TechPression

Tag: Startup

  • Nigerian mobility startup, Moove secures $110 Million in Q1 2024

    Nigerian mobility startup, Moove secures $110 Million in Q1 2024

    In a quarter marked by cautious investor sentiment, Nigerian mobility startup Moove has emerged as a beacon of success in Africa’s startup scene. The company secured a staggering $110 million, accounting for nearly a quarter of the continent’s total startup funding in Q1 2024.

    This includes a notable $100 million Series B round spearheaded by Uber, underscoring the ride-hailing giant’s confidence in Moove’s innovative business model.

    Funding Trends

    The first quarter of 2024 saw African startups attract $466 million in funding, a figure realized through 121 startups, each securing deals of over $100,000. However, this represents a 27% decline from the previous quarter and is only half of the amount raised in the same period last year. Despite the downturn, Moove’s record-breaking deals have shone a spotlight on the resilience and potential of African enterprises.

    Read also: Nigeria turns to agri-food tech startups to boost food production

    Transport & Logistics Take the Lead

    The transport and logistics sector claimed the top spot in funding, significantly bolstered by Moove’s achievements. The company’s deals alone constitute nearly three-quarters of the sector’s total funding, followed by fintech. Notably, for deals over $100,000, fintech led the way, with agriculture and food coming in second. ClimateTech, spanning multiple sectors, also made a significant impact, representing 31% of these deals and 27% of the total invested amount.

    The Funding Composition

    Equity continues to be the predominant form of disclosed funding, making up 71% of the total, while debt accounts for the remaining 29%. Although equity funding remained stable quarter-over-quarter, the disclosed debt funding saw a significant reduction, halving from the last quarter of 2023 to Q1 2024.

    An analysis of the funding landscape reveals a persistent gender gap, with less than 1% of funding allocated to startups without at least one male founder. Furthermore, only 6.5% of the total funding went to female CEOs, highlighting the need for greater inclusivity and diversity in the startup ecosystem.

    Exits and Acquisitions

    The quarter also witnessed seven exits, including significant acquisitions such as HRtech PaySpace’s acquisition by Deel and fintech nCino’s purchase of DocFox, both in South Africa. These exits are indicative of a maturing market and provide a promising outlook for future investments and growth in the region.

    As African startups navigate a challenging funding environment, success stories like Moove’s serve as a testament to the innovation and entrepreneurial spirit that thrives on the continent. With strategic partnerships and a focus on sectors with high growth potential, African startups are poised to continue making their mark on the global stage.

    Read also: Sprints $3 million bridge round fuels expansion

    Other successful startups in Q1 2024

    In Q1 2024, apart from Moove, several other startups in Africa experienced success. While specific funding amounts for individual startups beyond Moove are not detailed, the sectors that attracted significant funding include:

    Fintech: This sector continued to attract considerable attention, with startups securing substantial investments.

    Agriculture & Food: Startups in this sector also raised notable amounts, reflecting the growing emphasis on food security and sustainable agriculture.

    ClimateTech: Cutting across multiple sectors, ClimateTech startups represented a significant portion of the deals, highlighting the increasing focus on sustainability and climate change solutions.

    The countries that led in startup funding were Nigeria, Kenya, South Africa, and Egypt, often referred to as the “Big Four” of African startup ecosystems. These countries continue to be the primary destinations for venture capital in the region.

  • Nigerian startup spearheads sales tech Innovation in Africa

    Nigerian startup spearheads sales tech Innovation in Africa

    In the dynamic landscape of African entrepreneurship, a visionary startup is making waves. SAVA, born in Nigeria, has rapidly evolved from a growth service provider to a trailblazer in sales technology solutions, reshaping how businesses across the continent drive revenue.

    Initially, SAVA’s mission was to bolster African startups and enterprises through growth services. However, recognizing a deeper need within the market, the company has adeptly shifted gears. Today, SAVA stands at the forefront as a sales tech solutions provider, boasting a robust suite of products that span sales tech, travel, fashion, and gaming.

    SAVA’s innovative sales tech solution is a game-changer for businesses seeking to enhance their revenue streams. The platform offers a comprehensive array of services, including app store optimization, user retention strategies, brand moat development, and conversion rate optimization. These tools are not just add-ons but essential cogs in the machinery of modern business success.

    Read also: NITDA-Founder Institute Startup Accelerator Programme ends

    SAVA’s Automated Expansion Product

    In a bold move to facilitate cross-continental business growth, SAVA is on the verge of launching an automated “expansion” product. This service promises to be a boon for African companies, enabling them to register and commence operations in the lucrative US market within an astonishing two-week timeframe.

    SAVA’s ambition doesn’t stop at providing third-party solutions. The startup is hard at work developing its own proprietary products in the realms of travel, fashion, and gaming. These offerings, set to debut before the end of 2024, are tailored to meet the unique needs and preferences of the African market.

    Early Success and Market Positioning

    SAVA’s journey began with a bang, securing FoodCourt, a Nigerian food delivery startup, as its first client. The collaboration was a resounding success, resulting in 30,000 new registered customers and a staggering 62,000 new app installations. This early triumph underscored the untapped potential for automated sales solutions in Africa—a niche that SAVA is now poised to dominate.

    While global competitors exist, SAVA’s approach is unrivalled within Africa. The company’s comprehensive suite of sales growth tools, combined with its proprietary products, sets it apart. SAVA’s transition to a tech product company further cements its unique position, offering unparalleled, automated solutions at scale.

    SAVA’s journey is a testament to the power of self-funding. Operating on service revenues alone, the startup has processed over $1 million in sales across Nigerian and US markets. This financial autonomy has allowed SAVA to maintain its strategic vision and operational agility.

    Read also: Timbuktoo plans to unleash Africa’s startup potentials

    Milestones and Geographic Expansion

    SAVA’s recent milestones are a testament to its growth trajectory. The company has expanded its operations to Nairobi and is set to enter the Egyptian market. Additionally, the impending launch of its US expansion product marks a significant step in SAVA’s commitment to broadening its service offerings and market reach.

    With the upcoming launch of its tech products across various verticals, SAVA anticipates the creation of new revenue streams and monetization models. This expansion is not merely a growth strategy but a reflection of SAVA’s dedication to driving innovation and revenue growth for its partner companies.

  • British startup to Power Sao Tome and Principe with Ocean Energy

    British startup to Power Sao Tome and Principe with Ocean Energy

    A floating device that can turn the ocean’s thermal energy into electricity could soon help a small African country achieve its clean energy goals. São Tomé and Príncipe, an island nation located off the west coast of Africa, has teamed up with Global OTEC, a startup based in the UK, to deploy a barge that uses ocean thermal energy conversion (OTEC) technology.

    How OTEC works and what it can do

    OTEC is an idea that dates back to 1881 when a French physicist named Jacques Arsene d’Arsonval first suggested it. It uses the temperature difference between the warm water near the ocean’s surface and the cold water deep below to create a cycle of vaporization and condensation that powers a turbine and produces electricity.

    Read also: SA clean energy startup wins at the GEA Summit

    The barge, which Global OTEC calls “Dominique”, will have a capacity of 10 megawatts and will be connected to the island’s grid by an underwater cable. The barge will pump warm water from the surface and cold water from the depths through pipes and use them to heat and cool a fluid with a low boiling point, such as ammonia. The heated fluid will turn into a gas and spin a turbine, and the cooled fluid will turn back into a liquid and go back to the pipes.

    Why São Tomé and Príncipe needs OTEC

    São Tomé and Príncipe is one of the many tropical islands that struggle to provide reliable and affordable electricity to their people. The island currently depends on diesel generators and imported fuel, which are expensive and polluting. Wind and solar power are not suitable due to the island’s isolation and limited land area.

    OTEC, on the other hand, offers several benefits for the island. It is a renewable and carbon-free source of energy that can run 24/7, unlike variable sources like wind and solar. It is also compatible with the island’s location near the equator, where the ocean temperature difference is at least 36 degrees Fahrenheit all year round. Furthermore, OTEC can also provide other benefits, such as freshwater, cooling, and aquaculture.

    What are the challenges and opportunities of OTEC

    OTEC is not a new technology, but it has been largely ignored in the renewable energy mix over the years. According to Dan Grech, the founder and CEO of Global OTEC, the main reasons are the high upfront cost and technical complexity of building and operating OTEC plants. However, he believes that the floating barge design can overcome these obstacles by reducing the construction cost and environmental impact, as well as improving the energy efficiency and durability of the system.

    Germany Looks To Africa For Alternative Energy Sources

    Grech told Interesting Engineering that he is on a mission to rid tropical islands of diesel generators and that Dominique marks the beginning of a renewable transition. He said that the project, which received approval in June and is expected to start installation in 2025, could serve as a model for other island nations that are vulnerable to the effects of climate change and rising global temperatures. He added that Global OTEC is already in talks with several potential clients in the Caribbean, Pacific, and Indian Ocean regions.

    Global OTEC is a company that specialises in ocean thermal energy conversion (OTEC) technology, which uses the temperature difference between the warm surface water and the cold deep water of the ocean to generate electricity. 

  • TY-Dami Energy Resources wins Swiss–Africa startup competition

    TY-Dami Energy Resources wins Swiss–Africa startup competition

    TY-Dami Energy Resources, a Nigerian climate tech startup, has won the 2024 Swiss–Africa Academia-Industry Training (AIT) start-up competition, beating many rivals. 

    TY-Dami’s mission goes beyond the usual limits. Their vision, to transform refrigeration by combining cooling systems with carbon capture, tackles two vital issues at the same time: environmental impact and energy efficiency. As the world gets hotter and climate change worsens, the need to cut down greenhouse gas emissions becomes more important. TY-Dami’s approach matches the United Nations’ Sustainable Development Goals, especially Goal 13: Climate Action. 

    TY-Dami’s technology offers a greener future for Africa. By using refrigeration processes to capture carbon, they reduce environmental damage. Imagine refrigerators and cooling systems that not only keep food fresh but also help to clean the planet. 

    Read also: African startup acquisitions decline

    The Selection Process 

    From a group of twenty finalists from different sectors—biotech, agriculture, fintech, education, clean energy, and health-tech— TY-Dami Energy Resources came out as one of the thirteen winners. Respected judges carefully assessed each start-up’s potential impact and scalability.

     In May 2024, these innovative pioneers will travel to Switzerland. The Swiss Residency Week promises immersive experiences, networking opportunities, and knowledge exchange. 

    Vice Chancellor Folasade Ogunsola, representing the University of Lagos, praised the Swiss government’s dedication. She stressed that Nigeria, with its huge population of 226 million, deserved to be included. Youth, making up a large part of the population, must be prepared to create their own opportunities.

     Empowering the Next Generation 

    Unilag, as an educational institution, acknowledges its crucial role. “Our focus,” says Professor Ogunsola, “is empowering youths to become independent entrepreneurs.” Unilag aims to teach the entrepreneurial mindset needed for success. 

    The AIT-SASBI conference held at the University of Lagos displayed the dynamic, inventive, and skilled Nigerians. Professor Ogunsola’s words ring true: “We are not just starting businesses; we are forming valuable contributors to established enterprises. Frank Eggmann, Switzerland’s Consul General in Lagos, compared Nigeria and his own country’s history. Switzerland, once known for emigration due to limited opportunities, changed through innovation. Now, it sells solutions worldwide. 

    A Bright Future 

    Erich Thaler, programme director of the Swiss–African Science and Business Innovators Programme (SASBI), highlighted the initiative’s ten-year journey. SASBI supports start-ups by providing surveillance, testing grounds, and second opinions. As these visionary entrepreneurs get ready for Switzerland, their achievements reflect resilience, creativity, and the hope of a brighter Africa. The Swiss–African partnership continues to drive positive change. 

    Bitmama, payment startup acquires Payday

    About Swiss Residency Week, AIT

    The Swiss Residency Week is a major event that brings together entrepreneurs, innovators, and visionaries from around the world. Here are the main highlights: Starting on June 18th, participants meet in cities like Basel, Lausanne, and Zurich. The week offers a unique platform for networking, collaborations, and exploring business prospects. During the week, attendees have the chance to visit esteemed Swiss institutions, including:

    EMPA: The Swiss Federal Laboratories for Materials Science and Technology. 

    EPFL: The École Polytechnique Fédérale de Lausanne, famous for cutting-edge research and innovation. 

    IGE.IPI: The Swiss Institute of Intellectual Property. 

    FH Ost: The University of Applied Sciences Eastern Switzerland. 

    The Swiss Residency Weekend on June 27th provides participants with a wealth of insights, connections, and inspiration. This immersive experience empowers entrepreneurs and catalyzes transformative change.

    The Swiss–Africa Academia-Industry Training (AIT) start-up competition is a program that helps Swiss and African entrepreneurs to innovate and develop their business skills. The program selects promising start-ups from various sectors and provides them with training, mentoring, networking, and funding opportunities.

  • NITDA-Founder Institute Startup Accelerator Programme ends

    NITDA-Founder Institute Startup Accelerator Programme ends

    The 2023 Startup Accelerator Programme, which was run by the National Information Technology Development Agency (NITDA) in collaboration with the Founder Institute (FI), has reached its successful conclusion.

    Throughout the intensive 14-week accelerator programme, thirteen (13) remarkable founders showcased remarkable commitment and creativity.

    What went down at the event

    Attended by influential members of the tech industry, government officials, and tech enthusiasts, the ceremony highlighted the joint efforts of NITDA and Founder Institute to cultivate a thriving ecosystem for technological innovation in Nigeria.

    Blockchain, AI, Robotics, Cybersecurity, e-commerce, Software, Fintech, EdTech, the Internet of Things (IoT), and biotechnology were some of the emerging technologies that the Founder Institute sought to identify and support through its virtual Accelerator Programme, which it ran in partnership with NITDA.

    Thirty founders from NITDA and twenty from the Founder Institute were among the fifty who signed up for the programme when it began on October 18, 2023. There were sixteen sessions during the accelerator where participants could learn about mentoring, product development, and entrepreneurship.

    Read also: NITDA bill not targeted at telecoms businesses – NITDA

    Message from NITDA’s DG

    Founder Institute and NITDA director general Kashifu Inuwa were both praised in his speech for their dedication to helping the new crop of innovative portfolio startup companies improve their capabilities.

    In particular, he was pleased to see that the programme was in line with the administration’s refocused priorities of “Accelerating Diversification through Industrialisation, Digitisation, Creative Arts, Manufacturing and Innovation” and the “Renewed Hope Agenda” of President Bola Ahmed Tinubu. He also noted that the programme was in sync with the strategic pillars of the Federal Ministry of Communications, Innovation, and Digital Economy.

    At the ceremony, Inuwa said that the government was once again demonstrating its belief in the power of digital innovation and entrepreneurship to shake up established economic fields.

    Among the important benefits that the Nigeria Startup Act provides to the country’s tech ecosystem, he listed regulatory support, tax reliefs/incentives, capacity building, talent development, effective accountability, and clear governance guidelines.

    In his remarks to the graduates, the DG said that it gives him great pleasure to congratulate the thirteen founders who did exceptionally well in the programme, and he sincerely admires the rigorous review phases that today’s graduates endured.

    You will be well-prepared for the challenges that lie ahead thanks to the new insights that other programme participants have obtained, and they have assured you that this knowledge will remain theirs. By bolstering the development and adoption of indigenous and customised solutions for the countrywide implementation of Nigeria’s quickly growing tech innovation ecosystem, the federal government is demonstrating its understanding that digital innovation and entrepreneurship play a significant role in the fast transformation of conventional economic sectors.

    NITDA, SMEDAN to create database for SMEs’ interventions

    The Nigeria Startup Act provides the best possible opportunities for growth, attraction, and protection of investment in tech startups and companies in Nigeria, and it promises an improved future for the country’s tech startup ecosystem. The Act adds much value to the Nigerian tech ecosystem by providing regulatory support, tax reliefs and incentives, capacity building and talent development, clear governance guidelines, and effective accountability.

    He urged all relevant stakeholders to work together and take advantage of this groundbreaking legislation to diversify the economy and provide opportunities for indigenous tech innovation enterprises.

    In addition, he reaffirmed NITDA’s willingness to collaborate with regional and global organisations to help talented indigenous startups overcome obstacles and create a setting that encourages innovation and growth in the technology industry.

    As part of the program’s rigorous review phases, participants met for Mentor Review, Mentor Idea Review (MIR), Product Development, and Mentor Progress Review (MPR).

  • Fintech startup Hohm Energy secures $8m in seed round

    Fintech startup Hohm Energy secures $8m in seed round

    South African climate fintech startup Hohm Energy has successfully closed its seed round with a total funding of $8 million. This marks the largest seed round for a technology startup in South Africa, signalling strong investor confidence in the company’s vision and potential.

    The seed round was led by E3 Capital and 4DX Ventures, with participation from new investors such as Breega, E4E Africa, TO.org, Tekton Ventures, Sunu Capital, Musha Ventures, and Climate Capital Ventures. This diverse group of investors highlights the broad appeal of Hohm Energy’s mission to accelerate the adoption of rooftop solar in the region.

    Accelerating Rooftop Solar Adoption

    With the new funding, Hohm Energy plans to accelerate the adoption of rooftop solar in South Africa by investing in its cutting-edge climate fintech strategy. The company aims to make rooftop solar more accessible, trusted, and affordable for everyone by bolstering tech, product innovation, and solar installer skills development.

    Read also: Hohm Energy connects South Africans with Solar Energy 

    Addressing South Africa’s Energy Crisis

    Hohm Energy’s efforts come at a crucial time for South Africa, which is facing escalating power shortages and resorting to daily electricity rationing to prevent a nationwide grid collapse. By providing an alternative and sustainable energy source to the 7.7 million addressable households in South Africa, Hohm Energy aims to ease the strain on the national grid and contribute to solving the country’s energy challenges.

    Impact and Milestones

    To date, Hohm Energy has generated over 17,000 custom solar rooftop designs using its solar proposal engine, worth $190 million, and has originated over $90 million in finance applications to its retail banking partners. These milestones underscore the company’s significant impact in the renewable energy sector in South Africa.

    Chief Executive Officer of Hohm Energy, Tim Ohlsen, emphasized the importance of ClimateTech in solving South Africa’s current energy challenges. He highlighted the company’s robust software platform and fintech marketplace, which enable it to offer value to all stakeholders and enhance the efficiency of rooftop solar installations.

    Okra Solar will provide solar energy to  76,000 Nigerians

    Investor Confidence and Support

    Vladimir Dugin, Senior Partner at E3 Capital, expressed excitement about the investment in Hohm Energy, noting the company’s tech-driven approach and its role in South Africa’s green energy revolution. He praised the team’s ability to create a “one-stop shop” for all green solutions for residential customers, addressing existing challenges around energy supply.

    Hohm Energy’s successful seed round and strategic focus on accelerating rooftop solar adoption in South Africa highlight the company’s commitment to driving positive change in the renewable energy sector. With strong investor support and a clear vision, Hohm Energy is poised to make a significant impact in the fight against climate change and the transition to sustainable energy sources.

  • How a Nigerian startup is saving lives with technology

    How a Nigerian startup is saving lives with technology

    Folake Owodunni, the co-founder and CEO of Emergency Response Africa, has a mission: to make healthcare accessible for everyone in Africa. Her startup, which provides emergency medical services using technology and a network of healthcare professionals, has been shortlisted for the Aurora Tech Award 2024, a prestigious recognition for women founders who are challenging gender inequality in IT.

    An idea that transforms lives

    Owodunni, who has experience in both business administration and public health, founded Emergency Response Africa as a result of seeing how inadequate emergency care was in Nigeria. She came to the realisation that if there was a method to link individuals in need of immediate medical care with facilities and qualified responders, many lives may be saved.

    Together with Sifax, her co-founder and a software developer, she developed a platform that uses cloud computing, smart phones, and GPS to deliver emergency medical care quickly and effectively. The app gives users the option to call for an ambulance, a first responder, or a telemedicine consultation. It also lists the closest clinics and hospitals.

    In order to prepare local healthcare professionals—such as nurses, midwives, and community health workers—to act as first responders and offer pre-hospital care, Emergency Response Africa also trains and equips them. The startup gives them the ability to use their expertise and abilities to save lives in their communities by doing this.

    Read also: Nigeria Startup Act Secretariat partners with ONE Campaign

    An international acknowledgment

    Out of 649 applicants, 20 firms were chosen for the Aurora Tech Award 2024. The programme is being run by inDrive, a worldwide mobility and urban services platform based in the US. Emergency Response Africa is one of the shortlisted startups. The goal of the award is to encourage female entrepreneurs who are combating gender imbalance in IT and leveraging technology to improve their communities.

    The 15 countries from Africa, Asia, and Latin America represented by the nominated businesses are involved in a variety of industries, including healthcare, education, energy, and social impact. They will fight for admission to the driver mentorship programme, which links them with professionals and investors from the global tech ecosystem, as well as three cash awards of $30,000, $20,000, and $10,000.

    The International Women’s Day celebration on March 8, 2024, will coincide with the announcement of the winners in an online event. Anyone can register to watch the ceremony live online at auroratechaward.com.

    “We are thrilled to showcase the amazing work of these women founders, who are not only creating innovative solutions for their communities, but also inspiring other women and girls to pursue their dreams in IT,” stated Ekaterina Smirnova, executive director of the Aurora Tech Award. Our method of recognising their accomplishments and encouraging their development is the Aurora Tech Award.

    An outlook on the future

    Being one of the Aurora Tech Award finalists, Owodunni expressed her gratitude and humility and expressed her hope that her startup will encourage other women to pursue careers in technology and have a positive social effect. In addition, she declared that she has ambitious intentions for Emergency Response Africa, which is presently based in Lagos, the biggest metropolis in Nigeria.

    “Our objective is to eventually extend our services to other African nations as well as other states in Nigeria. Our goal is to reach as many people as we can and ensure that everyone, regardless of background, income, or location, has access to healthcare. We think technology may be an effective instrument to help us accomplish that,” she stated.

    The US-based mobility and urban services platform inDrive is the organiser of the Aurora Tech Award 2024, a worldwide honour given to female founders of tech enterprises. The goal of the prize is to encourage female entrepreneurs who are combating gender disparity in IT and utilising technology to improve their communities.

    UNICEF StartUp Lab is Empowering Ghanaian Entrepreneurs

    On January 24, 2024, the selection of 20 startups—which represents a range of industries and geographical areas—was revealed. Other startups that made the shortlist for the prize include:

    The first solar-powered hearing aid was created by deaf people for those with hearing loss in underdeveloped nations, and Sarah Molema of Botswana launched Deaftronics (Pty) Ltd.

    Huna, headed by Brazilian Daniella Castro, is dedicated to creating state-of-the-art AI models for the early identification of chronic illnesses in women.

    Joselyne Del Rosario, an Ecuadorian, founded DREx, a company that is creating a platform that avoids E.S.G. greenwashing tactics and uses traceability and transparency as a fundamental technology.

    Asia’s urban pet parents use Fluv, a pet care marketplace founded by Taiwanese Candace Chen.

    Co-founded by Russian Nadejda Anpilogova, Your Accessible Guide is an ecosystem of inclusive digital goods created to promote accessible travel for individuals with special needs and disabilities.

    AuroraTechAward.com has the complete list of finalists and further information about their startups. The International Women’s Day celebration on March 8, 2024, will coincide with the announcement of the winners in an online event. On the same website, you can sign up to view the ceremony.

  • UNICEF StartUp Lab is Empowering Ghanaian Entrepreneurs

    UNICEF StartUp Lab is Empowering Ghanaian Entrepreneurs

    Ghana is a country with a vibrant and diverse entrepreneurial ecosystem, where many startups and businesses are using technology and innovation to solve social and environmental challenges. However, these ventures often face barriers such as limited access to funding, mentorship, partnerships, and knowledge.

     This is why UNICEF, in collaboration with KOICA and MEST Africa, launched the UNICEF StartUp Lab in 2019, a six-month accelerator programme that supports impactful startups and businesses working to advance the Sustainable Development Goals (SDGs) for children and young people.

    The Programme Structure and Benefits

    The UNICEF StartUp Lab is a unique service that combines an intense, hands-on business acceleration with wide-reaching technical expertise and systems knowledge in the social sector, led by the UNICEF experts in Education, Health & Nutrition, Social Policy & Protection, WASH (Water, Sanitation & Hygiene), and Child Protection. The programme aims to help the participants develop and scale their solutions, while also creating positive social impact and contributing to the SDGs.

    Read also: Nokia, UNICEF provide digital education to Senegalese children

    The participants of the programme enjoy a range of benefits, such as:

    – Funding: Each startup receives up to GHS 32,000 for product development

    – Partnerships: Access to a wide network of UN System partners

    – Growth: Intense, hands-on practical business acceleration

    – Knowledge: Direct access to resources and social sector programme experts

    The programme also hosts local networking events to celebrate the shortlisted startups for the UK Final, which will be held at the Winter Gardens Empress Ballroom in Blackpool in May. The UK Final is a prestigious event where the winners of the 12 award categories will be announced and celebrated.

    The Application Process and Criteria

    The UNICEF StartUp Lab is open to all startups and businesses from all regions of Ghana, regardless of whether they are UNICEF members or not. The programme is free to enter and has a simple online application process. The deadline for applications is Sunday 11 February 2024.

    The programme welcomes diverse ventures, with a particular focus on empowering women-led businesses. The eligibility criteria are as follows:

    – Your startup has been operational for 1+ year

    – Your startup is a registered business in Ghana (no NGOs, foundations, or individuals)

    – Your startup has technology as the core enabler of the business

    – Your startup has a business model with a social impact that addresses at least one of the SDGs

    – Open-source solutions, or startups that are willing to open-source their solutions, are particularly encouraged to apply

    – Startups with female founders/co-founders are encouraged to apply

    – Startups related to Health Tech, EdTech, Urban Tech, Climate Action, Fintech and WASH are strongly encouraged to apply

    If you are a Ghanaian entrepreneur with a passion for making a difference for children and youth, don’t miss this opportunity to apply for the UNICEF StartUp Lab and join a community of like-minded innovators. For more information and to apply, visit UNICEF StartUp Lab. For more tips and resources on how to start, run, and grow a social enterprise, visit UNICEF Innovation.

    Some Success Stories from the UNICEF StartUp Lab

    The UNICEF StartUp Lab is an accelerator programme that supports impactful startups and businesses working to advance the Sustainable Development Goals for children and young people in Ghana. Some of the success stories from the programme are:

    – Africa Goodnest: an e-commerce platform that helps customers discover and buy quality products crafted by local African talent and entrepreneurs. The startup graduated from the second cohort of the UNICEF StartUp Lab in 2021, and has since expanded its product range, customer base, and social impact.

    – AppCyclers: a waste management company that provides e-waste education, collection, recycling, and upcycling solutions. The startup graduated from the first cohort of the UNICEF StartUp Lab in 2020, and has since secured partnerships with major corporations, NGOs, and government agencies to reduce e-waste and create green jobs.

    African startup acquisitions decline

    – BookNook: an online platform that connects book lovers and authors, and promotes reading culture and literacy. The startup graduated from the third cohort of the UNICEF StartUp Lab in 2022, and has since increased its user base, content, and revenue, while also supporting local authors and publishers.

    – Dext Technology: a hardware company that produces low-cost science kits and curriculum for schools and students. The startup graduated from the first cohort of the UNICEF StartUp Lab in 2020, and has since reached over 100,000 students across Ghana and beyond, and won several awards and recognition for its innovation and impact.

    – Farmula: a digital platform that connects smallholder farmers to buyers and service providers, and provides them with market information and financial inclusion. The startup graduated from the second cohort of the UNICEF StartUp Lab in 2021, and has since grown its network, transactions, and social impact, while also empowering women and youth in agriculture.

    These are just some of the examples of how the UNICEF StartUp Lab is empowering Ghanaian entrepreneurs to create positive change for children and youth. The programme is looking for more innovative and impactful startups and businesses to join its fourth cohort, which will start in March 2024. If you have a solution that can make a difference for the SDGs, apply now and become part of the UNICEF StartUp Lab community.

  • 7 companies likely to fund African startups in 2024

    7 companies likely to fund African startups in 2024

    The African tech ecosystem faced a tough year in 2023, with funding dropping by almost half compared to 2022, according to Intelpoint.

    Many growth-stage startups struggled to raise capital, leading to layoffs, closures and fire sales. However, some investors remained bullish on the continent’s potential and launched new funds or increased their activity. Here are some of the companies that are likely to finance African tech startups in 2024, according to various sources.

    Read also: SoftBank to lead funding for Nigerian tech startups 

    Catalyst Fund

    Catalyst Fund is an inclusive fintech accelerator and fund that supports early-stage startups in emerging markets, including Africa. The fund hit the first close of a $40 million fund in 2023, backed by JP Morgan, UK Aid and Rockefeller Foundation. Startups that address the resilience and financial health of underrepresented populations, such as low-income consumers, women, and small businesses, are the focus of Catalyst Fund.

    Saviu Ventures 

    Saviu Ventures is a venture capital firm that invests in African tech startups at the seed and pre-seed stages. The firm was founded in 2019 by Benoit Delestre, a former executive at Orange and MTN. Saviu Ventures has a portfolio of 12 startups across fintech, e-commerce, health tech and edtech sectors. In 2024, the company intends to invest in 15–20 additional businesses, with an average ticket value of $100,000.

    TLcom

    TLcom is a pan-African venture capital firm that invests in tech-enabled businesses across various sectors, such as fintech, agritech, mobility and e-commerce. The firm has offices in Nairobi, Lagos and London, and has backed startups such as Kobo360, Twiga Foods, uLesson and Okra. By 2024, it hopes to have invested $3 million on average in 10 to 15 more firms.

    Sony Ventures

    Sony Ventures is the corporate venture arm of Sony Corporation, the Japanese electronics and entertainment giant. The firm launched a $100 million fund in 2023, dedicated to investing in African tech startups. Sony Ventures is interested in startups that leverage technologies such as artificial intelligence, blockchain, cloud computing and internet of things. The organisation has already made investments in two African startups: the finance unicorn2 MNT-Halan and the AI startup Instadeep.

    Verod Capital

    Verod Capital is a private equity firm that invests in high-growth companies in West Africa, with a focus on Nigeria and Ghana. The firm has a sector-agnostic approach, but has a preference for consumer, financial services, technology and education sectors. Verod Capital announced a $200 million fund in 2023, its third and largest fund to date. On average, the firm invests $10 million to $30 million in each deal.

    Enza Capital

    Enza Capital is a venture capital firm that invests in early-stage tech startups in Africa, with a focus on fintech, health tech, edtech and e-commerce sectors. The firm was founded in 2019 by Michael Oluwagbemi, a serial entrepreneur and angel investor. In 2023, Enza Capital secured $50 million for its first fund. Since then, it has sponsored firms including 54gene2, Chipper Cash, Kuda, and Flutterwave.

    EU invests in African tech startups through Seedstars

    Aduna Capital

    Aduna Capital is a venture capital firm that invests in early-stage tech startups in Africa, with a focus on francophone markets. The firm was founded in 2020 by Karim Sy, a social entrepreneur and founder of Jokkolabs, a network of innovation hubs in Africa. Since then, the company has sponsored businesses including StarNews Mobile, a mobile television network, and Afrikrea, an e-commerce platform for African fashion. 

    These are just some of the companies that are expected to finance African tech startups in 2024. With the growing interest and activity of investors in the continent, there are surely more opportunities for entrepreneurs to access capital and scale their businesses. Stay tuned for more updates on the latest funding news and deals in the African tech ecosystem.

  • Y Combinator selects Nigerian startup, Miden

    Y Combinator selects Nigerian startup, Miden

    Y Combinator has selected Miden, a Nigerian startup that uses its API to let businesses issue virtual cards to customers for their winter 2024 batch. 

    Miden is the second Nigerian startup to join this year’s winter cohort, following Cleva, a cross-border payment service.

    Okiemute Avworhokai and Ini Udoh established Miden in 2022 to facilitate businesses’ quick launch of various financial products in Sub-Saharan Africa. The platform offers virtual cards denominated in both USD and Naira.

    [ez-toc]Built with the needs of local businesses in mind, Miden’s API platform makes it easy for organisations to process even the most intricate financial transactions.

    Read also: Nigeria leads Africa in tech startups

    Why Miden was selected

    Core banking as a service, virtual card services, and solutions for managing corporate expenses are Miden’s main offerings. All kinds of businesses can find what they need in these offerings. Miden has gained prominence both at home and abroad as a pioneer in the financial technology industry, thanks to its cutting-edge technology and in-depth knowledge of regional market trends.

    Y Combinator’s continued goal to promote innovation in developing markets, especially in Africa, is highlighted by Miden’s selection for the winter 2024 batch. Miden is a global symbol of the thriving ecosystemSocial of African entrepreneurship, which includes other Nigerian startups such as Cleva, a cross-border payment service.

    Rapid expansion since its launch has allowed Miden to reach four countries and issue over 100,000 virtual cards. Users have praised its API-based platform for streamlining processes, reducing transaction fees, and doing away with bureaucratic hurdles associated with traditional payment methods.

    Y Combinator’s decision to prioritise African remittance startups clearly indicates the immense potential of the rapidly growing fintech industry on the continent. YC’s recognition of the innovative solutions coming from Africa’s growing startup sector is evident in Miden’s inclusion in the winter 2024 batch.

    Grey, Bloom, Plumter, Nash, Lenco, Vault Pay, ChowCentral, and Eden Care are among the African startups that Y Combinator has recently invested in, with this announcement following suit. This is a prime example of the accelerator’s unwavering dedication to nurturing talent and propelling technological advancement throughout the continent.

    To this day, Miden is committed to revolutionising how companies in Sub-Saharan Africa process their financial transactions. Miden is poised to achieve its vision of fintech innovation in the region, create new opportunities, form new partnerships, and maintain its determination for growth and impact in the future. The company is in a strong position with a notable leadership team, a diverse range of innovative products and services, and the backing of Y Combinator.

    SoftBank to lead funding for Nigerian tech startups 

    Benefits founders derive from Y Combinator

    A devoted group partner with experience mentoring hundreds of YC companies is assigned to each founder. Compared to other advisors for early-stage startups, they have more information on what it takes to create a successful business. Throughout the batch, these group partners mentor startups, read applications and conduct interviews with companies. In addition to email and Slack, you can also meet with them in person.

    The world’s top investors have invested $85 billion in YC companies. More than 50,000 startup investors’ profiles and reviews are available to our founders through the YC Investor Database.

    The founders of YC have access to the knowledge of more than 9000 YC alumni. Bookface, our private social network, gives them access to these alumni. You can post questions to the community in our forum, look up specific founders who can introduce you to others or offer advice in our founder directory, and look up companies in our company directory to find prospective clients.

    YC founders can take advantage of more than a thousand deals offered by top software companies. In various areas, including hosting, banking, cap table management, back office, and more, every YC company receives free credits or substantial discounts. The reported value of these deals by these companies is more than $500,000.

    Our team has invested in over 4,000 startups over the past 20 years, and now YC founders are reaping the benefits. Our comprehensive documentation covers a wide range of topics, including but not limited to fundraising, sales, product-market fit, mental health, hiring, and going to market.

    Joining forces with Work at a Startup and HN, we assist founders in recruiting the initial core team members—a small group of engineers and others—needed to determine product market fit. Over 150,000 people look for jobs at early-stage YC companies every single day.