahead and are committed to making a difference in the lives of learners across Europe.”

  • Moroccan startup Enakl raises $1.4 million to address traffic congestion, carbon emission challenges

    Moroccan startup Enakl raises $1.4 million to address traffic congestion, carbon emission challenges

    Enakl, a Moroccan urban mobility startup, made news on Tuesday after raising  $1.4 million in pre-seed capital. Established in September 2023 by Samir Bennani and Charles Pommarede, Ahmed Omrane joined as associate CTO. The company aims to revolutionise everyday travel throughout Africa by implementing cutting-edge shared transportation solutions.

    Read also: 19 African startups selected for Visa’s 2024 Fintech Accelerator Program, with a Focus on Women in Leadership

    Enakl’s AI-powered platform reduces urban emissions

    Enakl’s platform is designed to tackle the pressing issues of traffic congestion and carbon emissions in urban areas. The startup has already begun its pilot phase in Casablanca, managing over 15,000 bookings monthly with a remarkable growth rate of 20 percent.

    This funding round, led by Catalyst Fund and with contributions from Renew Capital, Digital Africa, and others, will enable Enakl to enhance its technology and expand its services throughout Morocco and beyond.

    Co-founders Bennani and Pommarede expressed their excitement: “This funding allows us to deepen our impact in Casablanca, expand our reach, and accelerate the development of our technology.”

    They emphasised their commitment to using AI to optimise routes and improve commuter experiences, stating, “By leveraging AI, we aim to optimise routes, enhance commuter experiences, and drive sustainable urban mobility solutions.”

    Enakl’s tech-driven approach to African urban transit

    Catalyst Fund’s operating partner, Maxime Bayen, praised Enakl’s mission and highlighted its potential to reshape African urban transit.

    Read also: Moroccan prop-tech startup Agenz secures investment to expand across Africa

    “Enakl’s tech-driven shared transport model reduces traffic congestion and emissions,” he noted. This aligns with a growing recognition of the need for sustainable mobility solutions as African cities face rapid urbanisation.

    The startup’s approach addresses environmental concerns and enhances accessibility for underserved populations.

    By collaborating with local transport operators and corporations, Enakl aims to provide affordable transit options that simplify the daily commute for workers while supporting employers in reducing their carbon footprints.

    As Enakl continues to grow, it sets a new standard for urban mobility in Africa. With its innovative model and ambitious expansion plans, the startup is poised to revolutionise how millions of people navigate their cities.

     

  • NITDA, Japanese agency launch iHatch Cohort 4 to empower 185 startups

    NITDA, Japanese agency launch iHatch Cohort 4 to empower 185 startups

    Nigeria’s startup landscape is exciting as the National Information Technology Development Agency (NITDA) and the Japan International Cooperation Agency (JICA) announced the launch of iHatch Cohort 4 on Sunday. 

    This initiative aims to empower innovators and entrepreneurs nationwide, providing them with essential resources and training to transform their ideas into successful businesses.

    Read also: DSN partners NITDA, TikTok to promote safety for kids

    iHatch 4: Nurturing Nigerian innovation

    iHatch Cohort 4 is designed to support 185 startups and 37 innovation hubs throughout Nigeria. The program will run from October 2024 until January 2025 and will offer tailored training, mentorship, and investment readiness programs. 

    According to NITDA’s national coordinator, “iHatch Cohort 4 will empower innovators with knowledge and resources to turn ideas into impactful businesses”. This commitment reflects a broader goal of fostering innovation and entrepreneurship in Nigeria’s dynamic market.

    The initiative is particularly timely as Nigeria continues to face economic challenges. By focusing on startups, iHatch aims to stimulate job creation and economic growth. Participants will benefit from workshops that cover various aspects of business development, including technology integration, marketing strategies, and financial management. This comprehensive approach ensures that startups are equipped with theoretical knowledge and practical skills that can be applied in real-world scenarios.

    Global expertise fuels Nigerian innovation

    The collaboration between NITDA and JICA highlights the importance of international partnerships in driving local innovation. JICA’s involvement brings a wealth of experience in supporting startups globally, which will be invaluable for Nigerian entrepreneurs. The program is expected to create a vibrant ecosystem where startups can thrive through shared knowledge and resources.

    As Umar, a representative from NITDA, noted, “This program is a significant step towards nurturing the next generation of innovators in Nigeria”. Focusing on innovation hubs is also crucial, as these centres are incubators for new ideas and technologies. By supporting these hubs, iHatch Cohort 4 aims to create a collaboration network among startups, fostering an environment where creativity can flourish.

    Launching iHatch Cohort 4 is not just about economic growth; it represents a shift in how Nigeria views its innovation potential. With the proper support and resources, local entrepreneurs can compete globally. The initiative encourages young innovators to dream big and gives them the tools they need to succeed.

    Read also: AfriTECH 4.0: Blockchain and AI key to Africa’s digital future, says NITDA DG

    Applications now open

    Applications are now open for both startups and innovation hubs. 

    The iHatch Cohort 4 program is a hope for Nigeria’s startup ecosystem. 

    Through training and mentoring, NITDA and JICA are preparing innovators for success. It would be intriguing to see how these entrepreneurs use their newfound expertise to boost Nigeria’s economy in the following months.

    Interested applicants can apply via the official iHatch website.

  • Togolese startup to pilot EV ownership, ride-sharing in Lomé

    Togolese startup to pilot EV ownership, ride-sharing in Lomé

    Togolese startup PickApp will launch a pilot program for its electric vehicle (EV) ownership and ride-sharing platform in Lomé on Monday. 

    Founded by siblings Joseph, Joshua, and Rebecca Olurin in 2023, PickApp is a leader in promoting sustainable transportation solutions in Togo.

    Read also: Orange Egypt injects $52.7M into Africa’s thriving startup ecosystem

    The startup aims to enhance access to EVs through innovative services that cater to both individual users and the broader community. With a growing interest in electric mobility across Africa, PickApp’s initiative aligns with global trends towards greener transportation and offers a promising solution to urban mobility challenges in Lomé.

    Innovative services for EV access

    PickApp’s platform allows users to purchase electric vehicles on a pay-as-you-go (PAYG) basis, making ownership more feasible for many. Additionally, the mobile app facilitates eco-friendly ride-sharing options. The company plans to install electric charging terminals at strategic locations across Togo, supporting the growth of its services.

    Joseph Olurin, CEO of PickApp, stated, “Our app not only supports car and ride-sharing services but also enables drivers and the public to locate, reserve, and pay for EV charging,” emphasising the platform’s comprehensive approach to electric mobility.

    Read also: Fako Capital to invest €500,000 in high-impact SMEs across Cameroon, Central Africa

    Aiming for sustainability and job creation

    To introduce 1,000 electric vehicles by 2030, the pilot in Lomé is crucial for testing and refining their offerings. The initiative is not just about transportation; it addresses environmental sustainability and social issues. 

    Olurin noted that the project aims to “significantly reduce emissions, improve air quality, and lower the carbon footprint across West Africa” while creating jobs and addressing youth unemployment. 

    As PickApp prepares for this pilot launch, it is poised to significantly impact Togo’s electric mobility landscape and contribute to the broader African EV revolution.