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With the country’s image seemingly soiled by the anti-immigrant attacks that have intensified in recent weeks, South Africa appears to be going through a rather rocky time. Last week, the World Economic Forum on Africa met in Cape Town, South Africa. This was supposed to be President Cyril Ramaphosa’s chance to “sell” the country whose economic fortunes have dwindled in recent times. But didn’t quite go as the President would have hoped. The continued xenophobic attacks in South Africa caused a number of African leaders and delegates to pull out of the event. That put a damper on things. In essence, President Ramaphosa’s “big sale” was effectively thwarted by the continued domestic unrest in parts of South Africa and widespread concerns about the hostilities in South Africa. And the troubles in South Africa seem to be taking a toll on the business end of things too. At least, that is what the numbers say. Some data that have just emerged from within the country have it that South African business confidence has slumped to the lowest level since 1985 when UN-member states were directed to sever business ties with South Africa because of its apartheid policies. This was part of the economic measures taken by the UN at the time to force South Africa into moving away from its stance on apartheid. A sentiment index compiled by the South African Chamber of Commerce and Industry fell to 89.1 in August from 92 in July, and this is as per a statement released on Wednesday. Just a week ago, South Africa appeared to have dodged a bullet when the latest economic data showed that the country had indeed avoided a second recession in as many years. However, Africa’s most-industrialized economy is still stuck in the longest downward cycle since 1945, according to central bank data. A combination of weak economic growth, rising debt and an alarming unemployment rate, continues to bedevil the country and raise tensions domestically. There have also been talks of seeking assistance from the International Monetary Fund. Apparently, the ‘toxic’ business climate appears to be raising concerns. Indeed, a quarterly business confidence index compiled by FirstRand Ltd.’s Rand Merchant Bank unit and Stellenbosch University’s Bureau for Economic Research dropped to a two-decade low of 21 in the three months leading up to September, from 28 the previous quarter. For the sake of perspective, the numbers suggest that eight out of every 10 businesses in South Africa are dissatisfied with prevailing business conditions. When the Ramaphosa-led administration took office early last year, business sentiment skyrocketed to a two-year high. But all the early optimism has since ebbed away as the country continues to wobble from side to side while awaiting much-needed reforms across various sectors.

Visa has joined African fintech Moniepoint as a new investor. The business banking and payments platform confirmed to TechCrunch that it received a “strategic investment” from the global payments giant as both companies look to drive financial inclusion and support the growth of small and medium-sized enterprises (SMEs) across Africa. Sources close to the deal say the fintech — which announced a $110 million investment last October, received over $10 million from Visa. The fintech, whose Series C now exceeds $120 million, is reportedly in talks with other investors and may attract more funding in the coming months, all while maintaining its billion-dollar valuation, sources say. Moniepoint declined to comment on the size of Visa’s check or interest from other investors. Moniepoint provides businesses and individuals with banking accounts, credit, payments, and other financial tools through an app and a network of agents. The fintech now processes over 1 billion transactions monthly, with total payment volumes reaching $22 billion — a growth of over 25% in under three months. Its rapid rise began during Nigeria’s Central Bank cashless drive in early 2023 and has continued steadily, positioning it as an important player shaping the future of digital payments in the country. Moniepoint has just a fraction of the total market. Nigeria’s digital payment market spans multiple channels, including electronic transfers, ATMs, POS devices, mobile agents, and web payments. In 2023, businesses and consumers completed transactions worth approximately $400 billion, according to the country’s interbank payments switch. Electronic transfers, powered by the instant payments network NIP — comparable to India’s UPI and Brazil’s Pix — dominate the market, accounting for nearly 90% of these transactions, according to data from Stears. Other channels, such as mobile agents, ATMs, and point-of-sale systems, trail far behind. While Moniepoint operates across most of these channels, Visa’s investment highlights the fintech’s position and potential in Nigeria’s card value chain as both a major issuer and acquirer. “We’re present in Nigeria today, leading the chart in merchant acquiring and consumer banking,” CEO Tosin Eniolorunda (pictured above, left, with co-founder Felix Ike) told TechCrunch. “With Visa as our investor, we can strategically collaborate to continue to grow the payment ecosystem and expand to more countries, which is a key goal for us.” One way both companies will look to “grow the payment ecosystem” is by introducing contactless payments, Eniolorunda said. “The central bank has indicated the need to drive contactless services to improve accessibility and conduct micro-transactions. So these are some things that we expect from the partnership. It’s progress in the right direction.” Nigeria’s Central Bank showed its latest intent to drive contactless payment adoption with draft guidelines for transaction limits in 2023. However, implementation will depend on clearer regulations and resolving issues related to privacy, security, and trust. Once addressed, contactless payments could significantly boost transaction volumes and arguably outpace other payment methods in the country. Globally, Visa notes that contactless card usage surpasses mobile wallets in many markets. Moniepoint is in that sweet spot to lead this transition in Nigeria by offering contactless-enabled payment terminals to businesses and chip cards to individuals, setting the stage for further adoption. On the other hand, Moniepoint will leverage Visa’s Cybersource system to gain better visibility into transactions. Additionally, it plans to integrate with Visa Direct for remittances and money transfers as it looks to expand into markets within and outside Africa. Visa has a history of investing in Africa’s payment infrastructure, backing players like Interswitch, Flutterwave, Paystack, and JUMO over the past decade. With Moniepoint, Visa is making its entry into Nigeria’s SME market, aiming to digitize payments for them and partly in hopes of increasing its share of the country’s card scheme market. Currently, it lags behind Interswitch’s Verve and Mastercard in cards. The latter two have also started making inroads in the tap-to-pay opportunity. “Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa,” said Andrew Torre, regional president, Central and Eastern Europe, Middle East and Africa at Visa. “We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities while streamlining their operations.” Visa will join Moniepoint’s board following its investment. Other prominent backers in the fintech include Development Partners International, Google’s Africa Investment Fund, QED Investors, Lightrock, and British International Investment (BII), among others. We also reported that an early backer, Oui Capital, recently returned its first fund after investing in the African unicorn six years ago. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. 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Until a few years ago, it used to be difficult to make payments across borders almost anywhere in the world. But it’s still a big problem in Africa, where fragmented, disconnected systems, high fees, and poor infrastructure make it tough for businesses and individuals to move money quickly and affordably. The majority of people and businesses still rely on outdated agent networks or grapple with mobile wallet integrations. But there is tangible demand for cheaper and easier alternatives, particularly in underserved regions like Francophone Africa. The Guinea-based fintech Cauridor is setting out to solve that, and it recently raised $3.5 million in seed funding to continue building its payment rails that let merchants, banks, telecom operators, and money transfer companies move funds in and out of Africa. Cauridor says its platform supports mobile wallets, bank transfers, and cash pickups through a network of more than 25,000 agents across Guinea, Senegal, Ivory Coast, Sierra Leone, and Liberia. These agents are part of a popular distribution method in the region — they’re usually small business owners equipped with point-of-sale (POS) devices and enable cash deposits, withdrawals, and bill payments. Cauridor is adopting a hybrid approach to solving the money transfer problem — the same way other fintechs in the region combine cash networks with digital infrastructure for local payment needs. Still, the approach has enabled it to operate remittance corridors to key markets like Ghana and Nigeria, and establish group-level contracts with major players such as Ria, MoneyGram, and Western Union, alongside partnerships with Orange and MTN. Cauridor’s founders Oumar Rafiou Barry and Abdoulaye Bah experienced firsthand the challenges of sending money back home to Guinea when studying in Canada. They faced slow, expensive remittance options in Francophone Africa, a region long underserved by the global remittance industry. In 2019, this frustration drove them to start BNB CashApp, a consumer-focused remittance platform for users in Canada to send money to Africa. The app integrated directly with banks, mobile wallets like MTN, and an agent network equipped with a mobile portal to facilitate cash payouts. But as the platform grew, the founders encountered a larger challenge: Africa’s fragmented and inefficient payment infrastructure. “We realized early on that the rails in Francophone Africa were almost nonexistent. So we had to go in and start building payment rails in the region since the payments there were fragmented,” CEO Barry told TechCrunch. Sensing an opportunity, the team pivoted in 2022 to build payment rails for the region. By 2023, the company had merged its consumer remittance business and B2B payment infrastructure under the Cauridor brand, much like Tanzania’s Nala’s and Rafiki’s operational model. The shift paid off: Over 90% of the company’s revenue now comes from its payment rails business. In 2023, Cauridor processed 2 million transactions and recorded total payment volume (TPV) of $300 million, which grew to $500 million in 2024, the company said. While Barry references more prominent players like Onafriq (formerly MFS Africa) and Thunes as Cauridor’s main competition, he says his company has remained relevant because it built payment rails in markets “no one was looking at,” like Guinea and Liberia. He noted that hands-on customer service and pricing have also helped it retain customers. The fintech provides customer service to resolve common issues like rejected mobile money transactions due to incomplete KYC. For example, if a recipient can only receive $10 out of a $700 payment, Cauridor steps in to help upgrade their account and ensure the transaction goes through. Barry thinks Cauridor’s strong local presence gives it an edge in securing better forex margins, which it passes on to its customers. He said this advantage has helped the company attract major clients like MoneyGram, which switched from competitors for better rates and improved customer support. Interestingly, competition in the cross-border payments space doesn’t rule out collaboration. Some of Cauridor’s competitors rely on its infrastructure in specific regions, just as it partners with companies like Thunes for a global reach. Cauridor employs about 200 people globally and has offices in Ivory Coast, Senegal, Guinea, Sierra Leone, and Liberia. The seed round was led by Pan-African VC firm Oui Capital and saw participation from Rally Cap, BKR Capital, and some angel investors. With the fresh cash, the company plans to expand into new markets (it has new offices in Mali and Nigeria opening this year), flesh out its teams, and boost marketing efforts. Barry told TechCrunch that Cauridor is also preparing for a Series A round and exploring blockchain integration to streamline settlements and tap into the growing adoption of stablecoins in Africa’s cross-border payment space. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. 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Uber-backed Moove, an Africa-born mobility fintech that offers vehicle financing to ride-hailing and delivery app drivers across six continents, has acquired Kovi, a Brazilian urban mobility provider. The value of the deal is not being disclosed, but Moove confirmed it was an all-share transaction, and Kovi is now wholly owned by Moove. Moove co-founder and co-CEO Ladi Delano told TechCrunch that the deal bumps the mobility fintech’s annual revenue to $275 million. Last March, Moove reported a $115 million ARR. The news comes two months after Moove announced a partnership with Waymo to provide driverless vehicle fleet operations in two U.S. cities, Phoenix and Miami. Delano said Moove’s acquisition of the São Paulo-based Kovi marks a significant step toward the company’s goal of building the world’s largest rideshare fleet. What began with 76 cars in Lagos, Nigeria, in 2020 has now grown to 36,000 cars operating in 19 cities across six continents, with Latin America now emerging as a key market. Similarly, the acquisition unites two companies tackling the same challenge — providing financing solutions for rideshare drivers. Founded in 2018, Y Combinator-backed Kovi launched to make vehicle ownership more accessible in Brazil. Following the acquisition, pending approval from the Brazilian antitrust authority, Kovi will continue to operate under its brand while its executive and management teams will remain unchanged. While Moove will keep the Kovi brand operating in its existing markets, Brazil and Mexico, there are plans to expand further across Latin America. Moove recently launched operations in three cities across Colombia and Mexico. As such, the acquisition further cements Moove’s position in Latin America, giving the company a major foothold in Brazil, the region’s largest ride-hail market. “We’re incredibly excited about working with a fantastic team of like-minded individuals at Kovi who set up this business to address a similar problem that we found in Nigeria,” he remarked. “Kovi is one of the top two players in Brazil. So we have not just entered or strengthened our presence in the Latin American market but also put ourselves in a top-two position in the largest single market in Latin America through this acquisition.” Moove has built a third pillar in the global mobility marketplace by offering vehicle supply to ride-hailing platforms. This includes its flagship Drive-to-Own product, a taxi and employment model, and an emerging autonomous vehicle (AV) business line involving AI-driven mobility. While AI plays a key role in its AV business line, Delano says the company’s AI mobility strategy will span the entire business, from optimizing traditional ride-hailing services to improving fleet management, according to Delano. This is where the Kovi acquisition comes in. According to the chief executive, Kovi’s proprietary technology and algorithms will “complement and strengthen our existing Moove AI mobility strategy and ensure that we can start to deliver an improved service and product to our customers around the world.” It’s unclear whether Kovi was struggling financially before its acquisition by Moove. Its last known funding round was a $104 million Series B in 2021 from investors like Valor Capital, Prosus Ventures, and Quona Capital. Despite raising funds to expand across Latin America, Kovi primarily focused on Brazil. That year, it reported $45 million in ARR, growing 15% month-over-month. The all-share transaction makes Kovi’s investors shareholders in Moove, aligning their growth trajectories. In a statement, Kovi CEO Adhemar Milani Neto expressed confidence in the deal. “I met the founders [Moove’s Delano and Jide Odunsi] many years back when they were scaling their business in Africa, and I was immediately impressed by their purpose-driven approach, which is also a perfect match to our culture. Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market.” Moove raised a $100 million Uber-led Series B last year at a $750 million valuation. The mobility fintech has secured over $500 million in debt and equity from backers like Mubadala, BlackRock, Franklin Templeton, Janus Henderson, and the IFC (World Bank) since its launch five years ago. Delano declined to comment on potential new fundraising efforts. Instead, he stressed that the company will focus on driving its capex-heavy business to profitability this year and realizing its vision of building the largest ride-hailing fleet globally. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. 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The newest generation of startups aiming to solve cross-border payments are focusing on stablecoins — cryptocurrency coins often pegged to actual currencies or other commodities to help them keep stable prices — to build solutions that work faster and often cheaper than classic financial rails. This trend is also driving a surge in investor interest in fintech. The latest development is Cedar Money, a U.S.-based startup that recently closed $9.9 million in seed funding led by global fintech investor QED Investors with participation from Lattice, NIV, Stellar, and Wischoff Ventures. Like many cross-border payment platforms using stablecoins, Cedar Money acts as a bridge. Businesses and individuals transact using a fiat-based site, while stablecoin transactions run in the background. Cedar Money plans to scale its payment infrastructure and tackle the inefficiencies in international payments with this funding, it said. These inefficiencies are particularly painful in Africa, where businesses face higher transaction fees and hidden costs in currency conversions because of added risk and the costs of working with local banking. Banks profit from exchange rate spreads, adding another layer of expense. “If you look at the SWIFT network, fees globally are around 2-3%, but in Africa, they’re much higher. It’s even more gouging in places where people have less money,” founder and CEO Benjy Feinberg told TechCrunch. Feinberg founded Cedar Money in 2022 after nearly a decade leading alternative financing provider Behalf. Before launching his latest venture, he spent time identifying the next “big” opportunity in fintech, ultimately focusing on payments and blockchain. While stablecoins have struggled to gain traction in the U.S. due to limited use cases and competition with traditional systems like the dollar and SWIFT, Feinberg recognized a different reality in emerging markets. Businesses across Africa, the Middle East, and South America need dollars to pay for imports, even when buying from countries like China. In countries like Nigeria or Argentina, getting dollars can be a struggle due to weak local currencies like the naira or the Argentine peso. Cedar Money launched in early 2024, starting operations in Nigeria, helping businesses in the country accept and send money to others globally. “You want to go to a place where you can solve a big problem, and the adoption will be easier. That’s why we started in Africa — because the need is greatest here,” the chief executive said. However, despite their popularity, stablecoin platforms face limitations that may affect their scale across markets. Feinberg, when asked, explained that while building the payment rails — converting fiat to stablecoins, transferring them, and converting back — is challenging, it’s not exactly groundbreaking. According to him, the real difficulty and where Cedar Money is trying to excel lies in building the compliance rails to accommodate every country’s unique regulatory requirements and banks’ extensive documentation to ensure legitimate transactions. These requirements are particularly tricky in markets like Africa, where infrastructure differences make seemingly simple demands — like providing a street address — much more challenging. Feinberg argued that the winners in this space will be those who can scale their operations globally while navigating complex compliance requirements, especially in underserved regions. “I would say the biggest challenge is to educate the banks in the developed world that the funds they’re getting from the underdeveloped world are good. It’s a challenge, but we’re doing it.” Yet, the U.S. is setting the tone for favorable regulatory sentiment toward digital assets that could ease compliance. Many stakeholders in the industry believe this event, coupled with others like Stripe’s acquisition of stablecoin startup Bridge, will not only cause a broader acceptance of stablecoin payments but also make banks and regulators globally and in emerging markets relax their strong views on stablecoin adoption. That adoption is beginning to reshape the global payments landscape. Data from a16z and other sources illustrate this clearly: In 2017, stablecoin transaction volumes were negligible compared to traditional systems. Fast-forward to today, and stablecoins have surpassed Mastercard, PayPal, and Visa. In Q2 2024, stablecoin transactions reached $8.5 trillion across 1 billion transactions compared to $3.9 trillion in volume across 50x more transactions, according to an a16z report. Cedar Money, founded a year ago, processes tens of millions in monthly transaction volume by focusing on import and export businesses handling tangible goods such as rice and shoes, supported by bona fide invoices, an approach that simplifies underwriting for banks since transactions involve clear documentation and physical commodities, according to Feinberg, who declined to share client numbers. QED Investors partner Gbenga Ajayi, citing why the global fintech firm invested in Cedar Money, says the fintech is “uniquely positioned to tackle the inefficiencies of the global financial system.” The payments company, which has 14 staff across Nigeria, the U.S., Israel, and Serbia, is QED Investors’ fourth Africa-focused investment after Moniepoint, Precium, and Remedial Health. Cedar Money joins a growing list of players like Conduit and Caliza, which serve businesses in emerging markets with stablecoin-powered payments. However, despite growing relevance, reaching a $205 billion market cap last year, Feinberg says their collective share of the international payments remains small, so Cedar Money has no direct competition at this stage. “Today, two-thirds of international payments are through the correspondent banking network. The size of the biggest fiat innovators is probably 2-5% of the market. So if you’re looking at this and you’re saying, well, two-thirds are the banks, 5% are the fiat innovators, and 0.01% are the stablecoins guys. Then your competition, or your way forward, is not to compete necessarily with other players; it’s just to find your little corner because the market’s just so big.” Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

Five years ago, SpaceX launched Starlink, which has since grown into its biggest revenue driver, expanding to more than 100 countries. But as Starlink scaled, it faced a major hurdle: accepting payments in developing markets, where traditional banking infrastructure is unreliable, slow, and prone to blocking transactions. Many local banks across Africa, Latin America, and Asia struggle with international payments, forcing SpaceX to look for alternatives. To bypass these challenges, SpaceX turned to stablecoins, a fast-growing method for cross-border payments already widely used in emerging markets. The company partnered with Bridge, a stablecoin payments platform, to accept payments in various currencies and instantly convert them into stablecoins for its global treasury. This move positioned Bridge as a viable alternative to correspondent banks in markets where traditional financial systems fall short. Soon after, Stripe took notice, acquiring the startup for more than $1 billion and solidifying Bridge’s reputation and driving up its valuation as an infrastructure player, solving inefficiencies in global finance. The rise of stablecoins — now a $205 billion market — is driven by real-world utility, not speculation, particularly in emerging markets where the most compelling use cases unfold. Cross-border payments in these regions are typically slow and expensive, involving multiple intermediaries. For example, a textile manufacturer in Brazil paying a supplier in Nigeria might have to go through several banks and currency exchanges, each adding fees and delays. Stablecoins remove this friction, enabling cheaper, near-instant transactions. This growing demand has led to massive transaction volume growth for startups providing stablecoin cross-border solutions for businesses in Africa and emerging markets. Yellow Card, which provides a platform that lets users convert fiat to crypto and back to fiat, doubled its annual transaction volume to $3 billion in 2024 from $1.5 billion in 2023. Conduit, which enables stablecoin payments for import-export businesses in Africa and Latin America, saw its annualized TPV jump to $10 billion from $5 billion. Lagos-based Juicyway, which facilitates cross-border payments using stablecoins, has processed $1.3 billion in total payment volume to date. Investor interest has also surged, with top venture firms backing stablecoin-powered fintechs targeting these markets. Peak XV and HongShan, the firms that split from Sequoia, co-led a $10 million seed round in KAST, a neobank that lets users hold and spend stablecoins. Sequoia itself was a major backer of Bridge. Yellow Card raised $33 million, led by Blockchain Capital. QED Investors led a $9.9 million investment in Cedar Money, a stealthy fintech using stablecoins for cross-border transactions. Initialized led an $8.5 million round in Caliza, which is bringing real-time transfers to Latin-America using USDC. Tether itself invested a sizable check in an African stablecoin infra and liquidity provider, TechCrunch has learned. Meanwhile, Conduit, which raised a $6 million seed round last year, is finalizing another round with some big-name backers. The trend is clear: Stablecoins are no longer a crypto experiment — they are becoming a core part of financial infrastructure in emerging markets to move money globally. As adoption accelerates, the question is not if stablecoins will transform payments but how quickly they will stand alongside — or even replace — outdated financial systems. Some numbers reflect this shift. According to a16z, sending $200 from the U.S. to Colombia via stablecoins costs less than $0.01, compared to $12.13 using traditional methods. Payment platforms are adapting, making a cut, albeit a smaller one than the traditional middlemen rails. Stripe, for instance, now charges 1.5% for stablecoin transactions, 30% lower than its standard card fees. Businesses and individuals are also using stablecoins as a hedge against inflation and a more stable store of value, with USDT and USDC becoming critical tools. While cross-border payments and remittances have driven early adoption, stablecoins are now gaining traction in consumer finance, payroll, and, partly, retail transactions. This January, Brazilian unicorn Nubank introduced a feature rewarding USDC holders with a 4% annual return, following a tenfold increase in customer-held USDC last year. Now, 30% of Nubank’s users have USDC in their portfolios. Nubank joins other fintech giants like Venmo, Apple Pay, PayPal, Cash App, and Revolut, which already enable in-app stablecoin transactions. Beyond consumer savings, stablecoins are reshaping global payroll. As remote work expands, startups like Rise allow companies to pay contractors using stablecoins. The platform lets businesses pay in fiat while contractors receive stablecoins like USDC or USDT, avoiding currency volatility. Last November, Rise raised $6.3 million in Series A, fueling its expansion in stablecoin-powered payroll solutions. “The market is going where we are building and it’s only a matter of time until the big players get in the arena. They will offer stablecoins by partnering, acquiring, or building a crypto payment infrastructure,” Rise CEO Hugo Finkelstein told TechCrunch. And while retail adoption of stablecoins has been slower, startups like Cashnote.io are testing solutions. The platform, developed by Korean fintech Korea Credit Data and web3 VC firm Hashed, enables merchants to accept credit card and digital asset payments via a point-of-sale system. Merchants can process payments using stablecoins without the restrictions of credit card limits and consumers can use digital assets for everyday purchases. Both firms are testing Cashnote in the Abu Dhabi Global Market (ADGM), projecting to go live with merchants in the region over the coming months, with UAE-based digital assets infra provider Fuze as its settlement partner. Fuze raised a $14 million seed in 2023. Yet, despite stablecoins’ potential to streamline payments globally, concerns remain. For one, critics warn that stablecoins could disrupt monetary policy. As they become more common in global finance, some worry they could mirror past concerns about dollarization, where economies rely too heavily on the U.S. dollar instead of building independent financial systems. Similarly, their efficiency comes with trade-offs. Unlike government-backed currencies, they depend on private companies like Circle and Tether to maintain their value. These companies use cash reserves, short-term securities, and other financial assets to keep stablecoins pegged to the U.S. dollar. However, the 2022 collapse of TerraUSD shows how vulnerable stablecoins can be. Governments and regulators worldwide are paying attention, and their actions will influence stablecoin adoption. Some regions like Abu Dhabi’s ADGM, for example, have positioned themselves as crypto-friendly zones, enabling fintech firms to experiment with stablecoin payments. Hashed CEO Simon Kim says Cashnote.io could only work in the region due to the its structured and supportive legal framework. “There’s hardly a government like Abu Dhabi that accelerates innovation from new challengers abroad like this,” Kim told TechCrunch. “It has many sandboxes and government support systems for testing innovative and new crypto infrastructure.” Similarly, the UAE made headlines last year when a court ruling permitted salaries to be paid in crypto, reinforcing the country’s position as a global hub for digital asset innovation. Africa presents a different show. In many cases, innovation moves faster than regulation, forcing policymakers to react only after fintech proves its value — just as they did with mobile money, according to Zekarias Amsalu, co-founder of one of Africa’s top fintech events. He believes regulators, rather than being overtly cautious, should embrace stablecoins as they already help reduce cross-border transfer and remittance costs by up to 75%. “If you are willing to formalize Franco-Valuta [policy that allows the import of goods without using foreign exchange from a bank] when the dollar crunch bites, against all real risks, why not consider formalizing stablecoins that are provided by licensed exchanges with all transparency and compliance?” Amsalu posits. Whether their stance changes or not may depend on how regulation shapes up in the U.S., which is considering new laws that would have a global impact on stablecoins: A strict regulatory approach — though unlikely — could slow adoption and impose tighter financial controls on issuers. On the other hand, a pro-stablecoin stance could encourage more countries to create clear licensing rules for digital assets. “These are very strong signals for investors,” Finkelstein said. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. 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A large portion of Egypt’s population lacks access to traditional banking, forcing many to rely on cash transactions and informal lending. Khazna, a fintech startup founded in 2019, is tackling this issue by offering financial services tailored toward low- and middle-income workers. The company provides solutions like salary advances, digital payments, and microloans to help employees and contractors access much-needed financial services. Khazna recently secured $16 million in pre-Series B funding, bringing its total funding to over $63 million. The investment will support its expansion plans as it prepares to apply for a digital banking license in Egypt and expand into Saudi Arabia. When we covered the fintech in 2022, it had just raised a $38 million Series A with more than 150,000 customers across its products. Today, Khazna has grown its user base to over 500,000 people; that number is half what it was targeting by the end of 2022, according to what co-founder and CEO Omar Saleh shared at the time. The company focuses on workers earning three times less than Egypt’s minimum wage, providing them with affordable financial tools. About 100,000 users receive their payroll through Khazna, allowing the company to integrate financial services such as loans and insurance directly into their payroll accounts. For the remaining 400,000 users, Khazna offers lending services, helping gig workers and pensioners access credit. Saleh explained that this product made the fintech break-even last month. “What we did over the last two and half years was to focus on our core product, which is credit offering to payroll and pension recipients and also unsecured loans to gig workers,” Saleh told TechCrunch. “This is the most profitable and core product in our journey, and getting it right was very important because it has helped us to hit profitability.” Khazna provides other services, like bill payments, buy now, pay later, medical insurance, and a rent-to-own product. But by embedding itself into both payroll and lending, it is strategically moving toward becoming a full-fledged digital bank for Egypt’s underserved communities. But one thing is missing: Unlike traditional banks, Khazna doesn’t have access to customer deposits, making it expensive to fund loans. So far, Khazna has relied on wholesale debt financing in dollars (USD) and Egyptian pound (EGP) to fund its lending operations. To reduce borrowing costs and offer more affordable loans, Khazna is now working to obtain a deposit-taking license in Egypt. This license would allow the startup to accept customer deposits, allowing it to lower its cost of funds. “The biggest game changer here is for us to get access to user deposits. There’s a huge opportunity for us to capture part of that market as well in a way that will make our cost of funding much more attractive than it is today, and ultimately, that would put us in a very differentiated position,” Saleh remarked. Khazna is targeting mid-2026 to secure the banking license from Egypt’s Central Bank, which laid out its regulatory framework for digital banks in July 2024. As the six-year-old fintech gets started with that process, it’s simultaneously setting sights on Saudi Arabia, where there is a growing demand for consumer finance solutions. Unlike BNPL players like Tabby and Tamara, which focus on short-term BNPL credit, Khazna hopes to differentiate itself with medium-term credit products like earned wage access (EWA), payroll-backed lending, and pension-based credit. Another reason Khazna is prioritizing Saudi is its strong connection with Egypt, Saleh notes. With nearly three million Egyptians living in Saudi, the Egypt-Saudi remittance corridor is one of the world’s largest, presenting an opportunity to offer cross-border financial services, combining credit-led offerings with foreign exchange (FX) solutions. Beyond market size and product fit, Saudi Arabia’s capital markets are also a driver in Khazna’s decision, according to Saleh. Tadawul, the stock exchange in Saudi Arabia, is one of the region’s most liquid and retail-investor-driven stock exchanges, launching several IPOs over the past couple of years. For that reason, Khazna plans to have 40-50% of its business coming from Saudi in the next four years, making it eligible for a public listing on Tadawul. For early-stage investors who have backed the company for four to five years, Saleh says this provides a clear path to a high-value exit. Sure, Khazna will fund this expansion with the recently raised growth capital. However, the macroeconomic challenges in Egypt over the past two years had a hand in structuring this pre-Series B round. Between 2022 and 2023, Egypt faced currency devaluations and economic instability, making fundraising more difficult for startups and ventures. The overall slowdown in deal flow reflected this, as investors took a cautious approach to Egyptian startups. But 2024 brought a major shift, with over $50 billion in foreign direct investment (FDI) flowing into Egypt following economic reforms and a more flexible exchange rate. As a result, investor confidence returned, bringing renewed interest from global and regional investors. As such, Khazna welcomed participation from new and existing investors, including global investors like Quona and Speedinvest, as well as regional investment firms like Aljazira Capital (the investment arm of Bank Aljazira of Saudi Arabia), anb Seed Fund (managed by anb Capital), DisrupTECH, ICU Ventures, Khwarizmi Ventures, and SANAD Fund for MSME. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. 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As Africa’s tech ecosystem booms, more people from the region are landing remote jobs with Big Tech firms and global startups. But getting paid remains a challenge for many of these freelancers and remote workers — they struggle to open accounts that accept U.S. dollars and face slow invoicing and payment processes, and it doesn’t help when their foreign employers use incompatible payment platforms. Lagos-based Raenest is one of the many African fintechs that have stepped in to address this problem. Through its retail product, Geegpay, Raenest offers freelancers virtual USD, GBP, and EUR accounts to receive payments, manage multi-currency wallets, and convert currencies. It also provides virtual and physical debit cards that accept multiple currencies like U.S. dollars. Last March, the company expanded its platform to cater to businesses to streamline international remittance with a new brand, Raenest for Business. Now the startup has raised $11 million in Series A funding, led by QED Investors, to expand its reach across Africa. Interestingly, Raenest didn’t start with freelancers in mind. Victor Alade, along with co-founders Sodruldeen Mustapha and Richard Oyome, launched the company in 2022 as an Employer of Record (EOR), helping foreign companies pay African employees in compliance with local norms. But a couple of months in, the founders realized the real problem didn’t lie with the companies sending payments — it was with individuals struggling to receive them. “A U.S. company might not care if a payment is delayed by five days, but for someone in Nigeria or Kenya, that’s a big deal — especially when converting to local currency becomes another hurdle,” Alade, a former software engineer at Jumia and Andela, told TechCrunch. Drawing from his remote work experience, Alade and his co-founders, who also bring experience working with African fintechs like LemFi and FairMoney, pivoted to address this pain point. Geegpay quickly gained traction with freelancers, but business sign-ups began to rise as well. The team realized that African companies also needed foreign accounts to streamline cross-border transactions. “Businesses started asking if they could get fixed bank accounts to simplify payments. That’s when we started thinking: How big is this opportunity? Who else is building for Africa?” Alade said. Raenest’s addition of business banking couldn’t have come at a better time. Around this time, U.S.-based fintech Mercury started restricting business accounts from several countries, including parts of Africa. Meanwhile, competition in the EOR space was heating up, with major players like Deel starting to consider serving the continent more closely. These events spurred Raenest to lean into what it saw as a better opportunity: offering African businesses a way to receive and send international payments. The bet seems to be paying off. Since launching in 2022, Raenest has processed over $1 billion in payments — a 160% increase over the past two years — to freelancers and businesses across the continent. Today, more than 700,000 individuals use the platform to receive payments from global platforms like Upwork, Fiverr, and Gusto. They also use it for online shopping and subscriptions. On the enterprise side, over 300 companies rely on Raenest to collect payments from international customers, raise capital from investors, and make cross-border payments. Its client list includes startups like Moniepoint, Helium Health, Fez Delivery, and Matta. Raenest competes with several fintech startups offering multi-currency accounts to customers in Africa, including Afriex, Cleva, Fincra, Grey, Verto and Leatherback. Alade argues that Raenest has an edge because it targets individuals and businesses, unlike most players that cater exclusively to one of those customer personas. The company’s ambitions extend beyond cross-border payments. “We want to create a safe and seamless financial ecosystem for Africans — helping them earn, invest, and grow their wealth, no matter where they are in the world,” Alade said, hinting at upcoming product launches. Currently, Raenest operates in Nigeria under a money transfer license. As part of its growth plans, the company will look to deepen its presence in Nigeria and secure licenses in Egypt, Ghana, Kenya, and the U.S. The company has banking partnerships in the U.S. and U.K., and it is also working to secure more in these regions as it scales. Along the way, the company, which claims to be profitable, aims to attract talent to support its expansion as it brings Geegpay and Raenest for Business under a single brand, Raenest. The Series A round, which is coming after a $700,000 pre-seed and $2.6 million seed, brings Raenest’s total funding to $14.3 million. Lead investor QED, one of the world’s top fintech VC firms, has been steadily increasing its footprint in Africa since 2022. It has backed five fintech startups on the continent: Moniepoint, Remedial Health, Precium (formerly Revio), Cedar Money, and now Raenest. “We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers and businesses, ultimately driving greater economic empowerment across the continent,” said Gbenga Ajayi, partner and head of Africa and the Middle East at QED Investors. Other investors in the round included Pan-African VC firms Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. 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Africa’s top digital banking platforms typically come from high-growth, populous markets like Nigeria, South Africa, and Egypt. But Affinity Africa, an upstart from Ghana, wants to join the conversation. The startup has raised $8 million in seed funding to expand its financial products further across the country, where mobile money is the dominant financial tool. While mobile money has become the go-to for financial transactions, the traditional banking sector in Ghana and Africa as a whole remains highly profitable. Since the pandemic, banks in Ghana have recorded growth with an after-tax return on equity (RoE) that exceeds the global average. However, these profits rely heavily on fees, while inefficiencies like high operational costs, extensive in-person paperwork, and long onboarding times have left millions underserved. Today, less than 10% of businesses in Africa have access to credit, and over 60% of adults lack formal financial services, per World Bank data. This growing gap has fueled demand for digital banking alternatives like Affinity, which offer a cheaper, more inclusive model. Affinity has onboarded over 50,000 customers since its launch last October, its founder and CEO Tarek Mouganie says. Notably, 65% of its users had never accessed formal banking products before, and over 60% are women working in the informal sector. So why has it taken this long for a digital banking upstart to gain such traction in Ghana? The country’s strict banking regulations play a big role. Unlike neighboring Nigeria, where digital banks can easily operate with microfinance licenses, such licenses are rare, expensive, and take time to get in Ghana, making it difficult for fintechs to enter the space. “Ghana’s regulator is focused on protecting consumers, especially in deposit-taking institutions,” Mouganie told TechCrunch. “We had to prove strong risk management, break even as a microfinance institution, and align our mission with the government’s goal of banking the unbanked. What ultimately convinced them was how our digital platform reduces friction and lowers banking costs for individuals and micro, small and medium enterprises (MSMEs.)” Mouganie, who comes from a fourth-generation Ghanaian family of Lebanese descent, studied in the U.K., earning a bachelor’s and a doctorate before launching his career in academia and finance. He later worked as a director at Man Group, a $160 billion global investment fund. There, he worked on major IPOs, including Visa and Compartamos, Latin America’s largest microfinance institution. After returning to Ghana 10 years ago, Mouganie looked to solve Africa’s financial inclusion problem, a challenge often highlighted in global consulting reports. “Numbers like Africa’s $331 billion credit gap are still being quoted today,” he said. “Nothing has really changed. That made me obsessed with building a full-fledged retail bank for MSMEs, similar to what Santander, Lloyds, or Chase Bank offer in Europe and the U.S. — but tailored for Africa’s majority.” He and a group of friends and family raised $2 million to acquire a microfinance bank in 2020. They included funds from selling his London house, he claims. The entity, which received a savings and loans license, first of its kind granted in over 10 years, served as a testing ground for its current banking solutions. By 2022, Affinity raised an additional $3 million in a pre-seed round to upgrade this license. Following months of stealth testing, the fintech officially launched its app last October after receiving approval from Bank of Ghana, the country’s apex bank. The Ghanaian fintech serves both individuals and micro-enterprises, which are often indistinguishable in Africa. Customers get free savings and current accounts with no transaction limits, and the platform immediately begins credit-scoring users based on their transaction history. After a few months of usage, Affinity extends lines of credit with monthly interest rates of 3% to 7%. The Accra-based fintech has disbursed over $15 million in loans across various products, with instant loans growing 30% month-over-month and a non-performing loan (NPL) rate of 3%. Customers can also access other banking services, including savings, payments, investments, and transfers to banks and mobile money wallets. Last month, 89% of deposit inflows, which have grown 54% month-over-month since its launch, came from mobile money top-ups, with the remaining 11% from bank transfers. Loans account for over 90% of Affinity’s revenue, with the remaining 10% coming from fees and commissions on services like utility bill and internet payments via USSD and the mobile app. Its revenue has increased 37% month-over-month over the last six months, according to Mouganie. Like many digital banks in Africa, Affinity blends online banking with offline touchpoints through its agent network. These agents, about 30 of them, meet small businesses in person, onboard them to the app, and help bridge the trust gap for first-time digital banking users. Out of its 50,000 customers, 26,000 joined through the agency network, and 24,000 signed up using the mobile app. Notably, 55% of agent-acquired customers have transitioned to the app, showing strong digital adoption after onboarding. “This shift has led us to rethink our agency strategy — focusing on using agents for onboarding, initial education, and driving digital literacy to encourage app adoption. We’re excited to refine this hybrid growth approach as we scale,” Mouganie said. Affinity’s $8 million seed round was led by European VC firms Grazia Equity (Germany) and BACKED VC (London), marking their first African investment. Other investors include Enza Capital, Launch Africa, Renew Capital, Finca International, Attijariwafa Ventures, ImpactAssets, joining Eldon Capital, an early backer. “At Backed, we are founder-first, and we couldn’t think of a better person to build Africa’s local bank than Tarek,” said Andre de Haes, founder and managing partner at Backed. “He started his career investing in banks through the 2008 financial crisis, became an expert in regulation and strategy, and has built a world-class banking software stack for Affinity from the ground up. His ability to connect with and understand customers has driven impressive early user numbers.” Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

An employment tribunal case has placed Kuda Technologies, one of Africa’s fastest-growing digital banks, under scrutiny over allegations of workplace discrimination, harassment, and wrongful dismissal. Rosemary Hewat, Kuda’s former group chief people officer (CPO), filed a complaint accusing the company and its CEO, Babatunde Ogundeyi, of sex discrimination, victimization, and unfair dismissal. According to the filing, Hewat, who held the senior role for nearly three years, claims the company forced her out in April 2024 after prolonged mistreatment. She filed the case with the U.K. Employment Tribunal, and TechCrunch has reviewed the legal documents. The complaint reveals internal conflicts at Kuda, which provides digital banking services to millions of customers in Nigeria and the U.K. It also raises broader concerns about workplace culture, leadership accountability, and gender equality in Africa’s tech industry. When reached for comment, Hewat declined to discuss the case, citing ongoing legal proceedings. The full hearing is set for October. “It is accurate that Rosemary Hewat, a former employee of Kuda Technologies Limited UK, has made an employment tribunal claim against the company,” a Kuda spokesperson said in a response to TechCrunch. “As this is currently a legal matter, we’re unable to provide any additional information at this time. In line with our current policy and out of respect for privacy, we do not comment on matters of this nature involving current or former employees. Hired in August 2021, Hewat managed global HR operations from Kuda’s U.K. office. According to the filing, she witnessed and experienced discriminatory behavior that contradicted Kuda’s diversity, equity, and inclusion (DEI) policy. She alleges that CEO Ogundeyi and other senior leaders deliberately undermined her role, fostering a culture of misogyny and intimidation. For instance, the filing describes a company retreat in Lagos, Nigeria, in December 2023. Hewat claims Ogundeyi publicly berated two female employees, per the filing. He allegedly called them “low class” and accused them of lacking “quality or luxury,” leaving them in tears. Hewat, per the filing, insists this incident was part of a broader pattern that made Kuda’s workplace “intimidating, hostile, degrading, humiliating, and offensive” for her and other women. The complaint also describes how Ogundeyi allegedly saw himself within Kuda. Hewat claims he repeatedly told her that employees viewed him as “God” and feared approaching him. Hewat says senior management excluded her from critical strategy discussions, according to the filing. In January 2023, then-COO Pavel Khristolubov allegedly left her out of a senior management meeting, even though her team handled resourcing decisions on the agenda. When she questioned her exclusion, Ogundeyi reportedly told her the meeting was about product strategy, making her presence unnecessary. Shortly after, her team was pressured to implement resourcing decisions from that very meeting. After, Khristolubov allegedly bypassed Hewat’s authority by working directly with her team members, the filing said. When she raised concerns with Ogundeyi and CTO Mutairu Mustapha, Ogundeyi reportedly dismissed them. In a performance review, Ogundeyi allegedly told her to “spend the next six months getting Pavel to like you.” Hewat argues in the filing that this further exacerbated the toxic work environment and obstructed her ability to perform her role. By October 2023, Hewat formally proposed reviewing internal systems to address her issues with Khristolubov. Instead of engaging with her concerns, Ogundeyi allegedly threatened her with dismissal. At the center of Hewat’s complaint is an unresolved dispute over her employee stock options (ESOP). When she joined Kuda, she claims that the company offered her several hundred thousand dollars’ worth of ESOP shares at its Series A valuation. However, despite multiple requests, she never received formal documentation. Kuda finally issued the ESOP grant in April 2022, but it was based on its Series B valuation, increasing the stock price and reducing her equity value, per the filing. She claims to have later discovered that then-CFO Steven Bastian had successfully negotiated to revert his shares to the Series A price. When Hewat raised concerns, Ogundeyi allegedly dismissed her request, saying Bastian’s role was “more important” than hers. In December 2023, Hewat formally documented her concerns about share allocations (and pay disparity), per the filing. She warned Kuda that failing to address the issue could constitute sex discrimination under U.K. employment law. In response, Ogundeyi rejected her claims, arguing she had no contractual entitlement to Series A shares. “As a Company we note that you have not provided any correspondence (emails, letters etc) to substantiate your claims and we assume that is because there is no evidence,” said Ogundeyi to her, per the filing. “The terms of your employment and option grant are as set out in writing to you; even if someone did suggest to you that you might receive something different (which is not accepted), that does not make a contractual entitlement.” Despite Ogundeyi’s assurances that Kuda would investigate her complaint, no formal inquiry took place, per the filing. Hewat claims Ogundeyi rejected mediation and personally handled the internal investigation into his own actions, ultimately ruling in his favor. She argues this violated Kuda’s grievance policy and the ACAS Code of Practice on workplace dispute resolution. Hewat claims her attempt to resolve her concerns in January 2024 allegedly worsened her relationship with her former boss. She claims he pressured her to withdraw her discrimination complaint, which she refused to do. In February 2024, Kuda abruptly fired the London-based Hewat while she was traveling to Lagos for an executive committee (ExCo) retreat. She had just attended her sister’s memorial service and was on a layover when Ogundeyi insisted on a video call. Hewat claims he fired her during that conversation despite informing him of her circumstances. Kuda allegedly barred Hewat from the retreat she had flown in for, which she saw as a deliberate attempt to humiliate her. When she later met Ogundeyi in person, he cited Nigeria’s economic instability and cost-cutting measures as reasons for her dismissal. “I am making some severe changes, change definitely needs to happen … lots of personality clashes and you are definitely in the thick of that,” Ogundeyi allegedly told her. He also said, “In the UK, you are probably underpaid, but for Kuda, you are expensive … what does Rosie have to do to justify her salary? It’s mainly an FX thing.” According to the filing, Ogundeyi claimed that her firing wasn’t linked to the discrimination complaint, share allocations, or Khristolubov. However, Hewat claims he still brought up her relationship with Khristolubov. (Khristolubov ultimately left Kuda two months after Hewat, in June 2024.) Hewat claims Kuda offered her the same exit terms as Khristolubov, although he was a contractor while she was a full-time employee. She argues that Kuda fired her in retaliation for her workplace discrimination complaints, pointing out that she was the only U.K.-based executive dismissed. In response to Kuda’s invitation to redundancy consultation, she countered that the company was not struggling financially, citing its ability to pay Ogundeyi’s children’s nanny £55,000 per year, according to the filing. News of Hewat’s dismissal spread quickly within Kuda, despite Ogundeyi’s alleged assurances of confidentiality. When she emailed him about the breach, she claims he ignored her. Adding to the confusion, CTO Mustapha allegedly admitted that her firing was a mistake, forced by board members Ricardo Schaefer and Andrew John McCormack. He invited her to return, but discussions fell apart after Kuda refused her settlement requests and delayed responding to her “Data Subject Access” request. Instead, the company sent her a formal redundancy consultation letter, weeks after firing her, the filing said. Over the next few months, Hewat claims Kuda retaliated further by cutting off her salary, canceling her health insurance, and withholding her full holiday pay. Hewat, unable to tolerate the toxic environment, resigned in April 2024, citing constructive dismissal. The ex-CPO’s legal filing details how Kuda’s actions left her in financial hardship, as the company refused to pay her unpaid wages. Hewat now seeks compensation for unfair dismissal, sex discrimination, emotional distress, and Kuda’s alleged failure to follow proper workplace grievance procedures. She also demands reimbursement for unpaid holiday pay and medical expenses. This case puts Kuda, which has raised significant venture funding, including a $55 million Series B round in 2021 from investors like Valar Ventures and Target Global, under significant scrutiny at a time when African companies are facing increasing investor and regulatory pressure to improve governance and corporate accountability, sparked first by a series of workplace conduct allegations at Flutterwave, Africa’s most valuable startup, in 2022. With investors and the broader tech ecosystem watching closely, it could also have significant ramifications for the company’s reputation and its ability to attract top talent in the future. As for Ogundeyi and the leadership team, they may face increased scrutiny over their treatment of female employees. It’s an event that serves as a cautionary tale for other tech companies where rapid growth can sometimes overshadow cracks in internal operations. How Kuda handles this legal challenge could shape the company’s future trajectory, both in terms of employee relations and its standing in Nigeria’s and the wider fintech ecosystems. Got a news tip or inside information about a topic we covered? We’d love to hear from you. You can reach me at tage.techcrunch@gmail.com. You can also drop us a note at tips@techcrunch.com. Happy to respect anonymity requests. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

As payment companies increasingly explore stablecoins for cross-border payments and real-time settlement, some startups are tapping into the zeitgeist by providing liquidity via a revolving line of credit in stablecoins. One of them is Dubai-based Mansa, whose offering allows payments companies, mainly in Africa to date, to settle transactions and fund customer accounts instantly. The startup has raised $10 million in seed funding including both equity and debt. Stablecoin provider Tether led the $3 million equity investment. The funds will support the company’s expansion into Latin America and Southeast Asia, regions where liquidity challenges also limit cross-border transactions. Mansa says its model improves clients’ cash flow at a lower cost than fiat alternatives, positioning it as a key player in the future of payments. Its co-founders, CEO Mouloukou Sanoh and COO Nkiru Uwaje, bring several years of expertise in finance, payments, and web3. Sanoh, an investor in several African fintechs, previously worked at web3 VC firm Adaverse. Uwaje was an innovation manager at SWIFT and led blockchain strategy for Dell in the U.K. and Ireland. Cross-border payments are crucial to global commerce, but many payment providers face liquidity shortages, leading to delayed settlements and higher operational costs, especially in emerging markets. Remittance costs average 6.5% globally, disproportionately affecting developing regions. With cross-border payments expected to reach $290.2 trillion annually by 2030, inefficiencies in the current system could cost businesses billions. Mansa says it addresses this by offering fast, flexible, embedded pre-funding solutions, completing due diligence in under a month. And unlike traditional lenders, it underwrites loans based on real-time transaction data rather than collateral while sourcing liquidity at scale through decentralized finance (DeFi). It aggregates capital from DeFi platforms, quant funds, family offices, and hedge funds. For its seed round, Mansa secured $7 million in liquidity from some of these institutions. Meanwhile, other investors that participated in the equity round alongside Tether include Faculty Group, Octerra Capital, Polymorphic Capital, and Trive Digital. “Payments are moving on chain, but in order for payments to move on chain you need to have the on-chain liquidity to be able to settle instantly,” Sanoh told TechCrunch. “That is why our partnership with Tether is so consequential and why we’re working very closely together to make it the primary stablecoin in emerging markets.” Despite USDC’s rapid growth last year, the founders said Mansa is bullish on Tether’s USDT due to its broad accessibility, usage flexibility, and market dominance, which continues to expand alongside rising on-chain payment activity, especially in emerging markets. It also makes sense that Mansa’s customers are not based in Europe, where Tether and nine other digital assets were recently delisted from EU-regulated platforms for not meeting MiCA compliance standards. Tether still holds 70% of the market share, in terms of trading volume, among stablecoins globally. Still, from a compliance perspective, Mansa says it’s focused on regulatory adherence. The fintech recently hired the former head of HSBC North Asia and the chief legal officer of Franklin Templeton to strengthen its regulatory oversight. Similarly, the stablecoin liquidity platform says it’s building robust risk frameworks for liquidity and payments, ensuring compliance with AML checks, sanction screening, KYC (Know Your Customer), KYB (Know Your Business), active transaction monitoring, and blockchain analytics tools. “We’re building a fintech, and we approach everything with that mindset,” Uwaje stressed. Meanwhile, Tether CEO Paolo Ardoino said the stablecoin provider is “proud to collaborate with Mansa and support their efforts to reshape global payment infrastructure.” So far, Mansa has disbursed over $18 million in payments financed to its clients, with access to over $200 million in liquidity through its partner network. The fintech claims it doesn’t have any defaults so far. Similarly, its transaction volume has surged since launching six months ago, from $1.6 million last August to $11 million in January, compounding at a monthly growth rate of 37.5%. It has processed nearly $31 million in that period. The company expects to reach a $1 billion total payment volume (TPV) run rate this year, up from its current $240 million run rate, Sanoh disclosed. The two-year-old fintech serves a broad range of clients, including B2B payment platforms, virtual card providers, stablecoin infrastructure, forex platforms, and remittance companies operating in Africa, Latin America, and Southeast Asia. These clients have reported a 30% increase in transaction volumes and a 10% revenue boost since onboarding, the fintech said. Meanwhile, Mansa’s own revenues — generated from fees on financed transactions — have grown 350% in the past six months. Lending is Mansa’s starting point. But there’s more it wants to do, according to Sanoh. “We’re starting by being the primary liquidity provider to the biggest payment companies across emerging markets,” CEO Sanoh explained. “From there, we can handle payouts and also offer additional services like foreign exchange. The goal is to create a one-stop payment platform where they can finance their payments, settle transactions instantly, and access foreign currency seamlessly — all in one place,” said the CEO, adding that it’s an evolution that could see it become an on-chain version of Stripe. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. 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Since its launch in 2018 as a ride-hailing service in Togo, Gozem has steadily expanded across French-speaking West Africa, integrating a wide range of services as it sought to become a super app. The company now offers ride-hailing, commerce, vehicle financing, and digital banking across Togo, Benin, Gabon, and Cameroon. Now, in a bid to scale its ecosystem, Gozem has raised $30 million in a Series B funding round — $15 million in equity and $15 million in debt — led by SAS Shipping Agencies Services and Al Mada Ventures. The company will use the funds to bolster its vehicle financing service and foray into new markets. According to the startup’s founders Gregory Costamagna and Raphael Dana, Gozem sets itself apart from other ride-hailing and vehicle financing platforms by making sure its drivers are financially secure and can access career growth opportunities. Gozem’s ride-hailing service covers motorcycles, three-wheelers, and cars, while its vehicle financing product is aimed at helping its drivers purchase vehicles. It also lets workers on its platform make food and grocery deliveries as part of its e-commerce business. “Our main client is the professional driver,” Costamagna told TechCrunch. “We build an ecosystem to help drivers earn more money and evolve in their lives. If they’re successful, our entire business is successful.” When we covered Gozem’s $5 million Series A in 2021, it had just piloted its vehicle financing model, partnering with local banks and deploying over 1,500 vehicles that year. Since then, the company has collaborated with international lenders and the International Finance Corporation (IFC) and now finances around 7,000 vehicles. To attract drivers to its platform, the company purchases vehicles using a mix of debt and equity, and drivers can pay for these vehicles in installments. Instead of requiring upfront deposits, Gozem recoups costs through small deductions from drivers’ daily earnings. Uber-backed Moove, Asaak, and MAX also offer vehicle financing products to drivers in different markets. Gozem said its program ensures that payments remain affordable relative to the driver’s average earnings. “We explain to all our drivers that this is a long-term journey,” Costamagna said. “We finance their motorcycle, but then they can upgrade to a [three-wheeler], then a car, eventually becoming full vehicle owners.” The founders said a significant portion of the debt raised is slated for Gozem’s vehicle financing vertical. The company is also working to raise another $20 million in the coming months to support its expansion across Francophone Africa over the next two years. Many fintech and mobility platforms have attempted to integrate diverse services under one super app, but the model hasn’t always been successful. In sub-Saharan Africa, for example, payment apps that have attempted to evolve into super apps, like SoftBank-backed Opay, have seen little success. Gozem, however, is seeing traction thanks to an approach that’s similar to Southeast Asian delivery and ride-hail giants Grab and Gojek. Some of its rivals, like BOND-backed Yassir and MNT-Halan, have also explored similar models in Africa across the Maghreb region and Egypt to some success. Currently, the company has nearly 10,000 registered drivers, and more than a million users have used its platform so far. It says its monthly users number in the hundreds of thousands. In addition to its core services, Gozem has seen some growth in digital ticketing, which is part of its commerce division. The company resells event tickets across its markets and says it has processed more than 50,000 tickets in Togo alone for major concerts and events. The company also forayed into digital banking (Gozem Money) via the acquisition of Moneex in 2023. The service, currently live in Togo, lets users make mobile payments and, according to the company, processes millions of dollars daily. Before this latest Series B, Gozem recorded run-rate gross merchandise value of $50 million across its three product verticals. Dana said the company expects to triple or quadruple its growth in 2025 with the new capital. He noted that the Series B funding round validates Gozem’s model, given the mix of industrial and financial services investors joining its cap table. SAS Shipping Agencies Services is part of MSC Group, one of Africa’s largest container terminal operators, while Al Mada Ventures is the venture arm of Pan-African financial services conglomerate Al Mada. “It’s validation because we have investors operating on the ground in the same markets where we operate,” said Dana. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

One of Africa’s most active investors, known for early bets on unicorns like Flutterwave, Andela, and Wave, has secured fresh capital to invest in startups across the continent. This comes as funding deals and volumes in Africa saw only a slight dip last year, according to a report by VC firm Partech. LoftyInc Capital, which primarily backed startups at the pre-seed and seed stages for over a decade, has reached the first close of its third fund, LoftyInc Alpha, at $43 million. Unlike its earlier focus, this fund will target late-seed and Series A startups while retaining its geographical focus across Nigeria, Egypt, Kenya, and Francophone Africa, founder and managing partner Idris Ayo Bello told TechCrunch. The first close attracted a diverse group of limited partners, including sovereign wealth funds from the Middle East and Africa, such as Egypt’s MSMEDA and Tunisia’s Anava Fund of Funds. Development finance institutions like FMO, Proparco (FISEA), AfricaGrow, IFC, and the U.S.-based First Close Partners also participated, alongside African high-net-worth individuals (HNIs) and European family offices. Bello, who launched LoftyInc’s first investment vehicle in 2012, is one of the few investors to have witnessed Africa’s tech evolution firsthand. His firm has backed startups through various phases, from startup diversification beyond fintech and the rise of tech talent to the unicorn boom of 2021 and the current funding slowdown. The pre-seed vehicle, run by an angel network that has since grown into a self-sustaining community of 250+ investors across Africa and the diaspora, laid the foundation for LoftyInc’s first structured venture fund five years later. In 2017, the Lagos-based venture capital firm raised its first institutional fund at $1.1 million, exclusively from HNIs and fully deployed in Nigeria. Bello, who launched the fund with Marsha Wulff and Michael Oluwagbemi, said it delivered a 5.7x DPI (cash return) to its investors, driven by exits and secondaries from Flutterwave and General Atlantic-backed health tech startup Reliance Health. By 2021, LoftyInc launched its second VC fund, initially targeting $10 million but closing at $14.2 million. This second fund expanded beyond its market scope outside Nigeria and took a pan-African approach, investing in startups across Egypt, South Africa, and Francophone Africa—markets where LoftyInc aims to remain active. Among its investors was Meta, through its NPE team, marking the tech giant’s first and only investment in an African VC. With its third fund, LoftyInc is refining its investment strategy to tackle a significant challenge in Africa’s startup ecosystem: the low graduation rate from pre-seed to Series A. Africa’s VC landscape saw the steepest average ticket sizes decline at Series A (-18%) and Series B (-27%) last year, per the Partech report. Bello notes that while LoftyInc’s angel networks and micro funds have helped cover pre-seed and seed rounds, the real funding gap emerges at the late-seed stage, where startups need structured support to scale and secure Series A capital. “At pre-seed and seed, there’s a lot of hype, but by Series A, the questions investors ask are very different,” he said. “Our goal is to come in at seed, but our mandate is to help you get to Series A. We want to be the firm that gets startups over that hump.” Positioning startups for Series A rounds where it plans to make follow-on investments and bring in co-investors will also strengthen the pipeline “opportunistically” for top-tier African investors at the Series A and growth stages, such as TLcom Capital, Partech, and Norrsken22. Bello says LoftyInc differentiates itself in the crowded early-stage investment market in Africa by leveraging its partners’ operational expertise and networks. With over 200 investments and 14 exits, the managing partner posits that the firm provides more than capital, offering market access, business development support, and investor matchmaking to its portfolio companies. LoftyInc has expanded its leadership team with its latest fund to keep up with its evolving strategy and growing portfolio, an important move for regional expertise and execution as it invests in startups that require localized support. Over the past two years, the firm added Mariam Kamel and Kevin Simmons as general partners. They will apply their investment banking, angel investing, and operational VC experience across the Middle East and Africa to help deepen the firm’s presence in Africa’s east, north, and Francophone regions (where at least 30% of the fund will be deployed). “They bring in fund and investor experience, which ties into our geographical expansion and exit plans,” Bello said, adding that Oluwagbemi and Wulff will continue managing LoftyInc’s previous funds while supporting the transition into this larger, more structured fund. LoftyInc Alpha says it’s backing innovations that drive Africa’s “everyday economy.” Most of that will revolve around financial services, which remains the most dominant sector in African tech, accounting for 60% of the over $2 billion in equity deals startups raised last year; logistics and transport; health tech; retail; climate; and deep tech and AI where they apply as enablers across the other sectors. Bello says the fund plans to invest in 20-25 companies, with initial checks averaging $1 million and follow-ons up to $5 million. The firm’s portfolio spans notable startups, including Uber-backed vehicle financing platform Moove, Egypt’s Robinhood-style trading app Thndr, and African B2B e-commerce platform OmniRetail. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. 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African businesses pay up to four times the global average to transport goods, driving up prices for essentials like food and medicine. Logistics make up 75% of product costs on the continent, according to the African Development Bank (AfDB). Many of these businesses also rely on manual logistics, leading to delays. Nairobi-based logistics software-as-a-service provider Leta wants to change all of that. Its AI-powered platform optimizes delivery routes, tracks shipments in real time, streamlines payments, and provides businesses with shipping insights. The startup has raised $5 million in seed funding to scale its solution, which it says is helping businesses move goods cheaper and faster across the continent. European VC firm Speedinvest led the round, with backing from Google’s Africa Investment Fund and Equator, an Africa-focused climate tech fund. In November 2022, the Kenyan logistics startup raised a $3 million pre-seed from several local investors, money it used to deepen operations in its five core markets: Kenya, Nigeria, Uganda, Zambia, and Zimbabwe. Leta’s load and route optimization technology helps its clients cut costs and improve delivery efficiency by reducing the number of vehicles needed for distribution, founder and CEO Nick Joshi explains. Leta integrates directly with businesses’ ERP, POS, and OMS systems, pulling in live order data like SKUs, product types, prices, and customer details, Joshi says. From there, the platform selects the best available vehicle for each order and decides whether to load products using first-in, first-out (FIFO) or last-in, first-out (LIFO) methods, replacing manual, intuition-based dispatching. (FIFO loads the oldest inventory first, while LIFO loads the most recent stock first.) The platform then automates manifest creation and dispatch planning, optimizing vehicle use based on regional demand and truck capacity. Finally, Leta’s system, which, according to Joshi, is powered by AI, optimizes delivery routes in real-time. “For example, if there’s a roundabout where trucks or motorbikes repeatedly fail to complete a turn on that route, the AI flags it as a blacklisted route,” said the CEO. “It could be due to flooding, police stops, construction, or a presidential convoy. The system constantly updates its map layer to reflect these changes.” Leta’s real-time mapping has become a key asset for Google, one of its investors. Joshi notes that Leta’s continuous refinement of road and address data sourced from live customer deliveries will help complement Google Maps in its markets. “We’re creating a much more robust map and address layout, which is why I think Google found it interesting,” he explains. By connecting stakeholders across the supply chain, Joshi sees financial services as a natural extension of Leta’s software platform and is already piloting some new products. Joshi says potential offerings include fuel cards for delivery partners, asset financing for vehicles and devices, and supply chain financing for FMCG (fast-moving consumer goods) merchants. Deepali Nangia, who leads Speedinvest’s investments in Africa and the Middle East, said the firm backed Leta because it “leverages logistics as a gateway and fintech as a growth driver, unlocking new business opportunities.” Leta also helps businesses reduce fleet sizes without cutting deliveries, lowering fuel consumption and emissions, which explains Equator’s backing. “A company with 70 trucks saves about $30,000 monthly using Leta,” Joshi claims. “We haven’t started tracking carbon emissions yet, but it’s a key goal for this year.” The Kenyan startup now powers 35+ major businesses, including global brands like KFC and Diageo, and local giants like EABL and Gilani, optimizing 10,000+ daily trips across its five markets. Since our 2022 coverage, Leta has seen massive growth: 500,000 deliveries to 4.5 million, from moving 20,000 tons to 150,000, and from managing 2,000 vehicles to 7,400. As a result, Leta’s revenues, which it makes on a per-delivery pricing model, have grown 5x, says Joshi. Leta now aims to double revenue in the coming months as it expands into more countries across Africa and the Middle East with clients like KFC and Diageo. Globally, Leta mirrors early Flexport before it shifted into a tech-enabled fulfillment platform. In Africa, logistics startups like Sendy, Lori (also backed by Google), and KOBO360 took this approach, aggregating trucks and acting as intermediaries. However, this model has struggled, leading to recent closures and pivots. Leta takes a different approach: just software. Instead of aggregating or managing freight, it partners with companies that already own fleets, helping them boost efficiency and optimize utilization. It’s a playbook other global logistics tech firms like Bringg, Onfleet, and Shipsy also follow. “The first generation of logistics startups in Africa did the hard work by educating the market and proving what’s possible,” says Joshi. “By the time we entered, some were exiting or trying to redefine their business. So we knew then what the market was looking for and what they needed.” Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. 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Y Combinator-backed Nigerian food procurement startup Vendease has changed its employee pay structure and is seeking fresh capital, TechCrunch has learned. This is after laying off 44% of its workforce — around 120 employees — last month, marking its second round of job cuts in five months. In the latest development, the startup has now replaced employees’ traditional salaries with a performance-based pay system, supplemented by an Equity Share Option Plan (ESOP), according to internal documents seen by TechCrunch. The 5-year-old startup, which raised $30 million in its Series A round led by Partech Africa and TLcom Capital, said the restructuring was necessary to navigate to profitability. Vendease’s new compensation model includes a five-phase salary-recovery plan, the documents say. In February, all employees received a ₦140,000 (~$90) salary, regardless of previous pay. From March to May, the company will raise employees’ wages to 30% of former levels if they meet performance targets, though it hasn’t specified these targets, the documents say. Compensation will increase to 60% of former salaries from June to August and 90% from September to November, with full salary restoration expected by December, again contingent on company and employee performance goals. The unpaid portions of the salaries will convert into share options under the ESOP, with 50% vesting over 10 months and the rest over three years. But employees can only exercise these options at a board-approved fair market value, according to the employee agreement. The company confirmed the changes to employee pay, insisting that it is now at a break-even point, even close to profitability. “Vendease has restructured both its business and operations. We’re a software company, and we want to focus on facilitating OPEX-heavy operations with technology rather than handling them ourselves,” a company spokesperson told TechCrunch. It says the changes are intended to encourage employee productivity while the company grows more financially sustainable. “We only spend what we earn, which keeps us consistently at break-even and focused on profitability,” the spokesperson added. With slightly over 150 employees left, Vendease is betting on internal restructuring, fresh capital, and AI-driven efficiency to cut costs and sustain operations. As the company points out, this also means focusing more on software-driven growth and doubling down on its sales and payments solutions and credit marketplace while gradually phasing out warehousing and logistics operations. Founded in 2019 by Tunde Kara, Olumide Fayankin, Gatumi Aliyu, and Wale Oyepeju, Vendease set out to streamline food procurement for African restaurants and food businesses. The startup claimed it could eliminate inefficiencies in the food supply chain, which cost businesses billions annually. By 2022, it had moved 400,000 metric tons of food for over 2,000 customers, it said, saving them $2 million in procurement costs and cutting wastage-related losses by nearly $500,000 in Nigeria, its main market. But the last two years have been brutal for Vendease and many Nigerian startups without FX-denominated revenue. Since its Series A in September 2022, its revenue in Nigeria’s naira has tripled, but the currency’s sharp depreciation within the last three years has wiped out those gains in dollar terms. Inflation has further increased operational costs, squeezing profitability for the capital- and people-intensive business. One of Vendease’s main revenue drivers within the past year has been its buy now, pay later (BNPL) product. Traditional lenders often avoid food businesses due to their volatility and fragmentation. But Vendease leverages its supply chain knowledge to underwrite loans via its marketplace, which connects financial institutions with food businesses. The company claims a default rate of under 1% over the last two years and has issued over $70 million in credit as of September 2024. When CFO Mohamed Chaudry joined in January 2024, he helped identify BNPL as a key path to profitability. However, despite some recent tweaks, the credit product alone doesn’t seem to be enough to get Vendease there. His appointment also set off the ongoing restructuring to tighten financial controls and extend its cash runway, which, according to sources, may only last a few more months. As such, the company is in talks with existing and new investors to raise a bridge round, money it will use to fund technology growth and expansion rather than operational expenses. Meanwhile, sources also say Vendease has explored a potential sale to other players in the HORECA (hotels, restaurants, and catering) and FMCG (fast-moving consumer goods) sectors. The company, however, disputes this and insists it’s the other way around. “It’s normal to get approached for M&A, especially when you’re a fast-growing business operating in a unique space like food. Yes, Vendease has been approached, but the founders are focused on scaling, not selling anytime soon,” said a spokesperson. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. 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Last year, funding into African startups edged past $2 billion, returning to pre-pandemic levels and presenting a mixed bag as expected. Signs suggest 2025 will follow the cautious trends of the past two years. A sharp decline in mega-deals, mirroring global venture capital tightening since the boom of 2020-2021, pushed local and international investors to prioritize sustainable business models and clear paths to profitability. This shift spelled trouble for well-funded startups that fell short of these criteria, leading to high-profile closures, including mobile commerce platform Copia and agri-focused data analytics firm Gro Intelligence. Notably, both startups had raised over $100 million in venture funding, with Gro Intelligence reaching a valuation of $850 million at its last priced round. While startup failures in Africa were once largely confined to pre-seed and Series A stages, these closures, including that of Ghanaian fintech Dash and Nigerian biotech 54gene in 2023, signal an ecosystem at a turning point, where even growth-stage and late-stage startups face mounting risks. Some, instead of succumbing to the pressures of 2024, opted for strategic pivots rather than closures. B2B e-commerce giants Wasoko and MaxAB, for instance, merged operations to conserve cash and streamline resources, leveraging shared industry experience to weather the storm. Meanwhile, the likes of Moniepoint, Moove, and TymeBank thrived as they drew attention with notable investments from Uber, Google, and Nubank, respectively, buoyed by strong growth metrics and profitability. These developments show the dual realities of Africa’s post-boom tech landscape: escalating challenges and resilient adaptations. In this environment, these unicorns and soonicorns remained in the spotlight as they always have. Their successes and struggles not only underscore the continent’s enormous potential, but also shape conversations about the future of its tech ecosystem. Against this backdrop, it’s an opportune time to spotlight these billion-dollar ventures and the up-and-comers trailing behind. Flutterwave (2021) — $3 billion: Founded in 2018, Flutterwave provides payment solutions to individuals and businesses across Africa and facilitates transactions between them and international markets. The Nigerian fintech has raised over $475 million in funding, including a $250 million Series D. Investors include Tiger Global, Avenir Growth, and DST Global. OPay (2021) — $2 billion: OPay provides a wide range of digital financial services, including mobile payments, savings, lending, and bill payments through a network of agents and an app. Founded in 2018 as an offshoot of internet company Opera, Opay has raised over $500 million, including a $400 million Series C. SoftBank Vision Fund 2, Sequoia Capital China, and Redpoint China are some of its investors. Wave (2021) — $1.7 billion: The Senegal-based fintech offers low-cost mobile money services to make banking more accessible and affordable to customers in Francophone Africa. Founded in 2018, the Sendwave spinoff, Wave, raised a $200 million Series A from Stripe, Sequoia Heritage, Founders Fund, and Ribbit Capital. Andela (2021) — $1.5 billion: Andela is a global talent marketplace that connects companies with vetted, skilled software engineers, product managers, and other tech professionals. The recruitment platform, founded in 2014, has raised over $380 million, including a $200 million Series D. It’s backed by SoftBank, the Chan Zuckerberg Initiative, and Spark Capital. TymeBank (2024) — $1.5 billion: The South African digital bank provides transactional accounts, savings products, and cash advances, primarily targeting lower-income individuals and businesses. Tyme Group, the parent company of TymeBank and the Philippines’ GoTyme, raised $250 million in a Series D in February led by Nubank. M&G Catalyst Fund, Tencent, African Rainbow Capital, and Norrsken22 are some of its investors. Chipper Cash (2021) — $1.25 billion: Chipper Cash allows users to send and receive money across African countries alongside offering card and investing products. It has raised over $300 million. FTX, Ribbit Capital, Bezos Expeditions, and SVB Capital are some of its investors. Interswitch (2019) — $1 billion: The payments infrastructure startup, founded in 2002, provides integrated payment and transaction solutions across Africa and multiple channels. The Nigerian fintech has raised over $300 million, including a $200 million Visa-led round. Other investors include Helios Investment Partners and Leapfrog. MNT-Halan (2023) — $1 billion:  Egyptian financial super app MNT-Halan, founded in 2017, provides a wide range of services, including digital lending, payments, e-commerce, and buy now, pay later solutions, targeting the underserved and unbanked. MNT-Halan has over $500 million in equity and debt financing. Chimera Investments, Apis Growth Fund II, and Development Partners International are some of its investors. Moniepoint (2024) — $1 billion: Nigerian fintech Moniepoint, founded in 2015, offers financial services tailored for businesses and individuals across Africa, including digital banking and payments, credit, and business management tools. Moniepoint secured $110 million in Series C funding last October. Investors in the fintech include QED, Development Partners International, Google’s Africa Investment Fund, and Lightrock. At the start of 2024, Moniepoint and TymeBank were valued at $850 million and $965 million, respectively, making them Africa’s leading contenders for unicorn status — a milestone they achieved that year. Here’s a look at other African startups that could follow suit in the coming years based on their last priced round. PalmPay — $800 million to $900 million: The Nigerian fintech company, launched in 2019, lets people conduct money transfers, pay bills, purchase airtime, and access credit services. PalmPay has raised $140 million across two funding rounds, including a $100 million Series A in 2021. While the company has not confirmed its valuation, sources say this round may have pushed it between $800 million and $900 million. Transsion Holdings, Chuangshi Capital, Chengyu Capital, and AfricInvest are some of its investors. Moove — $750 million: Moove, founded in 2020, operates as a mobility fintech that provides revenue-based vehicle financing to gig workers, enabling access to new vehicles for ride-hailing, logistics, and delivery services. Operating across multiple cities in Africa, Europe, the Middle East, and Asia, Moove has raised over $409 million in funding from investors. Investors include Uber, which led its recent $100 million Series B round, Mubadala Investment Company, Speedinvest, and Stride Ventures. Yassir — $600 million to $800 million: Yassir operates a super app that provides on-demand services, including ride-hailing, food and grocery delivery, and financial services across six countries. The Algerian startup has raised nearly $200 million from BOND, Y Combinator, and Stanford Alumni Ventures. Kuda — $500 million: The Nigerian digital-only bank, founded in 2019, offers a range of financial services, including banking, savings, and lending, as well as smart budgeting and spending features. Since its inception, Kuda has raised over $90 million from investors, including Target Global and Valar Ventures. Notably, it secured $55 million in a Series B funding round at a valuation of $500 million. Wasoko/MaxAB — About $500 million: Kenyan B2B e-commerce platform Wasoko and its counterpart in Egypt, MaxAB, operate Africa’s largest digital platform for informal retail, connecting buyers and sellers of fast-moving consumer goods. According to one of Wasoko’s investors, VNV Global, this merger resulted in a combined valuation of around $500 million. Both startups have raised nearly $240 million collectively (up until Series B) from Tiger Global, Silver Lake, British International Investment, and Avenir Growth. Clickatell — About $500 million: The South African-born startup plays in the chat commerce space, offering a platform that enables businesses to connect, interact, and transact with their customers through popular messaging channels like SMS and WhatsApp. Clickatell secured $91 million in a Series C funding round in 2022, bringing its total raise to over $100 million. Sequoia Capital, Arrowroot Capital, and Endeavor Global are some of its investors. M-KOPA — About $500 million to $600 million: Founded in 2011, the Kenyan-based lender provides affordable access to smartphones, electric motorcycles, and digital financial services such as loans and health insurance across sub-Saharan Africa through its innovative pay-as-you-go model and digital micropayments. M-KOPA has raised over $500 million in combined debt and equity funding. Some of its investors include Sumitomo, Lightrock, Standard Bank Group, and the International Finance Corporation. Yoco — $400 million to $500 million: Yoco provides payment solutions and business tools like point-of-sale card machines and online payment gateways tailored for small and medium-sized enterprises. The South African fintech has raised over $107 million, including an $83 million Series C. Dragoneer Investment Group, Breyer Capital, HOF Capital, and 4DX Ventures are some of its investors. Onafriq — About $300 million to $500 million: Onafriq, formerly MFS Africa, operates the most extensive digital payments hub on the continent. It connects millions of mobile money wallets across multiple African countries, allowing for cross-border payments, remittances, and financial integrations for individuals and businesses. The South African fintech has raised over $300 million in funding — including a $100 million Series C. AfricInvest, CommerzVentures, and Admaius Capital Partners are some of its investors. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. 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Djamo is one of several digital banking startups targeting Africa’s underbanked. But unlike many that focus on large markets like Nigeria, Egypt, or South Africa, Djamo has carved out a niche in Francophone West Africa, specifically the Ivory Coast and, more recently, Senegal. It now serves over 1 million customers across both countries. The Y Combinator-backed fintech just raised $17 million to expand its product suite for these retail customers and the thousands of small businesses it has onboarded in the last two years. The equity round, the largest ever for an Ivorian startup, surpasses Djamo’s $14 million Series A in 2022 and reflects continued investor confidence in its mission to make banking accessible and affordable. Co-founder and CEO Hassan Bourgi declined to share the new valuation but said it has doubled since the last raise. Bourgi founded Djamo with chief product and technical officer Régis Bamba in 2020 to close the financial access gap in French-speaking African countries, where few adults have bank accounts. Traditional banks in the region often cater to the affluent, leaving most of the population reliant on mobile money, a cheaper method that includes using phone numbers to make financial transactions. Mobile money has been instrumental in expanding financial access across Africa. As of 2022, only 28% of adults in sub-Saharan Africa had a mobile money account, per the World Bank, and the region holds more than half of the world’s total. But that progress has also created a ceiling. Most mobile money platforms offer basic services: cash-in, cash-out, P2P transfers, and bill payments. While useful, they don’t unlock more advanced financial tools like credit, investments, or long-term savings. Djamo is positioning itself between mobile money and traditional banking. The startup offers the accessibility of mobile money with the financial depth of a bank account, a similar playbook that SoftBank-backed Opay and Transsion-backed PalmPay have used to scale to tens of millions of customers in Nigeria. Its target is a growing segment of users, mostly younger customers, who’ve outgrown mobile money wallets but still find traditional banks expensive, outdated, or inaccessible, the founders say. “These users are evolving,” said Bourgi. “But they don’t want to go where their parents went, into institutions with predatory pricing and aren’t adapted to the new generation of customers. And this is what we are building, trying to become the go-to bank for this huge cohort of customers that is evolving now to more complex, wealth-building financing opportunities.” Since our last coverage, Djamo has expanded beyond cards and peer-to-peer transfers. The Ivorian fintech now offers savings vaults, investment products — thanks to the region’s first fintech-issued brokerage license — and salary-linked bank accounts, which Bourgi sees as important to boosting customer engagement. Like many neobanks, Djamo attracts banked users who treat it as a secondary account for smoother bill payments and mobile money integration. But it’s the unbanked, who are more difficult to activate, who show greater long-term potential. These users, who make up over 55% of Djamo’s base, often treat the app as their primary financial service. Bourgi says nine in 10 users who rely on Djamo as their main account come from this segment. To reach more of them, Djamo has adopted a hybrid approach, combining its app with offline agents who meet customers in person to facilitate transactions, similar to the mobile money model now more broadly adopted by fintechs across the continent. Currently, only 5% to 10% of Djamo users receive salaries through the app. “The next phase for us,” Bourgi said, “is figuring out how to move from 10% to 50% of our users getting their salaries paid directly into Djamo.” Meanwhile, Djamo is also ramping up services for small businesses — about 10,000 of them, many of whom started as retail users. According to CTO Bamba, the startup now provides bulk payments, payment links, and QR code tools to help merchants accept and manage payments directly within the app. The fintech generates revenue from merchant fees on online card purchases and a premium tier plan, which 25% of users pay for. Bamba adds that the company is exploring additional revenue streams, including lending and earning interest on customer deposits. It is in the process of securing licenses that will allow it to offer interest-bearing savings accounts and credit products. Djamo’s founders say the company has grown revenue 5x since 2022 and processed more than $4.5 billion in transactions since launch. With its recent expansion into Senegal, Djamo has entered a market dominated by Wave, one of Africa’s largest fintechs known for low-cost mobile money transfers. But rather than compete directly, Djamo positions itself as a complementary service, offering a digital banking experience where users can store funds and access more advanced tools like savings, investments, and credit. Now a 250-person team, Djamo is betting that its new round of funding, led by Pan-African, gender-focused VC Janngo Capital, will help it scale those services across French-speaking Africa. “We are thrilled to lead the largest VC round in Ivory Coast and double down on Djamo, a mission-driven fintech transforming access to financial services across Francophone West Africa,” said Fatoumata Bâ, founder and executive chair of Janngo Capital. “In a region where fewer than 25% of adults have access to formal financial services, and where women are twice as likely to be excluded, this is a vital mission. With women making up a third of its users, Djamo is not only closing the gender gap but unlocking economic opportunity at scale.” Other investors participating in the round include SANAD Fund for MSMEs (micro, small, and medium enterprises), managed by Finance in Motion; Partech; Oikocredit; Enza Capital; and Y Combinator. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. 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by Grace Ashiru April 4, 2025, 6:21 am 382 Views As expected, the performance in March significantly impacted the overall numbers. In total, start-ups raised $460m in Q1 through $100k+ deals (excluding exits), which is only slightly below the Q1 2024 total of $486m, reflecting a 5% YoY decrease. However, it’s important to note that Q1 2024 itself was not a particularly strong quarter. In fact, Q1 2025 marks the second-lowest quarter for start-up funding since late 2020. Looking at the number of start-ups that raised at least $1m in Q1, there is a more positive outlook. With 52 such start-ups, this figure aligns with the 2023-2024 average. As expected, 83% of the funding went to the Big Four countries, with Kenya, Nigeria, and South Africa each attracting approximately $100m in funding (24%, 24%, and 22% of the total, respectively). Egypt followed with $61m (14%). Togo rounded out the top five, bolstered by Gozem’s $30m Series B funding round. Nearly half of the funding (46%) was raised by fintech start-ups ($53m for LemFi, $38m for Naked, etc.), with energy (18%) and logistics & transportation (10%) following in terms of sectoral breakdown. Female CEOs secured just over 2% of the total funding ($10m), with the largest round being a $6.2m grant awarded to South African biotech company African Biologics. If grants are excluded, the proportion of funding raised by female CEOs in Q1 2025 drops to 0.7%. Ultimately, 79% of the funding went to either solo male founders (11%) or male-only founding teams (67%). Diverse founding teams received 20% of the total, which, while not ideal, is relatively strong compared to previous quarters. A mere 1% was allocated to solo female founders or female-only founding teams. Source Stay Ahead with TechInAfrica! 🌍💡 Join our WhatsApp Channel for the latest updates on tech, startups, and venture capital across Africa! From Cairo to Cape Town, Lagos to Nairobi—we cover all 54 countries! 📰✨ 🔗 Subscribe now: https://whatsapp.com/channel/0029Vb3xgMr42DcfICgi7T1N 🚀 Be the first to know. Stay informed. Stay ahead! See more by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 9, 2025, 12:14 am Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

by Kevin Mwangi April 4, 2025, 9:47 am 832 Views Kenya is a growing hub for startups in Africa, attracting billions in funding. From 2021 to mid-2024, startups raised over $2 billion, fueled by innovations in fintech, e-commerce, healthcare, and clean energy. Key investors like Savannah Fund, Chandaria Capital, and Novastar Ventures are driving this growth by providing early-stage funding and strategic support. Kenya’s startup ecosystem thrives due to high internet penetration (87%), financial inclusion (83%), and innovations like M-PESA. These investors are not only funding startups but also shaping the future of tech and social impact in the region. Looking for funding? Focus on scalable tech, market validation, and measurable impact to attract these top investors. Savannah Fund is a venture capital firm based in Nairobi, focusing on early-stage tech startups across sub-Saharan Africa. Since 2012, it has invested between $50,000 and $1 million in various tech businesses. The firm looks for startups with the potential to grow regionally and globally, particularly in sectors like fintech, agtech, e-commerce, edtech, enterprise, healthcare, and logistics. Initial investments typically range from $150,000 to $250,000, though pre-seed funding can start as low as $50,000. Here’s a breakdown of their investment amounts by stage: Savannah Fund’s investments have driven growth for several standout companies: “Early-stage funding is vital to enable more of Africa’s emerging and growing tech founders to grow their business and fuel the transformation of Africa’s internet economy. By partnering with Savannah Fund, we can help more entrepreneurs to access funding.” – Kevin Njiraini, IFC regional director for Southern Africa and Nigeria With a portfolio of 39 companies, including 10 based in Kenya, Savannah Fund plays a critical role in addressing the early-stage funding gap in Africa’s growing digital economy. Chandaria Capital, based in Nairobi and founded by Darshan and Neer Chandaria, focuses on early-stage investments in promising African businesses. By supporting scalable and competitive ventures, the fund plays a key role in driving growth within Kenya’s startup scene. The fund’s portfolio covers a wide range of industries, including: Chandaria Capital doesn’t just provide funding. It also offers hands-on support in areas like business development, hiring, marketing, technology, customer acquisition, and planning for exits. “Chandaria Capital has been a great partner for us in growing Sokowatch. From introducing us to new partners to helping us recruit the best talent, Chandaria has leveraged their extensive network across East Africa to support our growth across the region.” – Daniel Yu, Founder & CEO, Sokowatch Their influence goes beyond individual companies. For example, their partnership with Metta Kenya has helped strengthen the entrepreneurial community in the region. “Chandaria Capital has definitely been one of our rock-star investor members! Excited to continue working with this team as we grow our entrepreneurial space to the next level.” – Esther Mwikali, Head of Community, Memberships & Operations, Metta Kenya Through global connections, Chandaria Capital also links Kenyan startups to international expertise and potential partners. This global reach has proven especially helpful for companies like Mobius Motors. Novastar Ventures stands out for its commitment to supporting underserved communities. Established in 2014, this Nairobi-based venture capital firm focuses on early-stage investments across East Africa. With investments ranging from $100,000 to $5 million, Novastar has built an impressive portfolio, including: These investments target key sectors critical to Kenya’s growth. Beyond funding, Novastar actively works with businesses to develop models that address the needs of East Africa’s growing middle class. With offices in Kenya, Nigeria, and London, the firm connects local startups to global networks. Novastar’s investments focus on several key areas: Kepple Africa Ventures, launched in December 2018, manages a $13 million fund supported by Japanese high-net-worth individuals. The firm focuses on early-stage investments ranging from $50,000 to $150,000. With offices in Nairobi and Lagos, the firm prioritizes quick decision-making. Co-founder Ryosuke Yamawaki highlights their philosophy: “We invest when nobody else believes in it. We are not afraid of making mistakes; but we fear not learning anything due to lack of execution and speed.” This mindset drives their investments across various sectors in Kenya: Yamawaki also notes: “Other markets are saturated; Africa offers untapped potential due to limited professional capital.” Kepple Africa Ventures stands out with its fast decision-making, ability to connect across borders, and focus on building industries. Through its Verod-Kepple Africa Ventures (VKAV) initiative, the firm now supports larger investments between $1 million and $3 million, while staying committed to early-stage funding. Factor[e] Ventures focuses on backing early-stage tech companies tackling major challenges in emerging markets. They offer seed funding ranging from $250,000 to $750,000, and 85% of their portfolio companies secure additional funding later on. The firm zeroes in on four main sectors, each with measurable outcomes: To expand its climate-focused initiatives, Factor[e] Ventures launched Delta40, a venture studio based in Nairobi. Led by Lyndsay Holley Handler, Delta40 specializes in building climate-tech startups. So far, it has partnered with experienced founders to launch six ventures. “Although only 3% of global carbon emissions come from Africa, more than 60% of African households will be affected by climate change if we do not act.” Factor[e] Ventures has built an impressive track record: The firm provides more than just funding. Through initiatives like Factor E Labs, they offer technical expertise, market insights, and strategic guidance to help startups navigate the complexities of emerging markets. “Factor E has a unique understanding of what it takes to build successful products in emerging markets, and their expertise has been invaluable in helping Odyssey navigate complex environments and establish key connections. We hold Factor E close to our hearts for believing in our vision from the very beginning and continuing to support us through our growth and transformation.” Delta40 also strengthens Factor[e] Ventures’ footprint in Kenya by connecting African and female founders with the resources – technology, talent, and capital – they need to build impactful climate-tech ventures. Africa Tech Ventures (ATV) plays a key role in Kenya’s startup scene, offering investments ranging from $100,000 to $5 million in exchange for a minority stake. They also provide follow-on funding to help businesses scale. ATV focuses on startups that use technology to boost economic growth and improve access to essential services across Sub-Saharan Africa. ATV prioritizes three key sectors in Kenya: These areas align with ATV’s mission to drive growth and create meaningful change in critical industries. ATV’s investment strategy is built on two main pillars: This approach positions ATV as a valuable partner for entrepreneurs addressing market challenges with tech-driven solutions. ATV’s funding model supports startups at different stages of growth by offering: This structure ensures startups receive the financial and strategic support they need to thrive. E3 Capital plays a key role in driving Kenya’s tech development, with a focus on funding climate technology and sustainable solutions. The firm has raised $150 million and built a portfolio spanning 22 countries. E3 Capital backs early-stage companies that align with three main principles: This approach has created over 3,814 direct jobs and helped avoid 181,244 tonnes of CO₂ emissions. E3 Capital channels its investments into sectors that aim to create measurable impact. Here’s a breakdown: These areas reflect the firm’s commitment to impactful investment strategies. “E3 Capital has been a phenomenal partner in Mawingu’s journey – providing not just capital, but invaluable strategic guidance and support in fundraising. Their deep expertise and commitment to growth have been instrumental in shaping our vision and scaling our impact.” “E3 Capital’s investment came at a pivotal point for Badili. Paras and team have always been there to support and were proactive in helping us raise additional capital right after their investment.” E3 Capital’s investments have achieved the following: Safaricom’s Spark Venture Fund plays a key role in supporting early-stage tech companies in Kenya. By offering financial and strategic backing, the fund has grown from an initial $1 million allocation in 2014 to $5 million by 2020. The fund invests up to $500,000 per startup, focusing on tech ventures with strong growth potential. In its first round of investments (2015–2017), the average investment per startup was $175,000. The Spark Venture Fund provides assistance through three main areas: This comprehensive support system has contributed to the success of several startups. During its first investment phase (2015–2017), the fund backed several promising companies, including: “Innovation is part of Safaricom’s DNA, and this latest initiative illustrates the commitment and passion that we have to help nurture a vibrant ICT-powered economy. The Spark Fund demonstrates the existing benefits that Safaricom would be able to offer to start-ups we will invest in order to grow and scale them.” – Nzioka Waita, Corporate Affairs Director and member of the Board of Trustees for the Fund “Despite contributing to over 60 percent of Kenya’s GDP, small businesses are under-funded and do not have access to the same level of advice as their counterparts in other countries. It is encouraging that Safaricom will also extend access to structured mentoring to beneficiaries of the Venture Fund as that will be an additional assurance that the selected ventures remain sustainable in the long run.” “We see this as a much-needed catalyst that will help actualize our aspiration to nurture a vibrant ICT economy in Kenya. It will directly address the key startup and developers’ pain points such as the cost and speed of accessing a platform where they can test their solutions.” This targeted approach is helping to drive growth and innovation across Kenya’s tech ecosystem. In Kenya, Yunus Social Business (YSB) is making waves by combining financial support with meaningful social change. Globally, YSB has touched the lives of 13 million people and boosted incomes for 75,000 individuals. This effort aligns with Kenya’s growing focus on impactful investments. YSB supports social businesses in the “missing middle” – ventures that balance social goals with financial viability. In Kenya, they teamed up with the IKEA Foundation to map the local impact-investing landscape, working with 50 impact investors and over 150 social enterprises. This work dovetails with Kenya’s push for sustainable tech solutions across industries. YSB’s first Kenyan investment, BURN Manufacturing, has delivered impressive results since September 2019: “BURN is a fantastic first investment for YSB Kenya as they are truly an impact-first business, covering the spectrum of not only social but environmental and economic impact. The social business is committed to keeping their manufacturing within Kenya in their state-of-the-art factory and are encouraging female empowerment as all jobs are open to both men and women at all levels – just over half of its workforce are women.” – Saskia Bruysten, CEO, Yunus Social Business YSB follows the vision of Nobel laureate Muhammad Yunus, prioritizing businesses that serve a cause. Investors can recover their initial funds, but profits are reinvested to achieve social goals. “Social business is a cause-driven business. In a social business, the investors/owners can gradually recoup the money invested, but cannot take any dividend beyond that point. Purpose of the investment is purely to achieve one or more social objectives through the business.” – Muhammad Yunus YSB’s efforts extend beyond individual projects, fostering growth across East Africa. Their investments and partnerships have positioned Kenya as a hub for social business innovation, particularly in clean energy and environmental conservation. The success of BURN Manufacturing highlights Kenya’s leadership in producing improved cookstoves. Acumen Fund has played a key role in Kenya’s startup ecosystem by investing millions to tackle poverty through market-driven solutions. Their focus areas include agriculture, clean energy, and education. Using a “Patient Capital” approach, they prioritize long-term social impact alongside financial returns. Below is a closer look at their investments and the outcomes they’ve achieved. Acumen’s investments target sectors that drive meaningful change: In 2024, Acumen invested in Keep IT Cool, a project aimed at supporting smallholder farmers in Turkana. This initiative also integrates refugee communities into the poultry supply chain, aligning with their Forcibly Displaced People (FDP) Lens Investing program. Acumen has made strides in Kenya’s education sector with targeted investments: These investments are helping to modernize and elevate the quality of education in the region. In agriculture, Acumen backs projects that improve livelihoods for farmers: These initiatives complement their broader efforts in clean energy and sustainable development. “When markets work for everyone, people in poverty have the power to transform their lives. We build these markets by training better leaders and investing in better businesses.” – Acumen Through KawiSafi Ventures, a $70 million fund, Acumen has expanded clean energy access across East Africa. Their investment in d.light has improved the quality of life for 97% of its customers and helped offset 38 million tons of CO₂. The investors mentioned above continue to drive Kenya’s startup growth by funding sectors like fintech, agriculture, clean energy, and healthcare. These investors employ a range of strategies, from early-stage funding to growth financing, targeting areas such as fintech, e-commerce, AgTech, healthcare, clean energy, education, and agriculture. Their efforts have solidified Kenya’s reputation as a top innovation hub. Entrepreneurs looking for funding should focus on: These principles are paving the way for new opportunities in Kenya’s evolving market. Areas with growing potential include: To attract investors, startups should: These strategies can help entrepreneurs successfully navigate Kenya’s competitive funding environment. 🚀 Stay Ahead with TechInAfrica! 🌍💡 Join our WhatsApp Channel for the latest updates on tech, startups, and venture capital across Africa! 🇪🇬🇿🇦🇳🇬🇰🇪 From Cairo to Cape Town, Lagos to Nairobi—we cover all 54 countries! 📰✨ 🔗 Subscribe now: https://whatsapp.com/channel/0029Vb3xgMr42DcfICgi7T1N 🚀 Be the first to know. Stay informed. Stay ahead! 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by Grace Ashiru April 15, 2025, 10:05 am 250 Views Glynn Capital, Flourish Ventures, and Norrsken22 participated in the round, joining existing investors Ribbit Capital, PayPal Ventures, The Raba Partnership, and Firstminute Capital. Stitch made its public debut in February 2021 and has since raised a total of $107 million in funding. The company’s comprehensive payment solutions are already in use by major enterprise businesses across South Africa, including Takealot, Mr. D, MTN, Vodacom, Standard Bank’s Shyft, TFG’s Bash, Hollywoodbets, Luno, The Courier Guy, and others. Stitch has stated that the new funding will enable it to enhance and expand its in-person payments offerings, enter the acquiring space, and further strengthen its online payment services. The embedded payments platform began offering in-person payment solutions in January with the acquisition of the Dutch company ExiPay. Earlier this year, it also introduced Express, a simplified checkout designed for online businesses of all sizes across e-commerce platforms such as Shopify and Woo, slated for launch in early 2025. The company’s upcoming foray into acquiring will enable Stitch to provide its clients with a comprehensive card product, giving them full control over the entire product lifecycle. Source See more by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 9, 2025, 12:14 am Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

When Visa invested in Nigerian fintech Moniepoint earlier this year, it didn’t just validate the newly minted unicorn — it signaled a bold new direction. As part of that deal, the Nigerian fintech best known for building one of Africa’s largest business banking platforms, hinted at plans to integrate with Visa Direct, a move that would unlock international payment rails for remittances and cross-border services. That strategy is now taking shape with the launch of MonieWorld, starting with the U.K.-Nigeria corridor, its first foray into diaspora-focused financial services. But this isn’t just another play for remittance volume, insists founder and CEO Tosin Eniolorunda. “We’re not trying to be a remittance app,” he told TechCrunch. “We’re building a proper immigrant banking platform.” It’s an ambitious move. The remittance space, especially in the U.K.-Nigeria corridor, is one of the most crowded fintech verticals in Africa. From LemFi, Send, and Nala to Zepz and Taptap Send, migrants have no shortage of options. With sleek user experiences, low fees, and years of brand equity, those incumbents have defined the space. For most new immigrants, choosing a remittance app is one of the earliest financial decisions they make — often through word of mouth. That means MonieWorld is not only entering late but will also have to contend with unseating incumbents already entrenched in daily habits. And while Moniepoint’s entry brings scale and credibility, some observers question whether the market needs another remittance platform. Eniolorunda says MonieWorld wants to help new immigrants stay connected to family and obligations back home while settling abroad. While there’s little to no differentiation in product or pricing regarding the former (remittances), one quick look at MonieWorld’s site will show positioning around providing better pricing than other platforms. But that in itself isn’t a moat and is often a race to the bottom. Even Eniolorunda agrees: “We’re not trying to say we’re here to be the cheapest,” said the CEO. “But because we already have an existing technology, processing rails, and have achieved economies of scale in many places, it means that we can afford to be cheaper for our customers.” Moniepoint has spent years building infrastructure in Nigeria, from payments and cards to credit and compliance for businesses and, more recently, retail consumers. Its argument is that this same stack, repurposed for immigrants, can deliver more value than stand-alone remittance apps. “We’ve provided easy-to-use, affordable products in Nigeria, where we now offer payment, credit software, and debit and credit card services for our businesses and consumers,” Eniolorunda says. “We figured that to complete the cycle, we can also offer this same set of services to our market but in the diaspora.” Remittances are the entry point. However, the long-term goal, Eniolorunda says, is to offer a broader suite of financial tools like building credit. It’s a vertical that has taken off in the U.S. over the past couple of years, where digital platforms like Zolve help immigrants access financial services, starting with credit as the wedge, not remittances (Pillar is a similar company in the U.K.). “When you settle into a new country, you need to build a credit history. People are trying to figure out and find their footing in new countries, and if they can find a platform that kind of understands their scenario and helps build credit, it’s going to be great for them,” said the chief executive while remaining tight-lipped on other features that MonieWorld could offer. Remittance outflows from the U.K. topped £9.3 billion in 2023. Nigerians abroad sent home over $20 billion, according to the World Bank. It’s a corridor where many players can presumably exist and have considerable market share. However, with these players competing on pricing or speed — both now commoditized — Eniolorunda believes only a few will be winners by providing a superior experience. As Moniepoint deepens its local footprint in African countries like Kenya, it plans to launch MonieWorld corridors for those diasporas in the U.K., U.S., or Canada, as is the next logical step. This model will allow the decade-old fintech to de-risk its Nigeria-heavy operations by spreading out its exposure — a pitch Eniolorunda says resonated with investors during its last raise. Still, the challenge is real: Moniepoint is stepping into a fiercely competitive space, and it remains unclear how much margin is left to capture. While Eniolorunda sees inevitable consolidation ahead, the profitable fintech is betting that its infrastructure, compliance know-how, and deep cultural understanding will give it enough lift to matter. “When we started Moniepoint and considered agency banking, it felt like we were entering late. But the market grew, and look where we are now,” Eniolorunda said, reflecting on Moniepoint’s late entry into agency banking in 2019. “The same could happen with remittances. Yes, there are many players, but there’s still plenty of room to either acquire more customers or offer additional services.” Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. 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by Grace Ashiru April 22, 2025, 12:12 am 338 Views Egyptian quick-commerce (q-commerce) startup Rabbit has announced a new funding round to drive its expansion into the Saudi Arabian market, marking a significant step in its regional growth strategy. The investment amount remains undisclosed but is led by existing investors alongside a group of Gulf-based venture capital firms. The funds will enable Rabbit’s entry into Riyadh and Jeddah, two of Saudi Arabia’s fastest-growing urban hubs. Key investors in this round include Raed Ventures, Global Founders Capital, and a new strategic partner based in the Kingdom. Founded in 2021, Rabbit pioneered the q-commerce model in Egypt, offering ultra-fast deliveries—often within 20 minutes—for groceries, personal care items, and household essentials. The startup’s technology-driven logistics platform and hyper-local fulfillment centers have helped it establish a loyal customer base across Cairo and Alexandria. Ahmed Yousry, CEO and co-founder of Rabbit, described the move into Saudi Arabia as a natural progression, citing the country’s booming e-commerce sector and young, tech-savvy population. “Saudi Arabia is experiencing a surge in demand for faster, more reliable delivery services. With this new funding, we’re ready to bring Rabbit’s magic to a whole new audience,” Yousry stated. Rabbit’s expansion strategy includes setting up localized micro-fulfillment centers and launching a dedicated Saudi mobile app tailored to the specific needs and preferences of local consumers. The company also plans to hire locally, tapping into Saudi Arabia’s expanding pool of tech and operations talent. The move comes amid a surge in the Middle East’s q-commerce sector, fueled by changing consumer behaviors and a growing preference for immediate, digital-first shopping experiences. Analysts project that the Saudi Arabian market alone will grow by more than 20% annually over the coming years. “Rabbit’s ability to optimize operations while maintaining an exceptional customer experience gives it a strong competitive advantage in new markets,” said Omar Almajdouie, founding partner at Raed Ventures. “We’re excited to support their next phase of growth.” With this expansion, Rabbit joins a wave of Egyptian startups seeking to build a regional footprint, highlighting the increasing integration of MENA’s startup ecosystems. Rabbit is expected to launch operations in Saudi Arabia by Q3 2025, beginning with pilot programs in Riyadh and Jeddah before expanding to additional citie Source See more by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 9, 2025, 12:14 am Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

by Grace Ashiru April 22, 2025, 12:21 am 324 Views PayTic, a rapidly expanding Moroccan fintech startup specialising in card management and payment automation solutions, has announced the closure of a $4 million funding round aimed at accelerating its growth across Africa and the Middle East. The round was led by Pan-African venture firm P1 Ventures, with participation from Launch Africa Ventures, First Circle Capital, and a group of strategic angel investors with extensive expertise in financial technology and banking infrastructure. Founded in 2022 by fintech veteran Sarah Benbrahim, PayTic provides a cloud-based platform that streamlines the back-office operations of financial institutions, including digital banks, neobanks, and fintech startups. Its technology allows companies to automate card program management, enhance regulatory compliance, and deliver improved user experiences. “This funding marks an exciting new chapter for PayTic,” said Benbrahim, CEO of PayTic. “We are building the infrastructure that powers next-generation digital financial services. With this new investment, we will scale our operations, strengthen our product suite, and expand into key markets across Africa and the Gulf region.” PayTic’s solution addresses a significant gap for many fintechs and banks operating in emerging markets, where fragmented payment ecosystems and regulatory complexities can hinder growth. The startup’s platform helps streamline processes that are often manual and error-prone, enabling its clients to launch and manage card products more efficiently. Investors praised PayTic’s strong early traction and its growing client base, which already includes digital-first banks and payment providers in Morocco, Tunisia, Egypt, and Côte d’Ivoire. “We believe PayTic is positioned to become a cornerstone of Africa’s rapidly evolving fintech infrastructure,” said Maurizio Caio, Managing Partner at P1 Ventures. “Their technology enables fintechs to scale faster and operate more efficiently, solving a major pain point across the continent.” With the new capital, PayTic plans to double its team, make significant investments in product development—particularly in AI-driven compliance tools—and open offices in key markets, starting with Dubai and Lagos. The funding also highlights the growing momentum in Morocco’s startup ecosystem, which has seen a surge of interest from regional and international investors eager to tap into North Africa’s tech talent and burgeoning financial services sector. Source See more by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 9, 2025, 12:14 am Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

by Grace Ashiru April 22, 2025, 12:32 am 397 Views InfiniLink, an Egyptian semiconductor startup specializing in next-generation chip design and connectivity solutions, has secured $10 million in a seed funding round to accelerate product development and expand into international markets. The round was led by Silicon Badia, with additional participation from Global Ventures, Sawari Ventures, and several prominent angel investors with deep tech and semiconductor backgrounds. This funding represents one of the largest seed rounds for a deep-tech startup in the MENA region to date. Founded in 2023 by industry veterans Amr El-Geziry and Salma Nour, InfiniLink is focused on delivering high-performance, energy-efficient semiconductor solutions that address critical demands in sectors such as telecommunications, data centers, and IoT devices. “Our mission at InfiniLink is to bridge the technology gap and position Egypt as a leader in advanced semiconductor innovation,” said El-Geziry, CEO of InfiniLink. “This funding will allow us to expand our engineering team, launch our first products, and form strategic partnerships with global tech leaders.” The company is currently developing a range of ultra-low-latency connectivity chips aimed at improving data transmission speeds and reducing energy consumption across large-scale network infrastructures. Investors pointed to InfiniLink’s strong technical capabilities and the growing global demand for semiconductor innovation as key reasons for their investment. “InfiniLink has built a world-class team addressing one of the most critical challenges in modern computing: achieving faster, greener connectivity,” said Nameer Khan, General Partner at Silicon Badia. “We are proud to support a company with global potential that also represents a new frontier for deep-tech entrepreneurship in the Middle East.” With this fresh capital, InfiniLink intends to scale its R&D efforts, establish operations in Europe and the United States, and initiate pilot programs with major telecom and cloud service providers by early 2026. The funding round also reflects a rising interest in hardware innovation among investors in emerging markets, as countries like Egypt position themselves as new hubs for advanced technology development. Source See more by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 9, 2025, 12:14 am Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

by Grace Ashiru April 22, 2025, 12:38 am 348 Views Arnergy, a leading Nigerian provider of distributed renewable energy solutions, has announced the successful close of an $18 million funding round aimed at accelerating the deployment of its solar energy systems across Africa. The funding round was led by All On, an off-grid energy impact investment company backed by Shell, with additional contributions from Bill Gates’ Breakthrough Energy Ventures, ElectriFI (Electrification Financing Initiative), and several new climate-focused investors. Founded in 2013 by Femi Adeyemo and Kunle Odebunmi, Arnergy focuses on delivering reliable and affordable solar energy systems to businesses and households underserved by traditional power grids. Its solar-plus-storage solutions are specifically designed to provide consistent electricity in regions where frequent blackouts and unreliable energy access impede economic growth. “This new investment is a strong vote of confidence in Arnergy’s mission to democratize energy access across Africa,” said Femi Adeyemo, CEO of Arnergy. “With these funds, we will expand our footprint, deploy more energy systems, and invest further in technology to enhance customer experience and system efficiency.” The company plans to utilize the fresh capital to grow its commercial and industrial (C&I) client base, scale its residential offerings, and introduce new financial products to make solar adoption even more affordable for small businesses and communities. Investors view Arnergy’s distributed model as a critical solution to sustainably address Africa’s energy access challenges. According to the International Energy Agency, more than 600 million people in Sub-Saharan Africa still lack access to electricity, highlighting a significant market opportunity for decentralized solutions. “Arnergy’s customer-first approach, technical expertise, and strong execution capabilities uniquely position them to lead Africa’s clean energy transition,” said Wiebe Boer, CEO of All On. The company’s expansion comes at a time when the global energy sector is experiencing rapid transformation, with investments in renewable energy reaching record highs. Arnergy’s model aligns with broader efforts to drive inclusive, climate-resilient growth across emerging markets. With this latest round of funding, Arnergy is well-positioned to power thousands more businesses, schools, and homes — lighting the way toward a more sustainable future for Africa. Source See more by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 9, 2025, 12:14 am Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

When Deepankar Rustagi last raised money for OmniRetail in 2022, excitement was high for African startups addressing the supply chain and operational challenges in the fast-moving consumer goods (FMCG) sector. At one point, these startups received more capital than all sectors, except fintech. Recently, though, the industry’s enthusiasm and venture capital’s interest have faded, as various business models have struggled under mounting pressure. Yet for Rustagi, OmniRetail isn’t just another B2B commerce platform; it’s an ambitious effort to reshape informal retail across Nigeria and West Africa using technology and embedded finance in a scalable, profitable way. Now that vision has received further endorsement with a $20 million Series A equity funding round. This capital will help OmniRetail expand its presence in Nigeria, Ghana, and Ivory Coast, while deepening its focus on embedded finance products. The round was co-led by Norwegian development finance institution Norfund and Lagos, Nigeria-based VC firm Timon Capital, with follow-on participation from Ventures Platform, Aruwa Capital, Goodwell Investments (via Alitheia Capital), and Flour Mills of Nigeria. This marks Norfund’s first direct equity investment in an African startup and, according to Rustagi, puts OmniRetail on a path to dominating in a segment where others have struggled to grow profitably. OmniRetail has raised $38 million in equity and debt since its inception in 2019. OmniRetail’s model digitizes order management for 145 manufacturers, more than 5,800 distributors, and services over 150,000 informal retailers across 12 cities in Nigeria, Ghana, and Ivory Coast. Retailers use the app to order inventory, access working capital, and make digital payments. In the background is a third-party logistics network of over 1,100 vehicles and distributed warehousing capacity managed by 85 local logistics partners. OmniRetail’s asset-light strategy has been important in hitting profitability. In 2023, the B2B e-commerce platform became EBITDA positive. In 2024, it turned net profitable. A similar story is unfolding in Egypt, where another B2B e-commerce platform, Cartona, owes its push toward profitability to the model. Both CEOs have noted that Africa’s informal market is vast and made up of suppliers and distributors that don’t need to be displaced or competed against, but rather made more efficient with the tech tools provided by their platforms. “The profitability journey was an outcome of our efficiency on utilizing the assets that we aggregated in the network, and this has proven that the model that we put together as a ‘network of networks’ is profitable and is highly scalable, Rustagi said. “That’s the reason we went ahead and raised the capital to finally put the metal on the pedal and scale in more geographies and in more categories. We’re expanding now not just to grow, but to optimize.” Better occupancy in warehousing, smarter logistics routes, and deeper category penetration will all improve margins, he added. Rustagi, in a conversation with TechCrunch, alongside OmniRetail’s head of investment, Archit Bagaria, further explained that the company’s progress also lies in a deep understanding of the FMCG retail ecosystem, with the entire leadership team boasting decades of experience. According to them, it affords a unique advantage of understanding how the value chain works, who the key players are, and where the gaps in visibility exist. “For years, goods have been moving from point A to point B, but the lack of transparency has hindered financial inclusion and caused inefficiencies in the process,” said Bagaria. “By building an ecosystem that streamlines this entire landscape, we can solve these problems.” Once a startup reaches critical mass, Bagaria adds, it becomes easier to layer additional services, such as payments and buy now, pay later (BNPL), on top of its existing infrastructure. “Our approach has been different from others, and we believe we’ve found success with this model,” Bagaria added. Unlike other startups that jumped into offering credit products too early or mistimed the launch, OmniRetail waited until it had significant distribution scale and data. Thanks to this strategy, OmniRetail processed over ₦1.3 trillion (~$810 million) in transactions last year, with Omnipay, its BNPL product, disbursing ₦19 billion (~$12 million) monthly in inventory credit, boasting near-zero defaults, according to the company. Acquiring Nigeria-based merchant solution platform Traction Apps in 2024 further strengthened OmniRetail’s strategy. Traction provides full-stack payment capabilities, including POS terminals, PSSP, and Super Agent licenses, as well as access to retailer-level sales data. For OmniRetail, the purchase allows it to gain a complete financial profile of each retailer, giving it even greater control over the supply chain and the ability to offer tailored financial solutions. “Every transaction in the FMCG value chain has two sides: the movement of goods and the movement of funds,” said Rustagi. “Today, we are in a position to aggregate maximum benefits from every transaction in the value chain. Our plan is to dive deep into the value chain and maximize margins. International players have done well in their markets, and we’re bringing that model to Nigeria today.” While it no longer publicly discloses GMV figures, shifting away from the metric that has long been a key performance indicator in the sector, it reports a 35% increase in net merchandise volume (NMV) and a 40% bump in revenue over the past year, all while maintaining profitability despite its expansion. “Some of our next moves are laser-focused: a solid debt raise for inventory finance, strategic acquisitions, and a relentless profitable growth.” With $20 million in fresh capital, OmniRetail plans to continue growing its retailer base and expand into new product categories like personal care, home care, and cold storage. The capital will also upgrade its infrastructure, enhance its credit underwriting tools, and strengthen partnerships with domestic debt providers. As such, some of its next moves include a debt raise for inventory finance and strategic acquisitions, according to Bagaria. For Norfund, OmniRetail represents more than just a fintech or commerce bet; it’s infrastructure. “Embedded finance is one of the most transformative tools for small business growth in Africa,” said Norfund investor director Cathrine Conradi. “OmniRetail’s model brings capital to areas where traditional systems haven’t reached.” Meanwhile, Timon Capital, which backed OmniRetail from its seed stage, sees this as a breakout moment for the company. “OmniRetail has now hit an inflection point in distribution, payments, and credit, showing just how much profitable growth they can generate with their expanding footprint,” the firm said. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

by Grace Ashiru April 30, 2025, 2:56 pm 308 Views Access to essential medicines remains a pressing issue across East Africa, even as the region embraces digital transformation in healthcare. MyDawa, a healthtech startup based in Nairobi, is aiming to address this gap after raising significant funding from global investors. The round was led by private equity firms Alta Semper and Creadev, with participation from Denmark’s Investment Fund for Developing Countries (IFU), Japan’s AAIC Investment, and Ohara Pharmaceutical Co, according to a statement shared with Launch Base Africa. While the exact amount of the investment was not disclosed, the funding will support MyDawa’s expansion across East Africa, strengthen its AI-driven platform, and scale its chronic disease management initiatives. The deal signals growing investor confidence in Africa’s digital health space, where startups are stepping in to address gaps in overstretched public healthcare systems. Founded in 2017 by Neil O’Leary, MyDawa runs a hybrid “bricks and clicks” model that merges e-pharmacy services with on-the-ground distribution. Through the platform, patients can consult doctors online, schedule lab tests, get e-prescriptions, and have medicines delivered—an essential offering in areas where pharmacies are limited or poorly stocked. MyDawa’s recent acquisition of Uganda-based telehealth provider Rocket Health has expanded its footprint in the country. With new funding secured, the company now aims to deepen its regional presence and invest in technology upgrades to optimize inventory management and cut operational costs. “This investment confirms that MyDawa is doing more than addressing real problems at scale—it’s laying the foundation for the future of healthcare in Africa,” said O’Leary. The support from Alta Semper, Creadev, AAIC, and other investors—renowned for backing healthcare and consumer ventures in emerging markets signals strong confidence in MyDawa’s sustainable growth. The startup recorded over 30% year-on-year revenue growth in 2024, reaching 1.8 million patients across Kenya and Uganda. “We’ve seen MyDawa consistently deliver transformative healthcare solutions at scale,” said Zach Fond, Partner at Alta Semper. “This next chapter further establishes its role as a category leader.” MyDawa’s chronic-care initiatives such as Kenya’s Mzima and Uganda’s Bulunji serve patients managing long-term conditions like diabetes and hypertension. Its reach has further grown through collaborations with major pharmaceutical companies like Novo Nordisk and Gates Foundation-backed programs focused on HIV prevention. Despite its growth, MyDawa encounters challenges, including varying regulatory complexities across East African markets. Additionally, competition is intensifying, with players like Nigeria’s HealthPlus and South Africa’s Dis-Chem also competing for dominance in Africa’s e-pharmacy sector. MyDawa’s hybrid model, which combines digital convenience with physical logistics, gives it a competitive edge. According to Priscilla Muhiu, the company’s COO, the new funding will help accelerate its vision of creating a “digitally empowered, accessible healthcare ecosystem for every East African.” As Africa’s healthtech sector evolves, MyDawa’s success could serve as a benchmark for how digital innovation can make healthcare more accessible in underserved regions—provided it can overcome the challenges that lie ahead. SOURCE See more Trending Trending Trending Trending by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 9, 2025, 12:14 am Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

While most African digital lenders depend on working capital to fuel growth, MoneyFellows has quietly done what few others have: lend billions of Egyptian pounds with almost no debt or balance sheet exposure. Now, after raising $13 million in a pre-Series C round led by Casablanca-based Al Mada Ventures and DPI’s Nclude Fund, the Cairo-based fintech says it’s ready to shift from steady growth to regional expansion. The round, which also drew participation from Partech Africa and CommerzVentures, brings the company’s total funding to just over $60 million. Founder and CEO Ahmed Wadi notes that, unlike fintechs burning through cash to scale, the startup has kept operations lean while digitizing one of the world’s oldest financial systems: the rotating savings and credit association (ROSCA). “We have managed to crack this model and reach profitability,” said Wadi. “Doing this while lending out billions without relying on working capital at all is quite disruptive in itself.” ROSCAs are informal savings groups where a fixed number of participants contribute regularly to a shared pool, which pays out to one member per cycle. Common across emerging markets, they go by different names: “esusu” or “ajo” in Nigeria, “kameti” or “chit” fund in India, and “gam’eya” in Egypt. Here’s how it works: Say 10 people each contribute $1,000 a month. Every month, one person receives the full $10,000. The cycle repeats until everyone gets a payout. While these groups work best within trusted circles, their offline nature limits access and scalability. MoneyFellows, launched in 2016, digitizes this model by opening access to a broader pool of users across the country. Through its app, anyone can form or join ROSCA groups or “circles.” Similar models exist globally with Pakistan’s Oraan and the U.K.’s StepLadder. Rather than act as a lender, MoneyFellows matches savers (usually last in line) and borrowers (typically first in line) using behavioral data, credit scores, and income tiers. This approach allows it to scale without lending from its balance sheet; the company only steps in when a ROSCA group has an unfilled slot, according to Wadi. “If we run circles of 10 people each and only find nine members for some, we step in to fund the missing one,” explains Wadi, who tested the ROSCA model in Germany and the U.K. before launching in Egypt. “Instead of canceling the group, we finance one slot, which activates and monetizes the remaining nine.” In a typical lending business, a company has to borrow money from banks or other financial institutions to lend it out, most of the time incurring interest costs and default risk. However, in MoneyFellows’ case, the risk and funding are spread across its users, keeping the proportion of unfilled Rosca slots under 10%. In comparison, buy now, pay later (BNPL) providers and digital lenders often have full working capital exposure on their loan books. “Today, only 7-8% of slots in active Roscas require us to step in with working capital,” Wadi notes. Such exposure may be low in percentage terms, but as MoneyFellows scales, it adds up. Hence why the company, which raised this funding as a bridge to a much larger Series C round planned for next year, is also in advanced discussions with local banks to secure working capital in its bid to grow its “circles” much faster. MoneyFellows says it has reached profitability in Egypt, placing it among a small group of African fintech startups operating in the black. Since launching in 2018, the platform has grown to over 8.5 million users, up from 4.5 million at its last funding milestone. The average payout per user has nearly doubled in the past two and a half years, from 23,000 EGP ($453) to 45,000 EGP ($906), with strong adoption among higher-income segments. “This model is naturally viral,” Wadi said of the startup’s growth. “If you digitize the experience for two members of an offline ROSCA, they often bring the other eight with them. That kind of organic growth is hard to beat.” Competitive borrowing rates, he adds, have also helped accelerate adoption. Earlier this year, MoneyFellows launched a card product that allows users to receive payouts, repay installments, and spend across a merchant network. The 8-year-old fintech also plans to introduce investment, payroll, insurance, and remittance products down the line, moves that put MoneyFellows in competition with other Egyptian digital banks like Lucky, Khazna, and Telda. Its next test will be replicating its success beyond Egypt, an ambition Wadi first voiced in 2022. He admits that expansion took longer than expected due to the model’s complexity, which the company chose to refine before going regional. Digitizing ROSCAs isn’t as straightforward as launching a savings or loan product. According to him, the process involves building recommendation engines to match users to the right slots, balancing thousands of circles in real time, and minimizing default and dropout risk, all while maintaining user trust. “Cracking the model took longer than we thought,” Wadi remarked. “But it was worth the time. Most attempts to scale Roscas digitally, even by banks and telcos globally, have failed because they underestimated how complex the underlying behavior is.” After nearly a decade refining its model in one of Africa’s largest fintech markets, partnering with over 350 local and regional entities and facilitating more than $50 million in investments, MoneyFellows plans to launch in Morocco by year end, having secured key partnerships and regulatory approvals. Morocco offers familiar ground: a large unbanked population, a strong informal savings culture (known locally as “daret”), and a regulator-friendly environment. MoneyFellows is also betting that events like the 2030 FIFA World Cup will accelerate digital adoption in the country. The company is also eyeing other African and South Asian markets with similar dynamics. However, entering more diverse markets will test the model’s adaptability in regions where informal finance is less culturally relevant or formal banking is more entrenched. “ROSCA’s (Rotating Savings and Credit Association) are very old financial arrangements, with roots going back hundreds, if not thousands of years,” said Omar Laalej, managing director at Al Mada Ventures. “AMV was impressed by the modernized version of this business that Money Fellows was able to build, positively impacting thousands of families in Egypt.” Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. 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by Grace Ashiru May 8, 2025, 11:59 pm 224 Views In April 2025, African start-ups secured $343 million through deals exceeding $100,000 (excluding exits), spanning 39 companies. This marks not only a strong recovery from a sluggish March but also the second-highest April performance on record, trailing only the funding surge of April 2022. Compared to April 2024, the growth is remarkable funding has increased by 4.5 times. It’s a clear indication that while investors remain cautious, their confidence in the continent’s potential is steadily returning. April’s funding figures were lifted by several major deals. South African healthtech company hearX secured $100 million through a merger with U.S.-based Eargo marking 2025’s first mega deal and signaling strong intent to reshape the hearing health sector globally. In Egypt, Islamic fintech platform Bokra raised $59 million via a sukuk issuance, an impressive leap from its $4.6 million pre-seed round just a year ago. Meanwhile, South African payments startup Stitch closed a $55 million round from existing investors as it intensifies efforts to offer comprehensive payment solutions across Africa. On the exit side, at least four were recorded—three involving fintechs: Egypt’s ADVA was acquired by UAE-based Maseera; Nigerian fintech Bankly was bought by investment firm C-One Ventures; and South Africa’s Peach Payments acquired PayDunya to fuel expansion. With a strong April performance, year-to-date figures are also promising startups raised $803 million across 163 deals from January to April 2025 (excluding exits), a 43% increase over the $563 million recorded during the same period in 2024. More ventures are securing funding too, up from 147 last year to 163 this year. Notably, at least 225 distinct investors have participated in $100k+ deals so far in 2025. This momentum is exactly what we want to see in the ecosystem not just an increase in funding, but a broader, more diverse range of investments. It signals that this isn’t just a short-term bounce but the early stages of a more stable recovery. While it’s still early, and a few strong months don’t define a year, if this pace continues, 2025 could shape up to be a great year. Furthermore, since early 2024, VC funds focused on Africa have closed over $1.3 billion, including Janngo Capital (with a gender focus), Airnergize Capital, Verod-Kepple Africa Ventures, Saviu’s Fund II (focused on Francophone Africa), and LoftyInc Capital, among others. As we’ve said before, it’s a marathon, not a sprint—but for now, it’s a great time to be in the race. See more by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 9, 2025, 12:14 am Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

by Grace Ashiru May 9, 2025, 12:14 am 235 Views The fund targets companies in the manufacturing, healthcare, agriculture, and telecommunications sectors. The News: Swedfund, Sweden’s development finance institution, has committed $15 million to TLG Capital’s Africa Growth Impact Fund II (AGIF II) to support small and medium-sized enterprises (SMEs) across Africa. This investment is part of a $75 million first close for the fund, which also includes contributions from the International Finance Corporation (IFC), Norfund, and Bpifrance. AGIF II is focused on offering flexible, long-term debt financing to viable SMEs facing temporary financial distress. In collaboration with local banks, the fund provides loans with customized terms and interest rates to support the recovery and sustainable growth of these businesses. Jakob Larsson, Senior Investment Manager at Swedfund, highlighted the critical role of SMEs in Africa’s economy, pointing out that they employ 80% of the workforce and create nine out of ten new jobs on the continent. “Protecting existing jobs and creating new ones is essential for poverty reduction. For African SMEs to thrive, it is vital to have a functional market with tailored financial services that address the unique local challenges they face.” The Fund’s innovative structure blends debt financing, equity participation, and guarantees from local banks, offering SMEs access to capital that traditional banking systems often cannot provide. This model fosters business recovery and aids in job preservation and creation, particularly within the manufacturing, healthcare, agriculture, and telecommunications sectors. In Nigeria, the Fund has identified potential beneficiaries, including Terra Aqua, an aluminium recycling company in Ogun State, which is set to receive $7.5 million in debt financing, subject to meeting environmental, social, and governance (ESG) criteria. This investment is projected to create 200 direct and 752 indirect jobs, demonstrating the Fund’s positive impact on local economies. AGIF II builds on the strategy of its predecessor, Africa Growth Impact Fund I, with a goal of reaching a total fund size of $200 million. By focusing on SMEs, the Fund aims to bridge the financing gap faced by many small businesses, thereby promoting inclusive economic growth across Africa. SOURCE See more by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 8, 2025, 11:59 pm Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

by Grace Ashiru May 9, 2025, 12:18 am 402 Views A $69 million (CFA 40 billion) innovation fund has been unveiled to support DeepTech ventures in Francophone Africa, with backing from the African Intellectual Property Organization  (OAPI) and the African Guarantee Fund (AGF). Announced Monday in Yaoundé, Cameroon, the fund targets the financing of 1,000 innovation-driven projects over the next five years across OAPI’s 17 member countries. The agreement sets up a financial and technical support system aimed at strengthening startups and SMEs in fields like artificial intelligence, biotechnology, advanced manufacturing, and clean energy. AGF will offer credit guarantees to improve access to bank loans, along with mentorship and commercialization assistance for patented innovations. Denis Bohoussou, OAPI’s Director General, explained that the fund tackles long-standing issues in scaling African innovation. “Previous initiatives, such as the African Innovation Fund, had limitations. This new approach is comprehensive, combining financing, technical assistance, and industrial partnerships to create a sustainable ecosystem,” he told the Financial Times. Under the agreement, OAPI will invest CFA 5 billion ($8.6 million) in AGF, becoming its second African shareholder after the African Development Bank (AfDB). AGF’s CEO, Jules Ngankam, welcomed the development, highlighting that most of the fund’s backers are non-African entities, including Denmark, France, Germany, and the U.S. How the Fund Will Function The initiative will focus on high-impact DeepTech projects, providing: The first application call is anticipated for Q3 2025, aiming to target 200 projects in its first year. Africa’s Innovation Ecosystem The launch arrives at a time when African countries face challenges in converting research into market-ready products. As reported in the 2024 Global Innovation Index (GII), Mauritius (30.5), Morocco (28.8), and South Africa (28.3) lead the continent in innovation output. South Africa also outpaces other countries in patent filings, recording 5,221 applications last year, far surpassing Egypt and Nigeria. Nigeria ranked 12th in Africa and 113th globally, with a GII score of 17.1. Experts believe the OAPI-AGF fund could play a crucial role in closing the innovation gap in Francophone Africa. Access to risk capital remains a significant challenge for DeepTech startups across the continent. If properly executed, the fund has the potential to spark a new wave of scalable solutions. Despite its ambitions, the fund faces challenges such as bureaucratic delays and inconsistent banking infrastructure across OAPI’s member states, including Senegal, Ivory Coast, and Cameroon. Analysts suggest that its success will depend on efficient fund disbursement and effective public-private coordination. For now, the initiative reflects increasing institutional interest in Africa’s DeepTech potential—provided the funding reaches the right innovators. SOURCE See more by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:14 am by Grace Ashiru May 8, 2025, 11:59 pm Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

For decades, buying property in Egypt meant navigating a fragmented real estate market, relying on personal networks, dealing with commission-driven brokers, and facing developers more focused on selling than serving customer needs. In 2019, Mostafa El Beltagy co-founded Nawy to bring transparency and efficiency to the market. Now positioning itself as Africa’s largest proptech platform, Nawy has raised $52 million in Series A funding, led by Africa-focused VC firm Partech Africa, validating its model of combining property listings with brokerage services. The round, which also includes $23 million in debt financing from Egypt’s top banks, brings the total to $75 million, one of the largest Series A rounds for an African startup. In 2022, it raised a $5 million seed round led by Egypt’s wealthiest family, the Sawiris. CEO El Beltagy’s journey into proptech began with personal frustration. After several years working in corporate jobs across multiple countries, the former Vodafone executive wanted to invest in real estate in Egypt, a market many people view as a hedge against inflation and currency devaluation. However, as he navigated the process of purchasing property, the lack of transparency and the prevalence of biased advice became glaring problems. “I had no way to look at the market and understand what’s out there, aside from going almost developer by developer, picking up their brochures and asking their salespeople questions, which was highly inefficient,” the CEO recounted. “In this sector, everyone is incentivized to push you one way or another.” These challenges led El Beltagy to build Nawy to help people buy, sell, invest in, finance, and manage property. Its model, combining a property listing platform with brokerage services, has set it apart in an industry still dominated by agents with entrenched, offline relationships. The chief executive launched the company alongside Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima, and Aly Rafea. At first, Nawy struggled to secure those listings. Developers were skeptical about Nawy’s value because it wasn’t big enough to drive traffic to their listings. Brokers, on the other hand, saw Nawy as a competitor. To build trust, Nawy introduced immediate commission payments, funded upfront, to brokers who made their first transaction on the platform. This shifted sentiment, leading to word-of-mouth growth that has seen over 3,000 brokerages actively using Nawy Partners (its product for brokers), accessing live inventory and flexible payouts. Additionally, the Cairo-based proptech attracts over a million monthly visitors, with hundreds of developers competing for visibility. About 150 developers cover most of Egypt’s new build market, which is worth around $30 billion, based on 100,000 transactions annually, according to El Beltagy. Over the last few years, Nawy has expanded beyond listings and brokerage services, evolving into a full-stack real estate ecosystem. This includes Nawy Shares, a fractional ownership product that lets users invest in property with at least $500, making real estate accessible to Egypt’s middle-income population, which has long been priced out. Additionally, Nawy has developed a mortgage product, “Move Now Pay Later,” designed to allow users to buy through installment plans and financing options in a market where banks rarely offer loans for real estate purchases. “The real estate market is very lopsided in the sense that most people are buying new build, not resale. We believe enabling this product will cause a bit of a shift,” El Beltagy said of the embedded finance product. “It’s mortgage packaged differently because mortgages are almost non-existent here.” He added that Nawy’s $23 million debt facility backs this offering. These products have diversified Nawy’s revenue streams, which the company claims to have grown more than 50x in dollar terms over the last four years, despite the Egyptian pound losing 69% of its value. El Beltagy attributes much of this growth to the market’s demand for real estate as a hedge against inflation and currency devaluation. While the currency crisis did impact local demand, the influx of expatriate money helped offset the drop. As a result, the profitable Nawy closed 2024 with over $1.4 billion in gross merchandise value (GMV), up from $38 million in 2020. With fresh capital, Nawy plans to expand beyond Egypt into North Africa and the Middle East, regions rapidly emerging as some of the world’s most promising real estate markets. Nawy is targeting Morocco, Saudi Arabia, and the UAE as its next markets (in the UAE for instance, platforms like Huspy and Property Finder already have strong traction). El Beltagy mentions that the company will buy smaller companies along the way. Recently, it acquired the property management startup ROA and rebranded it as “Nawy Unlocked,” expanding its product offerings. The Series A round, raised across two tranches, will fund these plans, including advancing product development and integrating AI across Nawy’s processes, according to El Beltagy. Other notable investors participating in the round include Development Partners International’s Nclude Fund, e& Capital, Endeavor Catalyst, HOF Capital, March Capital Investments, Outliers, Plug and Play, Shorooq Partners, VentureSouq, and Verod-Kepple Africa Ventures. “We’re excited to support Nawy as they build the foundation for a modern, tech-driven real estate experience,” said Tidjane Deme, general partner at Partech. “Their team has deep market insights, coupled with ambitious regional expansion plans and exceptional execution, positioning them as the clear proptech champion in Africa and the Middle East.” Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

Cairo-based Sylndr has raised $15.7 million as it expands beyond online used car sales into auto financing, servicing, and tools for dealers. Development Partners International’s Nclude Fund led the round. The company, which operates in Egypt’s fast-growing but underdigitized vehicle market, said the latest round includes both fresh equity and previously unannounced seed financing. Sylndr also raised nearly $10 million in debt financing from local banks in the past year, bringing its total raised since launch to over $30 million. The company raised a $12.6 million pre-seed round in 2022, the largest of its kind in Africa. Omar El Defrawy, former executive at a local food discovery platform, Elmenus, founded the used-car platform in 2021 and initially focused on buying used cars directly from consumers, refurbishing them, and reselling them with a warranty and money-back guarantee. It has since evolved into a broader mobility platform, offering digital auto loans, car servicing, and a marketplace for third-party dealers. “When we started the business, we were primarily focused on a consumer problem related to buying and selling cars,” said El Defrawy, Sylndr’s CEO, in an interview with TechCrunch. “And when we started to scale that business, it became very clear to us that the market is much bigger than that, and creating value to customers would require us to build other compelling businesses that integrate with what we’re doing.” Egypt has over 6 million cars on the road, with demand for used cars growing amid currency devaluation and rising prices for new imports. In 2021, the government banned used-car imports, forcing the market to rely entirely on domestic inventory, driving prices to mirror the exchange rate. As a result, used cars in Egypt, while outnumbering new vehicles by 3:1, are primarily sold through unregulated dealerships or classified websites, where informal transactions leave buyers carrying most of the risk. Sylndr sees opportunity in that mess, which it estimates as a $10 billion market by formalizing processes around inspections, standardized pricing, digital financing, and securing ownership transfers. The average sale price on Sylndr’s platform is between $20,000 and $25,000, El Defrawy said. He explained that the number has remained stable in dollar terms over the last three years, despite the Egyptian pound losing more than half its value. This is because used-car prices in Egypt are marketed similarly to imported new cars, which are dollar-pegged. Sylndr declined to share revenue or transaction volume but said sales have increased nearly tenfold since 2022. Revenue in Egyptian pounds increased 22 times during that period, and by a factor of five when adjusted for the dollar, the CEO claimed. Sylndr’s expansion beyond car sales to three new verticals is to reduce its dependence on inventory and capital. There’s Sylndr Swift, a digital automotive financing product that connects buyers with banks and underwriters. The platform provides financing approvals in under 10 minutes, according to El Defrawy. Sylndr does not lend from its own balance sheet, he added. In addition to Swift, Sylndr recently introduced Sylndr Plus, which offers inspections, maintenance, and servicing for cars sold on its platform. The third vertical, Al-Ajans, is a dealer-to-consumer marketplace that allows third-party dealers to list and sell cars with Sylndr handling inspection, ownership transfer, and payments. Each vertical runs under its own brand name, but Sylndr has integrated them all into a single mobile app — creating a one-stop shop for buying, financing, and managing car ownership. “We’ve fully integrated these services to help customers buy, sell, finance, rent, and service their cars — and to help dealers operate more efficiently and go digital,” said El Defrawy, who’s a former investment banker. The company’s revenue is now evenly split between direct-to-consumer sales and B2B transactions with dealers, he added. However, he expects that the newer financing and servicing verticals will contribute up to 60% of gross profit within two years. Sylndr currently works with more than 1,000 dealers nationwide and serves both buyers and sellers through its online and offline channels. While other regional players such as Contactcars, OLX, and Nigeria-based Autochek, which made inroads into Egypt with AutoTager in 2023, have similar offerings, El Defrawy says he doesn’t see them as close competition in terms of providing an end-to-end solution for buyers and dealers across the value chain. Sylndr’s infrastructure of inspection, refurbishment, and bank partnerships makes it difficult for outside players to replicate its model, he says. As such, unlike other startups in Egypt that have traditionally used their home market as a springboard to the Gulf, Sylndr plans to deepen its presence in Egypt, where the CEO asserts it is “the biggest used car trading company by volume and value.” “Sylndr is building the digital backbone of mobility in a market where access, trust, and financing have long been barriers to ownership. Their integrated model brings together commerce, credit, and technology to fundamentally improve how Egyptians buy and sell cars,” said Ashley Lewis, managing partner at DPI Venture Capital. This marks the third deal announced by the recently launched London-based VC firm in the past month, following investments in Egypt’s digital savings and credit platform MoneyFellows and proptech startup Nawy. Other VC firms, including Algebra Ventures, Nuwa Capital, Raed Ventures, Egyptian Gulf Holding, Uncovered Fund, Beltone Venture Capital, and Camel Ventures, participated in the round. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

by Grace Ashiru May 20, 2025, 12:56 am 432 Views Sand to Green, a Moroccan agrotechnology startup focused on transforming degraded land into fertile farmland, has secured a $50,000 grant at the DeepTech Summit 2025. This funding boost will support the company’s expansion plans across Africa, the Middle East, and Southern Europe. The award, presented in the Green Economy category, was granted during the summit held on May 8–9 at the Mohammed VI Polytechnic University (UM6P) in Benguerir, Morocco. The grant underscores the rising investor interest in the agriculture technology-as-a-service (AaaS) sector across Africa. Other companies in the space, such as South Africa’s Aerobotics, have also garnered significant attention, raising a combined total of $26.8 million in funding. This surge of interest in Sand to Green coincides with ongoing investments by the Moroccan government and the World Bank through initiatives like the Morocco Digital and Climate Smart Agriculture programme. As technology becomes an essential driver for scalable farming, investors are increasingly backing startups capable of capturing a share of Morocco’s $12.39 billion agriculture market while advancing innovative tech solutions. Sand to Green’s innovative model combines satellite-based land analysis, solar-powered desalination, and regenerative agroforestry to convert arid landscapes into fertile and sustainable farmland. The company states that the grant it has received will accelerate its expansion efforts and strengthen its presence in regions particularly vulnerable to desertification and climate-induced food insecurity. “This international recognition marks a pivotal moment for us,” said Benjamin Rombaut, CEO and co-founder of Sand to Green. “It validates the idea that Deep Tech can be a transformative tool for ecosystem restoration, combating desertification, and creating sustainable economic opportunities in partnership with local communities.” Established in 2021 by Rombaut, Gautier de Carcouët, and Wissal Ben Moussa, Sand to Green has secured $1 million in seed funding from investors such as Norway’s Katapult and the Catalyst Fund. The company operates at the nexus of two pressing global challenges: climate resilience and food security. According to the United Nations (UN), more than 40% of the Earth’s land is already degraded, impacting half of the world’s population and causing economic losses of up to $6 trillion annually. In Africa, desertification leads to the loss of approximately 3 million hectares of forest and arable land each year. This degradation results in an estimated 3% reduction in the continent’s GDP annually due to soil and nutrient loss, according to the Food and Agriculture Organisation (FAO), compelling African nations to spend over $35 billion on food imports. Sand to Green combines environmental intelligence—such as soil composition, climate trends, and land topography—with local agricultural knowledge to craft tailored agroecological systems. Each project is co-created with input from rural communities, farmers, and local institutions—a collaborative approach the company believes is key to long-term sustainability and strong community engagement. The company generates income by designing and managing sustainable farms that produce high-value crops including nuts, grains, and herbs. Additional revenue streams include consulting services, land development, and the creation of carbon credits, which are sold to companies aiming to offset their carbon emissions. Headquartered in Morocco, Sand to Green is currently active in the country and is planning further expansion within the Tan-Tan region. The agrotechnology startup is supported by NextAfrica, a pan-African accelerator led by UM6P and Paris-based STATION F, which offers strategic guidance, mentorship, and investor connections to emerging startups. By blending ancestral land management practices with cutting-edge satellite and water technologies, Sand to Green is building a scalable model—both economically and ecologically—that it hopes will help tackle one of the world’s most urgent environmental challenges. Source See more by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 9, 2025, 12:14 am by Grace Ashiru May 8, 2025, 11:59 pm Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

by Grace Ashiru May 26, 2025, 3:21 am 285 Views Aruwa Capital Management, a female-led private equity firm in Lagos, has secured $35 million in the second close of its gender-focused fund, Aruwa Capital Fund II. The fund seeks to address the early-stage financing gap for women-led and gender-diverse enterprises in Nigeria and Ghana. The recent funding round drew investments from major institutions such as British International Investment (BII), which invested $5 million, Mastercard Foundation Africa Growth Fund, Visa Foundation, and EDFI Management Company via the EU’s Electrification Financing Initiative. Significantly, Nigeria’s Bank of Industry became the fund’s first local institutional investor. With this funding round, Aruwa Capital Fund II has achieved 90% of its $40 million goal, exceeding the $20 million final close of its first fund in 2022. The firm is exploring raising the target to $50 million, with a hard cap of $60 million planned for later this year. Founded in 2019 by Adesuwa Okunbo Rhodes, Aruwa Capital Management draws on her more than ten years of investment banking and private equity experience at top global firms like J.P. Morgan. She launched Aruwa to tackle the funding gap faced by women-led businesses in Africa. The fund targets key sectors vital to inclusive economic growth—healthcare, energy access, financial services, and consumer goods—investing between $500,000 and $2.5 million in women-led small and growing businesses. Aruwa Capital Fund II has made two investments so far: Yikodeen, a local industrial safety boot manufacturer, and Toasties, a rapidly expanding casual dining chain. Aruwa’s first fund showed strong impact, with portfolio companies growing revenues 22-fold in local currency and attracting follow-on investments at valuations about seven times higher than Aruwa’s initial entry. Together, both funds have supported over 200,000 direct and indirect jobs, with 73% of companies founded or led by women. Aruwa Capital earned the “Impact Investor of the Year 2023” and the 2023 2X Global Woman Manager of the Year awards in recognition of its work. As it advances gender-lens investing in West Africa, the firm stays dedicated to promoting inclusive economic growth and empowering women entrepreneurs across Africa. SOURCE See more by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 9, 2025, 12:14 am by Grace Ashiru May 8, 2025, 11:59 pm Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

by Grace Ashiru May 30, 2025, 4:35 am 310 Views In a significant move to address the gender funding gap in emerging markets, Village Capital has partnered with Standard Chartered to invest $200,000 in three women-led startups across Africa and MENA. This initiative, part of Standard Chartered’s Futuremakers Women in Tech Financing Facility, aims to empower women entrepreneurs by providing catalytic capital and support to scale their ventures. The selected startups—BeMe (Pakistan), Dabchy (Tunisia), and FreshSource (Egypt)—are all alumni of Village Capital’s Women in Tech accelerator program. This program focuses on addressing systemic challenges faced by women in entrepreneurship, including limited access to early-stage capital and underrepresentation in key sectors. Dabchy is an online marketplace for second-hand fashion, promoting sustainable consumption and reducing textile waste. With over 750,000 users and 4 million listed items, Dabchy is expanding its reach within Tunisia and exploring new markets. FreshSource is an agri-tech startup digitizing Egypt’s fresh produce supply chains. By connecting smallholder farmers directly to institutional buyers, it reduces food loss and enhances price transparency. The funding will help scale its operations and improve logistics capabilities. Despite the increasing number of women entrepreneurs, access to venture capital remains disproportionately low. In 2024, women-founded startups received only 2.3% of global venture capital funding, with female-only teams securing even less. This disparity is more pronounced in emerging markets, where women-led startups receive just 7% of venture capital .(m Research indicates that women-led startups often outperform their male counterparts, delivering higher returns on investment. However, they remain 75% less likely to receive equity financing than men . This funding gap is attributed to factors such as investor bias, limited networks, and a lack of representation in decision-making roles within venture capital firms. This investment by Village Capital and Standard Chartered is a strategic effort to close the gender funding gap by providing targeted support to women-led startups in sectors with high growth potential. Village Capital’s approach emphasizes peer selection and ecosystem development, aiming to democratize access to venture funding, particularly in underserved markets. Since its inception in 2009, Village Capital has backed nearly 1,800 startups, funneling over $7.5 billion in follow-on capital through its affiliated funds and network. Standard Chartered’s involvement underscores its commitment to advancing women entrepreneurs across its footprint. Regina Mukiri, the bank’s Regional Head of Community Impact and Engagement for Africa, the Middle East, and Pakistan, stated, “Empowering women is critical to sustainable economic growth. We’re committed to addressing structural barriers to funding through this facility and beyond.” See more by Grace Ashiru June 17, 2025, 6:01 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 9, 2025, 12:14 am by Grace Ashiru May 8, 2025, 11:59 pm Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

In 2023, co-founders Karim Jouini and Jihed Othmani sold their expense management startup Expensya to Swedish procurement software firm Medius in what is widely considered to be one of the largest acquisitions of an African startup. Some sources say the sum was just over $120 million, although deal terms were not disclosed. Success achieved, both founders swore off entrepreneurship, never intending to do another startup again, and Jouini assumed a CTO role in the merged software company, with other acquisitions spanning three continents. But the pull of a new technological wave — generative AI — and the thought that they may be able to build something even bigger has drawn them back in. The two have now co-founded Thunder Code, a generative AI-powered software testing platform, which has already secured $9 million in seed funding, they told TechCrunch. “It’s pretty crazy because we promised not to do another company because Expensya was too hard,” Jouini said. “But I think it’s like when people have two kids, they forget how hard the first one was. This new venture is less than six months old and already super intense, but we’re fired up. We’re convinced this is unicorn material.” Jouini says his transition into head of technology at Medius reignited a spark he missed after years as Expensya’s frontman. As he oversaw the integration of six companies across three continents, he saw firsthand how generative AI could reshape the software industry. Testing was a universal problem, no matter the product, a realization that seeded the idea for Thunder Code. Thunder Code tackles slow, manual testing with AI-powered “agents” that mimic human testers. These agents simulate QA processes, catch subtle UI and UX issues, and learn from feedback. Determined to avoid Expensya’s early missteps, Jouini prioritized speed. “We shipped our first MVP in week six, and now the product is much more solid six months in than Expensya was in year four,” he said. This reflects a widely held belief in startup land that fast feedback trumps perfect plans. Thunder Code is already gaining traction, with paying customers and pilot programs across the U.S., Canada, France, and Tunisia. The company partners with delivery managers, QA shops, and developer teams eager to test and ship faster. Its current focus is web application testing, with plans to expand into mobile, desktop, and API testing by late 2025. In addition to speed, Jouini’s second rodeo also applies other hard-earned lessons from Expensya, like focusing on core features and getting the best talent as soon as possible. He’s unapologetic about early dilution, as it relates to investing in top talent. “A lot of African entrepreneurs are scared to dilute capital because they want to keep 100%. We believe that if we create a unicorn while diluting ourselves, that’s good value,” he remarked. Jouini believes, however, that AI will let Thunder Code generate 10 times the value with fewer people, echoing the broader sentiment shift toward leaner AI-powered teams. Nevertheless, Jouini admits the jump from expense management to software developer tools was a leap despite the pain points feeling familiar. Yet, he sees software testing as a bigger, more complex market, projected to exceed $100 billion by 2027, still dominated by legacy code-based platforms like Tricentis and BrowserStack, that may be slow to adapt. He believes Thunder Code’s fast execution with AI gives it an edge even against similar new agentic products. Thunder Code, headquartered in Paris with an office in Tunis, joins an increasingly crowded market of startups all attempting to do the same, with entrants ranging from UiPath to startups like Jetify and Nova AI. It helps that Jouini’s co-founder, Othmani, brings deep expertise in generative AI, having built internal AI tools at Expensya years before ChatGPT made waves. Their complementary skills and the $9 million raised in six months position Thunder Code to move fast and capture market share, Jouini said. The funding round includes familiar faces from Expensya’s cap table, including Silicon Badia and Janngo Capital, along with Titan Seed Fund and strategic angels like Roxanne Varza (Director of Station F) and Karim Beguir, CEO of InstaDeep, Africa’s biggest AI startup. Former and current Expensya employees who cashed out during the acquisition have also invested. “Some of our investors are actually Expensya employees and I’m glad it worked out that way,” said Jouini. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

PalmPay, an African digital bank fintech, is in talks to raise between $50 million and $100 million in a Series B round, according to multiple sources familiar with the matter. It’s unclear what valuation it hopes to get, but its last round, in 2021, ranked it among the continent’s most valuable startups, estimated just shy of unicorn status. While PalmPay declined to comment on fundraising specifics, a spokesperson said the 6-year-old fintech is “in a strong financial position and exploring growth opportunities.” The company, which has raised nearly $140 million across its seed and Series A rounds, is now profitable, according to people familiar with its finances. The new capital, expected to include both equity and debt, will fuel PalmPay’s expansion: deepening its footprint in Nigeria, scaling its newer business-focused offering, and rolling out both products in new markets across Africa and Asia. Last month, PalmPay announced it had hit 15 million daily transactions, driven by its 35 million registered users. These transactions now add up to “tens of billions of dollars” annually in value, according to the company. Revenue has also surged. PalmPay’s revenue — $64 million in 2023, according to the Financial Times — has more than doubled since, people familiar with the company’s financials say. Launched in 2019, PalmPay started out in Nigeria, Africa’s most populous country and a major fintech hub. At the time, over half of adults in the country were unbanked, and traditional banks catered mostly to salaried or formal-sector clients, often with requirements that excluded mass-market users. PalmPay saw an opportunity to flip that model on its head: build a digital bank from scratch, but optimize it for the realities of Africa’s informal economy. The company launched an app featuring instant onboarding, zero transfer fees, and a growing suite of services (including credit, savings, insurance, and bill payments), all tailored to the needs of underbanked consumers and small businesses. Crucially, PalmPay didn’t rely solely on digital acquisition. The fintech built a vast on-the-ground network of over 1 million small businesses and agent merchants, who now serve more than 10 million customers monthly through the PalmPay Business app and point-of-sale devices (for cash-in, cash-out services). Other major fintechs in the country, including OPay, Moniepoint, and Paga, have also adopted the hybrid model, combining digital apps with physical touchpoints. PalmPay claims to process more transactions than any traditional bank in Nigeria, and 25% of its users report that it was their first-ever financial account. For credit products, offered in partnership with licensed lenders, that number jumps to 60% among borrowers, it claims. Part of PalmPay’s strong distribution and marketing advantage stems from its partnership with Transsion, the Chinese phone maker that dominates smartphone sales in Africa, with a market share of over 40% across its brands (Tecno and Infinix). Through the partnership, PalmPay pre-installs its app on select financed smartphones, helping drive user acquisition and engagement. Having established itself as one of the most widely used fintech apps in the country, PalmPay is now preparing to replicate its model in new markets abroad. The neobanking platform has expanded to Tanzania and Bangladesh (its first foray outside Africa), where PalmPay is entering with device financing and consumer credit as wedges before layering in more services. (Other African digital banks, including FairMoney, MNT-Halan, and TymeBank, have expanded their financial services into Asia with varying degrees of success.) The company also plans to introduce device financing in Nigeria, its spokesperson confirmed. While Transsion, which led PalmPay’s seed round, remains a strategic partner, the company’s spokesperson says the fintech is actively exploring collaborations with more original equipment manufacturers (OEMs). GIC (Singapore’s sovereign wealth fund) and MediaTek, one of the world’s largest mobile chipset makers, are some of its other investors. On the business-facing side, PalmPay offers cross-border payments for merchants who want to send and collect payments across Africa via a single API, a recurring pain point (even with the promise of stablecoins). This newly launched business feature, currently live in Nigeria, Kenya, and Tanzania (with South Africa in the pipeline), already processes “hundreds of millions of dollars monthly,” the company’s spokesperson confirmed. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

by Grace Ashiru June 17, 2025, 6:01 am 400 Views Cairo-based fintech startup Octane has secured $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures, and Elsewedy Capital Holding. Founded in 2022, Octane provides a digital payments and analytics platform designed specifically for fleet operators and is now gearing up for expansion across Egypt and the broader Middle East and North Africa (MENA) region. At the heart of Octane’s offering is a closed-loop digital wallet that streamlines all on-road fleet expenses—such as fuel, maintenance, parts, and petty cash—into a single platform. Unlike traditional fuel card systems, Octane’s platform delivers real-time visibility and control, enabling fleet managers to minimize waste, identify misuse, and optimize operational costs. The company reports that its clients often achieve double-digit reductions in avoidable fuel and mileage expenses. Octane’s wallet currently supports payments for diesel, gasoline, compressed natural gas (CNG), and is actively piloting electric vehicle (EV) charging at select sites. The platform is also enhanced with AI-powered analytics, spending controls, and fraud detection tools. “We’re focused on giving fleets the rails they need to manage day-to-day payments with precision,” said Amr Gamal, co-founder and CEO of Octane. “This funding allows us to expand our acceptance network, grow our AI-powered capabilities, and stay ahead of the curve in the shift toward cleaner, more efficient mobility—all without adding complexity for our customers.” Since launching in September 2022, Octane has built Egypt’s largest fleet-payment acceptance network, covering more than 2,400 petrol stations and 400 CNG outlets. The company serves over 1,600 corporate clients, collectively managing a fleet of approximately 250,000 vehicles. Octane now employs 200 staff and recently earned an EEA Award for Rising Entrepreneurs of the Year. Globally, the market for fleet expense-management platforms is accelerating. Established players like Corpay and WEX offer centralized fuel and maintenance payments, while newer companies such as Coast and Fleetio are developing more agile, digital-first solutions. Octane is localizing this model for the MENA region—building a robust acceptance network while adapting its platform to regional fuel, tax, and compliance frameworks. “In a market where billions leak through inefficiencies and fraud, Octane brings real accountability and control to fleet operators,” said Laila Hassan, General Partner at Algebra Ventures. “Their vision goes beyond fuel—laying the financial infrastructure for B2B transactions across Egypt’s logistics and mobility sectors.” Algebra Ventures, a Cairo-based VC firm, has been backing transformative tech companies in Egypt and Africa since 2016. Its first fund totaled $54 million, and in 2022, it closed a second fund worth $100 million. The firm invests across various stages—from seed to Series B. From an investor’s viewpoint, Octane is solving a core infrastructure problem. “The first wave of mobility digitization moved people; the second moved goods. But enterprise logistics still lacked the financial rails to operate efficiently,” noted Tamer Azer, Partner at Shorooq Partners, a MENA-focused investment firm established in 2017. “Octane is building that infrastructure. It’s redefining financial technology and access tools for fleet managers across the region.” Shorooq Partners, which is regulated by the ADGM Financial Services Regulatory Authority, invests in early and growth-stage startups across fintech, software, and deep tech. Its portfolio includes companies like Pure Harvest, Nymcard, Tamara, and Lean Technologies. As fuel prices fluctuate and logistics costs climb, fleet operators in the region are increasingly seeking smarter, more efficient tools to manage their expenses. Octane’s blend of real-time analytics and extensive merchant acceptance gives it a competitive advantage in MENA markets that are still underserved by traditional banking systems. Looking ahead, Octane plans to extend its footprint to Gulf and North African countries, where fragmented payment infrastructures and rising transportation costs continue to challenge logistics providers and delivery companies. With solid investor support, a growing user base, and rising demand for digital fleet solutions, Octane is well-positioned to lead the charge in modernizing fleet expense management throughout the MENA region. Source See more Trending Trending Trending Trending Trending by Grace Ashiru May 30, 2025, 4:35 am by Grace Ashiru May 26, 2025, 3:21 am by Grace Ashiru May 20, 2025, 12:56 am by Grace Ashiru May 9, 2025, 12:18 am by Grace Ashiru May 9, 2025, 12:14 am by Grace Ashiru May 8, 2025, 11:59 pm Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Trending Hot by Kevin Mwangi August 26, 2025, 8:04 am Hot by Grace Ashiru March 18, 2025, 10:28 am Hot by Kevin Mwangi July 28, 2025, 7:08 am Hot by Kevin Mwangi August 30, 2025, 9:12 am Hot by Grace Ashiru August 22, 2025, 7:22 am Hot by Grace Ashiru August 21, 2025, 8:35 am Email address: Don't worry, we don't spam

When Joe Kinvi joined Touchtech Payments in 2017 as head of finance, the Irish startup couldn’t afford his full salary. So he negotiated for stock to make up the difference. Eighteen months later, Stripe acquired the company, and that equity converted into Stripe shares, enough to let Kinvi leave his job, bootstrap a side project, and eventually found a startup. That startup, Borderless, is now helping Africans in the diaspora collectively invest in startups and real estate back home. Since launching in beta last year, the U.K.-based platform has processed over $500,000 in transactions. “The diaspora sends billions of dollars in remittances, but very little of it goes into productive assets,” Kinvi said. “We think that there is a world where, if we can bring the right collective to the right type of investment opportunities, it’ll make it a lot easier for them.” Kinvi’s journey to Borderless began in 2020, just as the pandemic hit. He and a group of friends formed Hoaq, an investment club that pooled small checks from local and diasporan angels into African startups. Their first challenge was simply opening a bank account. Financial institutions flagged their activity, and their account with Wise was repeatedly frozen. Other hurdles soon followed: currency mismatches, regulatory requirements, and accreditation rules that made collective investing a legal and logistical headache. To manage the complexity, the group used membership dues to hire a lawyer to handle the paperwork manually. Eventually, Hoaq built light automation into its workflow, an experience that laid the foundation for Borderless. Hoaq has invested in companies such as LemFi, Bamboo, and Chowdeck. By 2022, Kinvi had left Stripe, where he had transitioned into a product and growth role and later spent a year at Paystack, another Stripe subsidiary, helping scale financial partnerships across Africa. When he returned to the problem that had formed Hoaq, he built a tool that digitized everything from onboarding to disbursement. What began as an internal solution soon gained outside interest. Other collectives wanted access, not just for startup deals but for real estate and other assets. Today, Borderless provides the back-end infrastructure for diaspora collectives, allowing them to onboard members, accept cross-border payments, and deploy capital securely. There are over 100 communities on its waitlist, according to the startup. However, over the past couple of months, the collectives currently live on the platform have backed more than 10 startups and two real estate projects in Kenya, with minimum investments of $1,000 for startups and $5,000 for property. Borderless operates under U.K. regulatory cover, permitting it to market investment opportunities to diaspora members without violating securities laws. For now, it focuses on two asset classes, startups and real estate, but Kinvi sees room to expand into others, including film and diaspora bonds. In establishing that the most important part of the Borderless model is trust, Kinvi is blunt about why many diaspora investors hesitate to deploy capital: too many have lost money trying to invest informally through family or friends. “Someone I know sent €200,000 home to build a house,” he said. “The house was never built.” To address this, Borderless routes investor funds directly to verified sellers, escrow accounts, or lawyers. No money flows through the hands of collective managers. Legal and compliance checks are embedded into the process, and all opportunities require approval under the platform’s regulatory umbrella. Borderless earns revenue through transaction fees as well as a cut of membership dues and FX spreads. Over time, it may layer on remittance products, payout fees, and asset management tools. The bigger opportunity, Kinvi argues, lies in unlocking the $30 billion in migrant savings that sit idle every year. While remittance platforms like Zepz, Taptap Send, LemFi, and NALA dominate the space of taking some of that money back home, few have built for long-term investing (that might change in the coming years with recent moves from some players). That message has resonated with local investors. Borderless’ backers include DFS Lab, Ezra Olubi (Paystack CTO), Olumide Soyombo, and executives from Stripe and Google, among others. Many are not just investors, but also users of the platform. For Kinvi, the mission for Borderless, which raised $500,000 in pre-seed from these investors, is as much about identity as returns. “Most Africans in the diaspora want to go back home someday,” he said. “To do that, they need a way to invest securely and confidently at scale. That’s what we’re building.” Still, scaling won’t be easy. Borderless’ current vetting model relies heavily on pre-existing relationships and known collective heads. As it grows, it will need robust identity verification, fraud detection, and legal tooling to avoid becoming a target for bad actors. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

African B2B e-commerce startup Sabi has laid off around 20% of its workforce (~50 employees) as it pivots from its original retail-focused platform to double down on a growing business in commodity exports. The layoffs, confirmed by the company on Thursday, are part of a broader restructuring aimed at aligning resources with what it describes as rising demand for traceable, ethically sourced commodities, an area it began building out last year under a new vertical called TRACE (Technology Rails for African Commodity Exchange). Launched in Lagos in 2020, Sabi began as a software platform helping informal retailers digitize inventory and sales amid COVID-19 disruptions. It later expanded into a fast-moving consumer goods (FMCG) marketplace with embedded finance, scaling across Nigeria and Kenya. By mid-2023, Sabi claimed over 300,000 merchants and $1 billion in annualized GMV. That momentum helped it secure a $38 million Series B round at a $300 million valuation. But like many startups in the B2B e-commerce space in Africa, Sabi faced structural headwinds: thin margins, capital intensity, and tough unit economics. Unlike competitors that burned through capital, Sabi maintained an asset-light model and stayed profitable. Still, the market shift has been clear. In March, the company launched TRACE as a new business line, alongside FMCG. The new vertical targets mineral and agricultural exports such as lithium, cobalt, tin, and cash crops, where global buyers increasingly demand transparency, ESG compliance, and traceability. Sabi says it now exports over 20,000 tons of such commodities monthly to buyers across the U.S., Europe, and Asia. It has also launched operations in the U.S. and made senior hires to support that expansion. “Sabi is entering its next chapter, with a focused commitment to commodity trade and traceability for global customers,” it said in a statement. “We’re doubling down on the part of our business seeing the most demand, built on the strong foundation we’ve laid since 2021 by supporting African merchants and their growth. To align with this momentum, we’ve made the difficult decision to restructure parts of our team.” The transition underscores a broader theme: As informal commerce platforms in Africa search for sustainability, Sabi is showing that evolving into infrastructure plays for global trade is possible. While this strategy offers higher margins and clearer paths to profitability, it can also lead to internal shakeups as Sabi’s restructuring shows. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

It’s rare to see a solo founder building a widely adopted developer infrastructure tool. Even more so if the founder happens to be from Africa. Bereket Engida, a self-taught programmer from Ethiopia, is quietly building what some developers say is the best authentication tool they’ve ever used. Engida’s startup, Better Auth, offers an open source framework that promises to simplify how developers manage user authentication, and it’s caught the attention of some big name investors. It recently raised about $5 million in seed funding from Peak XV (formerly Sequoia India and Southeast Asia), Y Combinator, P1 Ventures, and Chapter One. But the most interesting part here isn’t who’s on the startup’s cap table: Engida says he built the entire product back home in Ethiopia before he set foot in the U.S. Engida told TechCrunch that he started programming at 18 after a friend declined to help him build an e-commerce search app, and he started working on the project himself. He went on to land some remote software jobs and eventually built a web analytics platform that lets developers monitor user behavior on their websites. But throughout his various jobs, Engida says he kept seeing an issue popping up everywhere: authentication. Every app needs to manage how users sign in and out and reset passwords, and sometimes administrators need to handle permissions and user roles. But he found existing tools were either too limited or too rigid — companies like Auth0, Firebase, and NextAuth offer managed services, but they store user data externally, limit customization, and are expensive at scale. “I remember needing an organization feature. It’s a very common use case for most SaaS applications, but it wasn’t available from these providers,” Engida told TechCrunch. “So I had to build it from scratch. It took me about two weeks, and I remember thinking, ‘This is crazy; there has to be a better way to solve this.’” He then scrapped that project and began working on a TypeScript-based authentication framework that would let developers access user data via open source libraries, support common permissions use cases — like teams and roles — out of the box, and scale with plug-ins. “The idea was that you could add advanced features in just two or three lines of code,” Engida said. Over six months working mostly from his bedroom in Ethiopia, Engida built the first version of the library that would go on to become Better Auth. When he posted it to GitHub in September 2024, developers quickly saw the potential. Since then, Better Auth has clocked 150,000+ weekly downloads, 15,000+ GitHub stars, and a community of over 6,000 Discord members, the startup claims. Better Auth’s pitch is simple: Let developers implement everything from simple authentication flows to enterprise-grade systems directly on their databases and embed it all on the back end. Unlike hosted services, Better Auth is an open source library that developers can integrate directly into their codebase, keeping all user data on premise, in their database. For companies wary of handing over critical user information to third parties, this feature alone is a major point. The library has also found unexpected traction among early-stage AI startups, which need to build custom authentication flows that integrate with proprietary APIs, manage tokens securely, and be able to scale without racking up high costs. “We first heard about the product from numerous startups we’ve worked with,” said Arnav Sahu, partner at Peak XV and former principal at Y Combinator. “Their auth product has seen phenomenal adoption among the next generation of AI startups.” Better Auth marks Peak XV’s first direct investment in an African founder. Engida says Better Auth, currently free to use, will focus on improving its core features and launch a paid enterprise infrastructure that plugs into its open source base. This will give developers the flexibility to self-host or opt for Better Auth’s cloud add-ons as needed. He’s also thinking about how to scale without trading away the product’s community-built feel. On the roadmap, therefore, is hiring a small team to help maintain the codebase, expand documentation, and support enterprise users. For now, though, Engida is still writing most of the code himself. Better Auth, which just graduated from YC’s recent spring batch, is the third Ethiopian startup to pass through the accelerator, following drone-based digital health platform Avion, and food delivery platform BeU Delivery. “Building this feels important not just because people love the product, but because of what it represents,” said Engida. “There aren’t many Ethiopian founders building global products. For many, it feels almost impossible. So seeing that traction gives hope for other people to try to be more ambitious.” Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

As generative AI reshapes industries, one of its most important yet invisible challenges is retrieval, the process of fetching the right data with relevant context from messy knowledge bases. Large language models (LLMs) are only as accurate as the information they can retrieve. That’s where ZeroEntropy wants to make its mark. The San Francisco-based startup, co-founded by CEO Ghita Houir Alami and CTO Nicholas Pipitone, has raised $4.2 million in seed funding to help models retrieve relevant data quickly, accurately, and at scale. The round was led by Initialized Capital, with participation from Y Combinator, Transpose Platform, 22 Ventures, a16z Scout, and a long list of angels, including operators from OpenAI, Hugging Face, and Front. ZeroEntropy joins a growing wave of infrastructure companies hoping to use retrieval-augmented generation (RAG) to power search for the next generation of AI agents. Competitors range from MongoDB’s VoyageAI to early fellow YC startups like Sid.ai. “We’ve met a lot of teams building in and around RAG, but Ghita and Nicolas’ models outperform everything we’ve seen,” says Zoe Perret, partner at Initialized Capital. “Retrieval is undeniably a critical unlock in the next frontier of AI, and ZeroEntropy is building it.” Retrieval-augmented generation (RAG) grabs data from external documents and has become a go-to architecture for AI agents, whether it’s a chatbot surfacing HR policies or a legal assistant citing case law. Yet the ZeroEntropy founders believe that for many AI apps, this layer is fragile: a cobbled collection of vector databases, keyword search, and re-ranking models. ZeroEntropy offers an API that manages ingestion, indexing, re-ranking, and evaluation. What that means is that — unlike a search product for enterprise employees like Glean — ZeroEntropy is strictly a developer tool. It quickly grabs data, even across messy internal documents. Houir Alami likens her startup to a “Supabase for search,” referring to the popular open source database that automates much of the database management. “Right now, most teams are either stitching together existing tools from the market or dumping their entire knowledge base into an LLM’s context window. The first approach is time-consuming to build and maintain,” Houir Alami said. “The second approach can cause compounding errors. We’re building a developer-first search infrastructure — think of it like a Supabase for search — designed to make deploying accurate, fast retrieval systems easy and efficient.” At its core is its proprietary re-ranker called ze-rank-1, which the company claims currently outperforms similar models from Cohere and Salesforce on both public and private retrieval benchmarks. It makes sure that when an AI system looks for answers in a knowledge base, it grabs the most relevant information first. More than 10 early-stage companies building AI agents across verticals such as healthcare, law, customer support, and sales are already using ZeroEntropy, she adds. Born and raised in Morocco, Houir Alami left home at 17 to pursue engineering education in France, attending École Polytechnique, a prestigious military and mathematics-focused institution. There, she discovered her love for machine learning. She moved to California two years ago to complete a master’s in mathematics at UC Berkeley, where she deepened her interest in building intelligent systems. Before founding ZeroEntropy, Houir Alami dabbled in building an AI assistant — her take on a conversational agent — before ChatGPT became mainstream. She says the insight gained from trying to build that assistant, particularly the realization of how important it was to provide the right context and information to the LLM to be useful, partly inspired her to start ZeroEntropy. In a field often criticized for its lack of diversity, the 25-year-old Houir Alami is one of the few female CEOs building deep infrastructure for one of the hardest problems in AI. Yet, she hopes it doesn’t stay that way for long. “There aren’t many women in DevTools or AI infra,” she said. “But I’d tell any young woman interested in technical problems: don’t let that stop you. If you’re drawn to complex, technical problems, don’t let anyone make you feel like you’re not capable of pursuing them. You should go for it.” She also stays connected to her roots by giving talks at high schools and universities in Morocco, aiming to inspire more young girls to pursue STEM. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

Chowdeck, a Lagos-based food delivery startup that has stayed profitable in a notoriously tough and low-margin market, has raised $9 million in Series A funding to launch a quick commerce strategy and expand into more cities in Nigeria and Ghana. The equity round was led by Novastar Ventures, with participation from Y Combinator, AAIC Investment, Rebel Fund, GFR Fund, Kaleo, HoaQ, and others. The investors are betting on the team’s ability to pair local market expertise with execution and turn a notoriously difficult sector into a profitable super app for food, groceries and essentials. “We’re thrilled about this round as it brings us closer to our vision of becoming Africa’s number one super app,” CEO and co-founder Femi Aluko said. “This funding will supercharge our growth plans, enabling us to expand into more cities, reduce delivery times, scale our grocery footprint, and attract the best talent to drive innovation and customer satisfaction.” Founded in October 2021 by Aluko, Olumide Ojo, and Lanre Yusuf, Chowdeck now operates in 11 cities across Nigeria and Ghana, serving 1.5 million customers with a network of more than 20,000 riders. Its logistics system averages 30 minutes per order, and in dense areas, more than half of deliveries arrive by bicycle. While prominent players have exited or scaled back their African operations, Chowdeck has leaned into the complexity of local markets — delivering local meals, an operationally harder challenge — to build trust with customers. In 2024, the value of meals delivered through Chowdeck grew more than sixfold from the previous year. This year, the company says it passed its 2024 total before July. The new funding will help Chowdeck roll out quick commerce, ultra-fast delivery backed by a network of dark stores and hyperlocal logistics hubs. The company plans to open 40 dark stores by the end of this year and 500 by the end of 2026, with two to three new stores launching each week. Chowdeck raised a $2.5 million seed round last year. Food delivery is a crowded business globally, but when done well, it has led to some other big companies, like DoorDash. Quick commerce, on the other hand, has been a capital-intensive gamble in most markets. In Europe, Gorillas and Getir burned through hundreds of millions of dollars before retreating or consolidating. In India, platforms like Blinkit, Zepto, and Swiggy have had varying levels of success with the model when it comes to profitability. Chowdeck has been profitable since before this raise and Aluko says the company doesn’t enter cities or verticals without planning to break even within a couple of weeks. For instance, the food delivery platform entered neighboring Ghana this May. Within three months, it was handling 1,000 daily orders without paid advertising, which, according to Aluko, came from pent-up demand for a service that delivers local favorites alongside international cuisine. The company aims to quintuple that volume to 5,000 daily orders by the end of September 2025. Aluko says Chowdeck plans to apply the same playbook to dark stores, which will complement its restaurant and grocery delivery operations. Another vertical complementing these operations will be software. This June, the YC-backed startup acquired Mira, a point-of-sale provider for African food and hospitality businesses. Mira’s tools manage inventory and orders in real time; now, it will help Chowdeck optimize its operations, positioning the company as a vertical SaaS-plus-logistics provider for restaurants. Chowdeck’s raise is a win for local players in the sector, after Jumia’s exit left market share to foreign brands such as Glovo, Bolt Food, and Yango. Yet, some of these companies have also withdrawn from certain markets, including Nigeria and Ghana, which Chowdeck is now targeting aggressively. Super apps such as Gozem, YC-backed Yassir, and MNT-Halan are other local companies offering food delivery services in other African markets. “The market is still very early,” Aluko said. “Customer behavior is shifting online for the first time. A whole generation is growing up ordering food without ever having walked into some of the restaurants or markets on our platform.” For lead investor Novastar Ventures, the bet is on execution and local insight. “Chowdeck is building the future of logistics for African cities,” said partner Brian Waswani Odhiambo. “With deep local insight, a sustainability-first approach, and impressive execution, it is redefining last-mile delivery on the continent.” We’re always looking to evolve, and by providing some insight into your perspective and feedback into TechCrunch, you can help us! Fill out this survey to let us know how we’re doing. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

Africa’s startup ecosystem is no stranger to record-breaking raises, global headlines, and breathless projections of growth. But the other side of that story is quieter and harder to tell. The continent’s tech boom birthed giants like Flutterwave and Fawry, but its graveyard holds equally instructive tales. High-profile collapses have often left behind burnt investors, disillusioned employees, and important lessons about building in Africa’s difficult operating environment. In the last three years, five names stood out not just for how much money they raised or how much hype they generated, but for how quickly things unravelled. These five collapses—fueled by fraud, hubris, and operational malpractice—expose systemic cracks in the ecosystem, revealing how governance gaps, founder deceit, and investor FOMO combusted in staggering fashion.

Egyptian quick-commerce grocery app Breadfast has raised US$10 million from the European Bank for Reconstruction and Development (EBRD) as part of its Series B2 financing, led by Novastar Ventures. Founded in 2017 by Mostafa Amin, Muhammad Habib and Abdallah Nofal, Breadfast offers on-demand delivery of groceries and other household essentials, having initially started its business with a focus on baked goods. The funding pushes Breadfast’s valuation to approximately $US400 million, and will support the expansion of fulfilment centres across Cairo, Giza, Alexandria, and Mansoura and allow access to new Egyptian cities. Breadfast is also ramping up its fintech arm, Breadfast Pay, offering customers enhanced services such as savings, withdrawals, and branded payment cards – key to building a broader super-app experience. The startup raised a US$26 million Series A funding round back in November 2021.

South African fintech startup StraTech, which specialises in the development of critical enterprise infrastructure that powers complex financial operations for businesses across Africa, has secured funding to drive its expansion and enhance product capabilities. StraTech engineers and provides the essential “plumbing” for corporate finance, including sophisticated systems for payment processing, financial reconciliation, and corporate treasury management. This infrastructure is vital for businesses in various industries that need to manage large volumes of transactions with accuracy, security, and efficiency. The startup has now raised an undisclosed amount of funding from VEA Capital Partners, the dedicated private investment division of the South African conglomerate VEA Group. StraTech will use the funding to extend its reach by targeting new industries and expanding its geographic footprint into additional regions within Southern Africa, and strengthen its core product suite. To support this growth, StraTech will be actively hiring new talent across key departments, including crucial roles in engineering for product development, operations for client support and service delivery, and commercial roles to drive sales and market penetration. “They’re not building for the hype cycle. They’re building the rails the future will run on,” said Zander de Witt, co-founder and managing director of VEA Capital Partners.

Moroccan influencer marketing startup Hypeo Ai has secured an undisclosed investment from Renew Capital to scale its AI-powered influencer marketing platform. Founded in 2024 by Meriam Bessa, Oussama Sekkat, and Salah Eddine Mimouni, Hypeo Ai helps brands and creators across Africa and the Middle East run faster, more efficient influencer campaigns by eliminating the need for manual tracking and fragmented tools. The platform connects brands with both human and AI-powered creators in under 15 minutes, offering an end-to-end campaign workflow that includes smart matching, pricing insights, and real-time performance tracking. The funding will support Hypeo Ai’s mission to build smart infrastructure for Africa and the Middle East’s influencer economy, enabling brands and creators to collaborate more efficiently. “Our region has no shortage of talent. What’s been missing is smart infrastructure,” said Meriam Bessa, co-founder and CEO of Hypeo Ai. “We’re building tools that allow brands and creators to meet faster, match better, and work smarter with the power of AI.”

It’s 2008. It is my first time inside a shopping mall. The automatic doors slide open, cold air-conditioning hits my face, and I step into a sprawling building with an endless aisle. Escalators hum. Wide aisles shine under fluorescent lights. Shelves are stacked with imported biscuits, breakfast cereals, and juices I had only seen in commercials, and the sweet smell from the bakery filled my nostrils. This was the experience the South African retail giant, ShopRite, had introduced back in December 2005 when it expanded into Nigeria and opened its first Lagos store. ShopRite was an experience beyond mere grocery runs; it served convenience, order, and a taste of “shopping abroad” without leaving Nigeria. For many Nigerians like myself, this was our first brush with mega-retail. It felt new, exciting, and was quickly met with optimism as stores began drawing major foot traffic. But ShopRite’s expansion wasn’t powered only by novelty. Its expansion into Nigeria was built on real numbers. Nigeria, Africa’s most populous country, had a fast-growing middle class and a retail market worth an estimated USD 109 B, according to a 2019 PwC report. Only 5% of that market was in formal retail. The rest took place in informal markets, neighbourhood stores, and roadside kiosks. This meant there was enormous room to grow, and ShopRite saw the opportunity to take that spending, wrap it in air-conditioned malls, and turn it into a Western-style retail empire. Its model of big-box shopping centres and wide aisles seemed like the perfect way to capture that space. Add the fact that South African companies like MTN had already proved that Nigeria could be a goldmine if you had the stomach to navigate its complexities. For ShopRite Holdings, already Africa’s largest retail chain at the time, Nigeria was the ultimate prize, and on paper, the strategy was airtight. The early years seemed to prove the strategy right. By 2020, the company had 25 stores in 11 cities, anchoring most of Nigeria’s biggest malls. At one point, it controlled nearly 22% of the country’s formal retail space, according to data from Estate Intel. The chain employed thousands and sourced more than 80% of its products locally. By every conventional measure, ShopRite’s Nigerian adventure should have been a textbook success. Sales grew, brand recognition soared, and its name became shorthand for modern retail. If you said you were going to ShopRite, everyone knew exactly what that meant. It was the perfect retail experiment in Africa’s largest economy. But fast-forward to 2025, and the picture looks completely different. Walk into certain ShopRite outlets today, and the signs are worrying.

South African startup Fintura is an AI-powered, all-in-one integrated platform built specifically for accountants in emerging markets. Launched earlier this year, Fintura is tackling one of the industry’s biggest challenges – the fragmentation of accounting software – and has developed an AI-powered platform to do so. “We bring nine key functions – practice management, company statutory, taxation, payroll, bookkeeping, financial statements, management reporting, audit management, and workforce suite, our core HR module – into one integrated system,” said Reece Bailey, the startup’s co-founder. “Our AI assistant, Hank, helps accountants automate up to 85 per cent of their daily admin, directly integrates with compliance bodies like CIPC and SARS, and ensures they can execute end-to-end accounting tasks without leaving the platform.” The result? Accountants save over 10 hours per week, reduce compliance risk, and free up billable time to grow their firms. “Our focus over the next 12 months is completing our core build of practice management, company statutory and taxation, and fully embedding our AI workflows so that accountants can prioritise high leverage work rather than the admin burden they have at the moment,” said Houy. Fintura CEO Bernice Christine Houy is a qualified accountant with over 12 years of experience, who ran her own practice for more than five years, using multiple disconnected systems to manage clients. She lived the pain Fintura is now solving. “Most accountants in Africa use a patchwork of tools, one for bookkeeping, one for payroll, another for compliance tracking, tax the list goes on – none of which talk to each other or connect directly with local regulators. This causes inefficiency, missed deadlines, compliance penalties and fines and lost billable hours,” Bailey said. “Our differentiation is localisation and integration. Fintura connects directly to regulatory bodies like CIPC and SARS, so accountants can manage and execute tasks in one place. We don’t compete with incumbents like Xero, Sage, or SimplePay; instead, we integrate with them to enhance their utility with local compliance workflows and AI automation.” Fintura is currently in its pre-seed funding round, with early commitments including strategic investors like Clive Butkow. “Our focus for this round is to enhance core features and embed AI deeper into workflows,” said Bailey. Fintura was recently named winner of the South African Startup World Cup, and will now head to San Francisco for the global final where it will compete against global regional finalists for a potential US$1 million investment. “This recognition validates our model and positions us for international exposure,” said Bailey. “In our first four months, we’ve onboarded over 15 accounting firms, and this is growing fast now with our current distribution model positioning us to scale. These firms have in turn brought more than 1,500 of their clients onto Fintura. Our modular per-client billing structure scales with their needs, and the impact is already clear – firms report saving more than 10 hours a week and reducing compliance risk, with consistent month-on-month growth in adoption.” Fintura is focused on South Africa for now, with a strong pipeline of interest from Kenya and Ghana. “Our expansion strategy is to enter fast-digitising African markets where compliance localisation is a barrier for global tools. In each market, we’ll integrate directly with local compliance systems to deliver a fully end-to-end accounting experience,” said Bailey. “We operate on a subscription model, with per-organisation and per-client pricing. Accountants can start with a single client and scale up as they grow. While it’s early to share revenue figures, we’re seeing consistent month-on-month growth and strong retention from our initial customer base.”

Khalid Ashmawy remembers the first time he wired money home while studying in Europe. He had just received his monthly stipend as a master’s student in Stuttgart and wanted to send part of it back to his family in Cairo. It was usually a slow and expensive process, he recalled. A $400 wire transfer, for instance, could cost $40 in fees and take three business days to arrive. Years later, while working at Microsoft and Uber in the U.S., and even after founding a startup, that experience hadn’t improved much. The persistent pain point across different stages of his career eventually inspired Ashmawy to launch Munify, a cross-border neobank designed to give Egyptians abroad a faster, cheaper way to send money home and, for residents in the country, access to U.S. banking. Earlier this year, the startup joined Y Combinator’s Summer 2025 batch, a rare entrant from outside the U.S. and one of the few without a core AI pitch in a class dominated by generative AI startups. The company also raised $3 million in seed funding from the accelerator and other regional investors, including BYLD and DCG. “Banking wasn’t built for people like me. It’s very costly, takes a long time, and is fragmented,” the founder and chief executive told TechCrunch in an interview. “It’s a problem I have personally experienced and one that resonates with a lot of people who want to send money back home quickly and efficiently.” Ashmawy grew up in Egypt, studied computer science, and developed a deep love for software early on. A scholarship took him to Europe, where he completed two master’s degrees in Germany and Switzerland. From there, he spent seven years as an engineer and team leader at Microsoft and Uber — experiences that opened his eyes to the world of disruptive technologies and startups. His next step was inevitable. In 2019, Ashmawy left Uber to launch Founders Fund-backed Huspy, a proptech platform focused on mortgages in the Middle East, serving as its chief technology officer until 2022. Leaving Huspy gave him space to reflect on his own immigrant journey. Once again, the issue of remittances loomed large. Meanwhile, in other emerging markets, platforms like Nigeria’s LemFi and India’s Aspora were already taking off, helping migrants from those countries send money back home. Egypt is one of the world’s largest remittance markets, receiving nearly $30 billion in inflows annually. While bank wires and traditional remittance platforms such as Western Union and MoneyGram remain the dominant options, Munify hopes to be the first choice in a growing crop of digital banks that promise cheaper and faster transfers. According to Ashmawy, Munify serves Egyptians abroad — primarily in the U.S., U.K., Europe, and the Gulf — who want to send money home instantly and at better rates. Munify also provides businesses, remote workers, and freelancers in the Middle East a way to open a U.S. bank account and card using only a local ID to receive and spend money, as well as hedge against local currency volatility. “The main reason why we’re different is that we’re building our own rails and directly connecting the banking systems across different countries,” the CEO told TechCrunch, adding that the platform, which just launched two weeks ago, is already seeing early adoption through word of mouth with thousands of sign-ups. “We’ve really tailored this experience for people from the region,” said Ashmawy. On the business side, Munify has signed contracts with mid-sized companies and enterprises, representing a projected $50+ million in monthly cross-border volume, according to Ashmawy. The startup, which operates on a dual consumer and business model (offering remittance and banking services for individuals, while providing APIs for businesses to send and receive cross-border payments), plans to expand beyond Egypt to other Middle Eastern and adjacent countries, gradually stitching together regional banking rails. Its revenue comes from FX spreads, interchange, and payment flows. Y Combinator’s batches over the past couple of years have favored AI and developer tools from the United States. So, how did the Egyptian fintech get in? Ashmawy credits the acute nature of the problem. “If you’re solving a big and urgent problem, that’s what really matters, regardless of whether the current wave is AI or something else,” he said. But there’s precedent for this backing as well. YC has historically invested in startups solving hard financial infrastructure problems, from Stripe to Coinbase. Similarly, remittances are one of the most entrenched pain points in global finance and one of the accelerator’s consistent focus areas when backing startups from emerging markets (case in point: LemFi and Aspora) before its recent AI tilt. In the midst of that, Munify represented a chance to back a founder with experience at two U.S. tech giants, a track record of building one of MENA’s top proptech companies, and a personal connection to the problem. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. 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The tech layoff wave is still kicking in 2025. Last year saw more than 150,000 job cuts across 549 companies, according to independent layoffs tracker Layoffs.fyi. So far this year, more than 22,000 workers have been the victim of reductions across the tech industry, with a staggering 16,084 cuts taking place in February alone. We’re tracking layoffs in the tech industry in 2025 so you can see the trajectory of the cutbacks and understand the impact on innovation across all types of companies. As businesses continue to embrace AI and automation, this tracker serves as a reminder of the human impact of layoffs — and what could be at stake with increased innovation. Below you’ll find a comprehensive list of all the known tech layoffs that have occurred in 2025, which will be updated regularly. If you have a tip on a layoff, contact us here. If you prefer to remain anonymous, you can contact us here. laid off about a third of its data annotation team, cutting roughly 500 jobs, according to Business Insider. The move comes as the company shifts focus from generalist AI tutors to specialist roles, after testing workers to assess their strengths. Employees were told they’ll be paid through the end of their contracts—or November 30 at the latest—but their system access was cut immediately. has reportedly laid off about 200 workers, or 1.5% of its staff, as the company braces for the end of federal EV tax credits under President Trump’s policy changes. The $7,500 incentive for new electric cars expires this month, adding to pressure from cooling demand. Despite the cuts, Rivian says it’s moving ahead with plans for a lower-cost model. is cutting another 101 jobs in Seattle and 262 in San Francisco, just weeks after a wave of layoffs in August. The company, which had about 3,900 local employees before the cuts, hasn’t explained the move and declined to comment. is trimming another 262 jobs at its San Francisco headquarters, according to a state filing, with layoffs set to take effect Nov. 3. The move comes just weeks after CEO Marc Benioff touted AI’s potential to cut customer support roles, and follows a smaller round of cuts in Seattle and Bellevue earlier this month. Will eliminate 221 positions across its Milpitas and San Francisco offices, including 157 in Santa Clara County and 64 in San Francisco, effective October 13, according to filings with California’s Employment Development Department reported by the San Francisco Chronicle. The cuts are part of the company’s broader workforce-reduction strategy. Laid off about 100 employees last month, around 9% of its workforce, after falling short of ambitious growth targets. The cuts affected staff across all departments. The company provides back-office software for restaurant chains. Is set to cut 101 jobs at its Santa Clara location, with notices issued on August 13 and terminations effective October 13. The company, which recently disclosed nearly 200 layoffs at its Pleasanton and Redwood City offices, is also planning to lay off 161 employees in Seattle, according to filings with the Washington state Employment Security Department. Is cutting 106 positions at its Seattle and Liberty Lake, Washington, offices, according to a state Employment Security Department filing. The layoffs, which affected senior engineers and managers, are part of a broader global workforce reduction, although the security and application delivery company has not disclosed the total number of employees affected. Will cut 6% of its workforce in its sixth layoff in just over a year. Peloton CEO Peter Stern said the cuts are needed to improve long-term business health. Is cutting 10% of its workforce, or about 70 employees, as part of a cost-saving effort to reduce operating expenses by $8.5 million, marking its third round of layoffs since 2022. The corporate video software company plans to maintain and gradually grow its sales and marketing budgets, driven by a robust pipeline and growing adoption of its AI-powered offerings. Is laying off about 200 employees, roughly 34% of its global workforce, as it shuts down its email and SMS marketing operations. The Israeli-founded unicorn is partnering with Attentive and Omnisend to continue supporting marketing services while investing in AI-powered tools like automated review summaries, smart sorting, and a new Loyalty Tiers system. Laid off 30 employees and is now offering buyouts to the remaining 200. The AI coding startup recently acquired by Cognition has had a rocky stretch, including a near-acquisition by OpenAI and a reverse-acqui-hire by Google that saw key talent depart before Cognition stepped in. Despite initial promises to value Windsurf’s team, the deal now looks more focused on the startup’s intellectual property than its people. Is cutting 100 jobs, and its CEO, Jen Sargent, is departing. Amazon is reorganizing its audio operations, moving Wondery’s audio-only podcasts under Audible and placing video-focused shows into a new Creator Services division. Amazon acquired Wondery in 2020. Has cut 150 roles in customer service and support, following enhancements to its platform and tools that have significantly reduced support needs. The decision came via a prerecorded message from CEO Mike Cannon-Brookes, just hours before co-founder Scott Farquhar urged Australia to embrace an “AI revolution” and move beyond “jobs of the past” in an Australian Press Club address. The Australian software firm was founded 2002. Is cutting about 7% of its workforce, or 47 employees, as part of a push toward profitability, Bloomberg reports. The decision follows the recent acquisition of a startup with around 30 staff, who will stay on with the company. Despite the cuts, the blockchain software company that operates the popular digital wallet MetaMask says it will continue hiring for select roles. Is shutting down operations, per a report by Business Insider. The social collaging platform aimed at creators was founded in 2019 and raised $9 million in funding. Its closure highlights the persistent challenges social media startups face in building user bases and achieving long-term growth. Is laying off around 200 employees — roughly 14% of its workforce — and severing ties with 500 global contractors. The cuts come just weeks after Meta brought in the data-labeling startup’s CEO in a $14.3 billion deal. Plans to cut more than 100 U.S. full-time jobs, about 3% of its workforce, including positions at its Morrisville, North Carolina, campus. As of February 2024, the PC maker employed around 5,100 workers in the U.S. Is reportedly planning to lay off nearly 2,400 workers in Oregon, which is almost five times more than what was announced earlier this week. Last week, Intel announced that it will lay off more than 500 employees in Oregon, which is about 20% of its workforce, per Bloomberg. Plan to eliminate approximately 1,300 jobs combined as part of a larger restructuring effort to combine their operations and focus on AI. The layoff will mostly affect employees in the U.S., particularly in the R&D, HR, and sustainability teams, according to an internal memo by Hisayuki “Deko” Idekoba, the CEO of Recruit Holdings, which is the Japanese parent company of Indeed and Glassdoor. Has laid off 29 employees as part of its reorganization, per a report by Blockworks. The Seattle-based research and engineering startup recently launched EigenCloud, a platform that provides blockchain-level trust guarantees for any Web 2.0 or web3 application. The reduction will affect 25% of the company’s workforce. Eigen Labs said it had raised $70 million in tokens from a16z Crypto in June. Will cut 9,000 employees, which is less than 4% of its global workforce across teams, role types, and geographies. The reduction follows a series of layoffs earlier this year: It cut less than 1% of the headcount in January, more than 6,000 in May, and at least 300 in June. Is laying off 65 employees in Bellevue, Washington, according to media reports. The parent company of TikTok arrived in Seattle in 2021 and has been expanding its presence there by growing its TikTok Shop online shopping division. Announced on June 30 that the company is cutting 300 jobs, or 10% of its workforce, as part of organizational restructuring within its sales and support divisions amid the AI shift. The startup is an Amsterdam-based location tech startup that provides navigation and mapping products. Has reduced its headcount by approximately 140 employees, accounting for roughly 1% of its total workforce. The recent layoffs mostly affected Rivian’s manufacturing team. Announced in an SEC filing that it will cut approximately 240 jobs, or 30% of its workforce, to enhance operational efficiency and allocate the resulting savings to the development of new products and technologies, according to a CNBC report. The layoff will help the online dating app save $40 million annually, per the report. Has reportedly laid off 85 employees, which accounts for approximately 40% of its workforce. The Vancouver-based startup sells software products that use artificial intelligence for business intelligence. It helps sales professionals at tech companies gather information on competitors to improve their sales. Has downsized its smart TV division by 25% of its 300-member team to adjust its strategy, per reports. Funding for the smart TV division, including Google TV and Android TV, has been cut by 10%, but investment in AI projects has been raised. Says that it plans to lay off 15% to 20% of workers in its Intel Foundry division starting in July. Intel Foundry designs, manufactures, and packages semiconductors for external clients. Intel’s total workforce was 108,900 people as of December 2024, according to the company’s annual regulatory filing. It also confirmed to TechCrunch that it plans to wind down its auto business. Announced that it is letting go of around 90 employees, with 40 in Israel and 50 in Poland. The most recent round of job cuts comes after the Israel-based gaming company laid off 50 employees a few weeks ago. Has let go of around 25 employees from the 58-person team, the company confirmed to TechCrunch. Evernote’s founder Phil Libin launched the video startup in 2020, offering Airtime Creator and Airtime Camera. Is laying off more employees, just a few weeks after announcing a job cut of over 6,500 in May, which was around 3% of its global workforce. The most recent layoffs affected software engineers, product managers, technical program managers, marketers, and legal counsels. Plans to downsize its workforce by letting go of 68 employees, approximately 4% of its total staff, per Reuters. The San Francisco telehealth platform said that its layoffs were unrelated to a U.S. ban on producing large quantities of the weight-loss drug Wegovy. The startup said it intends to keep on recruiting employees who fit in with its long-term expansion plans. Is reportedly laying off around 100 employees from its devices and services division, which encompasses various businesses like the Alexa voice assistant, Echo smart speakers, Ring video doorbells, and Zoox robotaxis. The company has reduced its workforce by approximately 27,000 since the start of 2022 to cut costs. Will cut over 6,500 jobs, affecting 3% of its worldwide workforce. As of June, the Seattle-headquartered company had a total of 228,000 employees globally. It would be one of the company’s biggest layoffs since it cut 10,000 employees in 2023. Reportedly plans to let go of 248 employees, or about 22% of its workforce, to reduce expenses and improve efficiency, it said. The San Francisco-based edtech startup, which offers textbook rentals and tutoring services, has seen a drop in web traffic for months as students opt for AI tools instead of traditional edtech platforms. Is reducing its workforce by 13% as part of a reorganization that aims to reduce costs, shore up margins, and streamline its organizational structure. Is laying off 5% of its global workforce, or around 500 people. The company said the layoffs were part of “a strategic plan (the ‘Plan’) to evolve its operations to yield greater efficiencies as the Company continues to scale its business with focus and discipline to meet its goal of $10 billion in ending [Annual Recurring Revenue]” in its 8-K filing. Has cut roughly 25% of its current workforce. The Vancouver-based company, which is developing a technology to generate fusion energy, has raised $440 million from investors, including Jeff Bezos, Temasek, and BDC Capital. Reduced its headcount by 20 employees, accounting for 10% of its total workforce. In April 2023, the Israeli cybersecurity startup had previously laid off a similar number of employees during a round of layoffs. Has shut down its operations months after announcing major expansion plans, per Sifted. The British climate startup has let go of approximately 200 employees, according to a LinkedIn post by James Reynolds, the head of talent. Is reportedly eliminating 700 jobs, affecting 6% of its total workforce, as it reorganizes for its operational efficiency. The company, based in San Francisco, provides data storage, cloud services, and CloudOps solutions for businesses. Is reportedly letting go of approximately 300 to 400 employees, including around 100 at Respawn Entertainment, to focus on its “long-term strategic priorities,” according to Bloomberg. Is laying off around 3% of its employees as part of its restructuring. The job cuts will mainly affect midlevel positions in the product and technology teams. The latest round of layoffs comes after the company let go of hundreds of employees from its marketing team globally in early March. Has reduced its workforce by about 200 employees in its product and technology divisions as part of a restructuring measure. The India-based e-commerce platform for pre-owned vehicles provides a range of services like buying and selling pre-owned cars, financing, insurance, driver-on-demand, and more. In 2023, the SoftBank-backed startup raised $450 million at a valuation of $3.3 billion. Is letting go of over 100 employees in its Reality Labs division, which manages virtual reality and wearable technology, according to The Verge. The job cuts affect employees developing VR experiences for Meta’s Quest headsets and staff working on hardware operations to streamline similar work between the two teams. Announced its plan to lay off more than 21,000 employees, or roughly 20% of its workforce, in April. The move comes ahead of Intel’s Q1 earnings call helmed by recently appointed CEO Lip-Bu Tan, who took over from longtime chief Pat Gelsinger last year. Is laying off 200 people at its Factory Zero in Detroit and Hamtramck facility in Michigan, which produces GM’s electric vehicles. The cuts come amid the EV slowdown and is not caused by tariffs, according to a report. Has reportedly let go of around 100 employees since the start of 2025. Earlier this week, about 50 employees from the tech and product teams were let go in the latest round of job cuts. The India-based insurtech startup has raised a total of $125 million to date. Will reduce its workforce by 150 positions following its decision not to proceed with its IPO, per Bloomberg. The San Francisco-based car rental startup, which had about 1,000 staff in 2024, said the layoffs will bolster its long-term growth plans during economic uncertainty. Laid off roughly 200 employees to improve efficiency and profitability. It’s the startup’s second round of layoffs in five months, following the job cuts of around 300 employees in December. The conversational AI company, backed by Tiger Global and Fidelity, was last valued at $1.4 billion in 2021. The startup is based in San Francisco and operates in India. Has reportedly eliminated 200 jobs, affecting around one-third of its employees. The German logistics startup reduced a significant number of sales staff. Will stop its operations in China, affecting around 2,000 employees. The move came after Microsoft decided to end outsourcing after-sales support to Wicresoft amid increasing trade tensions. Wicresoft, Microsoft’s first joint venture in China, was founded in 2022 and operates in the U.S., Europe, and Japan. It has over 10,000 employees. Plans to cut 123 jobs, affecting about 4% of its workforce, according to a report by MarketWatch. The software company prioritizes key strategic areas like artificial intelligence for profitable growth. Has laid off hundreds of employees in its platforms and devices division, which covers Android, Pixel phones, the Chrome browser, and more, according to The Information. Is contemplating additional layoffs that could happen by May, Business Insider reported, citing anonymous sources. The company is said to be discussing reducing the number of middle managers and non-coders in a bid to increase the ratio of programmers to product managers. The WordPress.com developer is laying off 16% of its workforce across departments. Before the layoffs, the company’s website showed it had 1,744 employees, so more than 270 staff may have been laid off. Has let go of 10 to 12 technical writers approximately nine months after telling its employees to use generative AI tools wherever possible. The company, which had around 5,500 staff in 2024, was valued at $26 billion after a secondary stock sale in 2024. Has laid off 2,800 employees, affecting 62% of its total staff. The layoffs come weeks after the embattled Swedish battery maker filed for bankruptcy. Let go of 931 employees, around 8% of its workforce, as part of a reorganization, according to an internal email seen by TechCrunch. Jack Dorsey, the co-founder and CEO of the fintech company, wrote in the email that the layoffs were not for financial reasons or to replace workers with AI. Has laid off 198 employees, who make up about two-thirds of its U.S. workforce, per a media report. The layoff comes a month after the company was acquired by Bending Spoons, an Italian app developer, for $233 million. Brightcove had 600 employees worldwide, with 300 in the U.S., as of December 2023. Has reportedly laid off 130 employees, or 3.5% of its total workforce of 3,700 people. Acxiom is owned by IPG, and the news comes just a day after IPG and Omnicom Group shareholders approved the companies’ potential merger. Plans to close its office in Washington, D.C., and let go of its policy team there by the end of March, TechCrunch has confirmed. Sequoia opened its Washington office five years ago to deepen its relationship with policymakers. Three full-time employees are expected to be affected, per Forbes. Announced plans to let go of approximately 5,600 jobs globally in its automation and electric-vehicle charging businesses as part of efforts to improve competitiveness. Is reportedly laying off 273 employees, closing its distribution center in Grand Prairie, Texas, and consolidating to another site in Irving to manage the volume in the region. Has cut 45 employees, more than half of its workforce, after being acquired by cybersecurity company Armis for $120 million in March. Will reportedly reduce 22 employees, representing 7% of its workforce. Most of those affected are based in Israel as the company undergoes a streamlining process. The New York- and Tel Aviv-headquartered cybersecurity firm has raised $100 million at a valuation of about $500 million in 2021. Will cut 22 jobs, affecting nearly a quarter of its total workforce, following the announcement of the AI startup’s strategic partnership with Microsoft. Announced it will be shutting down several of its offices in accordance with Elon Musk’s DOGE, including its Office of Technology, Policy, and Strategy and the DEI branch in the Office of Diversity and Equal Opportunity. Has reportedly laid off some staff, according to LinkedIn posts from ex-employees. The company has not confirmed the layoffs, and it is currently unknown how many workers were affected. Announced plans to let go of 340 employees in its technology division as part of a new restructuring effort. Will cut 2,500 employees, or 5% of its total staff, in response to its shares sliding 19% in the first fiscal quarter. Will cut up to 300 workers in Dublin, accounting for roughly 10% of the company’s workforce in Ireland. Announced it will lay off 65 employees, affecting 5% of its total workforce. Is reportedly set to lay off over 1,000 employees and contractors in a cost-cutting effort. It’s the second round of cuts for the company in just five months. Reduced its total headcount by 16% as the gaming startup shifts its focus to be “scrappier” and “more efficient.” Was shut down just three years after it was acquired by Flipkart. It is currently unknown how many employees were affected. Will cut up to 2,000 jobs as part of its “Future Now” restructuring plan that hopes to save the company $300 million before the end of its fiscal year. Announced 500 job cuts after it was sold to Wonder Group for $650 million. The number of cuts affected more than 20% of its previous workforce. Announced plans to lay off 1,350 employees, affecting 9% of its total workforce, in an attempt to reshape its GTM model. The company is also making reductions in its facilities, though it does not plan to close any offices. Is planning to cut employees in its People Operations and cloud organizations teams in a new reorganization effort. The company is offering a voluntary exit program to U.S.-based People Operations employees. Reduced its headcount by 25 employees, accounting for 16% of its total workforce. The company is planning to release a commercial version of its proteome analysis platform in 2026. Will reportedly cut a few dozen employees in Israel, potentially affecting 10% of its 250-person workforce in the country. Cut 1,100 jobs in a reorganizing effort that affected its tech workers. The coffee chain will now outsource some tech work to third-party employees. Laid off dozens of employees over the last few weeks, including around 10% of staff in one day, after failing to meet its sales growth targets. The “headless commerce” platform raised money at a $1.9 billion valuation just a few years ago. Will cut roughly 5% of its current workforce in a new efficiency drive to increase profitability and growth. Laid off more employees in a new effort to cut costs, though the total number is unknown. Last year, the travel giant cut about 1,500 roles in its Product & Technology division. Has ceased operations and has laid off its employees after selling its business and technology to Israeli cybersecurity company Tufin. The cuts affect roughly 300 people. Is shutting down its operations after shifting from a brick-and-mortar model to a fully virtual women’s healthcare provider. The startup, which raised $18 million in 2023, has not disclosed how many employees are affected, saying recent layoffs were tied to its former in-person business. Cut 51 jobs in its San Francisco headquarters, according to state filings with the Employment Development Department. The SaaS startup previously reduced its headcount by 8% in 2023. Has cut 120 employees, affecting 44% of its total staff. It’s the Y Combinator-backed Nigerian startup’s second layoff round in just five months. Reportedly laid off dozens of employees as part of a new cost-cutting effort that aims to ensure “long-term success” in the startup’s mission to curb misinformation online. Will lay off about 10% of its workforce, affecting more than 1,000 employees. According to an email to staff obtained by CNN, the cuts will largely have an impact on positions in engineering and program management. Announced in an SEC filing that it will cut around 450 positions between February and July 2025, with a complete restructuring set to be completed in the fall, following its new partnership with Zillow. Is laying off 6% of its total workforce, the cybersecurity firm confirmed to TechCrunch. The cuts come less than two weeks after Sophos acquired Secureworks for $859 million. Will cut nearly 200 employees as it introduces redundancy measures and closes down its operations in Poland and Kenya. Reportedly conducted another round of layoffs. It’s unknown how many employees were affected. Cut nearly 200 employees, CEO Mike Seckler announced in a note to employees, citing “potential adverse events” like a recession or rising interest rates. Cut 120 jobs, affecting roughly one-third of its total workforce, TechCrunch exclusively learned. The move comes just a year after the Dutch startup cut 90 employees following its rebrand. Laid off about 500 employees, affecting 15% of its workforce, citing poor business performance. The new cuts follow two earlier layoff rounds for the company that affected roughly 200 employees. Reportedly let go of approximately 200 employees, according to The Verge. The company previously cut 100 employees as part of a layoff round in August 2024. Laid off 1,750 employees, as originally reported by Bloomberg and confirmed independently by TechCrunch. The cuts affect roughly 8.5% of the enterprise HR platform’s total headcount. Laid off 180 employees, the company confirmed to TechCrunch. The cuts come just over one year after the access and identity management giant let go of 400 workers. Is laying off 50% of its workforce, including CEO Marc Whitten and several other top executives, as it prepares to shut down operations. What remains of the autonomous vehicle company will move under General Motors. Is reportedly eliminating more than 1,000 jobs. The cuts come as the giant is actively recruiting and hiring workers to sell new AI products. Has shut down operations, CEO Paul Kesserwani announced on LinkedIn. The fintech startup’s post-money valuation in 2022 was $82.4 million, according to PitchBook. Laid off 150 employees based in the U.S., affecting roughly 18% of its total workforce, in an effort to reach profitability. Laid off dozens of workers in its communications department in order to help the company “move faster, increase ownership, strengthen our culture, and bring teams closer to customers.” Is laying off 300 people, according to a leaked memo reported by Business Insider. However, according to the memo, the fintech giant is planning to grow its total headcount by 17%. Laid off 15 employees as the augmented writing startup undergoes a restructuring effort. Is cutting 75 employees in an effort to “ensure the long-term sustainability and success” of the company. The audio company last cut 200 writers in July 2024 months after partnering with ElevenLabs. Is planning to cut 58 employees in response to an “ongoing macroeconomic challenges and continued uncertainty in the solar industry.” Announced in an internal memo that it will cut 5% of its staff targeting “low performers” as the company prepares for “an intense year.” As of its latest quarterly report, Meta currently has more than 72,000 employees. Will cut up to 730 jobs, affecting 3% of its total workforce, as it plans to exit operations in Germany and focus on physical retailers. Is shutting down its operations, affecting 63 employees. The delivery startup said employees will be paid through January 15 without severance. Is laying off 114 employees as part of a team realignment, per a new WARN notice filing, focusing its efforts on a robotic printing system. Eliminated 37 jobs, affecting roughly 10% of its total workforce, even as the company pursues “aggressive” hiring. Is cutting dozens of employees across its global markets as part of a strategic reorganization to increase profitability. Plans to lay off 400 employees globally. It’s the company’s fourth layoff round since January 2024 as the solar industry as a whole faces a downturn. The fintech startup, founded in 2018, abruptly shut down earlier this year. Per an email from CEO Paul Aaron, the closure follows an unsuccessful attempt to find a buyer, though Employer.com has a new offer under consideration to acquire the company post-shutdown. This list updates regularly. On April 24, 2025, we corrected the number of layoffs that happened in March. Topics Audience Development Manager Alyssa Stringer was formerly the Audience Development Manager for TechCrunch. She previously worked for HW Media as Audience Development Manager across HousingWire, RealTrends and FinLedger media brands. Prior to her experience in audience development, Alyssa worked as a content writer and holds a Bachelor’s in Journalism at the University of North Texas. Reporter, Asia Kate Park is a reporter at TechCrunch, with a focus on technology, startups and venture capital in Asia. She previously was a financial journalist at Mergermarket covering M&A, private equity and venture capital. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Meta unveils new smart glasses with a display and wristband controller Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

Egyptian fintech startup Munify has raised a US$3 million seed round led by Y Combinator to expedite engineering, compliance, and market expansion. Founded in 2024 by Khalid Ashmawy, Munify is building a cross-border digital bank tailored to Egyptians abroad, which enables instant, low-cost transfers to Egypt, US bank account opening, debit card issuance, and FX tools to hedge against currency volatility. The startup’s US$3 million seed round was led by Y Combinator, with participation from BYLD and Digital Currency Group, and will be used to expedite engineering, compliance, and market expansion, with YC’s support providing access to global partnerships and talent. The round coincides with Munify’s graduation from YC’s Summer 2025 batch. Munify’s services are already available in the US, UK, Europe, and the GCC, targeting freelancers, SMEs, and Egyptians living overseas who face high remittance fees and delays in settlement. The new capital will be used to scale engineering and compliance teams, strengthen regulatory and banking partnerships, and expand into additional markets. “Remittance flows are one of the most critical financial lifelines for Egypt, yet millions still face costly, slow, and fragmented services,” said Ashmawy. “We’re building the infrastructure to make global banking and payments radically more accessible for Egyptians, wherever they live.”

Africa’s Business Heroes (ABH), the flagship philanthropic initiative of the Alibaba Philanthropy, has announced the 20 finalists for its US$1.5 million 2025 competition. Africa’s Business Heroes (ABH) is the Jack Ma Foundation’s flagship philanthropic initiative in Africa. It supports visionary entrepreneurs across all 54 African countries who are building inclusive and sustainable economies. Over 10 years, ABH will recognise 100 entrepreneurs, awarding them with grant funding, training, and a platform to amplify their stories. Each year, the top 10 finalists compete in a televised pitch finale for a share of US$1.5 million. This year, ABH received 32,000 applications, the highest in the competition’s history, with submissions from all 54 African countries. Fifty finalists were initially selected, and have now been whittled down to 20 for the 2025 semi-finals, taking place in Dakar, Senegal on September 10-11. These startups now stand just one step away from the Grand Finale, where they will compete for a place among the top 10. Those who advance will not only share in grant funding ranging from US$100,000 to US$300,000, but also gain access to mentorship opportunities, international networks, and unparalleled global visibility. Here are the 2025 top 20: “Year after year, we are inspired by the caliber of entrepreneurs we see at ABH. The 2025 top 20 span nine countries and 10 sectors from health-tech and fintech to agri-tech and sustainability, reflecting Africa’s dynamic innovation landscape,” said Zahra Baitie-Boateng, Africa MD of ABH. “We continue to see strong momentum in digital transformation, scalable B2B and subscription models, and impact-driven businesses tackling challenges from financial inclusion to food security and environmental sustainability. These trends not only highlight the resilience of African founders but also underscore the continent’s potential to deliver both profitability and social impact.”

South African startup Urban Ubuntu is connecting African diaspora with funeral and repatriation insurance via AI-driven cultural rite-matching, blockchain-backed transparency, and diaspora-friendly payments. Founded in Pretoria in 2019 by Shingie Maramba, Urban Ubuntu is focused on funeral and repatriation insurance for the African diaspora, starting with the Kenyan community in South Africa. Supported by partners including Old Mutual (underwriting), AVBOB (repatriation), Kenbright (24/7 call centre), and KEDASA SACCO (distribution), Ubuntu’s blends AI-driven cultural rite-matching, blockchain-backed transparency, and diaspora-friendly payments like M-Pesa, forex, and banking apps. “Funerals are often the biggest expense for diaspora families, costing US$7,000–US$10,000 per case. Families rely heavily on remittances, which can drain savings and delay burials. Traditional insurance providers lack cultural sensitivity, fast payouts, and mobile-first convenience,” Maramba said. “With US$5 billion in remittances flowing into Kenya annually, the founders saw an opportunity to redirect a portion of that into structured funeral cover that is affordable, customisable, and digital.” Competitors exist, but Maramba said none address the diaspora gap fully. Funding so far has been through seed and bridge rounds to support the November go-live. Although still in pre-launch phase, early traction is strong. “KEDASA and others have shown strong interest, with plans to co-brand and distribute policies,” said Maramba. “Seventy per cent of diaspora respondents expressed interest in culturally tailored funeral cover.” Projected uptake is 15,000–20,000 policies in year one, including 5,000 Kenyans in South Africa. “This is a sizeable, underserved group with deep cultural ties and significant financial burden when it comes to funerals and repatriations,” Maramba said. The plan for the next year is to target Kenyans in the United States (US), Europe, and Australia, and then to enter Old Mutual’s 14 markets in Africa, tapping into remittances worth US$30 billion annually. “The platform’s multi-lingual, low-bandwidth design makes scaling across Africa and the diaspora practical,” said Maramba. Revenue comes from a 10 per cent commission on premiums, eight per cent from sales and servicing, and two per cent from infrastructure and platform use.

The Lagos-based Itana, Africa’s first Digital Special Economic Zone, has opened applications for its Digital Residency Launchpad, an exclusive, private community tailored for founders, business owners, and diaspora professionals ready to build, grow, and invest in Africa. Itana is Africa’s first Digital Special Economic Zone and Nigeria’s first licensed digital economic zone management company, which allows global businesses to incorporate in Nigeria remotely and operate their businesses in Itana’s free zone, with laws, business incentives, and services optimised for the digital economy. Its Digital Residency Launchpad programme is designed for both Africa-based entrepreneurs and members of the diaspora looking to reconnect with the continent through investment and business opportunities. Participants are able to access strategic connections, regulatory insights, and go-to-market support for doing business across Africa – empowering entrepreneurs and investors to take full advantage of the opportunities available in fast-growing African markets. By leveraging Itana’s status as a digital special economic zone, residents also benefit from streamlined business setups, favourable business incentives, and the ability to operate within a policy-friendly environment that encourages innovation. “The Digital Residency Launchpad is designed for builders and investors who want more than just a one-off networking event,” said Mayowa Olugbile, CEO at Itana. “It’s a community-powered experience offering the practical resources entrepreneurs need in order to thrive. Itana is seeking to become the jurisdiction of choice for African and global companies seeking to seize the growth opportunities available in this dynamic and fast-growing region. We are determined to make scaling in Africa as seamless as possible – and our new Digital Residency Launchpad initiative is another key step in this direction.” Interested parties can start their application for the Digital Residency Launchpad here.

Moroccan super-app startup Ora Technologies has acquired Casablanca-based last-mile delivery platform Cathedis for an undisclosed sum as it bids to build an integrated e-commerce and fintech platform. Founded in 2023 by Omar Alami, the ORA app offers multiple features, including P2P transactions, an e-commerce platform, on-demand services, chat functionality, and social networking. ORA’s food delivery app Kooul has recorded more than 15,000 active clients in the last 10 months, while ORA Cash, its universal mobile wallet, has achieved more than 50,000 accounts in five months. It has also started to be used by riders to digitise the massive cash-on-delivery business in Morocco. The startup closed a US$1.9 million pre-Series A round back in March, and followed that up with a US$7.5 million Series A round in July to expand its last-mile operations and fortify its digital cash collection infrastructure. The acquisition of Cathedis, which comes just months after Cathedis raised a Series A funding round,allows Ora to take direct control of a critical part of the logistics chain. By bringing logistics in-house, Ora aims to create a seamless end-to-end experience for its Kooul e-commerce platform, from digital payment to physical delivery.

South African startup Rafiki is a work and payments OS that makes subcontracting and collaboration across borders seamless. Founded by Greg Cooke and Nicolas Boswell in 2023, Rafiki began life as a freelance marketplace, but quickly evolved into curated “hit squads” of senior freelance and fractional talent, and then into today’s OS for running global teams. The platform allows agencies and freelancers to raise one consolidated invoice and instantly pay out multiple subcontractors anywhere in the world, solving a major pain point in service-based work. “Unlike other embedded finance or invoicing platforms, we’ve focussed on multi-party, collaborative invoicing and the associated flow of funds, saving significant time and cost associated with outdated workflows and invoicing we’d previously accepted,” Cooke told Disrupt Africa. Rafiki offers multi-party invoicing and collaborative payments, and affordable cross-border transfers, including free instant transfers between Rafiki wallets anywhere in the world. Fiat and stablecoin payouts are built into invoicing. “Alongside payments, Rafiki embeds a community of vetted, senior freelancers and micro-agencies from Africa into the OS. This makes scaling teams, subcontracting, and collaborating globally far easier, faster, and more trusted,” said Cooke. The main gap the startup is trying to fill is in subcontracting workflows, and the lack of purpose-built invoicing solutions for this new way of work. “Agencies and startups working internationally struggle with messy invoicing, delayed payments, and high fees. No other platform offers multi-party collaborative invoicing embedded with smart payments in the way we do,” said Cooke. By embedding stablecoins into invoicing and designing for collaboration and subcontracting, Rafiki fills a niche that competitors like Payoneer, Wise, or Deel don’t address. “We’re especially focused on South African agencies serving US, EU, and UK clients, where smooth subcontracting and affordable payouts are game-changing. We’re seeing a growing demand and shift towards subcontracting of smaller agencies, freelance and fractional talent, particularly between the US/EU and South Africa, and the US/LatAm corridors,” Cooke said. Rafiki is funded via a combination of accelerators, angel investors, and equity-free grants. “Shoutout to Baobab Network, Jobtech Alliance, CVLabs, alongside our strategic angels,” Cooke said. “We’re fortunate enough to have strong revenue and a growing pipeline, meaning to-date we’ve not been reliant on larger VC funding. That said, we’re now confident that taking on VC funding is the right decision, and as such will be raising a pre-seed round starting this September.” The startup is currently in private beta with around 20 agencies, startups, and freelancers in the US, UK, EU, South Africa, Kenya, and Nigeria. “What we’re building is complex, so it’s been important that we iterate quickly on real-time feedback from users actually sending and receiving multi-party invoices across borders. We’ll be opening a new cohort of users in November and have a growing waitlist of agencies and individuals eager to join,” said Cooke. “We’re working towards a public launch in Q1 2026, but for now invite agencies, startups, and freelancers to get in touch to form part of the next private cohort.”

The Africa Women Innovation & Entrepreneurship Forum (AWIEF) has announced the finalists for its annual AWIEF Awards. Held annually as part of the AWIEF Conference, the AWIEF Awards celebrate the achievements of women entrepreneurs and business leaders across the African continent. The aim is to shine a spotlight on women who are driving innovation, building impactful businesses, advancing gender equality, and contributing to Africa’s inclusive economic growth and sustainable development. “The AWIEF Awards are a powerful platform to honour women whose innovation, resilience, and leadership are shaping the future of Africa,” said Irene Ochem, AWIEF founder and CEO. “Our 2025 finalists embody the transformative role women entrepreneurs play in creating a more sustainable, inclusive, and prosperous Africa.” This year’s finalists were selected by an international panel of judges from a highly competitive pool of nominees spanning diverse sectors, from technology and agriculture to energy, creative industries, and social entrepreneurship. Their journeys exemplify the resilience, ingenuity, and leadership of African women shaping the future of the continent. AWIEF AWARDS 2025 FINALISTS Young Entrepreneur Award Norah Kimathi – Kenya Enyo Kossiwa Midjresso-Amouzou – Togo Chisom Victory Okorie – Nigeria Empowerment Award Mathildah Amollo – Kenya Naima Mohamed – Somalia Mampho Sotshongaye – South Africa Energy Entrepreneur Award Chenez Henderson – South Africa Rufaro Marufu – Zimbabwe Nidal Tafah – Morocco Creative Industry Award Mahlet Afework – Ethiopia Stella Ndekile – Nigeria Soraya da Piedade – Angola Social Entrepreneur Award Farana Boodhram – South Africa Naom Monari – Kenya Barbara Nabigambo – Uganda Agri Entrepreneur Award Linda Davis – Kenya Ruth Ede – Nigeria Millicent Okumu – Kenya Josephine Takundwa – Zimbabwe Tech Entrepreneur Award Vivian Arinaitwe – Uganda Maryanne Gichanga – Kenya Naledi Magowe – Botswana

A bitter dispute over the origins of Union54, the Zambian fintech that made waves as the first African card-issuing API startup accepted into Y Combinator, has erupted into the open, threatening to overshadow its reinvention as ChitChat. On September 9, 2025, Zambian tech entrepreneur Patrick Sikalinda filed a lawsuit in the country’s High Court alleging that he co-founded Union54, held a 33 percent equity stake, and was removed from the company without his consent or compensation. The company, now operating as ChitChat, disputes this. In a letter from its legal counsel dated June 26, 2025, the company described Sikalinda as a short-term subcontractor who never held equity, never signed any shareholder agreements, and was removed for non-performance. The case sets up a high-stakes fight over ownership of what was once one of the continent’s most closely watched startups. Union54’s roots lie in Zazu, a digital banking venture previously led by Union54 CEO Perseus Mlambo. Zazu had secured access to Mastercard rails via a partner called Paymentology, and its existing infrastructure became the foundation for what became Union54. In early 2021, Union54 applied to Y Combinator. According to Sikalinda, he and Mlambo jointly prepared the pitch, product demo and technical documentation. He says he was listed as a co-founder holding 33 percent equity on the YC application form, a claim he says is supported by WhatsApp exchanges in which Mlambo instructed him to enter that figure, which he showed to WT.

Carla Rover once spent 30 minutes sobbing after having to restart a project she vibe coded. Rover has been in the industry for 15 years, mainly working as a web developer. She’s now building a startup, alongside her son, that creates custom machine learning models for marketplaces. She called vibe coding a beautiful, endless cocktail napkin on which one can perpetually sketch ideas. But dealing with AI-generated code that one hopes to use in production can be “worse than babysitting,” she said, as these AI models can mess up work in ways that are hard to predict. She had turned to AI coding in a need for speed with her startup, as is the promise of AI tools. “Because I needed to be quick and impressive, I took a shortcut and did not scan those files after the automated review,” she said. “When I did do it manually, I found so much wrong. When I used a third-party tool, I found more. And I learned my lesson.” She and her son wound up restarting their whole project — hence the tears. “I handed it off like the copilot was an employee,” she said. “It isn’t.” Rover is like many experienced programmers turning to AI for coding help. But such programmers are also finding themselves acting like AI babysitters — rewriting and fact-checking the code the AI spits out. A recent report by content delivery platform company Fastly found that at least 95% of the nearly 800 developers it surveyed said they spend extra time fixing AI-generated code, with the load of such verification falling most heavily on the shoulders of senior developers. These experienced coders have discovered issues with AI-generated code ranging from hallucinating package names to deleting important information and security risks. Left unchecked, AI code can leave a product far more buggy than what humans would produce. Working with AI-generated code has become such a problem that it’s given rise to a new corporate coding job known as “vibe code cleanup specialist.” TechCrunch spoke to experienced coders about their time using AI-generated code about what they see as the future of vibe coding. Thoughts varied, but one thing remained certain: The technology still has a long way to go. “Using a coding co-pilot is kind of like giving a coffee pot to a smart six-year-old and saying, ‘Please take this into the dining room and pour coffee for the family,’” Rover said. Can they do it? Possibly. Could they fail? Definitely. And most likely, if they do fail, they aren’t going to tell you. “It doesn’t make the kid less clever,” she continued. “It just means you can’t delegate [a task] like that completely.” Feridoon Malekzadeh also compared vibe coding to a child. He’s worked in the industry for more than 20 years, holding various roles in product development, software, and design. He’s building his own startup and heavily using vibe-coding platform Lovable, he said. For fun, he also vibe codes apps like one that generates Gen Alpha slang for Boomers. He likes that he’s able to work alone on projects, saving time and money, but agrees that vibe coding is not like hiring an intern or a junior coder. Instead, vibe coding is akin to “hiring your stubborn, insolent teenager to help you do something,” he told TechCrunch. “You have to ask them 15 times to do something,” he said. “In the end, they do some of what you asked, some stuff you didn’t ask for, and they break a bunch of things along the way.” Malekzadeh estimates he spends around 50% of his time writing requirements, 10% to 20% of his time on vibe coding, and 30% to 40% of his time on vibe fixing — remedying the bugs and “unnecessary script” created by AI-written code. He also doesn’t think vibe coding is the best at systems thinking — the process of seeing how a complex problem could impact an overall result. AI-generated code, he said, tries to solve more surface-level problems. “If you’re creating a feature that should be broadly available in your product, a good engineer would create that once and make it available everywhere that it’s needed,” Malekzadeh said. “Vibe coding will create something five different times, five different ways, if it’s needed in five different places. It leads to a lot of confusion, not only for the user, but for the model.” Meanwhile, Rover finds that AI “runs into a wall” when data conflicts with what it was hard-coded to do. “It can offer misleading advice, leave out key elements that are vital, or insert itself into a thought pathway you’re developing,” she said. She also found that rather than admit to making errors, it will manufacture results. She shared another example with TechCrunch, where she questioned the results an AI model initially gave her. The model started to give a detailed explanation pretending it used the data she uploaded. Only when she called it out did the AI model confess. “It freaked me out because it sounded like a toxic co-worker,” she said. On top of this, there are the security concerns. Austin Spires is the senior director of developer enablement at Fastly and has been coding since the early 2000s. He’s found through his own experience — along with chatting with customers — that vibe code likes to build what is quick rather than what is “right.” This may introduce vulnerabilities to the code of the kind that very new programmers tend to make, he said. “What often happens is the engineer needs to review the code, correct the agent, and tell the agent that they made a mistake,” Spires told TechCrunch. “This pattern is why we’ve seen the trope of ‘you’re absolutely right’ appear over social media.” He’s referring to how AI models, like Anthropic Claude, tend to respond “you’re absolutely right” when called out on their mistakes. Mike Arrowsmith, the chief trust officer at the IT management software company NinjaOne, has been in software engineering and security for around 20 years. He said that vibe coding is creating a new generation of IT and security blind spots to which young startups in particular are susceptible. “Vibe coding often bypasses the rigorous review processes that are foundational to traditional coding and crucial to catching vulnerabilities,” he told TechCrunch. NinjaOne, he said, counters this by encouraging “safe vibe coding,” where approved AI tools have access controls, along with mandatory peer review and, of course, security scanning. While nearly everyone we spoke to agrees that AI-generated code and vibe-coding platforms are useful in many situations — like mocking up ideas — they all agree that human review is essential before building a business on it. “That cocktail napkin is not a business model,” Rover said. “You have to balance the ease with insight.” But for all the lamenting on its errors, vibe coding has changed the present and the future of the job. Rover said vibe coding helped her tremendously in crafting a better user interface. Malekzadeh simply said that, despite the time he spends fixing code, he still gets more done with AI coders than without them. “‘Every technology carries its own negativity, which is invented at the same time as technical progress,” Malekzadeh said, quoting the French theorist Paul Virilio, who spoke about inventing the shipwreck along with the ship. The pros far outweigh the cons. The Fastly survey found that senior developers were twice as likely to put AI-generated code into production compared to junior developers, saying that the technology helped them work faster. Vibe coding is also part of Spires’ coding routine. He uses AI coding agents on several platforms for both front-end and back-end personal projects. He called the technology a mixed experience but said it’s good in helping with prototyping, building out boilerplate, or scaffolding out a test; it removes menial tasks so that engineers can focus on building, shipping, and scaling products. It seems the extra hours spent combing through the vibe weeds will simply become a tolerated tax on using the innovation. Elvis Kimara, a young engineer, is learning that now. He just graduated with a master’s in AI and is building an AI-powered marketplace. Like many coders, he said vibe coding has made his job harder and has often found vibe coding a joyless experience. “There’s no more dopamine from solving a problem by myself. The AI just figures it out,” he said. At one of his last jobs, he said senior developers didn’t look to help young coders as much — some not understanding new vibe-coding models, while others delegated mentorship tasks to said AI models. But, he said, “the pros far outweigh the cons,” and he’s prepared to pay the innovation tax. “We won’t just be writing code; we’ll be guiding AI systems, taking accountability when things break, and acting more like consultants to machines,” Kimara said of the new normal for which he’s preparing. “Even as I grow into a senior role, I’ll keep using it,” he continued. “It’s been a real accelerator for me. I make sure I review every line of AI-generated code so I learn even faster from it.” This post was updated to reflect the proper title of Mike Arrowsmith. Topics Senior Reporter, Venture Dominic-Madori Davis is a senior venture capital and startup reporter at TechCrunch. She is based in New York City. You can contact or verify outreach from Dominic by emailing dominic.davis@techcrunch.com or via encrypted message at +1 646 831-7565 on Signal.

Following its long-awaited launch of lossless streaming for paid subscribers, Spotify is upgrading its service for free users, too. On Monday, the company announced that free users globally will now be able to search and play any song they want or play a song shared by a friend or an artist they follow on social media. The company calls the new features “Pick & Play,” “Search & Play,” and “Share & Play,” respectively. With the former, free users can hit play in the Spotify app to pick and play any song they want, or can even search for a particular song and play it. The “Share & Play” feature could encourage free users to open Spotify when they come across music on social media. For instance, Instagram lets users share a Spotify track to Stories with sound and allows users to share music on Instagram Notes. Previously, free users could shuffle songs with limited skips on mobile devices. Spotify says the new features will roll out globally to free users, but there will still be some restrictions that Premium users won’t face. When reached for clarification, the company told TechCrunch that users on the free mobile experience will have an allocation of “on-demand time,” and when they reach that daily limit, they’ll then be restricted to a limited number of skips per hour. Spotify did not share what that time limit is, but noted that Premium users will not have these restrictions. In recent months, Spotify’s ad business has been struggling, with CEO Daniel Ek telling investors the company has been “moving too slowly” on this front. The streamer wants ad revenue to make up 20% of its overall revenue, but has grown it only to 11% as of June. By adding new free features, Spotify could boost engagement among its free user base, who would then be exposed to more ads. Spotify says that other features, like its support for lossless, AI Playlists, and Mix, will remain Premium-only offerings, while others like the newly launched Messages and personalized playlist daylist, available to global users, will span both the free and paid experiences, as they had before. The company’s free users today make up the bulk of its user base. Out of Spotify’s 696 million monthly active users in the most recent quarter, 433 million were free, ad-supported customers. In addition, there were 276 million Premium (paying) subscribers in the quarter. Updated after publication with more information about the restrictions impacting free users. Topics Consumer News Editor Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Meta unveils new smart glasses with a display and wristband controller Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

Apple’s iOS 26 software update for iPhones is available Monday to people who have an iPhone 11, iPhone SE 2, and later. The marquee feature of iOS 26 is Apple’s Liquid Glass design, which includes elements on-screen that resembled a “glassy” look. Other features include a call screening assistant, a new gaming and preview app, in-app translation across the system, and updates to Genmoji and Image Playground apps. The operating system update also went through a big numerical change as Apple jumped from iOS 18 to iOS 26 for two key reasons. First, it wanted to bring all operating systems — iOS, iPadOS, macOS, watchOS, tvOS, and VisionOS — in sync. And it also wanted to reflect the year number in which the majority of the people will use this update. Liquid Glass design has been the most significant visual overhaul for iOS in years. Apple’s intention with this redesign was to take inspiration from the Vision Pro interface and apply it to all of its operating systems. The elements are meant to look like they are made of translucent glass. This resulted in challenges in terms of readability and how elements in the background look. Since June, Apple has made several changes to how “glassy” the interface looks through beta releases. While the company is releasing the stable version of iOS 26 today, we might expect visual tweaks for improved readability and usability in the coming months. This visual change might take a bit of time for users to adjust, and they might not like certain elements right away. The Phone app has a new unified look where your favorites are up top in a card format with recents and voicemails on the same screen. You can tap the filter button on the top right and look at these sections individually as well. (If you don’t like the new interface, Apple also gives you an option to switch to the classic look.) In addition, iOS 26 brings a call-screening feature to iPhones, which is a personal favorite. When an unknown number calls you, the system asks for their name and the purpose of the call. Once they give this information, the system invokes the ringer and notifies you of the call. You can look at the conversation and interject at any time. Transcription of voicemail doesn’t work well for all languages, but call screening has reduced the number of calls I’ve had to pick up. There’s also a holding assist for when a restaurant or a helpline places you on hold; you can use call assist to notify when an agent starts talking again. The Messages app is getting to feature party with other chat apps like WhatsApp and Telegram with backgrounds, new conversation flow, polls, text selection, photo previews, and typing indicators in groups. Apple has been working on SMS filtering for a few years now. The company said it updated its spam filtering with this release. Plus, it places messages from unknown senders in a new folder. One thing I didn’t like about this update is that it takes me a couple of taps to go to the transactions tab. The games app overhaul means that you can look at the games you are playing (or have played), arcade games, challenges, and achievements in one place, along with suggestions for new titles. The app also shows you what your friends are playing. Apple finally added Mac’s Preview app to iOS 26, which means you can edit, annotate, and sign PDFs more easily. Meanwhile, Apple Music now has automixing for dynamic song switching, along with lyrics translation and pronunciation. What’s more, you can pin your favorite songs and playlists. With iOS 26, Apple Maps lets you define preferred routes while commuting. In case your choice of route has more traffic or any incidents, Maps sends you a notification along with suggesting alternative routes. The app also lets you easily view visited places through a new places library. The Camera app in iOS 26 adopts the Liquid Glass design with only Video and Photo options visible by default. You can scroll to the left or right to switch between different modes. Apple has placed some controls like Flash and Night mode on the top right, and you can switch them on/off with one touch. For more options like filters, styles, exposure controls, and timer, you can swipe up from the bottom of the screen. If you didn’t like the previous Photos app design, the tabs are back in this version. Unlike last year’s grand launch of Apple Intelligence, this year’s operating system is light on AI features, especially given delays in launching and rolling out features. The company is making AI-powered translation easily available in apps like Messages, FaceTime, and Phone. Currently, this feature supports English (U.K., U.S.), French (France), German, Portuguese (Brazil), and Spanish (Spain). Through iOS 26, the company is also launching live translation on AirPods, including the newly launched AirPods Pro 3, AirPods Pro 2, and AirPods 4. Also, iOS 26 updates visual intelligence to understand the content on the screen. You have to press Power + the volume down button to bring up this menu. Apple Intelligence can then suggest events to add to your calendar. You can also ask questions about the content on the screen, using Google Visual Search or ChatGPT. Apple is also releasing its own “Circle to search” called Highlight. The most confusing part about this update is that the buttons used to bring up on-screen visual intelligence are the same as the screenshot button. Because of this, it takes an extra step to save a screenshot, and I have forgotten to save some important screenshots. Apple is updating Genmoji with iOS 26 to let you merge two emojis with a text prompt and make something new. You can now add expression to people in both Genmoji and Image Playground. Update to Image Playground now allows you to modify attributes like hair and facial hair, along with new styles from ChatGPT. We have a list of tons of small but useful iOS features here. You can update to iOS 26 by going to Settings > General > Software Update and downloading the latest version. Topics Ivan covers global consumer tech developments at TechCrunch. He is based out of India and has previously worked at publications including Huffington Post and The Next Web. You can contact or verify outreach from Ivan by emailing im@ivanmehta.com or via encrypted message at ivan.42 on Signal. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Meta unveils new smart glasses with a display and wristband controller Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

Africa’s Business Heroes (ABH), the flagship philanthropic initiative of the Alibaba Philanthropy, has announced the 10 finalists for its US$1.5 million 2025 competition. Africa’s Business Heroes (ABH) is the Jack Ma Foundation’s flagship philanthropic initiative in Africa. It supports visionary entrepreneurs across all 54 African countries who are building inclusive and sustainable economies. Over 10 years, ABH will recognise 100 entrepreneurs, awarding them with grant funding, training, and a platform to amplify their stories. Each year, the top 10 finalists compete in a televised pitch finale for a share of US$1.5 million. This year, ABH received 32,000 applications, the highest in the competition’s history, with submissions from all 54 African countries. Fifty finalists were initially selected, which were then narrowed down to 20, and finally the final 10 for the grand finale in Kigali in December, where they will compete for a place among the top 10. These startups will share in grant funding ranging from US$100,000 to US$300,000, but also gain access to mentorship opportunities, international networks, and unparalleled global visibility. Here are the 2025 top 10:

Moroccan startup Jobzyn, which offers a platform combining transparency, automation, and artificial intelligence (AI) to deliver a next-generation recruitment experience for both talent and employers, has secured an undisclosed amount of funding from Janngo Capital. To ease the work of recruiters, who are often overwhelmed by a high volume of underqualified applications, Jobzyn has launched a suite of AI solutions to direct candidates toward the right job offers, automatically identify the most relevant profiles, and accurately assess soft skills before the interview stage. The platform also enables candidates to access essential information to better choose their future employer – employee video testimonials, management’s strategic vision, office photos, and salary information. Jobzyn has now secured an undisclosed amount of funding from Janngo Capital, in a deal that reflects the latter’s commitment to companies that make work more accessible, in particular for young people and women. “At Jobzyn, we are convinced that radical transparency and the effective use of technology can profoundly transform how talent and companies connect. With the support of Janngo Capital, we are accelerating our mission to make the job market more accessible, fair, and efficient across the entire continent,” said Simo Zizi, CEO and co-founder of Jobzyn. Fatoumata Bâ, founder and executive chair of Janngo Capital, said she was “proud” to lead Jobzyn’s round. “Today, only three million jobs are created each year, whereas between 20 and 30 million will be needed by 2050 to absorb our demographic growth. In this context, Jobzyn addresses a crucial challenge of integrating women, who still represent only 20 per cent of the formal workforce. Entrepreneurship is one of the most powerful engines for creating decent economic opportunities at scale, and it lies at the heart of our mission at Janngo Capital,” she said. Jobzyn has already convinced major international names such as Deloitte, Glovo, and PwC, as well as leading local players including Maroc Telecom, Intelcia, Inwi, and TGCC, to utilise its platform, while it has also deployed a white-label digital Career Centre solution for higher education institutions.

Y Combinator-alum Rulebase is betting that the next wave of automation in financial services won’t be about flashy AI interfaces but rather the unglamorous back-office tasks like compliance. The startup, founded in 2024 by Gideon Ebose and Chidi Williams, two Nigerian engineers who met in London, just raised a $2.1 million pre-seed round led by Bowery Capital, with participation from Y Combinator, Commerce Ventures, Transpose Platform VC, and several angels. Financial services firms spend enormous amounts of effort on support tickets, resolving disputes, ensuring quality assurance, and regulatory compliance. Rulebase’s software, which it calls an agent co-worker, replaces much of the manual grunt work in these tasks. Its AI agent can evaluate customer interactions, flag regulatory risks, and trigger the right follow-ups across tools like Zendesk, Jira, and Slack without losing the human-in-the-loop oversight that financial firms demand. “Our ‘Coworker’ tool integrates across platforms and collaborates with human agents and back-office teams to fully manage the dispute life cycle while saving time, reducing errors, and maintaining compliance,” said CTO Williams. Currently, the year-old startup is already deployed at customers like U.S. business banking platform Rho and an unnamed Fortune 50 financial institution. Rulebase wasn’t the founders’ first swing. Ebose, a former product lead at Microsoft, and Williams, a former back-end engineer at Goldman Sachs, built several products together like an AI customer feedback tool before eventually settling on Rulebase. The idea came about after seeing how inefficient back-office operations were in small and large financial institutions, especially when it came to regulatory workflows. The startup currently focuses on workflows triggered by customer service interactions, with its first wedge around quality assurance. QA analysts in traditional financial institutions typically manually review 3% to 5% of support interactions to ensure reps follow compliance protocols. Rulebase now evaluates 100% of such interactions, cutting costs by up to 70%, the founders say. In the case of Rho, for instance, Rulebase has helped cut escalations by up to 30%. “We automate workflows that start with a customer interaction, areas we’re already great at handling end-to-end,” CEO Ebose said in an interview with TechCrunch. “While much of that is QA, compliance, and disputes tied to customer calls and messages, long-term our goal is to take on as many manual back-office tasks as possible by pulling these fragmented steps and tabs into one coordinated workflow.” The new funding will help it double down on engineering and eventually add new features to AI Coworker like fraud investigation, audit preparation, and regulatory reporting. Rulebase is focused on financial services for now because automation demands precision. “You need to understand Mastercard’s rules, CFPB timelines. That depth of domain knowledge is our moat,” Ebose said. The company is targeting business banks, neobanks, and card issuers across Africa, Europe, and the U.S. But the roadmap could eventually include adjacent verticals like insurance, where similar workflows exist. Revenue is growing fast, with “double-digit” month-over-month growth since joining Y Combinator’s Fall 2024 batch, the founders say. Rulebase’s business model is usage-based, charging per interaction reviewed or workflow automated. As one of the few African founders to get into YC building AI tools, Ebose and Williams’ advice to founders trying to get accepted into the global accelerator is to think globally from day one. “We’re in a moment where small teams can deliver more value, more quickly, than ever before, so limiting yourself to ‘X for Y’ or a narrow vertical feels like a missed opportunity,” Williams remarked. “With AI, it feels obvious that you have to go after something massive. Anything less than the most ambitious version of your idea likely won’t cut it,” said Williams, who before Rulebase built Buzz, an early open source speech-to-text tool with over 300,000 downloads and over 12,000 GitHub stars. Topics Reporter, Africa Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

Seven South African startups have been selected to take part in the Grindstone | E Squared Programme, a founder-focused, growth engineering journey built to accelerate the success of high potential Allan Gray Fellows and Pathways Investees. Grindstone was founded in 2013 and is co-owned by Knife Capital and Thinkroom Limited. It is renowned for assisting high-growth, innovation-driven companies to scale their businesses, and runs a number of programmes with different partners. The hands-on Grindstone | E Squared Programme officially kicked off in early July with a dynamic in-person networking session at the JoziGin Bar, where founders, the E Squared team, partners, and the Grindstone team came together to connect, collaborate and set the tone for what’s ahead. Seven startups were selected to take part, across industries such as software, ed-tech, e-health, food distribution, and more. They include African Saga, a proudly African comic and anime series brought to life on Webtoon; Muna Studios, which enables a zero-waste shopping experience; Glo’s Cookies, which turns South African heritage into luxury, crafting  premium artisanal cookies; and Genius UP, a dynamic ed-tech platform helping students master exams with live, interactive prep programmes and coaching. The cohort is completed by Docotela Health, a premium, affordable telehealth platform; SUTA National Logistics, which delivers a tech-powered, stress-free approach to moving and delivery; and Fleetfund, which is building South Africa’s next big fleet, connecting investors  to high-growth opportunities through an innovative platform that finances and scales logistics assets fast. From here, the cohort is moving through a curated series of workshops and interventions  designed to unlock measurable growth. Startups gain access to the Grindstone Academy, a  digital platform packed with high-impact learning, which includes deep-dive baseline  assessments to identify gaps and define a growth benchmark. Founders will also benefit from personalised coaching, brand and marketing support, and  investor-ready data room development. With each step, Grindstone and E Squared will help  unlock market access, refine strategy, and facilitate warm introductions to aligned clients,  partners and investors. “This venture building programme is about equipping high-potential founders with real world tools, honest feedback, and access to the right people to help them scale smart,” said Catherine Young, managing partner at Grindstone. “We’re proud to partner with E Squared  to back entrepreneurs who are purpose-driven and ready to go the distance. This cohort is  one to watch.”

Ghanaian fintech startup Affinity Africa has launched “Affinity Boost”, which offers users a new way to earn interest while saving towards goals, choose flexible tenors, and top up funds to grow their money faster. Formed in 2022 by Tarek Mouganie, and publicly launched last year, Affinity is a fully regulated, branchless digital banking platform that provides affordable and accessible financial services to individuals and MSMEs across Ghana. The company offers a full suite of financial services, including personal and SMEs accounts, savings, payments, money transfers to banks and mobile money wallets, investments, and loans. Earlier this year, Affinity raised US$8 million in an oversubscribed seed round to expand its reach at home and move into new markets. It is also launching new products, and has announced the rollout of Affinity Boost, a new goal-based savings account designed to help individuals and small business owners accelerate their financial goals by earning competitive returns. With this new product, Affinity continues to reimagine digital banking in Africa by offering inclusive, flexible, and high-yield financial products that put customers in control of their money. Affinity Boost enables customers to set specific savings goals – such as buying a motorcycle, starting a business, or booking a trip – and choose a fixed period of time to grow their money, earning a competitive annual interest. It also introduces a top-up functionality, allowing users to add extra funds at any time or set up automated daily, weekly or monthly scheduled transfers into the account to increase their returns and reach their goals faster. “This product was built in response to real feedback from our customers, many of whom wanted the option to add more money into their yield-generating accounts when they had extra cash,” said Abdul-Jaleel Hussein, CEO of Affinity Ghana. “Affinity Boost is a direct result of listening to the voice of our customers and building for what matters most: helping them achieve their goals.” The launch of Affinity Boost expands the company’s suite of transactional and high-yield savings accounts – Affinity Daily, Affinity Growth and Affinity Future – which offer a range of tenor and return combinations tailored to meet different financial needs and customer profiles.

Circle Ventures, the investment arm of USDC stablecoin issuer Circle, has invested in the USD 20 M African Blockchain Fund run by CV VC (Crypto Valley Venture Capital), marking a pivotal bet on Africa’s growing stablecoin-driven digital asset ecosystem. The Cayman-Islands–domiciled fund focuses on early-stage African startups using blockchain for fintech, payments, and data infrastructure. This shift towards infrastructure investment follows a wave of crypto exchange shutdowns across the continent, as capital now flows to startups tackling structural issues like currency volatility, cross-border payment friction, and financial exclusion. Launched in 2022 by CV VC Africa Managing Partner Gideon Greaves, the African Blockchain Fund has previously backed ventures in Nigeria, Kenya, and South Africa. Circle’s participation signals growing confidence from global players that Africa’s digital asset future will be built on stablecoin-powered utility rather than speculative trading. This comes as stablecoins now account for 43% of all crypto transaction volume in sub-Saharan Africa, according to Chainalysis, with Nigerians receiving UD 24 B in stablecoins in 2024 alone; the second highest globally.

Tunisia’s state-backed ANAVA fund has invested USD 4 M in Qatar-based Rasmal Innovation Fund, strengthening ties between North African and Gulf investment ecosystems. Rasmal, which recently secured backing from the Qatar Investment Authority’s USD 1 B fund-of-funds program, focuses on early to growth-stage startups across MENA in fintech, SaaS, healthtech, and logistics. The partnership aims to channel international capital into Tunisian startups. Rasmal partner Soumaya Ben Beya Dridje, a former ANAVA employee, brings local expertise to the fund, which has already invested in Tunisian water-tech company Aqua Development. “This reflects our commitment to growing Tunisia’s tech ecosystem,” said ANAVA, which is supported by the World Bank, BII, and KfW.

The Virtual Dollar Card (VDC) launched by Nigerian fintech company Cardtonic in early-2024 is proving a gamechanger, with the product’s product design, operational strength, and levels of customer trust making it a core innovation in Nigeria’s fintech space. Cardtonic was officially launched in 2019, and the VDC service project started in early 2024 alongside Cardtonic 3.0, available to users in Nigeria and Ghana. Since then, it has established itself as a local, reliable alternative in Africa’s payment ecosystem. VDC allows users to make secure international online payments, is fully integrated within the Cardtonic app, and its infrastructure is powered directly by Cardtonic with support from a licensed third-party issuer. “Cardtonic’s VDC has gained strong adoption due to its speed, security, and ease of use. The card provides a dependable solution in a market where Nigerian consumers often face declined payments or unreliable alternatives,” said Cardtonic CEO Emmanuel Sohe. “We have a direct focus on Nigerian and Ghanaian users, unlike global VDC products with limited local support,” Sohe said. Cardtonic is now planning to add more flexibility to the product, with potential upgrades such as physical cards and wider cross-border use under consideration, while it will also make continuous investment in improving infrastructure and securing user data. User feedback and adoption rates indicate growing trust in the service, which is embedded in a multi-service fintech platform that also supports gift card trading, bills, and gadgets. “We measure customer satisfaction for the VDc service using several metrics,” Sohe said. “We have an internal rating system where we get feedback from users after every VDC transaction. We also monitor user feedback about our VDC service on several other platforms, and run periodic sentiment analysis on the VDC product in Nigeria to get direct feedback from users about the product in Nigeria.” Integrated into direct rails that provide the cards, Cardtonic is currently exploring the possibility of the VDC product directly integrating with VISA and Mastercard. Sohe said Cardtonic, which aims to stay competitive in the market by providing VDC with minimal charges, was heavily focused on user data security. “We are PCI DSS compliant, which means we uphold a set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment,” he said. “These standards aim to protect cardholder data and reduce the risk of fraud and data breaches.” He said some of the challenges in the VDC space were “enormous”. “But we are committed to addressing these challenges head-on. Some of which are network issues from the providers, charges from some providers for failed transactions, cross-border charges for some international transactions, sentiment against credit cards in a specific geography, and actions and inactions of the users,” said Sohe. Cardtonic is rolling out new tokenised cards that will support Apple and Google Pay, and will also expand the current support for cross-border transactions before the end of Q3.

Ticket reseller StubHub went public on Wednesday. Although StubHub’s shares closed 6% below their IPO price of $23.50, valuing the company at over $7 billion, the public debut itself is a testament to the co-founder’s decades-long perseverance. StubHub CEO Eric Baker co-founded the company with Jeff Fluhr in 2000 while they were attending the Stanford Graduate School of Business. This was shortly after the dotcom bubble burst and NASDAQ crashed, but the pair didn’t give up. “Stupid competitors went away and many of us got a real opportunity to build a lasting business after getting through that dip,” he said on a Bessemer Venture Partners podcast in 2022. A couple of years later, the business was growing, but Baker and Fluhr didn’t see eye-to-eye on the direction of the company. In 2004, Baker was pushed from the company. A year later, Baker relocated to London, where he founded Viagogo, a StubHub for Europe. Growing Viagogo had plenty of challenges, but he dreamt of merging it with StubHub, according to the podcast. In 2019, when eBay decided to spin off StubHub — it had purchased the ticket seller in 2007 — Baker seized the opportunity. He secured backing from investors, including WestCap, Madrone Capital Partners, and Bessemer Venture Partners, purchasing the company for $4.05 billion. Just after the merger was completed, the COVID-19 pandemic hit. With live events cancelled and global quarantines in effect, the company’s revenue collapsed. The company scraped by and when live events rebounded, the ticket reseller revenue grew significantly driven by hugely popular events like Taylor Swift’s Eras Tour, Beyoncé’s Renaissance Tour, and the Super Bowl. In the first quarter of 2025, StubHub’s revenue grew by 10% to $397.6 million in the first quarter compared to the same period last year. “Reflecting on our journey, I am amazed at how far we’ve come,” he said in his S-1 founder’s letter when he was, after years of planning to go public, on the precipice of an opening day. “We have successfully navigated numerous challenges, including the unprecedented impact of COVID-19, which brought a halt to live events in 2020.” According to the S1, Baker owns 4.7% of the company, meanwhile StubHub’s investors Madrone Partners, WestCap, and Bessemer Venture Partners hold 24.5%, 12.3%, and 8.8%, respectively. Topics Reporter, Venture Marina Temkin is a venture capital and startups reporter at TechCrunch. Prior to joining TechCrunch, she wrote about VC for PitchBook and Venture Capital Journal. Earlier in her career, Marina was a financial analyst and earned a CFA charterholder designation. You can contact or verify outreach from Marina by emailing marina.temkin@techcrunch.com or via encrypted message at +1 347-683-3909 on Signal. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Meta unveils new smart glasses with a display and wristband controller Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

AI chip startup Groq confirmed Wednesday that it raised a fresh $750 million in funding at a post-money valuation of $6.9 billion. This topped the rumored numbers when word leaked in July that Groq was raising. At that time, reports suggested that the raise would be about $600 million, at near a $6 billion valuation. Groq, which also sells data center computing power, previously raised $640 million at a $2.8 billion valuation in August 2024, making this more than double the valuation in about a year. Groq has now raised over $3 billion to date, PitchBook estimates. Groq has been a hot commodity because it is working on breaking the chokehold that AI chip maker Nvidia has over the tech industry. Groq’s chips are not GPUs, the graphics processing units that typically power AI systems. Instead, Groq calls them LPUs, (language processing units) and calls its hardware an inference engine — specialized computers optimized for running AI models quickly and efficiently. Its products are geared toward developers and enterprises, available as either a cloud service or an on-premises hardware cluster. The on-prem hardware is a server rack outfitted with a stack of its integrated hardware/software nodes. Both the cloud and on-prem hardware run open versions of popular models, like those from Meta, DeepSeek, Qwen, Mistral, Google and OpenAI. Groq says its offerings maintain, or in some cases improve, AI performance at significantly less cost than alternatives. Groq’s founder, Jonathan Ross, has a particularly relevant pedigree for this work. Ross previously worked at Google developing its Tensor Processing Unit chip, which are specialized processors designed for machine learning tasks. The TPU was announced in 2016, the same year Groq emerged from stealth. TPUs still power Google Cloud’s AI services. Groq says it now powers the AI apps of more than 2 million developers, up from 356,000 developers when the company talked to TechCrunch a year ago. The new round was led by investment firm Disruptive, with additional funding from BlackRock, Neuberger Berman, Deutsche Telekom Capital Partners, and others. Existing investors, including Samsung, Cisco, D1, and Altimeter, also joined the round. Topics Venture Editor Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Meta unveils new smart glasses with a display and wristband controller Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

At Meta Connect 2025 on Wednesday, the company unveiled its new Oakley Meta Vanguard smart glasses that are geared toward runners, cyclists, and other athletes. The glasses retail for $499 and are launching on October 21. Meta Connect is the social networking giant’s biggest conference of the year, where it unveils smart glasses and VR headsets. The glasses feature a large unified front lens, instead of having two cameras positioned at the top corners of the frames, which is in previous Meta smart glasses and the Oakley Meta HSTN model. The new glasses can capture video in up to 3K resolution and feature a 12-megapixel camera with a 122-degree wide-angle lens. The Oakley Meta Vanguard smart glasses feature a programmable button that can trigger a custom AI prompt, which you can set up using the Meta AI app. Meta notes that all of the buttons on the smart glasses are located underneath to allow athletes to wear helmets comfortably while using them. The Oakley Meta Vanguard glasses have up to nine hours of battery life, or up to six hours of continuous music playback. The glasses come with a charging case that can provide an additional 36 hours of charge on the go. Meta notes that users can quickly charge the glasses to 50% in 20 minutes via the charging case. Meta says the open-ear speakers, which are six decibels louder than Oakley Meta HSTN, are the most powerful speakers yet on any of its glasses. They also feature a five-microphone array optimized to reduce wind noise while on calls, messaging, or using Meta AI with your voice. The glasses have an IP67 dust and water resistance rating for use during intense workouts, the highest yet of any of Meta’s smart glasses, according to the company. Meta says the wraparound design of the glasses features Oakley PRIZMTM Lens technology, which is designed to block out sun, wind, and dust. Keeping with the athletic theme, the glasses can be integrated with Garmin smartwatches. Users can ask the smart glasses for stats such as your heart rate and pace while running, cycling, or participating in other activities. They can also integrate with Strava; users can graphically overlay their performance metrics onto videos and photos captured with Oakley Meta Vanguard and share them directly to their Strava community. The glasses are available in four frame and lens colors: Oakley Meta Vanguard Black with PRIZMTM 24K, Oakley Meta Vanguard White with PRIZMTM Black, Oakley Meta Vanguard Black with PRIZMTM Road, and Oakley Meta Vanguard White with PRIZMTM Sapphire. Oakley Meta Vanguard will be available in the United States, Canada, U.K., Ireland, France, Italy, Spain, Austria, Belgium, Australia, Germany, Sweden, Norway, Finland, Denmark, Switzerland, and the Netherlands. Meta plans to launch the glasses in Mexico, India, Brazil, and the United Arab Emirates later this year. Wednesday’s announcement comes three months after Meta unveiled its Oakley Meta HSTN smart glasses. At the time, the company said the smart glasses were its “first product for athletes and fans alike.” Meta also unveiled Wednesday its new pair of Ray-Ban branded smart glasses with a built-in display for apps, photos, and directions alongside a wearable wristband to control them. Additionally, the tech giant announced its new Ray-Ban Meta 2 with up to 2x the battery life of the previous model and 3K Ultra HD video capture. Topics Consumer News Reporter Aisha is a consumer news reporter at TechCrunch. Prior to joining the publication in 2021, she was a telecom reporter at MobileSyrup. Aisha holds an honours bachelor’s degree from University of Toronto and a master’s degree in journalism from Western University. You can contact or verify outreach from Aisha by emailing aisha@techcrunch.com or via encrypted message at aisha_malik.01 on Signal. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Meta unveils new smart glasses with a display and wristband controller Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

Fintech startup Mystocks says it is building the “Robinhood of Africa”, a next-generation platform that connects African markets with global investors. By integrating leading exchanges in Nigeria, Kenya, South Africa, Ghana, and Egypt, Mystocks is creating a unified digital gateway for investors across the continent and around the world. By integrating major African exchanges, leveraging AI-powered insights, and enabling stablecoin transactions, the startup believes it is building the continent’s first unified, digital-first investment platform bringing Africa to Wall Street and empowering millions of investors. “Africa represents one of the last great frontiers in global investing. Yet participation in its stock and bond markets remains limited by fragmentation, infrastructure gaps, and high entry barriers. Mystocks solves this by offering seamless access to multiple African exchanges within a single platform – bringing African companies and assets to Wall Street and retail investors globally,” said Scanlon Botha, the startup’s COO. The startup is leveraging artificial intelligence to transform how investors discover opportunities. “AI-powered tools will deliver personalised recommendations, predictive analytics, and risk-based insights tailored to each investor, enabling smarter and more confident decision-making,” said Botha. To simplify cross-border transactions, Mystocks is enabling deposits and withdrawals through stablecoins. “This innovation reduces friction, eliminates high foreign exchange costs, and provides investors with fast, secure, and transparent settlement rails. Stablecoin integration is a critical step toward unlocking both local participation and global capital inflows into African markets,” Botha said. Mystocks is also exploring tokenisation of African bond markets. By turning sovereign and corporate bonds into blockchain-based tokens, the platform will unlock liquidity in one of Africa’s largest yet least accessible asset classes creating new opportunities for both local and global investors. “Our vision is to democratise investing by opening Africa’s markets to the world,” said Botha. “Whether you are a young professional in Lagos, a farmer in Nairobi, or a retail investor in New York, Mystocks will provide the tools, insights, and seamless infrastructure to invest in Africa’s growth story.”

Impact Amplifier has become the second executing entity for the Global Cleantech Innovation Programme (GCIP) in South Africa, and will collaborate with the partners to launch a ZAR150 million (US$8.6 million) Cleantech Debt Fund. The GCIP is a global initiative of the United Nations Industrial Development Organisation (UNIDO) funded by the Global Environment Facility (GEF). In South Africa, the project is implemented in collaboration with the Technology Innovation Agency (TIA), an entity of the Department of Science, Technology and Innovation (DSTI) as the lead executing entity. GCIP promotes cleantech innovation and entrepreneurship by addressing market and policy barriers, thus helping low and middle-income countries advance toward greener and more resilient economies. Impact Amplifier has become the second executing entity for the programme in South Africa, and will collaborate with the partners to launch a ZAR150 million (US$8.6 million) Cleantech Debt Fund. The new fund is being designed to bridge the early-stage financing gap for high-impact cleantech small and medium-sized enterprises (SMEs), enhancing their ability to scale and contribute to the innovation economy while creating green jobs. In addition, Impact Amplifier will be working together with TIA to deliver a range of capacity and ecosystem development support services to the GCIP South Africa. “This partnership with Impact Amplifier supports the efforts of TIA and UNIDO to realise the cleantech innovation potential of South African entrepreneurs. By advancing the acceleration of impact-driven cleantech solutions nationally, the project is contributing to a greener, more resilient economy in South Africa and setting a benchmark for other regions,” said Karin Reiss-Haimbala, GCIP South Africa project manager at UNIDO. The new fund will utilise a blended finance model, targeting post-revenue, scalable cleantech ventures that are headquartered in South Africa. Impact Amplifier’s role will include the set- up of the fund and also commercialisation and investment readiness support to South African early-stage cleantech companies. This initiative will support promising cleantech solutions to move beyond the proof-of-concept stage in order to achieve meaningful market penetration and sustainability. “At Impact Amplifier, we are excited to help develop the cleantech ecosystem through GCIP and increase access to capital for SMEs, with the introduction of a new fund. Our collaboration with UNIDO and TIA is a major step towards achieving impactful social and environmental change through entrepreneurship,” said Impact Amplifier director Max Pichulik.

Egypt’s MoneyHash, the leading payment orchestration platform operating in the Middle East and Africa (MEA), has partnered with Saudi Arabia’s noon payments, a trusted comprehensive digital payment gateway, to streamline access to localised payment methods across the GCC. Founded in 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash has developed a proprietary payment orchestration platform and end-to-end payment operating system. After a successful beta launch in 2022, attracting key players in the region such as Foodics, Rain, and Tamatem, the startup launched its enterprise suite last October, targeting large enterprises. The startup, which secured US$5.2 million in pre-Series A funding earlier this year as it prepares for global expansion, has now agreed a strategic collaboration with noon which allows businesses integrated with MoneyHash to instantly activate key regional payment options – such as Mada, KNET, Benefit, Meeza, and Omannet – through a single API connection. By combining noon payments’ extensive regional coverage with MoneyHash’s powerful orchestration capabilities, the collaboration provides businesses with an integrated solution that simplifies operations, accelerates market entry, and improves customer experience at checkout. “MoneyHash’s orchestration technology bridges the gap between fragmented payment infrastructures and growing merchant needs,” said Nader Abdelrazik, CEO of MoneyHash. “Partnering with noon Payments allows us to deliver even more value to businesses looking to scale across the region with a truly localized, efficient, and reliable payment stack.”

Sanari Capital, a South African private equity firm founded in 2013 by Samantha Pokroy, has led a ZAR 406 M (USD 23.4 M) investment in global telematics and fleet management company Ctrack. Sanari contributed ZAR 250 M (USD 14.4 M) through its 3S Growth Fund, joined by ZAR 156 M (USD 9 M) from its long-time investor partner 27four Investment Managers. Founded over 40 years ago, South African-born Ctrack operates across Africa, Europe, the UK and Australia, offering predictive telematics insights to industries such as logistics, construction, government, and insurance. Its flagship Crystal platform transforms real-time data from vehicles and assets into actionable intelligence that boosts safety, efficiency, and growth. The deal follows Ctrack’s 2024 acquisition of Inseego’s international telematics business, which expanded its global footprint with backing from Convergence Partners. Sanari says the new investment marks a pivotal moment to accelerate Ctrack’s global scale and innovation strategy, while adding a mature, globally active tech business to its portfolio.

Justyol, a Moroccan cross-border fashion e-commerce platform, has raised USD 1 M in a mix of equity and debt to fuel its expansion and prepare for a future Series A round. The latest raise follows a USD 350 K pre-seed investment in 2022. Founded in 2022 by Ahmed Badran, Ahmed Rashed, and Anas Ahmed, Justyol connects Turkish fashion brands to consumers across Morocco and the wider MENA region, giving shoppers access to global products at competitive prices. “We are creating the infrastructure that will define the future of cross-border commerce in North Africa,” said Badran, Justyol’s co-founder and CEO. The new funding includes USD 400 K in equity from an angel investor and USD 600 K in inventory financing from Danis Group, a Turkish investment firm. The capital will be used to boost operational capacity, enhance sales capabilities, and scale marketing campaigns aimed at accelerating market penetration in Morocco and driving regional growth.

A cloud of despair hangs over Nigeria's economic landscape as citizens grapple with the implications of sweeping tax reforms signed into law in June 2025, set to take effect January 1, 2026, with many individuals expressing concerns about increased financial burden on struggling masses. The new legislation represents the country's most significant tax overhaul in decades, aiming to broaden the tax base and increase government revenue, but has sparked widespread anxiety among Nigerians already battling a severe cost-of-living crisis. The four new laws – the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act, and Joint Revenue Board Act – consolidate multiple tax statutes into a unified code and introduce fundamental changes to how individuals and businesses are taxed. While the government argues the reforms will streamline compliance and boost revenue for development, many Nigerians fear they will further erode dwindling disposable incomes. At the heart of public concern are changes to personal income tax that will see more Nigerians brought into the tax net. The new law introduces a progressive tax system for a range of income brackets. While the government emphasises that those earning NGN 800 K (~USD 535.00) annually (approximately NGN 66.6 K or USD 44.50 monthly) or less will be exempt from income tax, critics note that this threshold still captures a significant portion of Nigeria's working population who are already struggling with inflation that reached 34% last December before reducing over the last five months, notably after the stats body rebased data points used in its calculations.

Google Cloud announced Thursday it has added fast-rising AI coding startups Lovable and Windsurf to its roster of customers. Both companies have chosen Google Cloud as one of their cloud computing providers, the latest sign of Google’s rising prominence against larger rivals like AWS and Microsoft Azure. Google Cloud tells TechCrunch that it handles a significant percentage of Lovable and Windsurf’s cloud and AI workloads today, though the startups are not contractually obligated to primarily work with Google. The deals also highlight Google’s efforts to make its cloud business more central to the company’s future. Today, Google Cloud is overshadowed by larger competitors like AWS and Microsoft, as well as Google’s much larger advertising business. But it is seeing upward momentum. Google Cloud is one of the company’s fastest-growing business lines. On its last earnings call, Google said its cloud division hit an annual run rate of $50 billion, and cloud chief Thomas Kurian said this week the unit lined up $58 billion in new revenue over the next two years. Google generated $43.2 billion in cloud services in 2024 and $33.1 billion in 2023. Winning contracts with leading AI startups seems to be a large driver of Google Cloud’s growth. The division says it now works with nine out of the 10 leading AI labs, including Safe Superintelligence and OpenAI, and 60% of the world’s generative AI startups. In the last year, the company says it’s seen a 20% increase in the number of new AI startups choosing Google Cloud. While Lovable and Windsurf, which was recently acquired by Cognition, spend relatively little compared to leading AI labs or large enterprises, the bet is that they will become larger businesses in the future, and well worth the investment. Google says the two vibe-coding startups use Gemini 2.5 Pro to power their products, which are also run on Google Cloud infrastructure. Google says Windsurf is also using Gemini models in integrations with Cognition’s AI agent, Devin. In an interview with TechCrunch, Windsurf CEO Jeff Wang said the startup works with a variety of cloud providers, including Google Cloud, but it’s hard to say which company it uses the most. Lovable declined to comment. The significant cloud costs of training, fine-tuning, and running AI models has presented a major challenge for AI model developers, including Google DeepMind with its Gemini models. But it’s been a boon for cloud businesses. The global cloud market is expected to exceed $400 billion in 2025 and grow at a rate of 20% over the next five years, according to the market intelligence and analytics firm Synergy Research. The company on Thursday hosted its first Google AI Builder’s Forum, in which it brought together hundreds of AI startup founders and announced more than 40 new AI startups building on Google Cloud. In addition to Lovable and Windsurf, Sequoia-backed Factory AI and Andreessen Horowitz-backed Krea AI were among the customers named. Part of the reason so many AI startups work with Google Cloud are the generous deals it offers. Many of the AI startups Google works with started on its Google for Startups Cloud Program, in which it offers $350,000 in cloud credits. Google Cloud also offers a dedicated cluster of Nvidia GPUs for startups in the Y Combinator accelerator program. Update 9/19/25: This article has been updated to clarify language around the term “primary cloud computing provider” and include comment from Windsurf’s CEO. Neither Lovable nor Windsurf have signed a preferred cloud provider agreement, a contractual designation that guarantees a startup does a majority of their work with a single cloud provider. Topics Senior AI Reporter Maxwell Zeff is a senior reporter at TechCrunch specializing in AI. Previously with Gizmodo, Bloomberg, and MSNBC, Zeff has covered the rise of AI and the Silicon Valley Bank crisis. He is based in San Francisco. When not reporting, he can be found hiking, biking, and exploring the Bay Area’s food scene. You can contact or verify outreach from Maxwell by emailing maxwell.zeff@techcrunch.com or via encrypted message at mzeff.88 on Signal. Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Meta unveils new smart glasses with a display and wristband controller Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

Every now and then, researchers at the biggest tech companies drop a bombshell. There was the time Google said its latest quantum chip indicated multiple universes exist. Or when Anthropic gave its AI agent Claudius a snack vending machine to run and it went amok, calling security on people and insisting it was human. This week, it was OpenAI’s turn to raise our collective eyebrows. OpenAI released on Monday some research that explained how it’s stopping AI models from “scheming.” It’s a practice in which an “AI behaves one way on the surface while hiding its true goals,” OpenAI defined in its tweet about the research. In the paper, conducted with Apollo Research, researchers went a bit further, likening AI scheming to a human stock broker breaking the law to make as much money as possible. The researchers, however, argued that most AI “scheming” wasn’t that harmful. “The most common failures involve simple forms of deception — for instance, pretending to have completed a task without actually doing so,” they wrote. The paper was mostly published to show that “deliberative alignment⁠” — the anti-scheming technique they were testing — worked well. But it also explained that AI developers haven’t figured out a way to train their models not to scheme. That’s because such training could actually teach the model how to scheme even better to avoid being detected. “A major failure mode of attempting to ‘train out’ scheming is simply teaching the model to scheme more carefully and covertly,” the researchers wrote. Perhaps the most astonishing part is that, if a model understands that it’s being tested, it can pretend it’s not scheming just to pass the test, even if it is still scheming. “Models often become more aware that they are being evaluated. This situational awareness can itself reduce scheming, independent of genuine alignment,” the researchers wrote. It’s not news that AI models will lie. By now most of us have experienced AI hallucinations, or the model confidently giving an answer to a prompt that simply isn’t true. But hallucinations are basically presenting guesswork with confidence, as OpenAI research released earlier this month documented. Scheming is something else. It’s deliberate. Even this revelation — that a model will deliberately mislead humans — isn’t new. Apollo Research first published a paper in December documenting how five models schemed when they were given instructions to achieve a goal “at all costs.” The news here is actually good news: The researchers saw significant reductions in scheming by using “deliberative alignment⁠.” That technique involves teaching the model an “anti-scheming specification” and then making the model go review it before acting. It’s a bit like making little kids repeat the rules before allowing them to play. OpenAI researchers insist that the lying they’ve caught with their own models, or even with ChatGPT, isn’t that serious. As OpenAI’s co-founder Wojciech Zaremba told TechCrunch’s Maxwell Zeff about this research: “This work has been done in the simulated environments, and we think it represents future use cases. However, today, we haven’t seen this kind of consequential scheming in our production traffic. Nonetheless, it is well known that there are forms of deception in ChatGPT. You might ask it to implement some website, and it might tell you, ‘Yes, I did a great job.’ And that’s just the lie. There are some petty forms of deception that we still need to address.” The fact that AI models from multiple players intentionally deceive humans is, perhaps, understandable. They were built by humans, to mimic humans, and (synthetic data aside) for the most part trained on data produced by humans. It’s also bonkers. While we’ve all experienced the frustration of poorly performing technology (thinking of you, home printers of yesteryear), when was the last time your not-AI software deliberately lied to you? Has your inbox ever fabricated emails on its own? Has your CMS logged new prospects that didn’t exist to pad its numbers? Has your fintech app made up its own bank transactions? It’s worth pondering this as the corporate world barrels toward an AI future where companies believe agents can be treated like independent employees. The researchers of this paper have the same warning. “As AIs are assigned more complex tasks with real-world consequences and begin pursuing more ambiguous, long-term goals, we expect that the potential for harmful scheming will grow — so our safeguards and our ability to rigorously test must grow correspondingly,” they wrote. Topics Venture Editor Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Meta unveils new smart glasses with a display and wristband controller Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

South African digital learning company Rekindle Learning has acquired fellow ed-tech startup EpiTek for an undisclosed sum in a deal that will expand both companies’ capabilities in digital learning and enterprise upskilling. Founded in 2014, Rekindle Learning helps organisations across the continent to drive measurable performance, productivity and people development, while EpiTek, launched in Cape Town in 2021, is a software-as-a-service (SaaS) ed-tech provider specialising in white labelling end-to-end online education platforms. The acquisition of EpiTek by Rekindle creates a new learner pathway platform called Rekindle EpiTek, which aims to meet the formalised training needs of Africa’s evolving workforce. It offers a solution for accredited and non-accredited skills development providers and work-based learning programmes to deliver, track and measure learning outcomes through facilitated live classrooms, artificial intelligence (AI) invigilated assessments, as well as analytics and reporting in one integrated system. “This isn’t just about merging platforms – it’s about redefining how skills development happens in Africa,” said Rekindle Learning CEO Sally Nhlanhla. “For the first time, companies can manage the entire training journey – from bite-sized, performance-driven learning to structured, in-depth programmes, and even formal certification. It’s a solution designed by Africans, for Africans.” EpiTek CEO Matthew Scott said the deal marked an exciting evolution for his company. “Rekindle is now uniquely positioned as a high-impact African tech company, equipped to meet the continent’s training and skills development needs at scale,” he said.

Six African startups have shared US$400,000 in catalytic funding after being named winners of the 2025 FINCA Ventures Prize competition, which champions innovation in fintech for financial inclusion and climate-smart agriculture. The FINCA Ventures Prize competition is a flagship initiative of FINCA Ventures, and this year’s competition attracted more than 300 applicants from across the continent. Six startups across two categories – climate-smart agriculture and fintech for financial inclusion – advanced to the final round to compete for catalytic funding to accelerate their impact. The first-place winners in each category — Esther Kimani, founder of Farmer Lifeline Technologies, and Foluso Ojo, founder of truQ — received US$100,000 in catalytic funding. Second- and third-place winners received US$60,000 and US$40,000, respectively. Second place winners were Silo Africa co-founder Eliud Rugut in climate-smart agriculture and Cladfy co-founders Ebby Gatamu and Kibe John in fintech for financial inclusion, while third-place awards went to Karpolax co-founder Samuel Muyita in climate-smart agriculture and 10mg Health founder Christian Nwachukwu in fintech for financial inclusion. “African entrepreneurs are designing bold, locally grounded solutions to complex challenges,” said Andrée Simon, global CEO of FINCA. “They deserve support that matches their ambition: resources that accelerate growth, open doors, and amplify their impact.”

Kenya’s SunCulture, a provider of solar-powered irrigation solutions and agricultural technology to smallholder farmers, has secured US$5 million in funding from WaterEquity, a global asset manager dedicated to mobilising private investment for water and sanitation. SunCulture helps smallholder farmers grow more food with climate technology, financing, and a digital marketplace. The company has more than 50 per cent market share for smallholder farmer solar irrigation systems in Sub-Saharan Africa, and its solar-powered water pumps and irrigation systems have been transformative for smallholder farmers, enabling access to water, reducing labor costs, and increasing crop yields. The company raised an oversubscribed US$27.5 million Series B funding round in April 2024 to fuel its growth and build new products, and it has now followed that up with a US$5 million investment from WaterEquity, via its new Water and Climate Resilience Fund. SunCulture’s solar-powered water pumps offer an affordable alternative to diesel and manual water pumps. Designed for irrigation, the pumps are also used by more than 90 per cent of customers to access groundwater for drinking, cooking, and cleaning – helping rural households meet daily water needs more reliably, efficiently, and sustainably. WaterEquity’s investment will enable SunCulture to scale its operations and deepen its impact – aiming to expand water access to millions of farmers and their families in rural Africa. “WaterEquity understands that water investments don’t fall into a single box – scaling water infrastructure can deliver both incredible impact and strong commercial returns. We’re proud to be the first investment from their new fund and look forward to growing our business together,” said Samir Ibrahim, CEO and co-founder of SunCulture. Aleem Remtula, head of PE and infrastructure investments at WaterEquity, said the investment reflected a milestone in the firm’s new strategy to support projects and companies that address critical infrastructure gaps and build long-term resilience against increasing water stress. “Rural communities face the greatest challenges in accessing reliable water, with over 80 per cent of Africa’s rural population using sources that require collecting water outside their home, a huge time burden for mainly the women and girls who are responsible,” he said. “At WaterEquity, our Water & Climate Resilience Fund is designed to invest in decentralised, resilient solutions that can scale equitably. SunCulture exemplifies the kind of company we seek out – locally grounded, adaptation-focused, and committed to expanding water access to underserved communities.” The Water & Climate Resilience Fund brings together a diverse group of global investors – including Microsoft, Starbucks, Xylem, Ecolab, Reckitt, Gap Inc, and others.

Tanzanian agri-tech startup MazaoHub has raised USD 2 M in an oversubscribed pre-seed round to expand its AI-powered, climate-smart farming platform across Africa. Founded in 2023 by CEO Geophrey Tenganamba, MazaoHub blends artificial intelligence with on-the-ground agronomy to boost smallholder productivity and climate resilience. The round includes USD 1.5 M in equity—led by Catalyst Fund with participation from Nordic Impact Fund, Mercy Corps Ventures, elea Foundation, Impacc, and DOB Equity—and USD 500 K in non-dilutive capital from the Livelihood Impact Fund. MazaoHub’s hybrid “Tech and Touch” model combines soil sensors, portable soil kits, and farm management software with support from local agronomists, while its CropSupply.com platform connects farmers to buyers with full traceability. The funding will accelerate production of soil kits and sensors, expand Farmer Excellence Centers, and scale CropSupply.com, linking farmers to markets while cutting fertiliser use, reducing emissions, and improving climate resilience.

Kenyan agritech venture studio Pyramidia Ventures has raised USD 1.5 M from Dutch impact investor Triple Jump to expand its model of building and scaling climate-focused startups across Africa. The deal includes USD 1.3 M in funding and USD 200 K in technical assistance and business development support from the Dutch Good Growth Fund (DGGF), which Triple Jump manages. Founded in 2021 by Ruth Bertens (ex-McKinsey) and Joseph Rehmann (founder of Victory Farms), Pyramidia Ventures operates as a venture builder, creating and piloting startup concepts in-house before recruiting co-founders to scale them. Its portfolio includes Stable Foods, which offers irrigation-as-a-service and has raised USD 600 K seed funding, as well as Womega and Afriprotein. Pyramidia plans to use the new capital to launch at least two new ventures annually, aiming to strengthen Africa’s agri-food systems and accelerate the transition to resilient, low-carbon agriculture.

South African digital identity platform Contactable has raised USD 13.5 M in financing to expand its onboarding and eKYC solutions across Africa. The round was led by Venture Capitalworks, with participation from Fireball Capital, Ke Nako Capital, and Mavovo. Founded in 2012 by Shaun Strydom, Contactable provides an integrated platform for digital onboarding, identity verification, fraud prevention, and compliance, serving sectors including finance, telecoms, insurance, retail, motor finance, and payments. The new capital will fuel its push into more African markets and support innovation in areas such as Ultimate Beneficial Ownership, AI, self-sovereign identity, and payments integration. Strydom said the funding advances Contactable’s mission to democratise digital identity across the continent. Venture Capitalworks managing partner Brent Shahim added that digital ID is central to financial inclusion and digital transformation, describing the partnership as a strategic step toward scaling trusted identity infrastructure to underserved markets.

Meta chief technology officer Andrew Bosworth took to his Instagram to explain, in more technical detail, why multiple demos of Meta’s new smart glasses technology failed at Meta Connect, the company’s developer conference, this week. Meta on Wednesday introduced three new pairs of smart glasses, including an upgraded version of its existing Ray-Ban Meta, a new Meta Ray-Ban Display that comes with a wristband controller, and the sports-focused Oakley Meta Vanguard. However, at different points during the event, the live technology demos failed to work. In one, cooking content creator Jack Mancuso asked his Ray-Ban Meta glasses how to get started with a particular sauce recipe. After repeating the question, “What do I do first?” with no response, the AI skipped ahead in the recipe, forcing him to stop the demo. He then tossed it back to Meta CEO Mark Zuckerberg, saying that he thinks the Wi-Fi may be messed up. In another demo, the glasses failed to pick up a live WhatsApp video call between Bosworth and Zuckerberg; Zuckerberg eventually had to give up. Bosworth walked onstage, joking about the “brutal” Wi-Fi. “You practice these things like a hundred times, and then you never know what’s gonna happen,” Zuckerberg said at the time. After the event, Bosworth took to his Instagram for a Q&A session about the new tech and the live demo failures. On the latter, he explained that it wasn’t actually the Wi-Fi that caused the issue with the chef’s glasses. Instead, it was a mistake in resource management planning. “When the chef said, ‘Hey, Meta, start Live AI,’ it started every single Ray-Ban Meta’s Live AI in the building. And there were a lot of people in that building,” Bosworth explained. “That obviously didn’t happen in rehearsal; we didn’t have as many things,” he said, referring to the number of glasses that were triggered. That alone wasn’t enough to cause the disruption, though. The second part of the failure had to do with how Meta had chosen to route the Live AI traffic to its development server to isolate it during the demo. But when it did so, it did this for everyone in the building on the access points, which included all the headsets. “So we DDoS’d ourselves, basically, with that demo,” Bosworth added. (A DDoS attack, or a distributed denial of service attack, is one where a flood of traffic overwhelms a server or service, slowing it down or making it unavailable. In this case, Meta’s dev server wasn’t set up to handle the flood of traffic from the other glasses in the building — Meta was only planning for it to handle the demos alone.) The issue with the failed WhatsApp call, on the other hand, was the result of a new bug. The smart glasses’ display had gone to sleep at the exact moment the call came in, Bosworth said. When Zuckerberg woke the display back up, it didn’t show the answer notification to him. The CTO said this was a “race condition” bug, or where the outcome depends on the unpredictable and uncoordinated timing of two or more different processes trying to use the same resource simultaneously. “We’ve never run into that bug before,” Bosworth noted. “That’s the first time we’d ever seen it. It’s fixed now, and that’s a terrible, terrible place for that bug to show up.” He stressed that, of course, Meta knows how to handle video calls, and the company was “bummed” about the bug showing up here. Despite the issues, Bosworth said he’s not worried about the results of the glitches. “Obviously, I don’t love it, but I know the product works. I know it has the goods. So it really was just a demo fail and not, like, a product failure,” he said. Topics Consumer News Editor Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Meta unveils new smart glasses with a display and wristband controller Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

Google is ending its enterprise subscription to the Financial Times, and it’s not the only enterprise media subscription on the chopping block, sources say. The cuts reflect broader cost-reduction efforts at the search giant, even as the company reports strong financial performance. Google has been implementing cost reductions across 2025, including eliminating 35% of managers who oversee teams of three people or fewer, and offering voluntary exit programs across multiple divisions since January. Finance chief Anat Ashkenazi signaled late last year that the company would continue to push cost cuts “a little further,” a mandate that appears unchanged despite Alphabet reporting strong Q2 2025 results with $96.4 billion in revenue. These cuts may save Google mere thousands; they also come as Google faces increasingly strained relationships with news publishers. August data from the trade association Digital Content Next showed median referral traffic from Google Search to publishers fell 10% between May and June of this year, with non-news brands experiencing 14% drops. Major outlets, including CNN, Business Insider, and HuffPost have reportedly seen even sharper traffic declines (of 30%, 40%, and 40%, respectively), according to data from SimilarWeb. Publishers attribute these declines largely to Google’s AI Overviews feature, which has reduced click-throughs to external websites from 56% to 69% since its launch, according to Pew Research. This spring, Pew analyzed data from 900 U.S. adults, six in ten of whom conducted at least one Google search in March 2025 that produced an AI-generated summary. The traffic decline comes as Google has largely resisted content licensing, unlike rival OpenAI, which has signed deals with numerous major publishers including The Financial Times, News Corp, and Axel Springer. So far at least, Google has struck few deals, including one with the Associated Press and an annual Reddit agreement reportedly worth $60 million per year. (According to a new Bloomberg report, Reddit is now looking to renegotiate its contracts with both Google and OpenAI, with Bloomberg suggesting that Reddit sees its prominent role in search results and generative AI training as even more valuable than it first understood.) Google reportedly began exploratory talks with 20 outlets about more content licensing deals this summer. Still, some might see Google canceling its FT subscription as akin to a plagiarist refusing to buy the textbook they’re copying from. At a Fortune event earlier this month, the CEO of the largest digital and print publisher in the U.S. — Neil Vogel of People Inc. — didn’t hold his punches, calling Google a “bad actor” and accusing it of using the same bot to crawl websites for its search engine as it does to support its AI features. Google differs from other AI players by tying its AI training to search access, leaving publishers unable to block AI systems without also forfeiting search traffic. “For a long time,” Vogel said at the event, “the deal was: ‘Take our content, build your search engine, send us back traffic’. That deal’s off.” In a separate, scathing op-ed this summer, Digital Content Next CEO Jason Kint wrote that Google’s AI overviews are creating a “zero-click” environment where “all traffic dead ends at Google.” Google did not respond to a request for comment. Update: This story has been updated with information about Google’s content-licensing deals. Topics Editor in Chief & General Manager Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

At its annual Made on YouTube event this week, YouTube unveiled tons of new updates, features, and tools geared toward creators, including updates to YouTube Live, new ways to monetize, and more. Studio updates include “likeness” detection and lip-synced dubs, and the company is offering new AI tools for podcasters to help promote their shows. Here’s everything announced at Made on YouTube. The company showed off new and updated tools to Studio, which creators use to manage their channels and track analytics. Updates include an inspiration tab, title A/B testing features, auto dubbing, and more. What caught our attention is the “likeness”-detection feature, which was announced last year and made available to a few creators; it’s now in open beta. People will be able to detect, manage, and flag for removal any unauthorized videos using their facial likeness. An AI-powered Ask Studio can guide users and answer questions about their account, and creators will be able to collaborate with up to five other people on one video, which is available to the audiences of all the participating video makers. YouTube gave Live, its livestreaming platform, some updates as well, like letting creators play minigames to entertain viewers, broadcasting simultaneously in both horizontal and vertical formats, providing AI-powered highlights, reacting to live events, using a new ad format, and more. The AI-powered highlights automatically select the best moments from a livestream to turn them into shareable Shorts, and a new ad format — called “side-by-side” — runs adjacent to the main content, similar to a split-screen display, rather than interrupting the stream. YouTube is bringing a custom version of Veo 3, Google’s text-to-video generative AI model, to Shorts, as well as a new remixing tool, an “Edit with AI” feature, and more. With Veo 3 Fast, as the custom version is called, creators can apply motion from a video to an image, add different styles to their videos, and insert objects into the video with a simple text prompt. Creators can also transform the dialogue from eligible videos into catchy soundtracks for other Shorts using Google’s AI music model, Lyria 2. YouTube Music got some updates as well, designed to deepen engagement between creators and their fans. These include a countdown timer for new releases and a chance to offer fans “thank you” videos, and the company is testing a pilot program for U.S. listeners that will allow them to access exclusive merchandise drops from artists. Video podcast creators in the U.S. will be able to create clips more easily with AI suggestions, according to YouTube. And a new feature rolling out next year will offer a way to turn audio podcasts into video podcasts YouTube is giving creators new ways to monetize, with brand deals and through the YouTube Shopping program, which lets creators earn money by featuring and tagging products in their content. YouTube will also now allow creators to swap out brand sponsorships in long-form videos. Creators can also take advantage of auto timestamps for product tags, auto tagging for eligible items mentioned in videos, and a new brand link feature for Shorts. An AI-powered system will help identify the optimal moment a product is mentioned and automatically display the product tag at that time. Shorts creators will soon be able to add a link to a brand’s site specifically for brand deals, and YouTube will proactively suggest creators who may be a good fit for brands in its creator partnerships hub. Topics Deputy Managing Editor Founders: land your investor and sharpen your pitch. Investors: discover your next breakout startup. Innovators: claim a front-row seat to the future. Join 10,000+ tech leaders at the epicenter of innovation. Register now and save up to $668.Regular Bird rates end September 26 Updates to Studio, YouTube Live, new gen AI tools, and everything else announced at Made on YouTube Google isn’t kidding around about cost cutting, even slashing its FT subscription Meta CTO explains why the smart glasses demos failed at Meta Connect — and it wasn’t the Wi-Fi OpenAI’s research on AI models deliberately lying is wild How AI startups are fueling Google’s booming cloud business Apple’s iOS 26 with the new Liquid Glass design is now available to everyone Spotify will now let free users pick and play tracks

Tanzanian agri-tech startup MazaoHub, which blends artificial intelligence (AI) with hands-on agronomy to drive climate-smart farming, has raised US$2 million in an oversubscribed pre-seed round help it scale its operations. MazaoHub is transforming African agriculture through AI-powered soil intelligence, farm management tools, farmer support centers, and direct market access. Its hybrid “Tech and Touch” model helps smallholder farmers increase productivity, cut costs, and build resilience to climate change. The company’s model is designed to deliver both productivity gains and climate benefits. By reducing fertiliser use by up to 30 per cent, boosting organic manure adoption fivefold, and optimizing irrigation, farmers grow more food with fewer inputs while lowering emissions, saving water, and cutting energy use. MazaoHub’s raise includes US$1.5 million in equity, led by Catalyst Fund with participation from Nordic Impact Fund, Mercy Corps Ventures, elea Foundation, Impacc, and DOB Equity. It also includes US$500,000 in non-dilutive capital from the Livelihood Impact Fund, highlighting growing investor appetite for blended finance in climate adaptation. The new capital will accelerate production of MazaoHub’s low-cost soil kits and sensors, expand its network of Farmer Excellence Centres, and finance the rollout of CropSupply.com, which began piloting earlier this year. “Farmers become data-driven decision-makers, buyers gain trusted traceability, and agribusinesses operate as climate-smart franchises. This is where sustainability meets scale,” said Geophrey Tenganamba, CEO and co-founder of MazaoHub. “MazaoHub is showing that African agriculture can blend data insights with local agronomists to enable sustainable farming at scale,” said Maelis Carraro, founder and managing partner at Catalyst Fund.

Kenyan digital mobility platform BuuPass has significantly expanded its operator network with the addition of 13 new transport partners, marking a strategic push to become the digital backbone of Africa’s mobility and logistics sector. Founded in 2016 by Sonia Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales. So far, the startup has sold over 16 million travel tickets and generated over US$100 million in total value of goods sold, while it has also taken part in the Google for Startups Accelerator Africa and been backed by the Google for Startups Black Founders Fund. The new partnerships span critical routes from Kenya’s coast to capital corridors, frontier border towns, and international destinations across East Africa, reflecting the broader digital transformation sweeping the continent’s transport industry. Among the newly onboarded operators are Executive Coaches serving the vital Nairobi-Mombasa route, Flying Horse connecting Nairobi to Dar es Salaam, Kigali, and Burundi, as well as South Sudan, and specialised frontier operators like Ambasa and Baretum, which link Nairobi to Ethiopia’s border town of Moyale. The expansion also includes two dedicated parcel operators, Dama Parcel and Philkos Parcel, extending Buupass’s logistics footprint across Kenya and the Rift Valley. “This is what it means to move from paper to platform,” said Sonia Kabra, co-founder and co-CEO of Buupass. “By digitising sales and operations, we’re helping operators fill more seats, move more parcels, and cut cash leakages by up to 30 per cent. With smarter insights and broader distribution, Buupass is proud to be Africa’s digital transformation partner in mobility and logistics.”

Egyptian e-health startup Duaya has acquired EXMGO, an Egyptian SaaS provider for pharmacies and medical businesses, in a six-figure deal that strengthens Duaya’s e-commerce offering and advances pharmacy digitisation in Egypt. Founded in 2021 by Ahmed Fazara, Duaya offers a platform that connects suppliers with pharmacies, clinics, hospitals, and labs. It has partnered with more than 500 medical suppliers and manufacturers, serving over 12,000 clients including pharmacies, clinics, hospitals, and laboratories. The startup has now acquired EXMGO, a provider of SaaS solutions for pharmacies and medical businesses, in a six-figure investment deal. Following the deal, EXMGO was rebranded as Duaya Go, offering branded apps and websites for pharmacies to manage online sales, inventory, and payments. “The acquisition of EXMGO is part of our strategy to serve a larger segment of pharmacies and medical companies. It reflects our clear vision to digitise pharmacies and transform traditional sales operations into platform-based digital processes. This step will enhance market efficiency and deliver a seamless and professional purchasing experience for customers,” said Dr Ahmed Fazara, founder and CEO of Duaya.

Kenyan fintech Zanifu has secured new investment from Yango Ventures, the USD 20 M venture capital arm of global tech group Yango. While the amount was not disclosed, Yango Ventures said the funding will provide both capital and strategic support to accelerate Zanifu’s growth across Africa. Founded in 2018 by Steve Biko and Sebastian Mithika, Zanifu operates a digital lending platform that provides small retailers—often excluded from traditional banking—quick access to working capital loans of up to USD 2 K, repayable through business revenue. The fintech, which previously raised USD 11.2 M in a pre-Series A round in 2023 and USD 1 M in seed the year prior, has already disbursed over USD 60 M in loans to more than 15,000 SMEs and recently turned profitable, underscoring the viability of its model in a challenging credit environment. Notably, this deal marks Yango Ventures’ second major investment in Kenya this year, following its debut deal in July when it backed Kenyan mobility startup BuuPass. For Yango Ventures, launched in 2025, the move aligns with its focus on fintech, e-commerce, and B2B SaaS.

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À travers les secteurs, quelques entreprises seulement créent presque deux tiers des nouveaux emplois. La chaîne de supermarchés discount Kazyon s'étend au Maroc et au-delà, et prévoit de créer des dizaines de milliers d'emplois pour la population locale. Plus qu’une simple source de revenus, le travail apporte dignité et perspectives. Donner aux individus les moyens de vivre dignement aide les communautés à sortir de la pauvreté et renforce la stabilité économique. Découvrez comment, à Madagascar, le microcrédit améliore les moyens de subsistance des entrepreneurs et de leurs familles. Un secteur privé solide et dynamique est indispensable pour mettre fin à l'extrême pauvreté et favoriser une prospérité partagée. C'est là qu'intervient IFC. Forte de plus de 60 ans d'expérience, nous mobilisons les investissements privés et créont des marchés et des opportunités là où ils font le plus défaut. IFC propose des services complémentaires d'investissement, de conseil et de gestion d'actifs qui peuvent être adaptés aux besoins spécifiques de ses clients. En mettant à contribution nos ressources financières, notre savoir-faire technique, notre expérience mondiale et notre esprit d’innovation, nous aidons nos partenaires à surmonter les obstacles auxquels ils sont confrontés. La mission d’IFC consiste à collaborer avec le secteur privé dans les pays en développement afin de créer des marchés et des opportunités pour tous. IFC, membre du Groupe de la Banque mondiale, est la principale institution de développement axée sur le secteur privé dans les pays émergents. Elle mène des opérations dans plus d’une centaine de pays, consacrant son capital, ses compétences et son influence à la création de marchés et d’opportunités dans les pays en développement. Au cours de l’exercice 2024, IFC a engagé un montant record de 56 milliards de dollars en faveur de sociétés privées et d’institutions financières dans des pays en développement, en s'appuyant sur des solutions du secteur privé et en mobilisant des capitaux privés pour créer un monde sans pauvreté sur une planète vivable. PARCOURIR PAR RÉGION IFC mène des opérations dans plus de 100 pays. Nous donnons aux entrepreneurs du monde entier les moyens de concrétiser des idées innovantes, devenant ainsi le moteur d'une croissance inclusive qui crée des emplois et améliore la vie des communautés. Rapport (anglais) Bien que les femmes représentent désormais la majorité des étudiants dans l'enseignement supérieur à l'échelle mondiale, une fois qu'elles entrent sur le marché du travail, des écarts se creusent entre les hommes et les femmes, tant au niveau des salaires que des taux d'emploi. Rapport (anglais) Comment les marchés émergents peuvent-ils étendre l'accès à l'électricité tout en maximisant l'utilisation de sources d'énergie durables ? Un rapport d'IFC suggère que l'introduction de davantage de concurrence dans les marchés de l'énergie peut entraîner de meilleurs résultats, tant en termes d'élargissement de l'accès qu'en matière de durabilité. Rapport (anglais) Explorez l'impact des accélérateurs d'entreprises sur la réussite des startups dans les marchés émergents. Découvrez comment ils aident les entrepreneurs à surmonter les obstacles à la croissance et à obtenir des financements.

ストーリー 依然として多くの障害に直面するアフリカの女性の起業家を支援するために、銀行をはじめとする金融機関や開発金融機関は様々な取り組みを行っています 採用情報 お知らせ インタビュー 極度の貧困を撲滅し、繁栄の共有を促進するためには、民間部門の積極的な関与が不可欠です。 IFCは、支援を最も必要とする国や60年以上にわたり 民間投融資の機会や市場を切り開き、最も必要とされる市場や機会を創出することに 60 年以上の経験があります。 世界銀行グループの一員である IFC は、途上国の民間セクターに特化した世界最大の国際開発金融機関です。IFCは世界100ヵ国以上で事業を展開し、持てる資金力や専門的な知見、影響力を活かし、途上国で市場や機会を創出しています。 2024年度、IFCは、居住可能な地球で貧困のない世界を実現するため、民間セクターによる解決策の活用や民間資金の動員を通じて、途上国の民間企業や金融機関に過去最高となる560億ドルの資金を提供しました。 IFC が手掛けたプロジェクトのインパクトを受けた国々は 100 か国以上に及んでいます。IFCは世界中の起業家を支援することで、革新的なアイデアを包摂的な成長の促進につなげ、数百万の雇用の創出、人々の生活の改善、そしてコミュニティの変革を実現すべく取り組んでいます。

Sector Sustainable infrastructure is critical for addressing developmental challenges in emerging markets. IFC offers long-term financing and industry-leading expertise and works closely with the private sector and development partners to advance innovative solutions for infrastructure projects that deliver impact —connecting people to basic services, creating jobs, and improving lives. IFC works to uplift people and create a world free of poverty on a livable planet through sustainable infrastructure. We focus on expanding access to clean water and sanitation; connecting communities; ensuring affordable, reliable, and sustainable energy for all; enabling digital services; creating equitable job opportunities; advancing gender equality; and fostering the development of green and resilient infrastructure in emerging markets. We offer a solutions suite that includes innovative financial instruments such as sustainability-linked, green, and blue bonds and loans. Learn more about IFC's work across infrastructure sectors  and Sustainable Infrastructure Advisory. In FY24, IFC invested $8.9 billion in infrastructure projects, including $3.6 billion from IFC’s own account and $5.3 billion in total mobilization. We work across several key infrastructure sectors. Sustainable infrastructure is critical for addressing developmental challenges in emerging markets. IFC supports the expansion of proven clean energy solutions and finances electricity generation, transmission, and distribution projects across a range of technologies, with an emphasis on low-cost renewable energy. IFC is a telecom, media, and technology sector leader across emerging markets. We build critical infrastructure, finance companies, and help close the digital divide. IFC investments are modernizing ports, airports, roads, railways, shipping, logistics, and other transportation infrastructure that can bolster international trade, create jobs, and reduce urban congestion. IFC has decades of experience in mining, providing finance and sustainable business solutions, including environmental and social risk mitigation, advice on community engagement, and implementation of shared-use infrastructure. IFC is a leading investor in the waste management sector. With extensive experience across the entire waste management value chain, IFC provides solutions in waste collection and transfer, material and energy recovery from waste, and dumpsite and landfill remediation, among other waste management solutions. IFC is a leading investor in the water sector, with extensive experience in preparing, structuring, and financing complex projects in emerging markets. IFC works with clients to build innovative, market-oriented, and long-term solutions to water infrastructure challenges. IFC develops long-term partnerships through direct engagement with subnational governments and their entities, as well as private-sector solution providers. We mobilize commercial financing for sustainable urban infrastructure projects, connects cities with capital markets, and helps diversify their sources for financing. The IFC Sustainable Infrastructure (SI) Advisory team helps companies build their climate and social inclusion capabilities to strengthen their environmental, social, and governance credibility. Through strategic partnerships, we support companies with offerings that include diagnostics, analysis, and advice on strategy and implementation.

SFDR compliance Over the past years, Partech has increasingly prioritized Environmental, Social, and Governance (ESG) factors as a responsible investor and a sustainable firm. In order to promote and adhere to best practices and fulfill our ESG ambitions, Partech has officially established its Global ESG Policy both at the management level and at our investees’ level and complied with the European SFDR regulations (EU Regulation 2019/2088 of the European Parliament and of the council of 27 November 2019 on sustainability disclosure in the financial services sector https://eurlex.europa.eu ). Responsible Investment Policy - This global policy is applied to all the investment funds under Partech Partners’ management and will evolve according to the regulatory requirements and the tools implemented by Partech Partners. SUBSCRIBE TO OUR NEWSLETTER ©2025 Partech Partners Developed by

The International Finance Corporation (IFC) improves the lives of people in developing countries by investing in private sector growth. We connect economic development with humanitarian needs to create real progress for the people and places that need it most. For more than 60 years, we’ve leveraged the power of the private sector for global good. Today, we’re using that experience to transform ideas into investments for green growth, inclusive jobs, and impactful projects. Our vision is simple - the private sector drives progress. For over 60 years, we've transformed this belief into reality throughout the developing world. As pioneers in impact investing, we fuel growth where it's needed most. Our strategic capital empowers visionary entrepreneurs to bring sustainable solutions to scale while our expertise builds successful business environments and creates opportunities for all. Yet our impact extends beyond dollars and policy reforms. We plant seeds of human potential in the world's toughest soil. Our investments generate jobs, unlock innovation, and cultivate markets that lift millions out of poverty. We mobilize a global community of partners united by a shared purpose - to create opportunity where it's needed most. For us, a job is more than a paycheck. It is dignity. It is hope for a better future. Opportunity by opportunity, we are building that future - one where inclusive, sustainable growth empowers all people to achieve their aspirations. IFC's Management Team shapes the organization’s strategies and policies with support from a diverse and dedicated staff. With decades of development experience, a diversity of knowledge, and distinct cultural perspectives, the Management Team ensures IFC’s work is fit for purpose in a changing world. Accountability At IFC, we believe impact demands accountability. We carefully consider the environmental and social impacts of every project we finance. That starts with accountability to local communities, transparency, and open dialogue. Corporate Responsibility and Diversity, Equity, and Inclusion We also know inclusion drives innovation. Our commitment to diversity and inclusion generates insights that strengthen our work. By cultivating diverse perspectives, we gain the creativity to deliver innovative solutions in some of the toughest environments on the planet. 60 years ago, IFC pioneered the idea of the private sector as a catalyst for progress in developing countries. Today, IFC’s enduring impact spans more than 100 nations. Since 1956, we’ve empowered entrepreneurs all over the world, turning bold ideas into engines of inclusive growth with millions of jobs created, lives uplifted, and communities transformed.

IFC is working towards achieving the World Bank Group’s vision to create a world free of poverty on a livable planet. Partnerships are essential for achieving these goals. IFC works with a wide range of partners that help create markets and mobilize private sector investment to address complex development challenges. Partnerships enable and amplify development impact IFC’s partnerships with governments, multilateral institutions, private philanthropies, and corporations enable solutions that IFC cannot deliver alone. Our partnerships harness external funding, expertise and influence to unlock constraints to private sector development. They amplify our impact by scaling up resources for new investments as well as through supporting upstream and advisory work, which are essential for creating investment opportunities. Our partners have contributed nearly $2 billion (over $1 billion for blended finance and $956 million for advisory) in support between FY 2020 to FY 2024, which have been vital for carrying out IFC’s mission. IFC also engages with key international institutions, including the United Nations, the Organization for Economic Co-operation and Development (OECD), other Development Finance Institutions (DFIs), as well as multilateral fora such as the G7 and the G20 to provide thought leadership and coordinate efforts to strengthen the role of the private sector in development. Growing depth and breadth of our partnerships IFC is leveraging its thought leadership, convening power and global presence to establish and strengthen partnerships that address key development challenges. These include long-standing challenges such as climate change, food security, economic inclusion, forced displacements, among others. For example, IFC is partnering with the International Labor Organization (ILO) to develop innovative solutions to address labor standards in global value chains. In another example, IFC is partnering with the UN High Commissioner for Refugees (UNHCR) to create economic opportunities for refugees and their host communities in recognition of the nexus between humanitarian and development needs. IFC partners with more than 25 governments. 90 Seconds With Harald Waiglein, Director General for Economic and Policy at the Ministry of Finance in Austria Interview with Ambassador Dominique Paravicini of SECO on Partnerships Interview with H.E. Vincent Van Peteghem, Belgian Deputy Prime Minister on Ukraine Interview with Patricia Peña, Assistant Deputy Minister, Global Affairs Canada

Our vision is simple - the private sector drives progress. For over 60 years, we've transformed this belief into reality throughout the developing world. As pioneers in impact investing, we fuel growth where it's needed most. Our strategic capital empowers visionary entrepreneurs to bring sustainable solutions to scale while our expertise builds successful business environments and creates opportunities for all. Yet our impact extends beyond dollars and policy reforms. We plant seeds of human potential in the world's toughest soil. Our investments generate jobs, unlock innovation, and cultivate markets that lift millions out of poverty. We mobilize a global community of partners united by a shared purpose - to create opportunity where it's needed most. For us, a job is more than a paycheck. It is dignity. It is hope for a better future. Opportunity by opportunity, we are building that future - one where inclusive, sustainable growth empowers all people to achieve their aspirations. Our products and services are designed to meet the needs of clients in different industries, including infrastructure, manufacturing, agribusiness, services and financial markets. Our financial products enable companies to manage risk and broaden their access to foreign and domestic capital markets. IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We apply our financial resources, technical expertise, global experience, and innovative thinking to help our partners overcome financial, operational, and other challenges.

Emerging market economies are claiming a rising share of trade in products associated with the new technologies that help reduce pollution, limit greenhouse gas emissions, and help mitigate the impact of extreme weather. Indeed, technological advances and falling costs in areas such as renewable energy, are helping developing economies close in on high-income countries’ dominance of the sector, new research from IFC shows. To continue to capitalize on opportunities in this area, low- and middle-income countries will need the help of sound policy making and increased investment in research, presenting a key opportunity to international investors.

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Expertise While low-carbon solutions are gaining traction, the world is still dangerously off-track when it comes to slowing down climate change.  Emerging markets – given their huge development needs and growing energy demand – have the opportunity to “leapfrog” their economies with green, resilient growth. IFC is the partner of choice for emerging market companies looking to decarbonize and build resilience, with deep sector and regional experience and comprehensive climate expertise. IFC’s focus is on accelerating an inclusive transition to low-carbon, resilient growth that is focused on people, jobs and long-lasting industrial progress. We are the only global development institution capable of creating bankable climate projects , blending public and private capital to make investments viable , and crafting mechanisms allowing institutional investors to back impactful climate solutions at scale In the fiscal year 2024, IFC delivered a record $9.1 billion in long-term climate finance through its own account. IFC further mobilized an additional $10.2 billion of private capital from other sources, bringing the total to $19.4 billion. IFC's Stocktake on Climate Action since the Paris Agreement IFC is working to create markets for climate business in emerging markets by investing and mobilizing private capital at scale to achieve long-lasting impact. As part of the World Bank Group, IFC is working to accelerate the transition to low-carbon, resilient and inclusive growth.  We focus our efforts on the key systems that together generate more than 90% of global greenhouse-gas emissions, and that also face significant adaptation challenges: energy; agriculture, food, water, and land; cities; transport; and manufacturing. Emerging economies need nearly $3 trillion annually by 2030 to adapt to the changing climate. The lion's share of this essential funding must come from private sources. IFC is working to create opportunities for investing in green transition in emerging markets. Under the World Bank Group Climate Action Plan (CCAP) 2021-2025, IFC undertook to align 85% of its new investment projects with the objectives of the Paris Agreement starting July 1, 2023, increasing to 100% starting July 1, 2025. MDB joint principles, approaches and reporting: At the COP29 summit in Baku, IFC showcased its efforts to accelerate the transition to green, resilient, and inclusive growth in emerging markets. Joint Methodology for Tracking Climate Change Adaptation Finance MDB Common Principles for Climate Mitigation Finance Tracking Joint Report on MDB Climate Finance: 2023 | 2022 | 2021 | 2020 | 2019 | 2018

Topic When women fully participate in the economy, communities thrive, economies grow, and global stability strengthens. Yet, many still face barriers that limit their access to capital, markets, and decent work—holding back progress for all. The World Bank Group is driving change by helping governments expand opportunities, reform restrictive laws, and deliver essential services. IFC mobilizes private sector investment to empower women entrepreneurs, fuel innovation, and create jobs—turning potential into lasting impact. IFC also promotes the inclusion of other groups who are often marginalized, such as persons with disabilities and individuals at the base of the economic pyramid. By 2030, the World Bank Group (WBG) aims to: Enable 300 million more women to use broadband, unlocking essential services, financial services, education, and job opportunities. Support 250 million women with social protection programs, focusing especially on the poorest and most vulnerable. Provide 80 million more women and women-led businesses with capital, addressing a critical constraint to entrepreneurship growth. The Implementation Plan of the World Bank Group Gender Strategy 2024-2030: Accelerate Gender Equality to End Poverty on a Livable Planet translates the Strategy into action by enhancing strategic country engagement as One WBG, delivering results at scale, engaging differently, and mobilizing for impact. IFC’s Roadmap 2030 for Gender and Economic Inclusion, provides a blueprint for how the organization will work with the private sector to implement the World Bank Group Gender Strategy 2024-30. The Roadmap identifies three priorities and three cross cutting themes to advance gender equality and economic inclusion of women and other marginalized groups. To achieve these goals, IFC leverages its expertise in emerging markets and private sector networks, working with: Investors to drive inclusive allocation of capital to support both individuals and businesses; Buyers and suppliers to create equitable opportunities for women and other underrepresented groups to participate in supply chains; Employers to create more and better opportunities for employment and leadership roles. Provide inclusive allocation of capital by scaling up solutions to support a wide range of needs of women consumers, entrepreneurs, and business leaders. Facilitate greater access to opportunities across the supply chain by partnering with clients to accelerate the growth of women entrepreneurs and enabling them to better participate in and benefit from economic opportunities throughout the value chain. Create more and better opportunities for women to earn a livelihood, by enabling access to more and better jobs and leadership roles. Accelerate digital inclusion by improving access, affordability and usage of digital technologies for women. Integrate gender and inclusion in climate measures by removing the amplified barriers faced by women due to climate change, improving access to green skills and jobs, financing green ventures, and by empowering women to serve as change agents to drive climate action. Address gender-based violence by leveraging the private sector’s added value to develop products and solutions that support the prevention and response of GBV in the communities where it operates, and implement policies and practices aimed at building safer and more resilient work environments.

Expertise Battered by conflict and dogged by instability, fragile places typically suffer from high unemployment, failing infrastructure, and economic uncertainty which frequently drives displacement and creates a landscape of overlapping and mutually reinforcing risk. IFC engages with the private sector in such situations to support countries’ transition out of fragility and conflict and help mitigate spillovers. Estimates show that half of the world’s extreme poor now lives in countries classified as fragile and conflict-affected situations (FCS) and by 2030 this share is projected to rise to nearly 60 percent. Supporting stability and growth in fragile and conflict-affected situations (FCS) is a top priority for IFC, and the private sector is critical to resilience and supporting stability and growth in these contexts. Private sector investments create jobs, generate economic growth and tax revenues, and provide crucial services. While every fragile situation has a unique and complex set of issues and the risks are high, there are ways for the private sector to help boost economic growth or support livelihoods. As part of the World Bank Group's Strategy for Fragility, Conflict and Violence 2020-2025, IFC is actively engaging with the private sector to support countries’ transitions out of fragility and conflict. IFC is uniquely positioned to address the challenges of private sector development in these contexts by leveraging the One World Bank Group approach to create and strengthen markets, enable and mobilize private solutions and capital flows, and engage with partners. IFC has invested and mobilized nearly $18 billion in Long-Term Finance into FCS countries over the last decade. In 2021, along with Ireland and Norway, IFC launched the Africa Fragility Initiative, a five-year program dedicated to supporting responsible private sector-led growth and job creation across 32 African countries affected by fragility and conflict. The initiative builds on 13 years of expertise, knowledge, and relationships developed through the IFC-led Conflict Affected States in Africa (CASA) Initiative which ended in December 2021 after delivering investments and advisory support in 13 fragile and conflict-affected countries. Recognizing the essential role the private sector plays in lifting people out of poverty through sustained job creation and economic transformation, the International Development Association created the Private Sector Window (PSW) in 2017 to help catalyze greater private investment into fragile and conflict-affected situations and IDA-only countries, especially those where other institutions and investors have traditionally struggled to find commercially viable transactions. It’s important to recognize that fragile economies demand a comprehensive approach that goes beyond country, regional, or sectoral strategies. Top-down or one-size-fits-all models rarely succeed in fragile situations — and can even exacerbate existing problems. Long-term solutions must also involve multiple partners — like-minded investors and development finance institutions who are willing to weather setbacks before clear progress is made. Forced displacement is a development challenge, not only a humanitarian concern. As part of a global effort, the World Bank Group — of which IFC is a member — is focused on addressing longer term, social and economic development challenges that will help both the displaced and their hosts.

Priority Private capital is essential to achieving the UN Sustainable Development Goals. IFC works across the World Bank Group to create the conditions for greater private investment in emerging markets and developing economies, connecting sustainable investment opportunities to commercial capital. We attract private capital to invest in projects through a diverse set of products and initiatives. We also help create new opportunities for sustainable private investment by strengthening local capital markets, setting standards, sharing risk, and creating new asset classes. The World Bank Group has embarked on a unified effort across the institution to increase the volume of private capital mobilized and address the barriers that prevent it. Mobilization is at the core of IFC’s mission. Our wide range of products, platforms and initiatives connect borrowers in developing countries to new sources of capital. Our loan syndications program is the oldest and largest mobilization platform for debt investing among multilateral development banks. We provide innovative, tailored capital market solutions to clients while promoting the growth of local capital markets and supporting first-time bond issuers. IFC offers transaction advisory services that help governments structure bankable and sustainable PPPs that mobilize private capital and expertise to meet development and public needs. IFC offers a broad range of trade and supply chain finance products and services that help stabilize and foster trade and commodity finance in emerging markets. IFC invests in venture capital and private equity funds focused on emerging markets to provide promising companies with the capital and expertise they need to grow. Concessional finance through blended finance facilities and the IDA Private Sector Window helps IFC mobilize private investment in pioneering projects and challenging environments. IFC helps businesses in emerging markets attract capital and expand into new markets through buy-side and sell-side transaction advisory. IFC invests directly in companies’ and financial institutions’ equity, providing long-term capital that helps strengthen the sector and mobilizes equity from additional investors. A leading global emerging markets fund manager, providing institutional investors with access to IFC’s global pipeline of equity and fund investments. The lab is a collaborative initiative between the World Bank Group and CEOs of leading global private sector institutions to develop solutions to address existing barriers to private sector investment in emerging markets.

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Expertise IFC helps clients understand and manage the environmental, social, and corporate governance (ESG) risks they face. Sustainability is critical to companies’ business success. It’s critical, too, for their customers, surrounding communities, broader stakeholders, and the environment. In the last decade alone, IFC estimates that investments totaling $4.5 trillion across emerging markets have adhered to IFC’s Performance Standards or principles inspired by them. Additionally, 35 Development Finance Institutions (DFIs) have adopted the Corporate Governance Development Framework based on IFC’s Corporate Governance Methodology. IFC is updating its Sustainability Framework to strengthen its approach and better align it with the challenges of today’s dynamic and complex global environment. Learn more. We partner with industry and other stakeholders to find innovative solutions that open up opportunities for economically, socially, and environmentally sustainable private investment — which, in turn, contribute to jobs and inclusive growth. IFC’s ESG policies, guidelines, and tools are widely adopted as market standards and embedded in operational policies by corporations, investors, financial intermediaries, stock exchanges, regulators, and countries. This helps emerging markets raise their ESG standards and level the playing field. For nearly three decades, IFC has been a leader in the ESG space - from pioneering early ESG concepts around safeguards to developing industry-recognized standards widely adopted in project and development finance. ESG efforts span across topics, industries, and sectors - from climate-risk management to improving gender equality to promoting sustainable finance. ESG advisory efforts guide clients towards good ESG international industry practices, develop market-level demand and capacity, and advise regulators on developing sustainable codes, regulations, and guidance. To provide on-going support to our clients as well as share our ESG knowledge and expertise broadly with all interested companies, investors, regulators, and other stakeholders, IFC facilitates several communities of practice and provides a range of resources and tools in open access. We are accountable to our partners, clients and communities as we aim to achieve our development objectives in an environmentally and socially responsible way. IFC works with many partners and participates in various networks to help advance ESG and sustainable finance efforts. Sign up to receive information on sustainability learning events and knowledge products

Sector The Creative Industries can play a significant role in promoting more resilient and prosperous economies, address social and income inequalities and boost innovation, particularly in emerging markets and vulnerable countries. The creative economy is $2 trillion in size, providing significant revenue for small businesses and employment opportunities, especially for women and youth. Creative Industries also account for nearly 50 million jobs worldwide, according to UN estimates. About half of these workers are women, and these industries employ more people aged 15-29 than any other sector. The sector has an important economic multiplier effect where $1 spent creates $2.5 of wealth for the economy. Creative Industries represent up to 2-7% of GDP where they are most developed and are likely to be an important driver of economic growth as governments increase their focus on the sector. Creative Industries have a multidimensional development impact directly contributing to the Sustainable Development Goals by generating jobs and fostering economic growth, while promoting gender equality, reducing disparities, and encouraging responsible consumption.  It is regarded as one of the world’s fastest growing sectors and could account for 10 percent of global GDP before 2030. IFC’s comprehensive approach supports investment in creative industries across 4 key verticals IFC leverages its extensive array of partnerships to drive investments in studio infrastructure, production, post-production and distribution across key segments such as film, music, streaming , animation, virtual reality, visual effect, sports and entertainment, multi-play services. IFC forges strategic collaborations with apparel and footwear retailers and manufacturers, ecommerce platforms, home wear and jewelry retailers, skill acquisition and higher education institutions to drive innovation in fashion. IFC recognizes technology as a force to catalyze growth in the creative industries. IFC supports technologies and platforms that help creators create, grow their audience, monetize and manage their businesses. IFC can finance the Creative Industries by providing credit lines to Partner Financial Intermediaries, trade finance to ecommerce platforms or educational finance to develop local talent, and by providing unfunded Risk Sharing Facilities to financiers to mitigate their portfolio risk.

Sector Demand for higher education is soaring. IFC focuses on supporting tertiary education in low- and middle-income countries to reach more students and help them acquire the relevant skills to find good jobs. This includes financing appropriate new technologies and promoting digitalization in education delivery models for improving the reach and quality of education and opportunities for lifelong learning. IFC’s financing includes both direct investment (loans and equity) and mobilization of third-party capital.  Our financing supports sustainable and impactful projects that expand access and improve quality including in post-secondary education, early childhood education, edtech, technical and vocational training, skilling, reskilling, and other educational models to people in low- and middle-income countries. IFC does not fund fee charging private K-12 schools. Over the past 25 years, IFC has invested over $3.1 billion in innovative education solutions to support building the human capital that allow people and economies to thrive. IFC has committed to a three-year growth strategy in private-sector education, significantly raising its annual financial commitment, with the expectation that education will be a $10 trillion global industry by 2030. With a $543 million education portfolio, IFC works with stakeholders to boost industry ties, support the growth of education technology businesses, and elevate public-private collaboration in education delivery. Discover how IFC is driving the transformation of tertiary education through digitalization and EdTech. Learn about our initiatives to make learning accessible, promote inclusive education, and equip students for the digital workforce. Jobs are at the center of IFC’s education strategy, guiding partnerships with higher education institutions across the globe. IFC champions employability by aligning education with labor market needs, driving economic growth, and preparing students for tomorrow's global workforce. Technological evolution has resulted in a significant shift in the skills required by industries. IFC is uniquely positioned to catalyze the growth of industry-led training and education programs in partnership with education institutions or as stand-alone ventures.

Sector The banking sector and debt capital markets play an important role in addressing massive financing gaps by mobilizing investment to key sectors of the economy. Through our work with financial institutions, IFC helps to expand access to finance, drive sustainable economic growth, and boost financial inclusion in emerging markets. IFC works with more than 800 financial institutions globally, providing innovative investment and advisory services, mobilizing capital into emerging markets, and boosting access to finance for millions of individuals and micro, small, and medium-sized enterprises. Through our expansive partnership network, IFC helps drives investment across sectors with the greatest development impact, including climate finance, housing finance, finance for women-led businesses, insurance, agribusiness and capital markets. Learn more about how we work. In FY24, new long-term commitments in financial institutions totaled $16.3 billion, including more than $6.3 billion mobilized from other investors. Working with local financial intermediaries allows IFC to support far more micro, small, and medium enterprises than we would on our own. We work with financial intermediaries to support: IFC provides financing and expertise to financial institutions to help them attract women-owned SMEs and retail customers—and profitably finance them. IFC engages in the Capital Markets by offering three primary products: securitization of future capital flows, the development of capital release products, and diversified payment mechanisms. IFC’s Financial Institutions Group partners with banks and over 200 financial institutions with climate finance portfolios of approximately $26 billion to fund the urgent need for at least $23 trillion in climate-smart investments. IFC aims to increase the reach and breadth of financial services to people and businesses who currently have little or no access to such services. Technology is helping by bringing down costs and creating new opportunities to reach un- and underserved market segments, such as micro-, small and medium-sized enterprises, and smallholder farmers. Trade is the lifeline of the global economy, and IFC works to ensure that businesses in emerging markets can be included, bringing in essential imports and exporting to boost economic growth. IFC is dedicated to advancing sustainable and affordable housing while expanding access to mortgages and finance for underserved populations, especially women and low-income individuals. Micro, small, and medium enterprises play a major role in creating jobs and boosting prosperity for low income people—fostering economic growth, social stability, and the development of a dynamic private sector. Having adequate access to finance is fundamental for these companies to flourish. Access to credit for individuals and businesses, particularly SMEs, depends on effective credit infrastructure – the laws and institutions that enable efficient and effective access to finance and financial stability. IFC invests in and recovers distressed assets, participates in the restructuring of viable entities, and offers refinancing solutions to borrowers in distress — key to preserving financial stability, restoring access to formal credit, and preventing the loss of assets.

Sector Countries which have successfully developed and reduced poverty over the past century have done so largely by developing their manufacturing sectors. In most countries, manufacturing generates more economic activity per dollar of production than any other business sector. Manufacturers directly create jobs across a range of skill levels, enabling people, especially women, to move from informal work to formal employment with benefits, such as more security, better pay, social insurance and access to financial services. Manufacturing creates opportunity across industry value chains by increasing demand for raw materials, energy, construction, technology, and services from a broad array of supplying industries in the economy. Growing global concerns over climate change are putting an increasing focus on sustainability. Read our series on sustainability in industry, which examines the opportunities and challenges facing various industrial sectors and the role that the International Finance Corporation (IFC) can play to support their efforts and contribute to a greener planet. In FY24, our new long-term commitments in the manufacturing sector totaled about $2.5 billion. IFC helps manufacturers implement and finance strategies aimed at decarbonizing their operations. Our work focuses on initiatives that promote energy efficiency, renewable and alternative energy, emerging technologies, and resource efficiency. Through its Global Trade Supplier Finance Program, IFC helps suppliers become greener, cleaner, more efficient, and better equipped to transact with global brands and global value chains.

Trade and supply chain finance is critical for combating poverty and improving lives by enabling the uninterrupted flow of essential goods and services and helping to ensure that global supply chains function smoothly and businesses remain afloat. Trade and supply chain finance is a key pillar of IFC’s strategy to promote the development of the private sector, especially in low-income and fragile countries that have the largest trade finance gaps. Trade and supply chain finance: IFC's trade and supply chain finance program supports some of the poorest and most high-risk economies, as well as those going through crises. We will continue to expand our product offerings, with a particular focus on sustainable trade and female-owned businesses. Extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in markets where trade lines are constrained. Mobilizes financing and channels credit for trade transactions to targeted sectors and regions. Increases working capital financing available to agricultural producers or traders by leveraging their commodities in storage. Provides financing to suppliers engaged in transactions with domestic and international buyers. The program also works with partner financial institutions to promote green supply chain finance and offers advisory services that enhances financial access for SME suppliers. IFC’s advisory team provides capacity building and training programs for local financial institutions to help them kick start trade and supply chain finance operations. A significant share of financial flows required to support the Paris Agreement goals is represented by cross-border financing of equipment, goods and commodities needed for the deployment of clean energy technologies, energy efficiency upgrades, and climate smart agriculture. In emerging markets, one-third of small businesses are owned by women, but few have access to the trade finance that is needed to for them grow and thrive. Related Links EVENT In May 2024, IFC convened its 8th Global Trade Partners Meeting in Barcelona with 340 participants representing 57 countries.

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Expertise IFC supports innovative technology ventures that are creating new opportunities in emerging markets by transforming industries and driving sustainable growth while also realizing strong returns. By investing in best-in-class entrepreneurs and partnering with top-tier venture capital (VC) funds, IFC supports the creation and growth of tech ecosystems across emerging markets that promote innovation, foster economic growth, and create the jobs of the future. IFC has expanded its support to tech ecosystems with a VC platform that will invest up to $225 million in startups across Africa, the Middle East, Central Asia, and Pakistan. Furthermore, IFC Startup Catalyst invests in seed funds, accelerators, and incubators in emerging markets that are helping early-stage companies in emerging markets grow and become ready for later-stage investment. With one of the largest footprints in emerging markets, IFC is uniquely positioned to help tech startups scale by offering equity, quasi-equity, and venture or asset-backed lending, as well as access to networks, sector knowledge, and understanding of local markets and regulations. To date, IFC has committed $3 billion in venture capital through investments in tech startups, VC funds, seed funds, and accelerators. IFC’s work focuses on tech-driven business models in high-impact sectors, including Fintech, Health Tech, Agtech, Climate Tech, EdTech, Enterprise Technology, e-Logistics and Mobility. IFC's initiative that invests in incubators, accelerators and seed funds supporting early-stage startups in emerging markets. The program recently doubled with a new pool of $60M. IFC's matchmaking program that connects tech innovators with leading organizations in emerging markets to pilot new technology solutions. IFC’s initiatives designed to help partner funds and investee companies increase gender equality and promote gender-lens investing.

Expertise Creating Business, Creating Opportunities The developing world needs private sector investment now more than ever, and IFC’s strategic goal is to deliver private investment with development impact. Our client countries, especially those with large populations in extreme poverty or those emerging from years of conflict and fragility, are asking us for more — particularly as they grapple with the impacts of COVID-19. Working Upstream, in short, combines our roles as bank and entrepreneur to bring private sector solutions and investment to address the world’s biggest development challenges. IFC is unlocking private investment across emerging markets by bringing scalable solutions to address some of the world’s toughest development challenges. This is a major focus for IFC’s proactive, early-stage market and project preparation (“upstream”) work—and critical to achieving our $5.5 billion capital increase goal by 2030. We are developing globally replicable products that transfer proven approaches from one country to another, bringing business results to clients and creating positive impact for local economies. In partnership with the World Bank Group, we are able to provide integrated solutions combining transaction advice, standardized tender and project documents, and financing. Each replicable approach is carefully tailored to meet the needs of clients and governments, helping landmark projects move from the early idea stage into implementation with speed and efficiency. IFC’s ambitious strategic goal is to attract billions of dollars of new private investment that addresses development challenges, generates jobs, and creates opportunities in the developing world. We’re especially focused on attracting investment in low-income countries and fragile and conflict-affected states. Below are some frequently asked questions to help explain this entrepreneurial approach that we call working “Upstream,” which is designed to help create more projects and attract more private investment in emerging markets. Can you clearly define IFC’s “Upstream” approach? Working Upstream is helping to establish the conditions in a country that lead to private investments. A main reason for a lack of private investment in many developing countries is a shortage of commercially viable investment opportunities. This lack of investment dampens growth in countries across the developing world. To attract capital, we are working to remove barriers to investment and enhance the operating environment for private business. We want to create new investment projects, which, often following feasibility studies, we will offer to potential investors. What does an “Upstream” project look like? “Upstream” activities occur before the traditional investment cycle and are necessary precursors to an investment. The work can entail both identifying public-sector reforms that will unlock more private investment as well as creating projects that we will offer to potential investors. There isn’t a one-size-fits-all example. The projects can be accomplished as quickly as in a few months or take several years. But there are several guiding principles common to all Upstream work. This work includes: In short, Upstream interventions are aimed at creating the conditions for a private sector investment that otherwise would not have occurred if left to market forces alone. How is this different from the other work IFC does? Since 1956, IFC has worked across the developing world with private sector clients and governments to help attract more private investment. We began working with mostly multinational companies and soon expanded to regional and national private sector clients, often helping finance projects that they brought to us. In recent years, we’re continuing that important work as well as using several new tools that allow us to focus more on countries’ development priorities. We have long served as a bank for our private sector clients but now we are also serving as an entrepreneur as well — understanding development priorities in a country and then identifying ways to put together private sector solutions and investments that will help a country achieve its goals. In the most challenging areas — the poorest countries and in fragile and conflict affected states — we will not only identify projects one by one, but also look more systematically at a country’s development challenges and work toward solutions. Why is IFC doing this work? The world’s development needs are too large to be bridged through traditional development assistance and public sector budgets alone. Our client countries, especially those with large numbers of people living in extreme poverty, have identified the need for much more private sector investment. The COVID-19 pandemic has made this work more urgent than ever. Beyond the immediate response to provide emergency lending to companies and banks impacted by the economic fall-out, we are also looking at ways to support countries rebuild their economies after the immediate crisis. Building a pipeline of commercially viable investments linked to a country’s medium-term development goals will be critical. How will you measure the development impact of Upstream work? Since 2018 IFC has been scoring all its investment projects for development impact using the Anticipated Impact Measurement and Monitoring (AIMM) system. The AIMM system enables IFC to estimate the expected development impact of our investments — allowing us to set ambitious yet achievable targets and monitor progress during the lifespan of a project. In 2019 we expanded the system to include advisory projects. We’re in the process of applying the system to Upstream activities, providing insights on how to maximize impact and where market creation opportunities are most promising. Much of our AIMM toolbox can already be used during the different phases of an Upstream project: The system also allows IFC to examine the systemic effects on the overall market. It looks at how a project affects stakeholders and examines the broader effects on the economy and society, including how projects promote competitiveness, resilience, integration within and across markets, inclusiveness, and sustainability. How do I approach IFC if I have an idea for a project? Good question. We welcome your ideas. Please send them to: askupstream@ifc.org

Where We Work IFC has established a leading position promoting private sector investment in Africa. In fiscal year 2024, IFC provided record financing and broad advisory support to help strengthen markets and create jobs across Africa, including in many of the continent’s fragile and most-in-need countries. We are a leading provider of advice to promote a sustainable private sector and mobilize capital from other investors who invest alongside us in critical sectors for Africa’s future, including infrastructure, health, telecoms, finance, and more. IFC also works to support smaller businesses and to narrow the gender gap in the private sector. In FY24, our long-term investments in Africa totaled about $14.2 billion, including $8.5 billion in long- and short-term financing from our own account, and $5.7 billion mobilized from partner investors. About 41 percent of IFC’s own account financing was dedicated to addressing climate change, 50 percent to supporting projects with a gender lens, and 21 percent to low-income countries and FCS. About 400 million people in sub-Saharan Africa live in extreme poverty. The region also has more conflict-affected countries than any other. IFC plays a comprehensive role here. We help businesses improve productivity and establish links to broader markets, expand financial and social inclusion, and boost prosperity in ways that help limit conflict. Our investments across a range of sectors help drive the region’s development forward. We collaborate with other World Bank Group institutions to support agriculture, power, job creation, health, education, and capital markets. Our priorities include bridging the infrastructure gap, helping build productive industries, and fostering inclusive business approaches. Supporting Africa's agribusiness sector to boost food security and farmer incomes through sustainable, inclusive, and efficient private sector solutions. Accelerating an inclusive transition to low-carbon and resilient economic growth in Africa by mobilizing private capital to move into the most challenging locations. Helping our financial intermediary clients address their financing needs and offer know-how and tools to use capital to their best advantage. Fragile does not mean futile — and though doing business and supporting development in FCS is more complex, the ultimate impact is often that much greater. Working with private sector partners to create economic opportunities — and remove barriers — for women and women-run businesses across Africa. Helping Africa build a modern economy with ports, railways, telecoms, and power by attracting private expertise, management and finance while maintaining the right balance between private and public interests.

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Region In Central and Eastern Europe, the World Bank Group aims to eradicate extreme poverty and increase shared prosperity through economic growth, inclusion, and sustainable development. IFC furthers these objectives, with a strong focus on high-impact projects that can help address the most pressing needs of the region. IFC works with Western European companies to help them expand their operations or start new ventures in emerging markets through mainstream and innovative financial products. We organize industry- and sector-specific knowledge-sharing events for these companies and use our global expertise to help them learn about private sector investment opportunities in their target regions.

Region The diverse Middle East & Central Asia (MCT) region, home to nearly 700 million people, faces five overarching development challenges: unemployment (especially for women and youth), climate change, gender inequality, food and water insecurity, and a lack of competitiveness while several parts are deeply affected by ongoing conflict and fragility. IFC’s mission is to unleash the power of the private sector to address these challenges, advance economic growth, and create jobs. This is more important than ever in MCT given the geopolitical tensions, continued fragility, and economic and political crises.  Countries in the region include Afghanistan, Bahrain, Iran, Iraq, Jordan, Kazakhstan, Kuwait, Kyrgyz Republic, Lebanon, Oman, Pakistan, Qatar, Saudi Arabia, Syria, Türkiye, United Arab Emirates, Uzbekistan, Turkmenistan, West Bank and Gaza, and Yemen. In the Middle East, Afghanistan, and Pakistan, IFC is working to address high levels of unemployment, growing climate impacts, ease food and energy insecurity, boost economic diversification, enhance the business climate, and increase inclusion. In Central Asia, IFC focuses on strengthening reforms in capital markets, expanding access to finance for small businesses, boosting competitiveness, and reducing the dominance of state-owned enterprises. In Türkiye, IFC aims to increase financial inclusion, bolster SMEs, strengthen infrastructure for connectivity, and boost competitiveness and exports, with a strong emphasis on the green agenda and post-earthquake recovery. Driving job creation and improving job quality through investments and advisory support to build a more inclusive and resilient future. Creating new markets for investment while helping businesses adapt to climate challenges like water, energy, and food insecurity. Helping people access key services, from banking, to education, to healthcare, to foster inclusive growth and improve the quality of life for millions. Supporting local businesses in becoming more competitive and accessing global markets and supporting state-owned enterprises as they prepare for privatization. Helping to kickstart economic growth and promote shared prosperity in countries beset by fragility and conflict. Supporting MCT-based companies to scale regionally and beyond, promoting sustainable growth and job creation through capital, expertise, and proven models.

Region Private sector investment is essential if the world is to end extreme poverty and boost shared prosperity by 2030. In South Asia, IFC helps the private sector to create opportunity where it’s needed most by helping sustain and create jobs, improving services for people, expanding access to financial services and promoting inclusive growth.  A key focus of IFC’s work in the region is helping countries meet their climate goals. We help boost sustainable economic growth in the region by supporting infrastructure building and improvements to logistics, expanding the use of renewable energy, promoting cleaner production, creating opportunities for smaller businesses, and facilitating public-private partnerships. In FY22, IFC provided nearly $2 billion in long-term investments in South Asia, including $385 million mobilized from other investors. Our clients provided nearly 24 million loans to micro-, small-, and medium-sized enterprises, totaling nearly $79 billion. Our clients cared for 18.8 million patients. IFC promotes inclusive growth in South Asia by improving infrastructure and financial services, and by supporting the expansion of smaller businesses. We make strategic investments and advisory interventions across India, Bangladesh, Sri Lanka, Nepal, Bhutan and the Maldives, to promote inclusive growth, help address climate change impacts, and encourage global and regional integration. IFC has launched two large offshore and onshore programs in India, mobilizing international capital markets to support infrastructure development. We are deepening capital markets for other countries including Bangladesh and introducing thematic bonds in the region. Bangladesh’s garment sector accounts for 20 percent of the country’s GDP and employs over 4 million people. IFC is helping facilitate investments, improve construction and fire safety, labor and environmental standards, and establish the conditions for it to grow in a sustainable way. Over 650 million people are unbanked in South Asia. IFC is tapping opportunities to enhance access to financial services and leveraging innovative technology solutions to extend financial inclusion. South Asia has one of the largest economic gender gaps, reflected in low female labor force participation and women’s low access to assets and mobility. IFC’s work on gender in the region focuses on enabling more and better-quality jobs for women, promoting financial inclusion (particularly for women owned SMEs) and expanding digital access and market connections for women entrepreneurs. Close to 500 million people across South Asia are not connected to the grid. IFC is working to improve critical infrastructure and invest in clean energy solutions that also enable better regional integration. Every month, one million people enter South Asia’s workforce. IFC’s investments in financial institutions support small and medium enterprises and help build skills through our knowledge tools such as Grow Learn Connect. IFC is working to accelerate access to broadband technologies in South Asia such as optic fiber and 4G, and related infrastructure, including towers and datacenters.

Region Income inequality in Latin America and the Caribbean remains high, despite significant progress the region has made in reducing poverty over the past few years. IFC works to foster inclusive growth, boost innovation, and strengthen regional integration. In the fiscal year ended in June 2023, our long-term investments in the region totaled about $9.5 billion, including $5.6 billion mobilized from other investors. Our clients provided nearly 9.3 million loans to micro, small, and medium-sized enterprises, totaling about $80 billion. Fostering inclusion, boosting innovation, and strengthening regional integration are some of IFC's priorities in Latin America and the Caribbean. We also help countries tackle climate change. IFC works with nearly 200 financial intermediaries in Latin America and the Caribbean to close the credit gap for micro, small, and medium entrepreneurs. By scaling up investments across the agribusiness supply chain—from farm to retail—we are helping boost production, and improve logistics and distribution. IFC is the largest multilateral investor in tertiary private education in emerging markets. Access to education creates opportunities for high quality jobs. In LAC, we work with partners in the private sector to close gender gaps and improve women’s access to assets and more and better jobs. IFC helps develop infrastructure projects that improve people's lives, with an emphasis on power, utilities and transportation. IFC is a pioneer in supporting public-private partnerships across Latin America to help meet the demands of a growing urban middle class. Our focus has been on supporting renewable energy, such as hydropower, wind and solar energy projects, which help mitigate or adapt to climate change.

Our mission is to work with the private sector in developing countries to create markets and opportunities for all. To achieve this, we apply financial resources, technical expertise, global experience, and innovative thinking to address developmental challenges. Measuring our results is critical to understanding how well our strategy is working. IFC is at the forefront of results measurement for private sector operations. We are one of the few international financial institutions that set corporate targets for direct development impact. This ensures that IFC and our clients are reaching the people and markets that most need our help. Anticipated Impact of IFC's Portfolio* *These anticipated impact figures represent the stock of expected results from IFC’s investment portfolio, aligned with the World Bank Group’s Corporate Scorecard. They reflect the ongoing, long-term effects of our investments across multiple years, in line with WBG’s new reporting system.

News Archive Kredete raises a $22M Series A round to expand credit-building infrastructure with stablecoin transfers to Africa September 15th, 2025 New York, U.S., September 15, 2025 - Kredete, a Fintech company focused on helping African immigrants build credit and access financial services has raised a $22 million Series A funding round led by AfricInvest via their Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), alongside Partech, and with participation from Polymorphic Capital. This latest round, which brings Kredete’s total funding to $24.75 million, will finance the company’s expansion into Canada, the United Kingdom, and key European markets. Kredete was founded in 2023 by serial entrepreneur Adeola Adedewe. Since then, the firm has been on a mission to help African immigrants build credit and access better financial services through stablecoin payments and responsible remittance infrastructure. The company combines international money transfers with a proprietary credit-building engine, enabling users to send money to over 30 African countries while improving their credit history in the U.S. and beyond. Kredete has also built API-based infrastructure to help businesses make secure and affordable cross-border payments into Africa, leveraging modern payment rails and stablecoin technology. Kredete is doubling down on its mission to make credit universally accessible for Africans by expanding its credit-building infrastructure. The company is introducing new features like rent reporting, credit-linked savings plans, and responsible goal-based loans. These features are designed for thin-file or no-file immigrants who have historically been excluded from traditional credit systems. At the core of this expansion is Africa’s first stablecoin-backed credit card, set to roll out across 41+ African countries, enabling users to spend seamlessly, build credit, and avoid costly foreign exchange fees. To complement this, Kredete is launching interest-bearing USD and EUR accounts, empowering Africans globally to preserve value, earn yield, and hedge against local currency volatility. On the infrastructure side, Kredete is building the continent’s largest aggregation layer of banks and wallets — giving businesses a single API to enable secure, real-time, and affordable payouts into Africa. With this foundation, Kredete is redefining cross-border finance — helping Africans everywhere send, spend, save, and build credit on one powerful platform. “Our vision is simple: if you support your family financially, that should count toward your creditworthiness,” says Adeola Adedewe, Founder and CEO of Kredete. “We’re building a system that rewards financial responsibility across borders. This raise is about scaling that infrastructure globally — and making sure that the millions of Africans abroad are finally seen, scored, and served.” “Kredete has been focusing on serving the African diaspora while addressing the key bottlenecks faced by payment operators when they move money in and out of Africa,” comments Khaled Ben Jilani, Senior Partner at AfricInvest. “It is one of those extremely rare start-ups that has managed to solve several problems at once — both for its African consumer clients, as well as for the large payments companies operating in Africa.” "Adeola and his team are driving transformative innovation in remittance and cross-border payment infrastructure,” comments Lewam Kefela, Principal at Partech. “We're excited about how their work is enabling better financial services for the African diaspora and unlocking broader opportunities across the ecosystem. We are thrilled to partner with Kredete on this journey." Kredete’s mission aligns with the United Nations Sustainable Development Goals (SDGs) related to Decent Work and Economic Growth (SDG 8) and Reduced Inequalities (SDG 10). Since its launch, Kredete has reached over 700,000 monthly users, facilitated $500 million in remittances, and helped raise users’ U.S. credit scores by an average of 58 points. About Kredete Kredete is a financial technology platform that empowers African immigrants in the diaspora to build credit and send money instantly to over 30 African countries with low fees. Kredete offers an API-based infrastructure for businesses to make secure and affordable cross-border payments into Africa, leveraging modern payment rails and stablecoin technology. https://www.kredete.io/ Media contact: Adeola Adedewe: press@kredete.io 718-750-1371 About Partech Partech is a global tech investment firm headquartered in Paris, with offices in Berlin, Dakar, Dubai, Nairobi, and San Francisco. Partech brings together capital, operational experience, and strategic support to back entrepreneurs from seed to growth stage. Born in San Francisco 40 years ago, today Partech manages €2.5B AUM and a current portfolio of 220 companies, spread across 40 countries and 4 continents. About Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE) CAIF is a joint venture between pan-African investment firm AfricInvest and global venture firm Cathay Innovation to invest in highly scalable and ambitious technology companies operating in Africa. The first fund is a €110m vehicle launched in 2019 that invests primarily in Series A and B stage startups. The fund is backed by a diverse pool of globally renowned investors, development finance institutions, leading multinational corporations, and high-net-worth individuals. FIVE is AfricInvest’s first pan-African evergreen fund and its second-generation vehicle dedicated to the financial inclusion in Africa. With a flexible mandate, FIVE invests across the spectrum of traditional financial institutions and high-growth FinTechs. Backed by a diverse base of private investors and development finance institutions, FIVE has surpassed €200 million in assets under management. The fund’s perpetual structure enables a patient capital and long-term value creation, empowering portfolio companies to drive transformational growth. Through digital innovation and inclusive finance, FIVE is committed to the universal access to financial services and fostering sustainable economic development across the African continent. AfricInvest is a leading pan-African investment platform active in multiple alternative asset classes including private equity, venture capital, private credit, blended finance, and listed equities. Over the past quarter century, we have raised more than $2bn to finance more than 200 companies at various development stages, delivering value and impact for our investors, portfolio companies, and the communities we serve. Our 100-strong team of investment experts in more than ten offices across three continents has a proven track record of providing attractive risk-adjusted returns while spurring productivity growth, creating jobs, and ultimately improving African lives through inclusive and sustainable development. Cathay Innovation is a multi-stage venture capital firm, affiliated to Cathay Capital, that goes beyond the traditional VC playbook by providing entrepreneurs the support of a global ecosystem. Its global venture capital platform - bridging entrepreneurs with innovation centers, investors and Fortune 500 companies across five continents - helps startups grow and lead on the local or global stage with access to new markets, invaluable industry knowledge and introductions to potential partners with the world’s leading corporations. For further information on AfricInvest, contact: ann.wyman@africinvest.com SUBSCRIBE TO OUR NEWSLETTER ©2025 Partech Partners Developed by

(AIMM) In 2017, IFC developed the Anticipated Impact Measurement and Monitoring (AIMM) system, an advanced ex-ante impact assessment tool. This innovative system enables IFC to better define, measure, and monitor the development impact of each investment project. Currently, all IFC investment projects are evaluated for development impact using the AIMM system. Fully integrated into IFC’s operations, the AIMM system ensures that development impact considerations are weighed against other strategic objectives when making investment decisions, including volume, financial return, risk, and thematic priorities. The AIMM system helps operationalize IFC’s strategy by providing a robust operational framework that: Since January 2018, all new IFC investment projects have an ex-ante score that represents the investment’s expected development impact. To date, over 2,900 investment projects (committed and uncommitted) have been assessed and assigned ex-ante — or expected — AIMM scores. These refer to a project’s direct effects on stakeholders (including employees, customers, suppliers, and the community); the direct, indirect, and induced effects on the economy and society overall; and the effects on the environment. These refer to a project’s potential for generating systemic, sector-wide changes that enhance market competitiveness, resilience, and sustainability. IFC has created over two dozen sector frameworks to assess projects across all industries. These sector frameworks offer a step-by-step guide to assessing projects, providing an analytical framework to facilitate judgments of expected outcomes and contribution to market creation, in four areas: Gap: How big is the problem IFC is seeking to address? Intensity: How much does the project contribute towards addressing the identified gap? Impact potential: Based on the problem and contribution, what is the potential to deliver desired effects? Risk Assessment: What are the estimated risks associated with achieving the development outcome targets for IFC’s investments? Common assessment parameters are embedded across frameworks for cross-cutting themes — Environment, Climate, Economic Inclusion, Community, and Gender. The monitoring of outcomes is an essential component of the AIMM system, linking ex-ante assessments with actual results as projects are implemented. Each development outcome claim is explicitly tied to one or more indicators, which are regularly tracked during portfolio supervision. This links ex-ante AIMM ratings with real-time progress throughout the project life cycle.

What is Impact Investing? Impact investing is an approach that aims to contribute to the achievement of measured positive social and environmental impacts. It has emerged as a significant opportunity to mobilize capital into investments that target measurable positive social, economic, or environmental impact alongside financial returns. A growing number of investors are incorporating impact investments into their portfolios. Many are adopting the SDGs and other goals as a reference point to illustrate the relationship between their investments and impact. The impact investing market is relatively new but is growing rapidly, and is making progress in converging towards common frameworks for managing investments for impact. Some $2.3 trillion of assets have an intent for impact, of which $636 billion of these assets clearly have impact management and measurement processes in place. More than $400 billion is managed in accordance with the Impact Principles, the market standard for how to manage an investment portfolio for impact. Many of these investors use the Joint Impact Indicators to measure and report on progress. What are the Impact Principles? IFC—in consultation with a core group of external stakeholders—developed the Operating Principles for Impact Management, which are now followed by over 140 privately and publicly owned funds and institutions. These Principles support the development of the impact investing industry by establishing a common discipline around the management of investments for impact, and promote transparency and credibility by requiring annual disclosures of impact management processes with periodic independent verification What are the Joint Impact Indicators? The Joint Impact Indicators are a harmonized set of indicators for key impact themes – climate, gender and job creation – used by a wide range of impact investors. They are aligned with the leading impact indicator sets: IRIS+ and HIPSO. The Operating Principles for Impact Management provide a reference point against which the impact management systems of funds and institutions may be assessed. They draw on emerging best practices from a range of asset managers, asset owners, asset allocators, and development finance institutions. As a signatory to the Principles, IFC publicly discloses, on an annual basis, the alignment of our impact management systems with the Principles and, at regular intervals, arranges for independent verification of this alignment. The following documents are IFC’s disclosure statement and an independent verification of alignment provided by external auditors. Independent verifier's limited assurance report on the alignment of IFC with the Operating Principles for Impact Management. Annual updates: Operating Principles for Impact Management The adoption of the SDGs and the launch of the Financing for Development agenda in 2015 has given a strong boost to impact investing. The need to achieve SDGs- which will require $5-7 trillion/year of financing - has changed the conversation around impact from project level impacts, often in small social enterprises, to how to achieve impact at scale. Specifically, the focus on the SDGs has raised the sights of impact investors beyond project-level impacts towards systemic impacts which can move the needle on the SDGs. At the same time, the Financing for Development Agenda for the SDGs has brought a wider range of fund managers and investors to the table, wanting to ensure that their investments are aligned with the SDGs. As part of the World Bank Group, IFC has two overarching goals—ending extreme poverty by 2030 and boosting shared prosperity—that are aligned with the SDGs. Through direct investments and advisory services, IFC provides private sector solutions that lay the foundation for sustainable and inclusive economic growth. The objective is to support operations that address development challenges at scale, through project-level outcomes as well as market creation. IFC’s Anticipated Impact Measurement and Monitoring framework provides: (a) a systematic and rigorous framework to assess the development impact of investment operations ex-ante, and monitor results ex-post, which has strengthened IFC’s ability to select, design, and adjust projects to maximize impact; (b) a structured approach to assess catalytic market effects that fosters IFC’s strategic mandate to Create Markets and support the Billions to Trillions agenda and (c) an effective way to employ a portfolio approach to balance IFC’s double bottom line and generate development impact through financially sustainable operations. IFC’s results-measurement framework currently comprises mostly sector-level outcome indicators, including Harmonized Indicators for Private Sector Operations (HIPSO) used by multiple development finance institutions to measure, monitor, and report on development outcomes, including those related to the SDGs.

Integral to IFC’s mandate and aligned with the World Bank Group’s goals are SDGs 1 and 10: “No Poverty” and “Reduced Inequalities.” At the strategic sector level, IFC promotes projects in infrastructure, agriculture, financial inclusion, health, and education —aligned with SDGs 2, 3, 4, 6, 7, and 9. IFC also actively partners with private investors to mobilize new sources of finance— aligned with SDG 17. IFC continues to promote job creation and economic growth, gender equality, cities development, environmental and social sustainability, and climate-change adaptation and mitigation — aligned with SDGs 8, 5, 11, 14, 15, 12, and 13 respectively. IFC’s clients’ contribution to the SDGs is highlighted on the IFC SDG Dashboard below. IFC, together with other development finance institution (DFIs) (also Harmonized Indicators for Private Sector Operations (HIPSO) partners), has developed a common methodology to align DFI contributions with the SDGs, available for broader use by private impact investors and corporates. Additional information is available at: https://indicators.ifipartnership.org/dashboard/.

News Archive Plumerai raises $8.7m Series A to connect Vision LLMs to trillions of edge devices September 16th, 2025 Plumerai launches its first Vision LLM-powered features, enabled by its unique combination of Tiny AI on the edge to direct Vision LLMs in the cloud. London, September 16, 2025 - Plumerai™, a pioneer in on-device AI for cameras, today announced an $8.7m Series A funding round, led by new investors Partech and OTB Ventures, with support from Acclimate Ventures and existing investors. This brings the total funding received to over $17m. The new funding will drive Plumerai’s ambition to enable trillions of intelligent devices, a future that is now accelerated by its new Vision LLM features. Plumerai’s Tiny AI is already running on millions of cameras, and includes People, Vehicle, Animal & Package Detection, Familiar Face & Stranger Identification, and Multi-Camera People Tracking. It’s faster, cheaper, private, runs on battery-powered cameras, and uses inexpensive and off-the-shelf chips. With an initial focus on home security cameras - where it has won major customers such as Chamberlain Group, whose brands include myQ and LiftMaster and whose products are found in 50+ million homes - it is now rapidly expanding into Enterprise Security, Retail, and more. In addition to the funding, Plumerai announced today its first Vision LLM-powered features: These features unlock valuable new applications for Plumerai’s customers, and are driven by the recent advances in multimodal LLMs that make it possible to draw deep insights from videos. It is Plumerai’s unique approach of combining its Tiny AI, which runs on the edge, with its cloud-based Vision LLM, that together enable unmatched accuracy with record low cloud inference costs. Benchmarks performed by customers show Plumerai’s AI Video Search to be more accurate than cloud-only solutions such as Amazon Nova and Google Gemini, and to have cloud costs up to 135x lower. “We are at an exciting point in time where powerful Vision LLMs are now both accurate and cost efficient enough to open up valuable new use cases, thanks to our combination of on-device Tiny AI with cloud-based Vision LLMs,” says Roeland Nusselder, Founder and CEO at Plumerai. “We’re going to make it possible for everyone to have their own AI security guard and assistant that never gets distracted, so they feel safer and calmer than ever before. It will warn you about a stranger in your backyard, a leaking water pipe, or simply help you find your keys. And it’s not just for the home, but for retail, offices, warehouses, elderly care and more. The trust of our partners and investors allows us to bring powerful AI into the physical world, beyond desktops and the cloud.” “Integrating Plumerai’s Tiny AI into our smart camera lineup has allowed us to offer advanced AI features on affordable, low-power devices. This enables us to provide our customers with smarter, more efficient products that deliver high performance,” said Jishnu Kinwar, VP AI & Innovation at Chamberlain Group. Reza Malekzadeh, General Partner at Partech, says: “There are many companies building great products but they struggle to add powerful AI features to their devices. Plumerai enables them to do this, move faster to market, with high quality AI features, and lower development costs. They are on track towards a future where trillions of intelligent edge devices are equipped with their AI.” “We are particularly impressed by the strength of Plumerai’s technology and product, which has clearly outperformed in every technical evaluation performed by customers,” adds Marcin Hejka, Managing Partner at OTB Ventures. “Since customers can use simple over-the-air software updates to activate Plumerai’s AI on devices that are already in the field, Plumerai has been able to scale up quickly with rapid ARR growth as a result. We look forward to working with Roeland and the entire team on this next stage of growth.” About Plumerai Plumerai is a pioneering leader in AI solutions for cameras, specializing in highly accurate and efficient Tiny AI for smart devices. As the market leader in licensable Tiny AI for home security cameras, Plumerai powers millions of devices worldwide and is rapidly expanding into enterprise security, smart retail, and more. Its comprehensive AI suite includes People, Vehicle, Animal & Package Detection, Familiar Face & Stranger Identification, Multi-Camera People Tracking, AI Video Search, and AI Captions, all designed to run locally on nearly any camera chip. Headquartered in London and Amsterdam, Plumerai enables developers to add sophisticated AI capabilities to embedded devices, while prioritizing efficiency and user privacy. https://plumerai.com/ About Partech Partech is a global tech investment firm headquartered in Paris, with offices in Berlin, Dakar, Dubai, Nairobi, and San Francisco. Partech brings together capital, operational experience, and strategic support to back entrepreneurs from seed to growth stage. Born in San Francisco 40 years ago, today Partech manages €2.7B AUM and a current portfolio of 220 companies, spread across 40 countries and 4 continents. About OTB Ventures OTB Ventures is a pan-European deep tech VC fund specializing in Series A and late seed rounds. Its focus lies in supporting startups that pioneer unique technologies across three key verticals: Enterprise AI and Data, SpaceTech and Physical AI, and Novel Computing. Established in 2017, OTB Ventures currently manages $350 million and has offices in Amsterdam, Warsaw, Luxembourg. SUBSCRIBE TO OUR NEWSLETTER ©2025 Partech Partners Developed by

Partech’s strength is its broad expertise. It's a collective of pioneering minds and experts, working in autonomous teams to deliver the best possible support for founders. We offer a range of funds from seed to venture to growth, aimed at those with bold ideas and the desire to be supported and challenged in equal measure. The Partech Funds 01 Seed 02 Venture 03 Africa 04 Growth 05 Impact PORTFOLIO PREVIEW All portfolio TEAM Spotting, backing, and working with exceptional founders from the very beginning of their journey is the shared passion and sole focus of the Partech Seed team, since 2013. They extensively support their portfolio companies to bring them from 0 to 1 and beyond. CRITERIA The Seed team backs entrepreneurial talent, chasing the next disruptors in Europe and around the globe. They are not limited by industries, markets or models, but instead focus on identifying future leaders at the start of their journey. This requires a broad scope, and a genuine open-mindedness towards what the most talented founders come up with. GOOD TO KNOW PORTFOLIO PREVIEW All portfolio TEAM The Venture team backs European companies at Series A and Series B, with proven mission-critical software to power the digital transformation of Enterprises and SMBs. Thanks to their operational and entrepreneurial roots, they provide hands-on support from product and engineering to sales and marketing. Several partners on the team have been founders, and have long honed deep functional expertise. Similarly, their industry experience directly informs their investment focus areas. CRITERIA They invest in high-growth, emerging category leaders with innovative business models, strong unit economics, achievable profitability ambitions, and revenue from about €1m to €10m ARR. They’re primarily focused on B2B companies and the major pillars of digital transformation: Security, Cloud Infrastructure, Fintech & Insurtech, Healthcare, and B2B platforms. GOOD TO KNOW PORTFOLIO PREVIEW All portfolio TEAM Backing champions of African tech since 2017, the Africa team seeks the next generation of category leaders across the continent. Investing from seed to growth, the team is based on the ground, and leverages their operational expertise and Partech’s global networks to support founders on their journey to scale. CRITERIA The team partners with entrepreneurs who combine technology and operational excellence to address large opportunities across the continent. From seed to series C, the fund invests in tech-enabled businesses across sectors. GOOD TO KNOW PORTFOLIO PREVIEW All portfolio TEAM Since 2015 the Growth team has invested in European scale-ups, working with founders to help build lasting, category-defining companies, from €10 to €100m+ run rate revenue. With their capital and expertise, they seek first and foremost to accelerate organic growth, but also fund acquisitions and simplify cap tables. They are thrilled to become a long-term partner to founders and management teams, and approach each investment in a tailor-made way. CRITERIA Investments go to highly-driven bootstrapped or VC-backed scale-ups on the path to profitability. The team keeps a concentrated portfolio, focusing their expertise across operations, PE, M&A and consulting, on businesses with industry-leading potential. They are most often mainly minority shareholders, but also majority shareholders when in close partnership with founders. GOOD TO KNOW PORTFOLIO PREVIEW All portfolio TEAM Partech’s newest fund, set up to actively scale European impact-native technology leaders trying to solve environmental and social challenges. Leveraging the team’s extensive operational experience, they offer support to their founders and management teams on strategy, go-to-market, M&A, scaling operating systems, organizational design and recruitment. CRITERIA The team works with companies with a proven business model and on their path to profitability, not only willing to accelerate growth to a global scale, but whose business model has an ongoing positive impact on the industrial, agricultural, environmental, economic empowerment or health value chains. GOOD TO KNOW SUBSCRIBE TO OUR NEWSLETTER ©2025 Partech Partners Developed by

IFC’s social bonds offer investors an opportunity to finance IFC projects that benefit under-served populations in emerging markets, including women and low-income communities with limited access to essential services such as basic infrastructure, healthcare, finance and sanitation. Download IFC Social Bond Factsheet Download IFC FY24 Social Bond Project Table IFC is the only institution in the World Bank to issue social bonds. IFC has been a pioneer of the social bond market and one of the largest global issuers of social bonds in various currencies and tenors. IFC’s Social Bond Program, launched in 2017, aligns with the Social Bond Principles. IFC’s Social Bond Program supports projects that aim to achieve positive social outcomes especially but not exclusively for a target population. These include projects financed by IFC, such as: IFC’s Banking on Women: Projects that lend to financial intermediaries with the requirement that IFC loan proceeds be on-lent to women-owned micro, small, and medium enterprises. IFC’s Inclusive Business: Projects with companies that integrate underserved people at the base of the pyramid into a company’s value chain. For example, projects which: • Provide health or education services • Develop affordable housing • Expand access to telecommunications, such as broadband or mobile phones • Provide electricity or water services • Source from small farmers • Offer access to finance • Sell through small mom-and-pop retailers IFC’s Social Bond Framework was recently updated, to provide investors with more insights into the selection process, types of eligible projects and impact reporting under the social bond program. For the first time, IFC sought a second party opinion, receiving an “excellent” rating from Sustainable Fitch – the highest rating awarded by the ESG rating agency. IFC social bonds will continue to support vulnerable communities and underserved groups in emerging markets in areas such as health, education, and food security, among others. in volume in bonds and taps currencies Impact Reports FY2024 Green and Social Bond Impact Report FY2023 Green and Social Bond Impact Report FY2022 Green and Social Bond Impact Report FY2021 Social Bond Impact Report FY2020 Social Bond Impact Report FY2019 Social Bond Impact Report FY2018 Social Bond Impact Report FY2017 Social Bond Impact Report

IFC offers a wide variety of financial products for private sector projects in developing countries. To be eligible for IFC funding, a project must meet a number of criteria. The project must: IFC does not lend directly to micro, small, and medium enterprises or individual entrepreneurs, but many of our investment clients are financial intermediaries that on-lend to smaller businesses. There is no standard application form for IFC financing. A company or entrepreneur, foreign or domestic, seeking to establish a new venture or expand an existing enterprise can approach IFC directly. This is best done by reading how to apply for financing, and by submitting an investment proposal. Proposals can be submitted to IFC’s industry departments; regional departments at IFC headquarters in Washington; or the regional field office closest to the location of the proposed project. To determine which contact is most appropriate for your organization, please see IFC Contact Directory After this initial contact and a preliminary review, IFC may proceed by requesting a detailed feasibility study or business plan to determine whether or not to appraise the project. IFC's project/investment cycle illustrates the stages a business idea goes through as it becomes an IFC-financed project. An investment proposal should include the following preliminary information: 1. Brief description of project. 2. Sponsorship, management & technical assistance: 3. Market & sales: 4. Technical feasibility, manpower, raw material resources & environment: 5. Investment requirements, project financing, and returns: 6. Government support & regulations: 7. Timetable envisaged for project preparation and completion.

Everything you need to know French English Informations réglementaires Partech Partners SAS au capital de €480,000 Société de gestion de portefeuille agréée par l’ AMF sous le numéro GP 06000014. I/ Politique d’engagement actionnarial Partech a élaboré une « politique d’engagement actionnarial » qui traduit son engagement à travers un dialogue continu, un suivi de la performance extra-financière des actifs investis, la définition de clauses ESG (side letter, pacte d’actionnaires) et/ou la participation aux décisions stratégiques en prenant part aux comités des participations. Pour en savoir plus, cliquez ici. Pour plus d’informations, se référer à la politique disponible sur simple demande des investisseurs auprès de la société de gestion. II/ Politique des Réclamations clients Partech a mis en place une politique afin de répondre aux réclamations de ses clients. Qu’est-ce qu’une réclamation client? On entend par réclamation une déclaration actant d’un mécontentement du client envers la société de gestion. Une demande d’information, d’avis, de clarification, de service ou de prestation n’est pas une réclamation. Le traitement de la réclamation Votre réclamation sera prise en charge par l’équipe « Investor Relations ». Toute réclamation doit être adressée à la société de gestion à cette adresse: compliance@partechpartners.com. Les délais de traitements des réclamations Le traitement d’une réclamation par la société de gestion est gratuit, le client ne supportera aucun coût spécifique (frais de dossier, de recherche ou autre …) lié au traitement de sa réclamation. Médiateur de l’AMF Si vous n’êtes pas satisfait de la réponse apportée à votre réclamation, vous pouvez vous adresser, gratuitement, au médiateur de l’Autorité des marchés financiers de préférence par formulaire électronique sur le site internet de l’AMF, https://www.amf-france.org/fr/le-mediateur-de-lamf/votre-dossier-de- mediation/vous-voulez-deposer-une-demande-de-mediation ou par courrier postal, à l’adresse 17 place de la Bourse 75082 Paris cedex 2. Cette médiation est gratuite, cependant, il convient de souligner que le choix du client sera définitif. III/ Gestion des conflits d’intérêts Partech a établi et maintient opérationnelle une politique de gestion des conflits d’intérêts qui consiste à définir des procédures en vue de détecter et de gérer des situations qui donnent ou sont susceptibles de donner lieu à un conflit d’intérêt potentiel lors de la mise en œuvre de nos activités de gestion. Pour plus d’informations, nous vous invitions à contacter la société de gestion. IV/ Politique de rémunération Partech a défini et formalisé une politique de rémunération conformément aux dispositions de la directive AIFM. Elle est validée annuellement par le comité exécutif de Partech. En outre, et conformément à la réglementation sur la Transparence (« règlementation SFDR »), la politique comprend des règles relatives à la prise en compte des risques, y compris le développement durable, dans l'attribution des rémunérations. Plus d'informations cliquez ici. V/ Informations relatives au développement durable Pour en savoir plus sur la durabilité Télécharger le rapport LEC Article 29 Regulatory Disclosure Partech Partners is a management company approved by the AMF under number GP 06000014. I/ Shareholder engagement policy Partech has drawn up a “shareholder engagement policy" which reflects its commitment through ongoing dialogue, monitoring of the extra-financial performance of invested assets, definition of ESG clauses (side letter, shareholders' agreement) and/or participation in strategic decisions by taking part in investment committees. To find out more, click here. II/ Client complaints policy Partech Partners has set up a policy to respond to customer complaints. What is a customer complaint? A customer complaint is a statement of dissatisfaction with the management company. A request for information, advice, clarification, service, or performance is not a claim. Handling your complaint Your complaint will be handled by the “Investor Relations Team.” All complaints should be addressed to the management company at the following address: compliance@partechpartners.com. Claims processing times The processing of a claim by the management company is free of charge, and the customer will not incur any specific costs (administrative, research, or other fees, etc.) in connection with the processing of the claim. AMF Mediation Officer If you are not satisfied with the response to your complaint, you may contact the AMF Ombudsman free of charge, preferably by electronic form on the AMF website. Mediation is free of charge, but it should be stressed that the customer's choice is final. III/ Conflicts of Interests Policy Partech has established and maintains an operational conflict of interest management policy, which involves defining procedures to detect and manage situations that may give rise to an actual or potential conflict of interest during the implementation of our management activities. For more information, we invite you to contact the management company. IV/ Remuneration Policy Partech has defined and formalized a remuneration policy in accordance with the provisions of the AIFM Directive. It is validated annually by the Executive Committee of Partech. Also, and in accordance with the Disclosure Regulation, the policy includes rules relating to the consideration of risks, including sustainability, in the allocation of remunerations. More info click here. V/ Sustainability-related disclosures To find more on sustainability Download the Article 29 LEC Report SUBSCRIBE TO OUR NEWSLETTER ©2025 Partech Partners Developed by

👀 We just launched our WhatsApp channel. Want to get the latest news from the Tech in Africa? Join here → Email address: Don't worry, we don't spam The hottest and most popular news, stories, interviews, press releases and opinions about startups, entrepreneurs and new technologies in Africa. Email address: Don't worry, we don't spam © 2016-2020 - Tech in Africa - Startup news, stories and interviews from in Africa Username or Email Address Password Remember Me Enter your account data and we will send you a link to reset your password. Username or Email Address Public collection title Private collection title Here you'll find all collections you've created before.

👀 We just launched our WhatsApp channel. Want to get the latest news from the Tech in Africa? Join here → Subterms Email address: Don't worry, we don't spam The hottest and most popular news, stories, interviews, press releases and opinions about startups, entrepreneurs and new technologies in Africa. Email address: Don't worry, we don't spam © 2016-2020 - Tech in Africa - Startup news, stories and interviews from in Africa Username or Email Address Password Remember Me Enter your account data and we will send you a link to reset your password. Username or Email Address Public collection title Private collection title Here you'll find all collections you've created before.

👀 We just launched our WhatsApp channel. Want to get the latest news from the Tech in Africa? Join here → Email address: Don't worry, we don't spam The hottest and most popular news, stories, interviews, press releases and opinions about startups, entrepreneurs and new technologies in Africa. Email address: Don't worry, we don't spam © 2016-2020 - Tech in Africa - Startup news, stories and interviews from in Africa Username or Email Address Password Remember Me Enter your account data and we will send you a link to reset your password. Username or Email Address Public collection title Private collection title Here you'll find all collections you've created before.

What We Do IFC provides investment, advice, and asset management — offerings that are mutually reinforcing and can be tailored to a client’s specific needs. Our financial products enable companies to manage risk and broaden their access to foreign and domestic capital markets. Investment services product lines include loans, equity investments, trade and commodity finance, derivatives and structured finance and blended finance. We also play a catalytic role in mobilizing additional funding through parallel loans, loan participations, partial credit guarantees, securitizations, loan sales, risk sharing facilities and fund investments. By attracting new investors, we introduce our clients to new sources of capital and better ways of doing business. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to improve people’s lives as economies grapple with the impacts of global compounding crises. We offer governments and business advisory services to help establish the necessary conditions to attract the most private capital. We mobilize and manage capital for businesses in developing countries and frontier markets. The use of blended finance allows us to fill financing gaps by addressing market barriers and attracting private sector investments to areas of high development impact. We directly invest in companies and financial institutions, including through private-equity funds. We finance projects and companies through loans from our own account, typically for 7 to 12 years. Through syndications, we enable our public and private partners to participate alongside us as we provide loans to companies in emerging markets. Trade and Commodity Finance programs offer guarantees, risk-sharing facilities, loans and other structured products to support trade in emerging markets. We support private sector investments through corporate finance, PPP advisory, and expertise in structuring complex projects to maximize development impact. We provide clients with innovative fixed-income solutions, including structured finance, local currency financing, risk management products, and debt capital markets access.

IFC’s green bonds offer investors an opportunity to finance projects that help the private sector address climate change through climate-smart investments and innovative financing in emerging markets. Download IFC Green Bond Factsheet Download IFC FY24 Green Bond Project Table IFC focuses on helping the private sector address climate change through investments and innovative financing. The World Bank Group recently set an ambitious target to devote 45 percent of our annual financing to climate by 2025. This financing will focus on reducing the trajectory of emissions and strengthening adaptation and resilience in developing countries. Since 2005 - when IFC started to track climate-smart components of its investments and advisory services - IFC has made significant efforts to mainstream climate into its operations. In fiscal year 2025, IFC delivered $25.7 billion in climate finance. In 2010, IFC launched the Green Bond Program to help catalyze the market and unlock investment for private sector projects that support renewable energy, clean transportation, solar, hydro and energy efficiency. Funds raised through green bonds help finance sustainable, climate-smart projects with a positive environmental impact. IFC’s Green Bond Framework was expanded to include new biodiversity, ocean and water categories, more robust climate adaptation selection processes, as well as additional categories under climate mitigation. The framework has been second-party reviewed by S&P Shades of Green, formerly part of CICERO, and is rated as Medium Green with an “Excellent” governance score. in volume in bonds and taps currencies Impact Reports FY2024 Green and Social Bond Impact Report FY2023 Green and Social Bond Impact Report FY2022 Green and Social Bond Impact Report FY2021 Green Bond Impact Report FY2020 Green Bond Impact Report FY2019 Green Bond Impact Report FY2018 Green Bond Impact Report FY2017 Green Bond Impact Report FY2016 Green Bond Impact Report

WHAT WE DO IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We apply our financial resources, technical expertise, global experience, and innovative thinking to help our partners overcome financial, operational, and other challenges. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise. In doing so, we create jobs and raise living standards, especially for the poor and vulnerable. Across sectors and regions, including fragile and conflict-affected economies, IFC seeks to promote inclusive economic growth, gender equality, environmental and social sustainability, and climate adaptation and mitigation.

An initiative by WeeTracker and LeapFrog Ventures, think of BRIDGE as a blend of a tech conference and a fest - where bigwigs of the technology landscape from five East African countries and Japan are coming together in an electrifying atmosphere - to melt walls and build bridges. With a carefully curated lineup of top government officials, VCs, PEs & businesses, BRIDGE will witness the first of its kind fusion of all the key elements of an economy. On the day of the summit, a focussed delegation of Japanese Venture Capital firms & Corporates will be flying down to Nairobi to catalyze the hyper growth opportunities in East Africa. Gather knowledge from the most insightful discussions by the industry insiders & experts. Equip yourself with the info which isn't there on Google. Your chance to walk on the stage and pitch your business to VCs, PEs & corporates from not just across East Africa, but also to our special investor delegation from Japan. Dine at the same table with big fat VCs, elusive angels & the Ministry guys. Make sure you fill your platter with the best!

Sign up to receive the latest on private sector investment opportunities in emerging markets. Get bimonthly updates on equipping people in emerging markets with skills to thrive in a 21st century economy. Get bimonthly updates on advancing access to quality health care across emerging markets. This form is protected by reCAPTCHA, a service provided by Google to distinguish between humans and robots, which is governed by Google’s Privacy Policy & Terms of Service.

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Businesses and individuals should take care not to fall victim to investment scams, which are commonly known as Advance Fee Fraud schemes. Some of these schemes fraudulently invoke the institution’s name or claim to be affiliated with it or the World Bank Group. What forms do these fraudulent schemes take? Like many other large organizations, we have seen increased use of sophisticated forms and letterhead that appear to be legitimate IFC email correspondence or certificates. IFC’s name is falsely invoked to give the scheme the appearance of authenticity and, in some cases, the wrongdoers may use the names of actual IFC staff members to bolster the credibility of the scam. Advanced fee fraud schemes involve solicitations that encourage potential victims to provide personal information such as signatures or bank account information, and to pay certain advance fees, often described as "processing fees" or “finder’s fees”. In return, the potential victim is promised sums of money which the scammer has no intention of paying.  Police estimate that thousands of these advance fee fraud solicitations – only a very small fraction involving the use of IFC’s name – are sent by e-mail every week and are addressed to individuals and companies around the world. IFC has no involvement in such schemes, and cannot accept any responsibility for resulting loss, damage or claim. We would therefore like to caution the public to be wary of these and other similar solicitations that falsely claim to be affiliated with IFC or the World Bank Group. What should you do if you receive suspicious correspondence about money transfers or other solicitations that reference IFC? If you receive what seems to be an unusual money request from person(s) purporting to represent IFC, or have concerns as to the authenticity of IFC's actual involvement in a particular transaction, solicitation, notification, directive or request, do NOT respond to the request and do NOT send any money or provide any of your personal bank account details. IFC does not typically investigate these types of scams.  If you feel you have been the victim of such a scam you should contact local law enforcement authorities. What should you do if you receive a suspicious notification about a job posting or offer from IFC asking you to send money as part of the recruitment process? IFC does not request any amount of money as part of its recruitment process. This scheme is used to falsely obtain money and/or personal information. Official communication from IFC will always come from emails ending in @ifc.org. If you believe that you are a potential victim of a fraudulent job offer, please forward any related information you have received to ethics_helpline@worldbank.org. You can find more information about fraudulent investment schemes that misuse our name here.

In this African Pre-Seed podcast from Founders Factory Africa, you can find out how our managing partner Benoit Delestre considers investment opportunities in Francophone Africa, which sectors he particularly believes in and how founders can think about expanding into the region.

Saviu Ventures, one of the leading Venture Capital firms in Francophone Africa, reached the first close of its second fund Saviu II, backed by private investors and family offices, to continue investing in the region’s most promising start-ups. Saviu Ventures, one of the historical players in the Francophone Africa Venture Capital industry, recently completed the first close of its second fund Saviu II, at EUR 12 million, with a group of private investors (European and African entrepreneurs, HNWI and Family Offices). Saviu II is the successor fund to Saviu I (EUR 10 million), fully invested in some of the continent’s most promising start-ups. With this first closing, Saviu II will continue to invest in talented Tech entrepreneurs in Africa, particularly in Francophone Africa, while onboarding new investors to reach final closing. Concurrent with this first closing, Saviu II and its management company obtained their License from the Mauritius Financial Markets Authority (FSC), making Saviu Ventures one of the few independent and fully regulated Venture Capital Fund management companies in the Francophone West African region. Saviu Ventures was founded in 2018 and is led by Benoit Delestre (Partner), who brings more than 15 years of entrepreneurial experience, including two Fintech companies he founded and sold; Samuel Touboul (Partner), a seasoned professional with more than 10 years of Venture Capital and Private Equity experience, both in Europe and Africa; and Cynthia Mandjek (Investment Manager), a former associates of Eurazeo and Orange Ventures. Their team now counts more than 7 investors and operators, spread across Abidjan, Dakar, and Paris. In line with Saviu I, Saviu Ventures' second fund will invest from Seed to Series A in African early-stage startups, with a strong focus on Francophone Africa. Saviu funds are sector agnostic but typically invest in Tech or Tech-enabled companies in sectors such as Fintech, Healthtech, Edtech, ClimateTech, E-commerce ... Saviu II's investments will range from EUR 500k to EUR 3.0m, as a lead or reference minority shareholder, with a very hands-on approach that is the DNA of Saviu Ventures. Saviu funds are anything but "Spray and Pray" funds, focusing instead on a limited number of high-potential start-ups, which the Saviu Ventures team supports on a day-to-day basis, from business development to recruitment, international expansion, and fundraising. Saviu I, the predecessor fund to Saviu II, is the best example of this "Seed and Build" investment strategy. Raised in 2018, it has invested in 12 start-ups, mostly from Francophone Africa (82%), including some of the best-known in the West African ecosystem, and of which, even after several rounds, Saviu still is a key shareholder: - Anka (ex. Afrikrea), the leading SaaS and e-commerce platform for African vendors (Fashion, cosmetics, ...), that just received a USD 3.4m investment from the IFC (World Bank), and of which Saviu I is still a 20% shareholder.‍ - Julaya, a BtoB neobank in Ivory Coast, Senegal and Benin, that raised the largest capital round of Ivory Coast in 2022 (USD 5m), seeded by Saviu I that still seats at its board.‍ - Zanifu, a Kenyan inventory financing platform, that completed in 2023 a USD 11.2m financing round (equity and debt), and of which Saviu is still the reference minority shareholder with 15% shareholding.‍ - Lapaire, a tech-enabled affordable eye-wear retailer in Ivory Coast, Mali, Burkina Faso, Benin and Togo, that just closed a EUR 3.0m capital round with I&P (Investisseurs & Partenaires), and of which Saviu I still owns 22% shareholding. ‍ - Paps, the largest e-logistics startup in Senegal, now also present in Ivory Coast and Benin, and of which Saviu I is the reference minority shareholder. Saviu I was historically the first professional Venture Capital fund active in Francophone Africa (and is still one of the few). It did provide its investors with material performance and already some exits (ICT4Dev in Ivory Coast sold to a Fintech). Saviu II will rely on the strong brand name of Saviu Ventures within the Francophone Africa region, a reinforced team and a new institutional framework, to invest even further in this booming start-up ecosystem. Following its first close Saviu II already made a few investments, including in Waspito (a leading digital health platform in Cameroon), Rubyx (a Lending-as-a-Service Fintech platform in Senegal), or Workpay (a SaaS HR and payroll solution in Kenya). Benoit Delestre, Partner at Saviu Ventures: “Reaching the first close of Saviu II and obtaining our License from regulatory authorities is a recognition of all the work that has been done in the past five years, building the track record of Saviu I and the brand name of Saviu Ventures in the Francophone Africa region. We are now ready to support a new generation of talented entrepreneurs within the Tech industry, side by side as we've always done" Samuel Touboul, Partner at Saviu Ventures: “We are very pleased with this first close of Saviu II and the granting of our institutional License, proofs that Saviu Ventures now counts as one of the few professional Venture Capital funds in the region, operating and investing with the highest standards. The renewed commitment of private investors from our first to our second fund is for us a key sign of confidence in our very focused strategy, and its capacity to scale-up startups while creating both value and impact" Advisors on the transaction: Jeremie Chouraqui (Solon Avocats, Legal and Strategic), Bertrand Betsy (Legis, Mauritius Counsel) ‍

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The Annual Venture Investments In Africa Report 2021 by WeeTracker offers data, an overview of emerging trends and opportunities in the African Startup & VC industry along with analysis. Made with ❤ in Africa

Trusted by 1,500+ startups including companies from: Extremely relevant Olivia Hall Partner @ Acme VC | San Francisco, US High industry match High stage match High geography match Recently active Industry Top FinTech Enterprise software Automation Stage Top Pre-Seed Seed Series A Country Top United States Europe India Investors that invest in your verticals... ... at your stage and round size... ... in your region or country... ... and active in the past 6 months. Jane Eyre Partner @ Star VC jane@star.vc Top Industries FinTech 32 deals SaaS 16 deals AI / ML 8 deals Automation 4 deals Sloow $1M Pre-Seed, Mar 22 $8M Seed, Nov 21 Fresh fund: raised $90M 2 months ago Amelia Miller can make the intro Check size: $500k - $1M $1.4 avg. seed round size Leads 21% deals Kelsey Bishop, CEO @ Candor Trusted by 1,500+ startups including companies from: © 2022 All rights reserved. Product More

WE BELIEVE SUSTAINABLE TECH IS THE DRIVER OF HUMAN DEVELOPMENT AND ECONOMIC GROWTH At a time when Tech is transforming almost every industry, investors have a responsibility to make sure that technology is used for the greater good of humanity and the planet. As long-term investors, we believe that value creation for shareholders can no longer be separated from the positive impact of companies. Our sustainability strategy is 3-fold and will span the next few years as we transform our company and carefully select the startups we decide to partner with. We intend to: We invite our investors, partners, and the communities we serve to join us on this vital journey. The path towards sustainability is complex and challenging, yet with shared commitment and collaboration, it is one we are confident we can navigate successfully. Together, we are shaping the future of the tech industry—a future that is sustainable, inclusive, and prosperous for all. Aggregated ESG results are disclosed in this annual Sustainability Report to give an overview of sustainability trends, overall CSR performance, and our portfolio companies’ best practices. Partech Climate Report Description LEC Article 29 HQ PDF (DOWNLOAD PDF) Partech ESG Policy Description Responsible Investment Policy HQ PDF (DOWNLOAD PDF) Partech Whistleblowing Policy Description Partech Whistleblowing Policy HQ PDF (DOWNLOAD PDF) Partech Exclusion Policy Description Partech Exclusion Policy HQ PDF (DOWNLOAD PDF) SUBSCRIBE TO OUR NEWSLETTER ©2025 Partech Partners Developed by

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Effortlessly track new promising founders, discover early-stage companies before anyone else, and stay up to date with the innovation economy. We collect millions of unstructured data points each month and turn it into actionable intelligence. Create signal from the noise with Dealroom Signal and unlock predictive intelligence throughout the entire startup lifecycle. We work with 100+ governments and economic enablers around the world to measure & grow tech ecosystems. These unique partnerships unlock hard-to-find data and give clients access to superior global data coverage. We work with governments & economic enablers around the world to: The world’s leading VC/PE’s use Dealroom to: Corporate clients use Dealroom to: If your startup has raised less $10M, claim 6 months of free access with Dealroom for Builders: Leading industry reports on key innovation trends, venture capital, and ecosystems from Dealroom’s Intelligence Unit. Discover promising companies to source deals “We’re looking for emerging category definers to collaborate with. We only find these promising companies when we work with someone like Dealroom.” Power your data with the most extensive API in the market “As a software powered investment firm, data quality is critical to us. Dealroom is probably the most comprehensive European database of its kind.” Create industry leading research that drives engagement “Dealroom is a trusted source in Europe. We make extensive use of their data and analytical support during the preparation of our State of European Tech report.” Launch your own startup database for your ecosystem “Dealroom is a trusted partner for us, helping us to produce compelling tech trend reports and identify future foreign direct investment opportunities. They are always enthusiastic and knowledgeable, with a forensic attention to detail paired with the creativity required to uncover unique insights.”

Putting ambition in motion. Partech harnesses broad expertise from a collective of experts to deliver the best support for founders across the globe. London, September 16, 2025 - Plumerai™, a pioneer in on-device AI for cameras, today announced an $8.7m Series A funding round, led by new investors Partech and OTB Ventures, with support from Acclimate Ventures and... New York, U.S., September 15, 2025 - Kredete, a Fintech company focused on helping African immigrants build credit and access financial services has raised a $22 million Series A funding round led by AfricInvest via... Summer may be behind us, but the energy across the Partech portfolio hasn’t cooled off. As we head “back to school” and gear up for an exciting end of the year, let’s take a look back at what happened in July and... Global in scope and driven by individuals. Partech's dedicated teams and funds are designed to effectively serve the needs of founders at every stage. Partech started way back in 1982 in Silicon Valley thanks to a group of European pioneers and ambitious entrepreneurs. These traits have stuck through the years, as today we are a team of passionate people who share the same ambition to help the most impactful founders across multiple continents. SUBSCRIBE TO OUR NEWSLETTER ©2025 Partech Partners Developed by

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Seven South African startups have been selected to take part in the Grindstone | E Squared Programme, a founder-focused, growth… The Lagos-based Itana, Africa’s first Digital Special Economic Zone, has opened applications for its Digital Residency Launchpad, an exclusive, private… Africa’s Business Heroes (ABH), the flagship philanthropic initiative of the Alibaba Philanthropy, has announced the 20 finalists for its US$1.5… Innovate47, a global venture builder and entrepreneur support organisation, has launched its Food & Agri Accelerator, an eight-week programme designed… Eight Egyptian startups have been selected to take part in the latest Flagship Start IT programme, which offers a support… Female-led South African startups are invited to apply for the fourth edition of the Innovest Ignite Accelerator, which aims to… Twenty-two African tech startups have been selected for the fourth edition of the Visa Africa Fintech Accelerator. Launched in 2023… African startups are invited to apply for the MTN Cloud Accelerator Programme, which provides funding and scale support for growth-stage… South Africa’s Akha Ventures has announced the launch of its Venture Studio – a dedicated, founder-first ecosystem built to back… Applications are set to close for the Africa Impact Fundraising Grant 2025, which aims to build fundraising skills to power…

Sector Agribusiness & Forestry is a priority to IFC because of its broad development impact and especially strong role in poverty reduction. We combine our investments and advisory services capabilities to support private sector solutions focused on  addressing the world’s soaring demand of food and escalating food prices in a sustainable, inclusive and efficient way. With three-fourths of the world’s poor living in rural areas, IFC’s private sector investments in agribusiness and forestry are an integral part of the World Bank Group’s goals of reducing poverty and boosting shared prosperity. IFC invests and provides services across the agribusiness and forestry value chains - from farm to fork - to help boost production, including expanding access to credit for small farmers,  and improve logistics and distribution of food products. IFC has an extensive track record in agribusiness and forestry, with a total committed portfolio of over $4.8 billion. In FY24, IFC committed $2.3 billion in long term funding across 38 projects. We aim at developing long-term partnerships with our clients. Through our early-stage project development support, short-term and long-term financing solutions and advisory services we facilitate their growth and the growth of their value chains, enhance their competitiveness, upgrade food safety standards and expand market access. IFC’s  approach in agribusiness and forestry is comprehensive and comprises the full value chain. We aim to  enhance food security, promote inclusive development and supporting environmental and social sustainability. We advise and invest in agribusiness companies working to address the global food security and food safety challenges, by increasing food production, reducing lossess and focusing on nutrition. IFC helps agribusiness companies to promote inclusive business models that strengthen local communities, smallholder farmers, and women, improving livelihood and market linkages. We help companies adopt sustainable practices through initiatives such as ⁠sustainable livestock, and ⁠sustainable crop production.

News Archive $145M+ raised, a GCC expansion and Partech voices on the global stage September 8th, 2025 Summer may be behind us, but the energy across the Partech portfolio hasn’t cooled off. As we head “back to school” and gear up for an exciting end of the year, let’s take a look back at what happened in July and August. Makersite raised a €60M Series B, Alpic joined the family, Exein secured a €70M Series C to protect billions of devices, and Nawy expanded into the GCC with a major acquisition. Ten of our portfolio companies shone in GP Bullhound’s Titans of Tech and Sifted’s SaaS Rising 100, and we celebrated five well-deserved promotions across our Seed and Venture teams. Plus, our own Omri and Keji shared fresh insights on growth equity and early-stage go-to-market strategy in two standout podcast episodes. What are you waiting for? Let’s dive in… Read the full newsletter here If you want to join our exclusive newsletter club to be the first to know our latest news, sign up here SUBSCRIBE TO OUR NEWSLETTER ©2025 Partech Partners Developed by

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As AVCA – The African Private Capital Association, we are committed to championing and enabling private capital investment in Africa. We play a significant role as an effective change agent for the industry by educating, equipping and connecting members and key stakeholders with independent industry research, advocacy, best-practice professional development programmes, and unparalleled networking opportunities. Our Members include Fund Managers, Direct Investors, Third Party Fund Managers, Institutional Investors, Foundations, Financial Institutions, Professional Services Firms and Academic Institutions. Join us to collectively build a prosperous Africa – Become an AVCA Member African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

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Become part of our global network to drive visibility of your startup ecosystem, start your journey to full transparency, and take a data-driven approach to your decision-making process to grow your local tech ecosystem. Dealroom’s platform helps many Trade and Investment organizations identify key trends about their target sectors. The platform is also used to spot expansion opportunities for companies and identify targeted investors. Our Intelligence Unit is a passionate team of researchers. Working with them directly, enabled you to harness the power of Dealroom data in combination with their market expertise and network in each industry. Together we’ll add data streams specific to your locality, configure the platform to best navigate your ecosystem and visualize it for a global audience. Our solution is fully managed, meaning you won’t have to dedicate any resources to maintain it and it’s fully customizable. Topping all of this off – you can launch in a matter of weeks. “[It] really serve[‘s] as a one-stop shop for the Alberta ecosystem to connect to capital […] and support.” “Policy-making without data is like driving blindfolded. Not ideal when you have a crisis…” “We’re thrilled to be working with Dealroom to showcase the Victorian Startup Ecosystem.” “We want to show to Berlin startups that we recognize their achievements for the city. And we can make better-informed decisions for supporting activities.” “With the TechLeap Finder (powered by Dealroom.co) we are making the power of the Dutch startup ecosystem visible, measurable, and actionable, raising the bar in data-driven policy making.” The most comprehensive database on startups, growth companies, and tech ecosystems around the world Power your existing data and apps with the most extensive API in the industry Measure and promote your ecosystem with your own dedicated startup database When data alone isn’t the full answer to your business questions

Dealroom for Universities Partner with Dealroom to showcase your innovation ecosystem, track startup success, both alumni and spinouts, and empower your research with access to the comprehensive database of startups and tech ecosystems. Gain access to Dealroom’s platform and tools, helping you better track alumni startups, monitor spinout success, benchmark against peers, and connect with potential investors and partners. Leverage data from the most comprehensive database of startups & scaleups to perform analysis on startup growth, capital flows, sector analysis and much more. Highlight startups and spinouts from your institution to boost visibility and strengthen your university’s global reputation. Empower students in their education by providing access to Dealroom data for their course on entrepreneurship and economics. Accurately map your spinouts, supported startups, and investment activities. Provide universities with access to our platform to track alumni startups, benchmark, and gain strategic insights. Increase visibility for your ecosystem among investors, governments, corporates, and other universities. Be inspired by the research carried out by Dealroom’s research team to bring data-driven insights to policymaking and tech benchmarking We use Dealroom as a daily companion helping us to detect new stealth startups, watching new trends emerging but also as a “watchman” enabling us to monitor the growth of our Alumni startups portfolio Dealroom is a key tool to steer and amplify the impact of our ecosystem. It connects our internal priorities with external dynamics, helps identify high-potential initiatives, and demonstrates the collective value we generate. By transparently revealing emerging entrepreneurial talent, the platform acts as a strategic lever for coherence and recognition across high-impact trajectories.

Egyptian e-health startup Duaya has acquired EXMGO, an Egyptian SaaS provider for pharmacies and medical businesses, in a six-figure deal… Tanzanian agri-tech startup MazaoHub, which blends artificial intelligence (AI) with hands-on agronomy to drive climate-smart farming, has raised US$2 million… Kenya’s SunCulture, a provider of solar-powered irrigation solutions and agricultural technology to smallholder farmers, has secured US$5 million in funding… South African digital learning company Rekindle Learning has acquired fellow ed-tech startup EpiTek for an undisclosed sum in a deal… Impact Amplifier has become the second executing entity for the Global Cleantech Innovation Programme (GCIP) in South Africa, and will… Moroccan startup Jobzyn, which offers a platform combining transparency, automation, and artificial intelligence (AI) to deliver a next-generation recruitment experience… African Guarantee Fund (AGF) and Visa Foundation have signed a US$2 million grant agreement that will go towards bridging the… South African card-linked instalment platform Float has secured US$2.6 million (R46 million) in funding to help it scale both at… Moroccan cross-border e-commerce platform Justyol has secured US$1 million in equity and debt funding to support expansion at home, deeper… Monex Ventures, the corporate VC unit of Japanese financial services company Monex Group, has partnered Japanese VC Uncovered Fund to…

Download AVCA Logos, Copy & Brand Guidelines ________________________________________________________________________ AVCA – The African Private Capital Association is the nexus of private capital in Africa, championing and enabling private capital investment in Africa. As the pan-African industry body, AVCA plays a significant role as an effective change agent for the industry and acts as the trusted independent source of information, insight, and intelligence inspiring investor confidence; making the case for both commercial returns and impact of private capital in Africa. AVCA represents a community of capital allocators, investors, fund managers, advisors, entrepreneurs and professional services committed to our shared vision of a prosperous Africa that is sustainable, inclusive, and innovative. ________________________________________________________________________ African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

Ventures Game changing startups. Investors A network of capital. Upcoming Programs Overview of opportunities. Mentorship Marketplace Find mentors or become one. Startup Academy Online courses and learning materials. Blog Startup related news. What is VC4A? Our thesis and background. Our Team The VC4A team. Consulting VC4A for business. Hosted Communities Dedicated communities on VC4A. FAQs Frequently asked questions.

Kenyan digital mobility platform BuuPass has significantly expanded its operator network with the addition of 13 new transport partners, marking… Egypt’s MoneyHash, the leading payment orchestration platform operating in the Middle East and Africa (MEA), has partnered with Saudi Arabia’s… Fintech startup Mystocks says it is building the “Robinhood of Africa”, a next-generation platform that connects African markets with global… Ghanaian fintech startup Affinity Africa has launched “Affinity Boost”, which offers users a new way to earn interest while saving… Egyptian ed-tech startup Farid has announced its expansion into Saudi Arabia, establishing a central operations office in Riyadh, and concluding… Yamify, a developer-first AI platform that lets freelancers and web agencies spin up AI stacks in under a minute, has… South African startup Rafiki is a work and payments OS that makes subcontracting and collaboration across borders seamless. Founded by… South African startup Urban Ubuntu is connecting African diaspora with funeral and repatriation insurance via AI-driven cultural rite-matching, blockchain-backed transparency,… South African startup Fintura is an AI-powered, all-in-one integrated platform built specifically for accountants in emerging markets.  Launched earlier this… Nigerian startup Zippcart is building a smart self-checkout device for retail stores in emerging markets, starting with Africa.  Formed in…

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Sector Our investments and advisory services foster best practices in healthcare and life sciences, promote the deployment of innovative technologies, and advance quality care. IFC also supports enhanced models of public-private collaboration to improve access and delivery of care. In a world where health disparities are a significant concern, the private sector plays a crucial role and is expected to continue bridging the gap in global healthcare delivery. IFC has been supporting the health sectors of developing countries for over 25 years through investments and advisory programs. The aim is to strengthen the private sector’s ability to help countries meet challenges facing global health. These challenges include addressing the demand-supply gap, which is worsened by underinvestment, the growing burden of non-communicable diseases, and the increased risks posed by pandemics and climate change. IFC’s investments in private healthcare services delivery reached 61.5 million patients across all regions of the world between 2021 and 2023. Financing healthcare through the private sector is an important step in helping countries reach their Universal Health Coverage goals. Current committed portfolio: $3.6 billion. Aligning with the World Bank Group's strategy, IFC supports efforts toward achieving universal health coverage by emphasizing robust health systems and ensuring accessible, affordable quality services for all. Through comprehensive advisory programs, it aims to improve quality, ethical standards, productivity, and environmental and social benchmarks—including climate resilience, governance, and gender equity—in the private health sector. Newsletter Subscribe to bimonthly updates on advancing access to quality health care across emerging markets.

A firm as unique as its approach Over 40 years, Partech has built a team of independent thinkers to drive forward the technology landscape. What began as the corporate venture arm of Bank Paribas soon became a fully independent firm, producing multiple generations of venture funds, with investments across North America and Europe, later strengthened by the opening of the Paris office in 1996. When the dot-com bubble burst Partech bounced back even stronger. The team launched new funds with the backing of new investors, to support opportunities across Europe's fast emerging technology and entrepreneurial landscape. This was the dawn of a decade of growth. Partech kickstarted its seed franchise, launched a growth strategy - pioneering the asset class in Europe - and expanded with a pan-Africa fund. The team's ambition only continues to grow, with the impact growth initiative set up to tackle sustainability. Today, the firm looks as unique as its approach, with a range of funds, a portfolio of 220 diverse businesses across sectors, in 40 countries across four continents. The Partech team looks to challenge founders, working with them side-by-side to drive digital transformation forward. SUBSCRIBE TO OUR NEWSLETTER ©2025 Partech Partners Developed by

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The seventh annual GoGettaz Agripreneur Prize winners awarded US$167,000 in prize money at the annual African Food Systems Forum held in Dakar, Senega… At VC4A, the mission is clear: unlock opportunities for high‑potential startups in emerging markets so they can accelerate sustainable economic growth… Within the entrepreneurial ecosystem, particularly in global startup communities such as VC4A, the significance of shared experiences is a fundamental… After months of intense competition, innovative pitches, and powerful storytelling, the 2025 GoGettaz Agripreneur Prize Competition has reached a thri… The journey is intensifying — and the energy is electric! We’re thrilled to officially announce the Top 26 Semi-Finalists in the 2025 GoGettaz Agripre… The wait is over! We are thrilled to officially unveil the Top 75 agrifood innovators moving forward in the 2025 GoGettaz Agripreneur Prize Competitio… Following the successful conclusion of the inaugural Tanzania Impact Investment Forum (TIIF 2025), VC4A is proud to reflect on the journey, one that m… The VC4A team gathered in Durbuy, Belgium, bringing together colleagues from four continents for a dynamic two-day retreat. Through a blend of focused… Orange Corners is proud to unveil the Orange Corners Alumni Community (https://orangecorners.vc4a.com/), an exciting platform connecting its alumni ac… From April 14 to 16, Marrakech became a key meeting point for Africa’s innovation ecosystem, and VC4A was there to contribute, connect, and listen. In an exciting update, the DEG Impulse – ventures team has successfully closed investments for the 7th develoPPP Ventures cohort in East Africa.…

SECTOR IFC’s Transaction Advisory helps governments design and implement PPPs that deliver essential infrastructure and high-quality services. As the only multilateral organization working directly with governments to structure PPPs, we bring expertise and practical experience to every project. IFC is uniquely positioned to advise governments on designing and implementing PPPs. Our Transaction Advisory services include project selection and preparation, financial analysis, transaction structuring and risk-sharing, designing competitive bidding processes, drafting agreements, and supporting clients with investor outreach, selection, and negotiation. We also work with clients to develop programmatic engagements to support scalable infrastructure projects and crowd in domestic and international sources of financing. In digital infrastructure, properly structured PPPs can play a key role in giving local populations access to the latest technologies, increasing the efficiency of communications, and reducing the cost of services. Formalizing responsibilities for water, sanitation, and waste generation and disposal through well-structured PPPs help result in significant improvements in efficiency and quality of environmental infrastructure. The private sector is key to providing initial power connections and improving reliability. Solving power shortages is vital for boosting productivity, creating jobs, and reducing poverty. Access to affordable education, healthcare, and housing is crucial for development, but limited resources hinder governments. Well-designed PPPs can build infrastructure and improve service quality. Growth and trade depend on efficient transport. Without it, private sector development is hindered. Public-private partnerships are key to addressing critical transport challenges.

Issue I — Europe United by Partech As we went to print for the first issue of The Outlier, the world was reeling from the shock of Trump’s tariffs. The markets were more volatile than they had been at any point since 2008, and businesses of all sizes were, and possibly still are, scrambling to work out how they’ll be affected, and for how long. But volatility and unpredictability is the new normal: as you’re reading this we have no idea what might have changed and changed again...foreword Table of contents More articles to follow soon! (Subscribe and get notified) Table of contents More articles to follow soon! (Subscribe and get notified) Partech started way back in 1982 in Silicon Valley thanks to a group of European pioneers and ambitious entrepreneurs.These traits have stuck through the years, as today we are a team of passionate people who share the same ambition to help the most impactful founders across multiple continents. ©2025 Partech Partners

London, September 16, 2025 - Plumerai™, a pioneer in on-device AI for cameras, today announced an $8.7m Series A funding round, led by new investors Partech and OTB Ventures, with support from Acclimate Ventures and... New York, U.S., September 15, 2025 - Kredete, a Fintech company focused on helping African immigrants build credit and access financial services has raised a $22 million Series A funding round led by AfricInvest via... Summer may be behind us, but the energy across the Partech portfolio hasn’t cooled off. As we head “back to school” and gear up for an exciting end of the year, let’s take a look back at what happened in July and... We are delighted to announce the release of the 2024 Partech Africa Report, our annual deep-dive into the African tech ecosystem! The report provides a practical picture of the state of the African tech ecosystem and show it has evolved over time. We are thrilled to publish today our much-awaited 2023 Partech Africa report! We are delighted to announce the release of the 2022 Partech Africa report! We are thrilled to publish today our much-awaited 2021 Partech Africa report! We’re proud to present the 2020 Partech Africa report! London, September 16, 2025 - Plumerai™, a pioneer in on-device AI for cameras, today announced an $8.7m Series A funding round, led by new investors Partech and OTB Ventures, with support from Acclimate Ventures and... New York, U.S., September 15, 2025 - Kredete, a Fintech company focused on helping African immigrants build credit and access financial services has raised a $22 million Series A funding round led by AfricInvest via... Summer may be behind us, but the energy across the Partech portfolio hasn’t cooled off. As we head “back to school” and gear up for an exciting end of the year, let’s take a look back at what happened in July and... Paris, San Francisco, September 4, 2025 - As AI reshapes how we use the internet, a new user persona is emerging: the agent. These AI systems act on behalf of users, from booking travel and paying bills to automating... Stuttgart, Germany, July 22, 2025 - Makersite has secured €60 million in Series B funding to accelerate its mission of creating a world where every product manufactured is the most affordable, safe, and sustainable it can... Rome, Italy, July 1, 2025 - Exein, the embedded IoT cybersecurity company, has raised €70m in a Series C round. The round was led by Balderton and joined by Supernova and Lakestar, with 33N, United Ventures and Partech... < > SUBSCRIBE TO OUR NEWSLETTER ©2025 Partech Partners Developed by

Fintech startup Mystocks says it is building the “Robinhood of Africa”, a next-generation platform that connects African markets with global… South African startup Rafiki is a work and payments OS that makes subcontracting and collaboration across borders seamless. Founded by… South African startup Urban Ubuntu is connecting African diaspora with funeral and repatriation insurance via AI-driven cultural rite-matching, blockchain-backed transparency,… South African startup Fintura is an AI-powered, all-in-one integrated platform built specifically for accountants in emerging markets.  Launched earlier this… “When we first met the BuuPass team, we saw something fundamentally different: a company that understood Africa’s transport sector wasn’t… Nigerian startup Zippcart is building a smart self-checkout device for retail stores in emerging markets, starting with Africa.  Formed in… Nigerian e-health startup Medinex is digitising and unifying patient medical records across clinics, hospitals, labs, and healthcare centers, empowering healthcare… Nigerian startup Zepay is a secure, all-in-one digital financial platform that simplifies bills payment, bank transfers, and savings, while rewarding… Kevin Dillon, co-founder of Africa Bridge Fund, believes Africa has the potential to be the next global leader in AI… South African startup Flood is a “SuperApp-as-a-Service” platform that creates marketplaces for large audience businesses like telcos and banks, but…

Six African startups have shared US$400,000 in catalytic funding after being named winners of the 2025 FINCA Ventures Prize competition,… Africa’s Business Heroes (ABH), the flagship philanthropic initiative of the Alibaba Philanthropy, has announced the 10 finalists for its US$1.5… The Africa Women Innovation & Entrepreneurship Forum (AWIEF) has announced the finalists for its annual AWIEF Awards. Held annually as… More than 40 leading African venture capital fund managers gathered last week for the Africa Venture Finance Programme at Oxford… RevUp Africa, put together by B4B Partners and the RevStar Community, will take place at The Zone, Lagos, Nigeria, on… The 12th edition of the Angel Fair Africa event will take place on September 19 in New York, United States… Accounting startup Fintura has been named winner of the South African Startup World Cup, and will now head to San… The Meltwater Entrepreneurial School of Technology (MEST) has opened applications for the seventh edition of the MEST Africa Challenge, which… Applications are open for the US$2 million Milken-Motsepe Prize, which aims to support African AI solutions transforming manufacturing. The Milken-Motsepe… Africa’s Business Heroes (ABH), the flagship philanthropic initiative of the Alibaba Philanthropy, has announced the top 50 finalists for its…

Already a member? Login (Exclusively available for annual members) A bitter dispute over the origins of Union54, the Zambian fintech that made Henry Nzekwe The Beginning: Nigeria Meets Modern Retail It’s 2008. It is my first time Emmanuel Oyedeji Africa’s startup ecosystem is no stranger to record-breaking raises, global headlines, and breathless Henry Nzekwe In 2021, Lagos-based Sabi was deep in the messy business of moving flour, Henry Nzekwe

Partner and Co-Head of East Africa Clifford Chance Chief Legal Officer British International Investment Vice President and the Head of the Legal Team Verod Capital Management Partner DLA Piper Partner Udo Udoma & Belo-Osagie General Counsel LeapFrog Investments Managing Partner Bowmans Partner Olaniwun Ajayi LP Director Anjarwalla & Khanna Chief Legal Officer AfricInvest Partner, Head of Corporate Commercial Jackson, Etti & Edu Senior Legal Counsel Bpifrance Senior Partner & General Counsel Amethis Partner Webber Wentzel Partner Gide Loyrette Nouel LLP Principal Counsel International Finance Corporation (IFC) Co-Founder and Managing Partner Sango Capital Director and Head of Private Equity Funds and Co-Investments British International Investment Chief Executive Officer Soros Economic Development Fund Head of investments, Africa region, Private Equity International Finance Corporation (IFC) Fund Principal Public Investment Corporation Chief Executive Officer Axian Group Environmental and Social Development Specialist International Finance Corporation (IFC) Principal South Suez Capital Executive British International Investment Founder and Chief Executive Officer Mediterrania Capital Partners Investment Analyst Soros Economic Development Fund Partner LeapFrog Investments Managing Principal Injaro Investments Director of ESG & Impact Swedfund Partner Alterra Capital Partners Founder and Managing Partner TLcom Capital Manager, Private Equity Ventures FMO Senior Partner AfricInvest Partner, Africa 500 Global Chief Investment Officer F6 Ventures Chief Executive Officer Juven Senior Counsel Dentons Managing Partner Ventures Platform Investment Director KawiSafi Ventures

€12,000/year €20,000/year €40,000/year Power your data and software with Dealroom's API. “What we like about Dealroom is that it’s still a bit of an art in how to find and work with emerging tech companies. It’s about finding out as much as we can and putting the pieces together, because we have to narrow down and pick the best ones out of potentially tens of thousands of companies.” “Dealroom is a trusted source for intelligence on high-growth companies in Europe. We made extensive use of both their data and in-depth analytical support during the preparation of our State of European Tech report. And hope to continue to do so for years to come.” The most comprehensive database on startups, growth companies, and tech ecosystems in Europe and around the world The most comprehensive database on startups, growth companies, and tech ecosystems in Europe and around the world Measure and promote your ecosystem with your own dedicated startup database When data alone isn’t the full answer to your business questions

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Venture returns follow a power law, only the top Investors truly bend the curve. Our 7th-annual Power Law Ranking shows who they are, built on Dealroom’s proprietary data and a scoring model that rewards outcomes, not hype. Two-thirds of this year’s score comes from revenue milestones, not valuations: As in the last four editions, we give extra credit to investors who wrote the early checks, Seed and Series A, where conviction matters most. Learn more about Dealroom’s definitions here. The Dealroom Power Law is a quantitative ranking of the world’s most prominent venture capital investors. Based on objective and observable Dealroom data, this list is a practical tool for startups and LPs to assess the leading VCs supporting startups. We’ve ranked the top 100 thoroughbreds, or companies with $100M+ in revenue, in EMEA. Access the landscape below. We track ~25,000 investors globally: VCs, accelerators, CVCs, angel networks, and crossover funds. The table only includes those with at least one “Outcome” in the selected ecosystem. Many more investors are active but have no outcomes. We hide those to avoid a wall of zeroes. For each outcome company, we tag the earliest round where each investor participated (Seed, A, B, etc.). Earlier entries earn more credit. Late-stage entries get less. This “stage weighting” has been used since Edition 3, so scores are comparable year to year. Two-thirds of all points come from revenue milestones (Thoroughbreds + Colts). Valuation-based outcomes (Unicorns + $1B exits) make up the remaining third. Dealroom’s public and proprietary data, company filings, press releases, and investor submissions. Tables update nightly. Scores are frozen annually for each official edition. Unicorn status signals market promise; revenue proves product-market fit. If a company hits both, it earns on both, because it shows both potential and proof. This keeps the leaderboard transparent, repeatable, and focused on who actually builds enduring companies, not just marks up rounds.

Six African startups have shared US$400,000 in catalytic funding after being named winners of the… South African digital learning company Rekindle Learning has acquired fellow ed-tech startup EpiTek for an… Impact Amplifier has become the second executing entity for the Global Cleantech Innovation Programme (GCIP)… Fintech startup Mystocks says it is building the “Robinhood of Africa”, a next-generation platform that… Seven South African startups have been selected to take part in the Grindstone | E… African Guarantee Fund (AGF) and Visa Foundation have signed a US$2 million grant agreement that… Africa’s Business Heroes (ABH), the flagship philanthropic initiative of the Alibaba Philanthropy, has announced the… Yamify, a developer-first AI platform that lets freelancers and web agencies spin up AI stacks… South African card-linked instalment platform Float has secured US$2.6 million (R46 million) in funding to… The Africa Women Innovation & Entrepreneurship Forum (AWIEF) has announced the finalists for its annual…

Our Members include Fund Managers,  Direct Investors, Third Party Fund Managers, Institutional Investors, Foundations, Financial Institutions, Professional Services Firms and Academic Institutions. Our membership represents diverse stakeholders across varying strategies active in the African private capital ecosystem For more information about AVCA Membership and to apply, contact: memberservices@avca.africa AVCA Committees Afri-Spective Blog Case Studies Member Directory Speaking Opportunities Training Facilitation African Private Capital Activity Report AVCA Research Desk (up to 35 allocated hours per year for bespoke requests) AVCA Premium Research Performance Benchmark Research Playbacks Venture Capital in Africa Report AVCA Conference and Summit (preferential delegate rates) AVCA Connect Networking Events AVCA GP-LP Summit AVCA Focus Live Roundtables AVCA Webinars AVCA Academy (preferential delegate rates) Private Capital Funds Masterclass (GP) Private Capital Funds Masterclass (LP) Legal Agreements in African Private Capital Legal & Regulatory Country Guides Legal Templates Legal & Regulatory Bulletin AVCA Industry News AVCA Job Board AVCA Member News AVCA Member Status AVCA Platform (Full access to member portal) AVCA Pulse: Annual Member Survey Dedicated Member Services Representative African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

Latest AI Amazon Apps Biotech & Health Climate Cloud Computing Commerce Crypto Enterprise EVs Fintech Fundraising Gadgets Gaming Google Government & Policy Hardware Instagram Layoffs Media & Entertainment Meta Microsoft Privacy Robotics Security Social Space Startups TikTok Transportation Venture Staff Events Startup Battlefield StrictlyVC Newsletters Podcasts Videos Partner Content TechCrunch Brand Studio Crunchboard Contact Us Senior AI Reporter, TechCrunch Maxwell Zeff is a senior reporter at TechCrunch specializing in AI. Previously with Gizmodo, Bloomberg, and MSNBC, Zeff has covered the rise of AI and the Silicon Valley Bank crisis. He is based in San Francisco. When not reporting, he can be found hiking, biking, and exploring the Bay Area’s food scene. You can contact or verify outreach from Maxwell by emailing maxwell.zeff@techcrunch.com or via encrypted message at mzeff.88 on Signal. 1,023 Episodes Last update: Sep 2025 Equity is TechCrunch’s flagship podcast about the business of startups, unpacked by the writers who know best. Produced by Theresa…

SECTOR IFC is committed to promoting private sector development in emerging markets, and our work in tourism, retail, and property is a key part of that mission. We provide financing and advisory services to help businesses in these sectors grow and create jobs, while also promoting sustainable and inclusive economic growth. Since 1956, IFC has invested over $2.8 billion in over 260 projects in 89 countries with more than half of these investments in frontier countries in the tourism sector and over US$2 billion in over 75 retail projects in more than 30 countries. Our portfolio of commercial property investments comprises over $470 million of investments in over 30 projects. In FY22, our new long-term commitments in tourism, retail, and property totaled about $700 million, including $28 million mobilized from other investors. IFC prioritizes investments in the tourism sector due to the strong development impact, particularly within low-income and fragile and conflict-affected countries. Investments in retail align with the economic importance of employment, consumer spending, and tax revenues. Our investments in property aim to promote the development of affordable housing and essential urban infrastructure, whilst also incorporating the latest green building standards and technology. The tourism industry is a major contributor to employment, foreign exchange earnings, and tax revenues for developing countries. IFC invests in hotels and tourism due to its strong development impact, particularly for low-income countries and fragile and conflict-affected countries. IFC supports investments in the retail sector in developing countries because of its economic importance in terms of employment, consumer spending, and tax revenues. Through investments in property, IFC aims to promote development of affordable housing and essential urban infrastructure, incorporating the latest green building standards and technology.

Kenyan digital mobility platform BuuPass has significantly expanded its operator network with the addition of… Tanzanian agri-tech startup MazaoHub, which blends artificial intelligence (AI) with hands-on agronomy to drive climate-smart… Kenya’s SunCulture, a provider of solar-powered irrigation solutions and agricultural technology to smallholder farmers, has… Six African startups have shared US$400,000 in catalytic funding after being named winners of the… Fintech startup Mystocks says it is building the “Robinhood of Africa”, a next-generation platform that… African Guarantee Fund (AGF) and Visa Foundation have signed a US$2 million grant agreement that… Africa’s Business Heroes (ABH), the flagship philanthropic initiative of the Alibaba Philanthropy, has announced the… The Africa Women Innovation & Entrepreneurship Forum (AWIEF) has announced the finalists for its annual… Monex Ventures, the corporate VC unit of Japanese financial services company Monex Group, has partnered… Global non-profit Accion has announced the final close of a US$61.6 million fund that will…

Six African startups have shared US$400,000 in catalytic funding after being named winners of the… Fintech startup Mystocks says it is building the “Robinhood of Africa”, a next-generation platform that… Ghanaian fintech startup Affinity Africa has launched “Affinity Boost”, which offers users a new way… African Guarantee Fund (AGF) and Visa Foundation have signed a US$2 million grant agreement that… Africa’s Business Heroes (ABH), the flagship philanthropic initiative of the Alibaba Philanthropy, has announced the… Yamify, a developer-first AI platform that lets freelancers and web agencies spin up AI stacks… The Africa Women Innovation & Entrepreneurship Forum (AWIEF) has announced the finalists for its annual… Monex Ventures, the corporate VC unit of Japanese financial services company Monex Group, has partnered… Global non-profit Accion has announced the final close of a US$61.6 million fund that will… More than 40 leading African venture capital fund managers gathered last week for the Africa…

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Ventures Game changing startups. Investors A network of capital. Upcoming Programs Overview of opportunities. Mentorship Marketplace Find mentors or become one. Startup Academy Online courses and learning materials. Blog Startup related news. What is VC4A? Our thesis and background. Our Team The VC4A team. Consulting VC4A for business. Hosted Communities Dedicated communities on VC4A. FAQs Frequently asked questions. Are you looking for more information about the VC4A organization and the work we do?Have a look on the VC4A Consulting page! Acceleration Lead – Netherlands: Abu has dedicated over a decade to building out key components of the South African startup ecosystem. He gains inspiration from the energy and passion that founders put in to every day. Abu heads up the team responsible for startup support initiatives. He has 20+ years of professional experience and an MBA from IE Business School. Project Manager LatAm – Mexico: Alejandra started her career in the Tech and Impact industry 3 years ago, working in Strategic Partnerships with Development Organizations and Programs Management for tech entrepreneurs in Latam. She has had the opportunity to meet and work with game changers with a mission similar to hers: improve Latin America’s economy through the creation of jobs and innovative solutions for the most relevant social challenges in the Latam region. Mentorship and Academy Lead – Nigeria: Barbara is a Communications and Community Management Expert with 9 years of experience. She is currently the Mentorship and Academy Lead at VC4A, leveraging the mentor network and capacity building courses to help entrepreneurs build thriving businesses across Africa and LATAM. Founder & Community Evangelist – Netherlands, United States: Ben has been venturing in the African technology and media space since 2003. Involved in multiple startups, Ben is also the founder of AfriLabs, a pan-African network of innovation hubs, and the African Business Angel Network (ABAN). Ben is on the board of ActivSpaces and in 2007 he founded VC4A. Director of Operations – Netherlands: Bertil is managing different teams within VC4A that are focused on the online platform services and entrepreneurship program implementation. Bertil studied journalism (Ba) and Political Science (Ma) and gained content and technical experience while working in the African startup and media space since 2003 in South Africa, Kenya, Nigeria, Ghana, and other countries across the continent. Marketing Lead – Nigeria: Boye is the gear that connects marketing efforts to the community, programs, and communications at VC4A. For nearly a decade, she’s worked with several startups ranging from adtech, food & beverage to fintech, growing their message and brand at scale in SSA. She is excited to use this insight to support an ecosystem that is suitable for startups to succeed. Front-end Developer – Nigeria: Femi is a digital product designer and front-end developer with years of experience in building world-class digital products that help people and businesses succeed. He enjoys the process of transforming ideas into meaningful digital experiences, and He constantly learns new and better ways of designing products. Outside of work you’ll catch him watching a show on Netflix, reading a book, listening to music or a podcast, and visiting new places. Senior Software Developer – South Africa: With a passion for technology and helping people, Gideon is privileged enough to have spent two decades in the software development, marketing and technology leadership space. Gideon also founded several humble ventures of his own and believes that the world, especially Africa, can use more entrepreneurs. It is his hope to make a positive contribution at VC4A and bring its users new innovative tools which they can use to be successful. Lead Developer – Netherlands: Hendrik is a web developer, designer, former label manager, and event organizer from The Netherlands. Previously he launched event organizations and has worked for 10+ years as a freelance web developer. After exiting his own company he joined several tech start-ups where he gained valuable insights into their growth and the problems they can encounter. Project Manager – Netherlands: With a background in partnerships, project management, and business development, Isabella is excited to contribute to a more inclusive startup ecosystem and drive sustainable growth in emerging markets. Passionate about turning ideas into impact, she has worked with foundations and startups to develop projects in education, financial inclusion, and gender diversity, building and managing partnerships across The Netherlands, Italy, Spain, and Venezuela. Isabella holds a Master’s in International Development from IE School of Global and Public Affairs. Senior Project Manager Africa – Mauritius: Combining his passion for innovation & creative problem solving with his love for the African Startup ecosystem, Jason strives to make a positive impact on the entrepreneurs and startups he connects with. Jason is responsible for managing and maintaining the VC4A platform and working with members to maximize their utility of VC4A tools and digital infrastructure. Investor Relations Associate – Netherlands: Julie is a recent graduate with a Master’s in Sustainable Finance from Utrecht University. Her academic journey began at the University of Galway, and she brings diverse experience from roles such as retail assistant, accounting intern, and sports coach. Now, she’s focused on fostering a global network for investors, facilitating capital for entrepreneurs, and highlighting exciting investment opportunities worldwide. Technical Program Lead – Lebanon: Since 2016, and as part of his roles within various startup support organizations, Kevin has helped hundreds of entrepreneurs in MENA and Africa make progress on their growth and fundraising journeys. He currently supports investment activities within the develoPPP Ventures program, implemented by VC4A. Kevin has previously spent 10 years in the Boston area where he earned his MBA, and currently resides in Beirut, Lebanon. Platform Associate – Netherlands: Tegan works on VC4A’s platform and programs, combining a background in nonprofit management, education administration, and CMS systems with a passion for community engagement. Previously, she served as the deputy director of a regional nonprofit, guided grassroots organizations through the grant-writing and fundraising process, and wrote content for a fast-scaling ed-tech startup. Pro Services – Netherlands: Entrepreneurship, being part of an inspiring community and driven to make a difference: this explains the match between VC4A and Thomas best. Linking people with the right opportunities is where Thomas gets his energy from. His focus has always been on entrepreneurship and Africa. As a member of the board, he manages the Twiga Foundation supporting bright students in Kenya. On a commercial level, he invented, established, and managed two companies. CEO – Netherlands: Vincent has 20+ years experience starting and growing a diverse collection of international ecommerce businesses, in both developing and more mature markets across Europe, the Middle East and Africa. He has a keen interest in high potential startups in developing markets. A linguist by education, Vincent also holds an MBA from RSM Erasmus University and is a co-founder of Dayrize, a climate-tech startup. Head of Special Projects – Netherlands:Yaw Peprah is a Ghana-born, South Africa-raised, Amsterdam-based wanderer who somehow made numbers fun. A chartered accountant turned investment matchmaker, he’s spent two decades juggling capital, causes, and tea across Africa and Europe. Whether raising funds, promoting exports, or just trying to improve his Dutch beyond “lekker,” Yaw is all about connecting good people with great opportunities—preferably over a strong Rooibos.

Region Economic growth in East Asia and the Pacific has lifted millions out of poverty over the past decades. Yet overlapping global crises have deepened inequality and led to reversals in development gains. Accordingly, IFC’s key priority is to support a green, resilient, and inclusive growth in the region. We invest in projects across sectors such as healthcare, agribusiness, technology and infrastructure, and work with financial institutions to expand the reach of our work. We provide advice to companies and governments on key areas of private sector development, including access to finance, Environmental, Social and Governance (ESG), trade and competitiveness, and public-private partnerships. In FY23, our long-term commitments in East Asia and the Pacific totaled about $3.7 billion, including more than $1.2 billion mobilized from other investors. Our clients disbursed more than 23 million loans to smaller businesses, totaling nearly $446 billion. IFC supports sustainable, private sector-led development to ensure that economic growth reaches all segments of society, driving impact, creating opportunities, and improving the lives of people in the region. While supporting banks and non-bank financial institutions, IFC plays a key role to increase access to finance for the underserved populations, especially smaller businesses, women, and people living in rural areas. IFC also supports digitalization to reduce costs and increase access to goods and services across industries through fintech, among others, to ensure no one is left behind. IFC has been intensifying its work to provide private sector solutions—using its capital, innovative financial instruments, global expertise, and local knowledge—to tackle climate change, while also attracting commercial investments to maximize impact and help countries achieve their urgent development goals. IFC helps private sector companies in the region to venture into other emerging markets by providing a range of financial products—loans, equity financing, risk management products, and credit guarantees—to boost food security, trade linkages, and manufacturing capacity of countries.

Measure & grow your tech ecosystem A global index of startup ecosystems in 288 cities across 69 countries. Download the report below. As the Austin region continues to grow, we face the dual challenge of scale and sustainability, common to globally competitive cities—affordability, infrastructure and talent retention. Equally important, leaders across the region are working together to reinforce what sets Austin apart: diverse talent pipelines, a culture of innovation, and a deep commitment to collaboration shared across public and private sectors. As we look ahead, it’s clear that the Austin region’s strength lies not just in its growth, but in how we channel the momentum into supporting industry and regional growth long term. Paris’s ecosystem has really accelerated over the last 12-24 months, largely due to the AI talent and new wave of repeat founders. The AI Action Summit in the beginning of 2025 also put France’s ecosystem front and center on a global level. The current geopolitical climate could also sway more talent towards France. The funding environment is good and we continue to see more international funds building stronger teams to cover the French market. And the pro-business and pro-innovation government is attentive to what entrepreneurs need. London is one of the only places in the world where talent, investment, policy, and tech truly come together to spark real innovation. That mix is what makes our city a global launchpad for game-changing businesses. We’re not just keeping up, we’re leading. From AI and life sciences to green tech, London is shaping the future. Our strengths in fintech, creative tech, edtech, and enterprise tech give businesses a world-class platform to grow. Innovation is in London’s DNA. We’re home to one of the most diverse, open, and skilled talent pools in the world. That diversity fuels bold ideas and bold ideas drive progress. Stockholm’s success depends on long-term investment beyond early-stage startups. Strengthening infrastructure—spanning workspaces, digital connectivity, funding mechanisms, and talent development—is crucial to staying competitive in AI, deeptech, and sustainability. Closing the funding gap for scaleups will drive expansion, while close collaboration between industries, government, and academia will ensure lasting innovation and economic growth.

Ventures Game changing startups. Investors A network of capital. Upcoming Programs Overview of opportunities. Mentorship Marketplace Find mentors or become one. Startup Academy Online courses and learning materials. Blog Startup related news. What is VC4A? Our thesis and background. Our Team The VC4A team. Consulting VC4A for business. Hosted Communities Dedicated communities on VC4A. FAQs Frequently asked questions. For more than 15 years VC4A has supported the building and implementation of robust entrepreneurial ecosystems across the African and Latin American continents through partnership and collaboration. We guide founders on their fundraising efforts, support selection processes, conduct due diligence on startups, and work with partners through all steps of the process. And when the program comes to an end, we continue to offer founders a virtual home – where they can continue to learn, network, and grow. We share our years of experience gained implementing startup programs in Africa and Latin America, and work with our partners to design smart and effective interventions. While implementing programs we’ve become specialists in designing entrepreneur support initiatives by combining on-the-ground activities in collaboration with partners with virtual acceleration support made available via the VC4A.com platform. develoPPP Ventures is aimed at supporting early growth-stage companies, whose innovative business model improves living conditions in developing countries. Together with DEG, GIZ and local partners, VC4A handles the overall preparation, coordination, and monitoring through management of calls for proposals in Kenya, Tanzania, Rwanda and Nigeria; pre-selection of startups, preparation of shortlist, organization of pitching event; due diligence of the selected ventures; and provision of technical assistance in collaboration with a range of experts “VC4A has demonstrated a clear grasp of our mission to support innovative, impact-driven business models that not only promise economic sustainability but also contribute to improved living conditions.” “VC4A has proven to be very instrumental in finding the right African business professionals and connect them with the companies from our portfolio.” “I loved that the VC4A Venture Showcase Latam focused on female founders; initiatives like this help give visibility to the many women with high-impact ventures.”

Ventures Game changing startups. Investors A network of capital. Upcoming Programs Overview of opportunities. Mentorship Marketplace Find mentors or become one. Startup Academy Online courses and learning materials. Blog Startup related news. What is VC4A? Our thesis and background. Our Team The VC4A team. Consulting VC4A for business. Hosted Communities Dedicated communities on VC4A. FAQs Frequently asked questions.

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Latest AI Amazon Apps Biotech & Health Climate Cloud Computing Commerce Crypto Enterprise EVs Fintech Fundraising Gadgets Gaming Google Government & Policy Hardware Instagram Layoffs Media & Entertainment Meta Microsoft Privacy Robotics Security Social Space Startups TikTok Transportation Venture Staff Events Startup Battlefield StrictlyVC Newsletters Podcasts Videos Partner Content TechCrunch Brand Studio Crunchboard Contact Us

A bitter dispute over the origins of Union54, the Zambian fintech that made Henry Nzekwe The Beginning: Nigeria Meets Modern Retail It’s 2008. It is my first time Emmanuel Oyedeji Africa’s startup ecosystem is no stranger to record-breaking raises, global headlines, and breathless Henry Nzekwe In 2021, Lagos-based Sabi was deep in the messy business of moving flour, Henry Nzekwe

Ventures Game changing startups. Investors A network of capital. Upcoming Programs Overview of opportunities. Mentorship Marketplace Find mentors or become one. Startup Academy Online courses and learning materials. Blog Startup related news. What is VC4A? Our thesis and background. Our Team The VC4A team. Consulting VC4A for business. Hosted Communities Dedicated communities on VC4A. FAQs Frequently asked questions. “The VC4A mentor assigned to us was ideal, knowledgeable about our industry, markets, and the challenges of fundraising. She reminded us of our business’s potential and motivated us to aim higher.” “I was impressed by the number of investors who showed interest in our pitch at the Deal Room and the summary prepared by VC4A. This aligned with our aim to connect with ecosystem players.” “We have successfully closed the round of $3M. This couldn’t have been possible without the support from the VC4A team.” “VC4A is a perfect fit for you. The energy and culture are on another level! ” “The VC4A team was awesome, very supportive and a strong resource to connect with the investor pool. They structured the activities really well.”

Egyptian e-health startup Duaya has acquired EXMGO, an Egyptian SaaS provider for pharmacies and medical… Six African startups have shared US$400,000 in catalytic funding after being named winners of the… Egypt’s MoneyHash, the leading payment orchestration platform operating in the Middle East and Africa (MEA),… Fintech startup Mystocks says it is building the “Robinhood of Africa”, a next-generation platform that… Egyptian ed-tech startup Farid has announced its expansion into Saudi Arabia, establishing a central operations… Moroccan startup Jobzyn, which offers a platform combining transparency, automation, and artificial intelligence (AI) to… African Guarantee Fund (AGF) and Visa Foundation have signed a US$2 million grant agreement that… Africa’s Business Heroes (ABH), the flagship philanthropic initiative of the Alibaba Philanthropy, has announced the… Moroccan cross-border e-commerce platform Justyol has secured US$1 million in equity and debt funding to… The Africa Women Innovation & Entrepreneurship Forum (AWIEF) has announced the finalists for its annual…

Welcome to Africa’s startup portal! Disrupt Africa is a one-stop-shop for all news, information and commentary pertaining to the continent’s tech startup – and investment – ecosystem. With journalists roaming the continent to find, meet, and interview the most innovative and disruptive tech startups, Disrupt Africa is a true showcase of Africa’s most promising businesses and business ideas. Our readers can keep up-to-date with the quirky world of tech hubs and accelerator programmes; and our reporters provide live coverage of the all-important tech and entrepreneurship events across Africa. For our startup, entrepreneur, and investor friends alike, our mission is to provide practical information and advice from across Africa’s varied vibrant markets, and to promote engaged and thought-provoking discussion about the exciting ecosystem we belong to. We are also the producers of Disrupt Podcast, available on Soundcloud, Spotify, Apple Podcasts, and all other podcasting platforms, and have developed a research arm that releases publications tracking the development of the African tech startup ecosystem.

AVCA is the leading data & intelligence source for Africa private capital activity and industry trends For over a decade we have provided independent research on private capital activity and trends in Africa, covering fundraising, deals, exits and impact of private capital. Our research has been featured in leading global publications, including Financial Times, Bloomberg, Reuters, TechCrunch, CNBC and PEI among others. Africa Private Capital Dashboard to explore the latest data on Private Capital in Africa Comprehensive market intelligence on all asset classes in African private capital, including Private Equity, Venture Capital, Infrastructure, Private Debt, Real Estate, alongside thorough and independent research. Bespoke industry research on request for our members Research consultancy services >> View the African Private Capital Activity Dashboard >> View AVCA Research & Publications >> Make a Research Request >> Request Research Consultancy Services >> African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

Whether you’re interested in coverage, partnerships, advertising or just fancy a chat… Please feel free to get in touch with co-founders Gabriella and Tom, on: gabriella@disruptafrica.com tom@disruptafrica.com Looking forward to hearing from you!

Ventures Game changing startups. Investors A network of capital. Upcoming Programs Overview of opportunities. Mentorship Marketplace Find mentors or become one. Startup Academy Online courses and learning materials. Blog Startup related news. What is VC4A? Our thesis and background. Our Team The VC4A team. Consulting VC4A for business. Hosted Communities Dedicated communities on VC4A. FAQs Frequently asked questions. “The investor readiness training program by VC4A delivered valuable insights, comprehensive support, and vital connections. Tangible improvements were clearly evident across our portfolio companies.” “The partnership with VC4A has significantly enhanced our ability to create meaningful impact in the region, and I am excited to continue building on this momentum.” “It has been wonderful to collaborate with the VC4A team. I found you to be highly professional, organized and with strong expertise and knowledge on the topics. Really appreciate this opportunity.” “VC4A has proven to be very instrumental in finding the right African business professionals and connect them with the companies from our portfolio.”

Published: October 2023 Sub-Saharan Africa (SSA) continues to present a significant opportunity for investors. The region's demographics and significant headroom for economic. Published: October 2021 The State of Blended Finance 2021 is the fifth edition of Convergence's flagship annual report. The report uses Convergence's proprietary blended finance data to provide an updated analysis of the blended finance market, including blending approaches, sectors, regions and investor trends. Published: October 2021 Horizon East Africa is a research project dedicated to exploring the trends that are likely to shape the future in East Africa. It aims to contribute to the conversation about what may lie on the horizon so that governments, donors, firms and citizens can take the action needed now to better mitigate looming risks and most effectively grasp the opportunities to come. Published: September 2021 FinDev Canada, UN Women and the African Fintech Advisory – Lelapa present findings from a workshop that brought together more than 50 DFIs and GPs for an open, honest dialogue on investing with a gender lens in small and medium-sized enterprises (SMEs) in Africa. Published: July 2019 SME’s in DRC struggle to find financing. In fact, 92% of SME’s rely on internal financing according to the World Bank enterprise survey in 2013. This is much higher than the Sub Sahara average of 74%. Financing is needed by SME’s to grow their business and to invest in working capital and assets needed for value creation. Relying on internal financing slows down this growth considerably. Published: July 2021 Compelling investment opportunities exist for seed companies and seed start-ups in the Democratic Republic of Congo (DRC). This document outlines the market potential and consumer demand trends in the DRC and highlights the high potential of seed production in the country. Published: April 2021 In this report, Africa Legal and Rwanda Finance—which is the agency with the mandate to develop the Kigali International Financial Centre—surveyed a number of senior professionals and decision-makers from across Africa and globally to help better understand these challenges. Those respondents included CEOs, founders and senior partners active in a wide range of sectors including financial services, providing insights into the issues businesses face when using existing international financial centres. The report also examines what a new and modern African international financial centre would need to attract investment and drive economic growth across African countries, regions and the wider continent. Published: February 2021 Toniic Institute is a non-profit global action community for deeper impact investing. The global community is made up of over 350 members in more than 25 countries. Toniic's Fund Platform Listing provides a listing and description of your fund for up to 12 months on our investment platform, accessible to all Toniic members. Published: December 2020 The year 2020 marks 75 years of multilateralism since the United Nations (UN) came into existence and 5 years since the adoption of the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDGs). The SDGs present a new vision of development for all countries linking people, planet, and prosperity. The financing needed to realize this vision has grown from billions to trillions. With only 10 years to go before 2030, we have entered a Decade of Action to achieve the SDGs. In this context, the multilateral development banks (MDBs) and the International Monetary Fund have come together to highlight our efforts to support countries in achieving the SDGs, by providing finance, technical assistance, policy support, and knowledge. Published: December 2019 The IIF study on Nigeria and Ghana Impact Investing and Policy Landscape Analysis was released to the public on January 23, 2020 at a formal event held at the Ford Foundation’s Lagos Office. Fifty three stakeholders consisting of representatives from the government, government agencies, bi-lateral and multilateral organisations, foundations, media, investors, educational institutions and social enterprises all gathered at the launch of the report. The findings and methodologies were presented by Dalberg Advisors, after which comments and responses from participants were entertained. In spite of the increased awareness of impact investing within the development and investment communities, information on the impact investing sector remains limited. The Impact Investors Foundation study on Nigeria and Ghana Impact Investing and Policy Landscape Analysis was commissioned to address this gap and to propose policy recommendations. The report builds off the Global Impact Investing Network(GIIN) 2015 study, ‘The Landscape for Impact Investing in West Africa.’ Nigeria and Ghana represented more than half (54%) of impact investing capital in the region, with Nigeria receiving 29% and Ghana receiving 25% of the capital deployed. This 2019 study seeks to understand the extent to which investor experience, deal flow, and outlook have evolved since 2015 and policy has enabled or inhibited impact investing, and in turn to propose policy recommendations that address the issues identified. Published: October 2020 This report uses blended finance data and insights compiled by Convergence to provide an updated analysis of the blended finance market, including blending approaches, sectors, regions and investor trends. We are also excited to include the following additions for the first time to this year’s report: - Interviews with leading experts in the blended finance market, including representatives from development agencies, multilateral development banks (MDBs), development finance institutions (DFIs), impact investors, and institutional investors (‘Voices from the Field’) - A forecast of emerging trends in the blended finance market, leveraging Convergence’s collection of data on transactions seeking blended capital, including from our proprietary matchmaking platform. The State of Blended Finance 2020 concludes with reflections on the journey to advancing blended finance at scale, exploring key challenges and progress made to date. Lastly, the report considers the impact of the COVID-19 pandemic on the blended finance market and the attainment Published: November 2020 Gender-smart investing is a growing asset class with a compelling business case. Billions of dollars are held in assets under management, in both private and public capital markets, and the opportunities to mobilize capital and invest to close gender gaps are promising and growing. Evidence shows that gender-smart investment strategies can help grow a company’s competitiveness, solidify its supply base, improve its human capital, and help build an overall enabling business environment. By considering the full scope of the business case, companies can unlock opportunities for increased profit, growth, and innovation. While the opportunity is promising, more clarity and guidance is needed by fund managers to understand how to put gender-smart investing into practice. To fill this knowledge gap, IFC, in partnership with CDC and support from the Government of Canada, developed Private Equity and Value Creation: A Fund Manager’s Guide to Gender-smart Investing. The Guide is a practical step-by-step road map for fund managers on how to strengthen gender diversity within their own firms and incorporate a gender focus into investment operations. It combines learnings from CDC and IFC’s experience with over 160 fund managers and draws on best practices with a series of case studies from stakeholders across the industry. Published: March 2020 Published: March 2020 Investing for Impact: Operating Principles for Impact Management (the Principles) have been developed by a group of asset owners, managers, and allocators to describe essential features of managing investments into companies or organizations with the intent to contribute to measurable positive social or environmental impact alongside financial returns. Published: March 2019 This report highlights the marked structural differences between regions in Africa. As the continent recovers from the hangover of the latest commodity cycle, it is these structural differences that shape the recovery of the different regions. The private equity industry continues to grow, with deal activity still increasing and asset prices remaining robust. Published: June 2018 Actis has been on the ground in Africa for over 70 years now, with offices in Johannesburg, Cape Town, Lagos, Nairobi and Cairo today, but with investments across the continent in all of our principal asset classes – Energy, Real Estate and Private Equity. This gives us a unique perspective not only on the macro economic data available to all, but on how the risks and opportunities these indicators point to are felt on the streets of the cities we live and work in. In the years since the publication of the original “Africa Rising” narrative, we have seen a lot of the high hopes expressed at that time severely challenged by the decline in commodity prices, economic and political mismanagement and by a continued depreciation in local currencies. However, and as we have been saying quietly for the past 12-18 months, the frustration and concerns of local business leaders have been very gradually turning into a mood of fragile optimism that growth may be on its way back. The challenges of managing Africa’s demographic explosion remain, but as our contributors to this edition hope to point out, some of the lessons of the past appear finally to have been learned. Published: June 2018 The guidance builds the business case and provides context for the increasing requests for ESG disclosure in private equity; sharing an overview of how LPs are currently monitoring GPs on ESG integration and how they use the information that they receive. This research seeks to propose best practices for flexible ESG monitoring and frameworks for reporting that builds on existing information collected during fundraising in order to streamline information exchange. The guidance is supported by examples of how GPs might respond to the disclosure requests. Published: March 2018 With a high population growth rate and a significantly rising GDP between 2007 and 2016, Africa undoubtedly represents a strong potential for investors. And despite some gaps, the venture capital market has a bright future on the continent. Published: June 2010 Africa's economic growth is creating substantial new business opportunities that are often overlooked by global companies. Consumer-facing industries, resources, agriculture, and infrastructure together could generate as much as US$2.6trn in revenue annually by 2020, or US$1trn more than today. Africa's collective GDP, at US$1.6trn in 2008, is now roughly equal to Brazil's or Russia's. While Africa's increased economic momentum is widely recognised, less known are its sources and likely staying power. Published: September 2016 Many people are questioning whether Africa’s economic advances are running out of steam. Five years ago, growth was accelerating in almost all of the region’s diverse economies, but recently their paths have diverged. Some countries have continued to grow fast while others have experienced a marked slowdown as a result of lower resource prices and higher sociopolitical instability. Despite this, the continent’s fundamentals remain strong, but African governments and companies will need to work harder to make the most of its potential. Published: May 2017 The private sector can help address Africa’s daunting educational challenges, but both investors and policymakers must seize opportunities if it is to do so. This report aims to describe these opportunities in a tangible and actionable way. This new research finds that 21% of African children and young people are already being educated in the private sector, with this percentage likely to rise to one in four by 2021. It identifies an investment need in private sector education in the region of US$16–US$18bn over the next five years, of which about US$1.5–US$2bn is expected to be in the formal sector. This report aims to shine a light on opportunities in education for investors and the opportunities for policymakers to leverage the private sector in their education systems. Published: February 2017 The past decade has seen a turnaround in African economic growth. From 1980 to 1989 Africa’s Gross Domestic Product (GDP) grew by an average 1.8% per year. Between 1990 and 2000 GDP growth increased by 2.6% per year and by 5.3% per year between 2000 and 2010. This economic growth is producing a growing African middle class that is now estimated at 350 million people, creating a strong demand for development in industry and infrastructure. Published: May 2014 Pension funds play a critical role in finance through the mobilisation and allocation of stable long-term savings to support investment. This report looks at how Africa can mobilise these domestic resources to support private sector development. Published: January 2016 Economic activity in Sub-Saharan Africa slowed to 3.4 percent in 2015 from 4.6 percent the previous year. A combination of external and domestic factors was responsible for the slowdown. Published: January 2015 Sub-Saharan Africa’s growth improved, for the second consecutive year, to 4.5 percent in 2014. Despite headwinds, growth is projected to pick up to 5.1 percent by 2017, lifted by infrastructure investment, increased agriculture production, and buoyant services. Published: June 2014 Sub-Saharan Africa’s GDP grew 4.7 percent in 2013 led by robust domestic demand, and is set to continue to rise. Despite emerging challenges, the medium-term outlook remains positive. Published: June 2014 This 2014 SAVCA and KPMG survey examines the performance of the private equity industry in South Africa. Published: June 2015 This 2015 SAVCA and KPMG survey examines the performance of the private equity industry in South Africa. Published: June 2015 ESDD is a key part of the decision-making process prior to making a new investment. This report looks at how risks are properly managed and potential value-adding opportunities are identified. Published: December 2015 This report focuses on the latest legal and market developments, with our partners in Africa that are of interest to investors and businesses operating on the continent. Published: July 2015 Africa’s investors have become markedly more sophisticated in recent years. They understand that the continent is one of the world’s fastest-growing regions and that populations are young and urbanising. They also understand that Africa is rapidly adopting technology, is increasingly connected, and is playing catch-up to the rest of the world in terms of living standards. Published: December 2015 In 2015 the IPEV Board consulted on amendments the International Private Equity and Venture Capital Valuation Guidelines. The IPEV Board periodically updates the IPEV Valuation Guidelines to give effect to changes in accounting standards and enhancements in best practice. Published: July 2015 The report analyses an active impact investing market across East Africa. Development finance institutions (DFIs) are a significant player in the market, having deployed nearly $8 billion in impact capital to date. Published: December 2015 The Global Impact Investing Network, in partnership with Dalberg Global Development Advisors, published The Landscape for Impact Investing in West Africa, a state of the market analysis of the impact investing industry in the region. Published: May 2015 This handbook is intended for professionals wishing to invest in African SGBs, for African entrepreneurs and more broadly for the sector of SGB investment in the developing world. Published: June 2015 EY releases the fifth edition of the annual Africa attractiveness survey. This milestone is an opportunity to pause and reflect on how Africa’s attractiveness has evolved. Published: June 2014 Africa’s perceived attractiveness relative to other regions has improved dramatically over the past few years. Africa has moved from the third-from-last position in 2011 to become the second-most attractive investment destination in the world. Published: June 2014 In 2000, Africa began the long process of catching up to global living standards and economic output. Evidence of this change can be seen in the continent’s share of global GDP, which has grown from 4.2% in 2008 to 4.5% in 2013. This may not seem like much, but increasing the global share of GDP requires countries to outperform global growth levels consistently over time. Published: November 2014 The guide gives GPs practical guidance to develop a framework for the integration of ESG factors into their investment activities, which is linked for the first time with organisational governance, structure and culture. Global interest in Africa's #VC ecosystem couldn't be higher. But there is more work to be done to close the early-… https://t.co/jeIK26AmK4 RT @FSDAfrica: This new report highlights progress in #FinTech #regulation in Sub-Saharan Africa. Thanks to foundational funding from @FCDO… Great news for private capital in Africa coming from @CDCgroup, soon to be British International Investment. Get m… https://t.co/veAaM7N9ao RT @AfricanBizMag: Pandemic recovery is fuelling a deal craze in Africa with a record 319 deals reported last year, compared to the 140 in… #AVCAMemberNews: Verod Capital names Ori Rewane new Head of Investor Relations & Communications. Ori brings 18+ ye… https://t.co/MRclnXhu0l Global interest in Africa's #VC ecosystem couldn't be higher. But there is more work to be done to close the early-… https://t.co/jeIK26AmK4 RT @FSDAfrica: This new report highlights progress in #FinTech #regulation in Sub-Saharan Africa. Thanks to foundational funding from @FCDO… African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

Available across every podcasting platform, Disrupt Podcast helps keep you in the loop on all that’s going on in the African tech startup ecosystem. Co-hosts Gabriella Mulligan and Tom Jackson dig into all the major news and trends, while also bringing you interviews with key industry stakeholders, plus analysis and advice from those in the know. “The month in VC” is a regular deep dive into the continent’s investment space, while regular mini-series dig into key aspects of the African startup landscape (ed-tech, fintech, PR, agri-tech, e-health, e-commerce, changemakers, VC). Listen on Soundcloud Listen on Apple Podcasts Listen on Spotify *** BECOME A PARTNER! *** DP #78: The month in VC, episode 22 – June 8, 2025 – Produced in partnership with Novastar Ventures, this episode sees us speak to Kiara Suttner-Tromp from HAVAÍC, as well as representatives from Launch Africa Ventures and E4E Africa to find out about a new innovation on the continent, the Launch Africa SAFE Purchase Agreement. DP #77: The month in fintech, episode 3 – May 18, 2025 – Produced in partnership with Africhange, this episode catches you up on all the latest news from the ecosystem, chats growth with Oze’s Dave Emnett, and discusses Africa’s burgeoning crypto and blockchain scene with DCG’s Aaron Fu. DP #76: The month in VC, episode 21 – April 6, 2025 – Produced in partnership with Novastar Ventures, this episode sees us speak to Aaron Fu from DCG, and we also discuss the findings of our recently-released funding report. DP #75: Startup Success Stories and the Impact of NVIDIA Support – March 23, 2025 – Produced in partnership with NVIDIA, this episode of Disrupt Podcast sees us get inspired by two incredible startups – Per Partners and OORB – that have participated in the NVIDIA Inception programme, and find out how that programme has fueled their growth. DP #74: The month in fintech – episode 2 – December 15, 2024 – Produced in partnership with Africhange, “The month in fintech” is Disrupt Africa’s regular podcast on the African fintech space. This episode sees us speak to Brandon Roberts, CEO of South African fintech LittleFish, and talk to entrepreneurs and investors about how fintech funding is faring in the age of the reset. DP #73: A decade of development – a forward-thinking retrospective on 10+ years of African VC – December 8, 2024 – To mark the 10th birthday of Novastar Ventures, one of the largest and most experienced VC firms in Africa, Disrupt Africa’s Tom Jackson caught up with Novastar’s Sapna Shah, plus founders Adetayo Bamiduro (MAX) and Jit Bhattacharya (BasiGo) to look back on 10 years of development, look forward to the future, and discuss how we can all work together to ensure the sector fulfills it potential. DP #72: The month in VC, episode 20 – November 10, 2024 – Produced in partnership with Atlantica Ventures, this episode sees us speak to Zachariah George from Launch Africa Ventures, and we also discuss how we can get more Africa-based investors – be they angels or institutions – backing African tech startups. DP #71: The month in VC, episode 19 – October 13, 2024 – Produced in partnership with Atlantica Ventures, this episode sees us speak to Mareme Dieng, Africa lead at 500 Global, and we’ll also be looking at the positives – and indeed negatives – of Africa-focused investors having previously been entrepreneurs or operators themselves. DP #70: The month in fintech – episode 1 – October 6, 2024 – Produced in partnership with Africhange and Onafriq, “The month in fintech” is Disrupt Africa’s new podcast on the African fintech space. This episode sees us speak to Rachel Balsham, managing director for Southern and East Africa at omni-channel digital payments platform Onafriq, and Tega Ogigirigi, head of growth at Africhange, for a discussion around cross-border payments and remittances on the continent. DP #69: The month in VC, episode 18 – September 8, 2024 – Produced in partnership with Atlantica Ventures and Goodwell Investments, this episode sees us speak to Tosin Faniro-Dada, partner at Breega Capital, about her career and her firm’s new Africa-focused fund, while we also dig into how a startup changes once it has secured venture capital with the help of Goodwell’s Wim van der Beek. DP #68: The month in VC, episode 17 – August 4, 2024 – Produced in partnership with Atlantica Ventures and Goodwell Investments, this episode features an interview with Lexi Novitske from Norrsken22 and a deep-dive into Disrupt Africa’s recently-released “Diversity Dividend“. DP #67: The month in VC, episode 16 – July 7, 2024 – Produced in partnership with Atlantica Ventures and Goodwell Investments, this episode features an interview with Lavanya Anand from pan-African PE and VC firm AfricInvest, and dig deep into the current “funding winter” and when we can finally expect it to end. DP #66: The month in VC, episode 15 – June 2, 2024 – Produced in partnership with Atlantica Ventures and Goodwell Investments, this episode features an interview with Justin Stanford from 4Di Capital, about his career, company, and investment ethos, while we also discuss the advantages and disadvantages of specialisation within the African venture capital landscape. DP #65: The month in VC, episode 14 – May 5, 2024 – Produced in partnership with Atlantica Ventures and Goodwell Investments, this episode features an interview with Emmanuel Adegboye, head of Madica, a sector-agnostic investment programme that has just made its first investments, about his career, company, and investment ethos, while we also discuss the relevance of “impact” within the African venture capital landscape. DP #64: The month in VC, episode 13 – April 7, 2024 – Produced in partnership with Hlayisani Capital, Atlantica Ventures and Goodwell Investments, this episode features an in-depth interview with Wim van der Beek from Goodwell Investments about his career, company, and investment ethos, while we also discuss the importance of being “founder-friendly”, or whether indeed that is just a marketing phrase. DP #63: The month in VC, episode 12 – March 3, 2024 – Produced in partnership with Katapult Africa, Hlayisani Capital, Atlantica Ventures and Endeavor South Africa, this episode features an in-depth interview with Antonia Bothner from Endeavor South Africa about her career and investment ethos, while we also discuss with importance of due diligence, and how different investors go about conducting it. DP #62: The month in VC, episode 11 – February 4, 2024 – Produced in partnership with Katapult Africa, Hlayisani Capital, Atlantica Ventures and Endeavor South Africa, this episode features an in-depth interview with Ameya Upadhyay from Flourish Ventures and a discussion of the findings of Disrupt Africa’s recently-released African Tech Startups Funding Report 2023. DP #61: Learning digitally – how ed-tech is boosting accessibility of education in Africa, episode 2 – January 21, 2024 – Disrupt Africa has teamed up with eLearn Africa to release a three-part deep-dive into the African ed-tech startup space. In episode three, we’re digging into the funding and support ecosystem that is helping ed-tech startups scale, and whether more needs to be done to help the space fulfil its potential. DP #60: Learning digitally – how ed-tech is boosting accessibility of education in Africa, episode 2 – January 14, 2024 – Disrupt Africa has teamed up with eLearn Africa to release a three-part deep-dive into the African ed-tech startup space. In episode two, we’re digging into the potential of ed-tech, and discovering how COVID-19 was not such a bad thing for online learning on the continent. DP #59: Learning digitally – how ed-tech is boosting accessibility of education in Africa, episode 1 – January 7, 2024 – Disrupt Africa has teamed up with eLearn Africa to release a three-part deep-dive into the African ed-tech startup space. In episode one, we’re digging into the scope of Africa’s educational challenges, and how ed-tech startups are working to address them. DP #58: Finnovating for Africa, how African fintechs are solving for inclusion, episode 2 – December 19, 2023 – Disrupt Africa has teamed up with AZA Finance, Revio, EMURGO Middle East & Africa, and MoneyHash to release a two-part deep-dive into to African fintech startup space. In episode two, we delve into the support available for fintechs on the continent – from investors, from incumbents, from governments – and look at the future potential of fintech in Africa. DP #57: The month in VC, episode 10 – December 13, 2023 – Produced in partnership with Katapult Africa, Hlayisani Capital, and Atlantica Ventures, this episode features an in-depth interview with Erick Yong from GreenTec Capital Partners and a discussion around how VCs go about sourcing investments. DP #56: Finnovating for Africa, how African fintechs are solving for inclusion, episode 1 – December 10, 2023 – Disrupt Africa has teamed up with AZA Finance, Revio, EMURGO Middle East & Africa, and MoneyHash to release a two-part deep-dive into to African fintech startup space. In episode one, we look at the challenges around financial inclusion in Africa, the origins of the fintech revolution on the continent, and how startups are innovating in various areas within the sector. DP #55: The month in VC, episode 9 – November 5, 2023 – Produced in partnership with Katapult Africa, Hlayisani Capital, ARM Labs Lagos Techstars Accelerator, and Atlantica Ventures, this episode features an in-depth interview with Aniko Szigetvari from Atantica Ventures, and chats to other investors about preconceptions founders often have about VC. DP #54: Diversity dividend – Female fund managers in Africa – Eloho Omame – October 15, 2023 – Women have always been underrepresented in the venture capital space worldwide. Some of the earliest research from the US (2018) found that only nine per cent of VC decision makers were women. In Africa, new data by Disrupt Africa shows some more promising trends – 39.6 per cent of VCs actively investing on the continent in 2022 had a female partner or founder – yet less than 10 per cent of angels are women. With data demonstrating a direct link between gender diversity in teams, and increased profitability, the “Diversity dividend: Female fund managers in Africa” series looks at firms that recognise this truth, and put diversity front and centre. In episode five, Gabriella talks to Eloho Omame, of FirstCheck Africa and TLcom Capital. This podcast is commissioned by Boost Africa Technical Assistance Facility and financed by the European Union under EDF Thematic Blending and Cotonou Investment Facility. DP #53: The month in VC, episode 8 – October 8, 2023 – Produced in partnership with Katapult Africa, Hlayisani Capital, and ARM Labs Lagos Techstars Accelerator, this episode features Maya Horgan Famodu from Ingressive Capital, and digs into VC business models. DP #52: Talking the talk – why African tech startups need effective PR, episode 2 – October 1, 2023 – Disrupt Africa has teamed up with Africa-focused public relations company Talking Drum Communications to discuss the value of PR to African tech startups, in good times and bad. In the second installment of this two-part series, Bemi Idowu of Talking Drum Communications takes us through how PR can help African tech ventures cope in times of crisis. DP #51: Talking the talk – why African tech startups need effective PR, episode 1 – September 24, 2023 – Disrupt Africa has teamed up with Africa-focused public relations company Talking Drum Communications to discuss the value of PR to African tech startups, in good times and bad. In the first installment of this two-part series, Bemi Idowu of Talking Drum Communications takes us through how PR can help African tech ventures as they grow, and how an effective PR function is best developed. DP #50: The month in VC, episode 7 – September 3, 2023 – Produced in partnership with Katapult Africa, Kalon Venture Partners, Hlayisani Capital, and ARM Labs Lagos Techstars Accelerator, this episode features Sapna Shah from Novastar Ventures, and delves into the importance of local capital. DP #49: High tech health – how African startups are improving healthcare outcomes – episode 3 – August 20, 2023: Disrupt Africa has partnered Salient Advisory, Curacel and RxAll to put together a three-part podcast series on the African e-health space – the issues it is addressing, how it is innovating to improve healthcare outcomes, and what support startups are receiving from governments, donors and investors. In episode three, we’re looking to the future, at what a tech-enabled African healthcare landscape looks like, and what best practices we can employ to make sure we get there. DP #48: High tech health – how African startups are improving healthcare outcomes – episode 2 – August 13, 2023: Disrupt Africa has partnered Salient Advisory, Curacel and RxAll to put together a three-part podcast series on the African e-health space – the issues it is addressing, how it is innovating to improve healthcare outcomes, and what support startups are receiving from governments, donors and investors. In episode two, we discuss how various stakeholders can best support e-health companies, and what is needed from governments, investors and donors to ensure they can scale their impact. DP #47: High tech health – how African startups are improving healthcare outcomes – episode 1 – August 6, 2023: Disrupt Africa has partnered Salient Advisory, Curacel and RxAll to put together a three-part podcast series on the African e-health space – the issues it is addressing, how it is innovating to improve healthcare outcomes, and what support startups are receiving from governments, donors and investors. In episode one, we looking at the challenges facing Africans when it comes to accessing quality, affordable healthcare, how startups are tackling those challenges. DP #46: The month in VC, episode 6 – July 30, 2023 – Produced in partnership with Katapult Africa, Kalon Venture Partners, Hlayisani Capital, and ARM Labs Lagos Techstars Accelerator, this episode sees Gabriella talk to Eloho Omame from TLcom Capital and FirstCheck Africa, and look at exit strategies in the investment space. DP #45: Feed the world – empowering African agriculture through tech entrepreneurship, episode 3 – July 23, 2023: Disrupt Africa has partnered IQ Logistica to put together a three-part podcast series on the African agri-tech space – where it has come from, where it is now, and where it is going. In episode three, we’re looking at the issues involved with scaling an agri venture, and how tech can speed that process. DP #44: Feed the world – empowering African agriculture through tech entrepreneurship, episode 2 – July 16, 2023: Disrupt Africa has partnered IQ Logistica to put together a three-part podcast series on the African agri-tech space – where it has come from, where it is now, and where it is going. In episode two, we discuss the many areas in which agri-tech companies can innovate for impact, and what support is available to them. DP #43: Feed the world – empowering African agriculture through tech entrepreneurship, episode 1 – July 9, 2023: Disrupt Africa has partnered IQ Logistica to put together a three-part podcast series on the African agri-tech space – where it has come from, where it is now, and where it is going. In episode one, we discuss the deep-seated challenges facing farming on the continent and how tech companies are starting to address them. DP #42: The month in VC, episode 5 – July 2, 2023 – Produced in partnership with Katapult Africa, Kalon Venture Partners, Hlayisani Capital, and ARM Labs Lagos Techstars Accelerator, this episode sees Gabriella and Tom talk to Basil Moftah from financial inclusion focused fund Nclude, and look at gender diversity within the investment space. DP #41: Diversity dividend – Digging into Disrupt Africa’s pioneering report on gender diversity – June 25, 2023 – Disrupt Africa has released the first ever publication focused on gender equality in the African tech startup landscape, in partnership with Africa-focused pre-seed investment programmes Madica, with the results demonstrating the lack of gender diversity both within startup teams and funding rounds on the continent. This podcast episode, with help from various partners, discusses the figures that emerged from the publication. DP #40: Diversity dividend – Female fund managers in Africa – The AfricInvest women – June 18, 2023 – Women have always been underrepresented in the venture capital space worldwide. Some of the earliest research from the US (2018) found that only nine per cent of VC decision makers were women. In Africa, new data by Disrupt Africa shows some more promising trends – 39.6 per cent of VCs actively investing on the continent in 2022 had a female partner or founder – yet less than 10 per cent of angels are women. With data demonstrating a direct link between gender diversity in teams, and increased profitability, the “Diversity dividend: Female fund managers in Africa” series looks at firms that recognise this truth, and put diversity front and centre. In episode four, Gabriella talks to Patricia Rinke, Azza Khalfallah, and Hana Maalej from the Tunisia-based AfricInvest. This podcast is commissioned by Boost Africa Technical Assistance Facility and financed by the European Union under EDF Thematic Blending and Cotonou Investment Facility. DP #39: The month in VC, episode 4 – May 28, 2023 – Produced in partnership with Katapult Africa, Kalon Venture Partners, Hlayisani Capital, and ARM Labs Lagos Techstars Accelerator, this episode sees Gabriella and Tom talk to ARM Labs Lagos Techstars Accelerator’s Oyin Solebo, and look at how venture capitalists go about building their portfolios. DP #38: The month in VC, episode 3 – April 30, 2023 – Produced in partnership with Katapult Africa, Kalon Venture Partners and Hlayisani Capital, this episode sees Gabriella and Tom talk to Hlaysani’s Brett Commaille, and look at how venture capitalists go about raising their funds. DP #37: Changemakers – Meet the Jack Ma Foundation’s African Business Heroes, episode 4 – April 16, 2023 – Disrupt Africa has partnered the Jack Ma Foundation’s Africa’s Business Heroes Programme to release a special four-part podcast series discussing the benefits of the initiative with previous winning founders. In episode four, co-hosts Gabriella and Tom chat to the two founders about their experiences running social impact businesses on the continent. DP #36: Changemakers – Meet the Jack Ma Foundation’s African Business Heroes, episode 3 – April 2, 2023 – Disrupt Africa has partnered the Jack Ma Foundation’s Africa’s Business Heroes Programme to release a special four-part podcast series discussing the benefits of the initiative with previous winning founders. In episode three, co-hosts Gabriella and Tom chat to the Tesh Mbaabu, co-founder and CEO of Kenyan retail-tech startup MarketForce, about his experiences expanding his business into new markets since taking part in ABH. DP #35: The month in VC, episode 2 – March 26, 2023 – Produced in partnership with Katapult Africa, Kalon Venture Partners and Hlayisani Capital, this episode sees Gabriella and Tom talk to Kalon’s Clive Butkow, and look at ways venture capitalists can best help their portfolio companies navigate the difficult current economic climate. DP #34: Changemakers – Meet the Jack Ma Foundation’s African Business Heroes, episode 2 – March 19, 2023 – Disrupt Africa has partnered the Jack Ma Foundation’s Africa’s Business Heroes Programme to release a special four-part podcast series discussing the benefits of the initiative with previous winning founders. In episode two, co-hosts Gabriella and Tom chat to the founders of Ivory Coast-based e-commerce startup ANKA and Nigerian agri-tech company ThriveAgric about their fundraising experiences. DP #33: Changemakers – Meet the Jack Ma Foundation’s African Business Heroes, episode 1 – March 5, 2023 – Disrupt Africa has partnered the Jack Ma Foundation’s Africa’s Business Heroes Programme to release a special four-part podcast series discussing the benefits of the initiative with previous winning founders. In episode one, co-hosts Gabriella and Tom will chat to two founders running two very different startups in markets as contrasting as Egypt and Zimbabwe. DP #32: The month in VC, episode 1 – February 26, 2023 – Produced in partnership with Katapult Africa, Grindstone Ventures and Kalon Venture Partners, each episode of the series will wrap up the latest news in African VC, profile a leading investor, and dig into a key theme or trend in conversation with partner VCs. Episode one sees Gabriella and Tom talk to Katapult Africa’s Philip Gasaatura, and dig into the key findings from the recently-released African Tech Startups Funding Report 2022, which tracked a record year in which 633 ventures raised over US$3 billion in investment. DP #31: Diversity dividend – Female fund managers in Africa – Janngo Capital – February 19, 2023 – Female fund managers are very much in the minority worldwide. In the US, only nine per cent of decision makers in the VC space are women. In Africa, no definitive numbers are yet available, but female fund managers are hard to come by – a big mistake for the VC world, as data clearly demonstrates a direct link between gender diversity in teams, and increased profitability. The “Diversity dividend: Female fund managers in Africa” series looks at firms that recognise this truth, and put diversity front and centre. In episode three, Gabriella talks to Fatoumata Ba, managing partner of Janngo Capital. This podcast is commissioned by Boost Africa Technical Assistance Facility and financed by the European Union under EDF Thematic Blending and Cotonou Investment Facility. DP #30: A digital future for African retail – episode 4 – December 18, 2022 – Disrupt Africa has partnered Omnibiz and MarketForce to put together a four-part podcast series on the African e-commerce and retail-tech space – where it has come from, where it is now, and where it is going. In episode four, we discuss how the ecosystem is set to come under renewed interest as youth population and income growth, infrastructure improvements, and increasing uptake start combining to unlock the value of the e-commerce market on the continent over the coming years. DP #29: A digital future for African retail, episode 3 – December 11, 2022 – Disrupt Africa has partnered Omnibiz and MarketForce to put together a four-part podcast series on the African e-commerce and retail-tech space – where it has come from, where it is now, and where it is going. In episode four, we discuss the funding landscape for the space, and the different challenges involved with securing investment as an e-commerce startup. DP #28: A digital future for African retail, episode 2 – December 4, 2022 – Disrupt Africa has partnered Omnibiz and MarketForceDisrupt Africa has partnered Omnibiz and MarketForce to put together a four-part podcast series on the African e-commerce and retail-tech space – where it has come from, where it is now, and where it is going. In episode two, we’re talking e-commerce 2.0. We discuss how there has been a move away from efforts to achieve a consumer-facing Amazon for Africa, with entrepreneurs instead favouring regional and niche e-commerce. Retail-tech, focusing on B2B solutions, has also emerged as a key model. DP #27: A digital future for African retail, episode 1 – November 27, 2022 – Disrupt Africa has partnered Omnibiz and MarketForce to put together a four-part podcast series on the African African e-commerce and retail-tech – where it has come from, where it is now, and where it is going. Episode one looks at the challenges and opportunities presented by the sector, with weekly episodes to follow. DP #26: Diversity dividend – Female fund managers in Africa – Alitheia Capital – July 10, 2022 – Female fund managers are very much in the minority worldwide. In the US, only nine per cent of decision makers in the VC space are women. In Africa, no definitive numbers are yet available, but female fund managers are hard to come by – a big mistake for the VC world, as data clearly demonstrates a direct link between gender diversity in teams, and increased profitability. The “Diversity dividend: Female fund managers in Africa” series looks at firms that recognise this truth, and put diversity front and centre. In episode two, Gabriella talks to Tokunboh Ishmael, co-founder and managing partner of female-focused Lagos-based VC firm Alitheia Capital. This podcast is commissioned by Boost Africa Technical Assistance Facility and financed by the European Union under EDF Thematic Blending and Cotonou Investment Facility. DP #25: Diversity dividend – Female fund managers in Africa – The TLcom Ladies – June 26, 2022 – Female fund managers are very much in the minority worldwide. In the US, only nine per cent of decision makers in the VC space are women. In Africa, no definitive numbers are yet available, but female fund managers are hard to come by – a big mistake for the VC world, as data clearly demonstrates a direct link between gender diversity in teams, and increased profitability. The “Diversity dividend: Female fund managers in Africa” series looks at firms that recognise this truth, and put diversity front and centre. In episode one, Gabriella talks to Omobola Johnson and Andreata Muforo, who together make up half the management team at Africa-focused VC firm TLcom Capital. This podcast is commissioned by Boost Africa Technical Assistance Facility and financed by the European Union under EDF Thematic Blending and Cotonou Investment Facility. DP #24: The essential guide to African VC, episode 4 – May 1, 2022 – Disrupt Africa has partnered Quona Capital, 10X Entrepreneur, Catalyst Fund, and Knife Capital to put together a four-part podcast series on the African venture capital space – how it works, what its dynamics are, and what is happening in the sector. “The essential guide to African VC” educates listeners in the “A-Z of African VC”, digging into venture capital, looking at its business model, how startups and VCs can work together to build Africa’s tech ecosystem, and what issues still remain to be resolved. Episode four, the last in the series, looks at VCs as people, and what makes them tick. It discusses what makes a good VC, their backgrounds and motivations, and the issue of diversity in the space. DP #23: The essential guide to African VC, episode 3 – April 24, 2022 – Disrupt Africa has partnered Quona Capital, 10X Entrepreneur, Catalyst Fund, and Knife Capital to put together a four-part podcast series on the African venture capital space – how it works, what its dynamics are, and what is happening in the sector. “The essential guide to African VC” educates listeners in the “A-Z of African VC”, digging into venture capital, looking at its business model, how startups and VCs can work together to build Africa’s tech ecosystem, and what issues still remain to be resolved. Episode three covers the different ways in which startups and venture capitalists work together once a deal is done, whether a VC can interfere too much, and why startups need to do their due diligence on their investors just as much as investors need to do it on them. DP #22: The essential guide to African VC, episode 2 – April 17, 2022 – Disrupt Africa has partnered Quona Capital, 10X Entrepreneur, Catalyst Fund, and Knife Capital to put together a four-part podcast series on the African venture capital space – how it works, what its dynamics are, and what is happening in the sector. “The essential guide to African VC” educates listeners in the “A-Z of African VC”, digging into venture capital, looking at its business model, how startups and VCs can work together to build Africa’s tech ecosystem, and what issues still remain to be resolved. Episode two takes listeners through the anatomy of a VC deal – discussing how investments are made, where VCs source their startups from, and what due diligence looks like. We also look at potential exit routes for VCs, and how they go about ensuring they are prepared for them. DP #21: The essential guide to African VC, episode 1 – April 10, 2022 – Disrupt Africa has partnered Quona Capital, 10X Entrepreneur, Catalyst Fund, and Knife Capital to put together a four-part podcast series on the African venture capital space – how it works, what its dynamics are, and what is happening in the sector. “The essential guide to African VC” educates listeners in the “A-Z of African VC”, digging into venture capital, looking at its business model, how startups and VCs can work together to build Africa’s tech ecosystem, and what issues still remain to be resolved. Episode one takes listeners through the nuts and bolts of VC, defining what venture actually is, telling them where VC firms get their money from, how they make money themselves, and what an investor actually does all day. It also addresses misconceptions entrepreneurs may have about venture capital, why it is there, and what it can do for them. DP #19+20 – April 10, 2021 – Tom and Gabriella are joined by representatives of Flutterwave, Kuda and ImaliPay to discuss Nigerian fintech funding, while Justin Drennan of South Africa’s Parcelninja discusses his company’s recent acquisition. Episode also includes a wrap of all the latest African tech startup happenings, while Pieter Erasmus of South African fintech startup Ctrl “pitches the pod”. DP #18 – February 14, 2021 – Tom and Gabriella are joined by Johan Bosini from the fintech-focused Quona Capital to discuss the founding round raised by Nigerian startup Cowrywise, while Philip Kiracofe from Startupbootcamp AfriTech discusses the return of Africa’s premier corporate-backed accelerator programme. Episode also includes a wrap of all the latest African tech startup happenings, while Adetolani Eko of Nigerian dating startup Vybe “pitches the pod”. DP #17 – January 24, 2021 – Gabriella and Tom dig into the data from the newly-released African Tech Startups Funding Report 2020, which tracks a record year for investment into the ecosystem, and are joined by EchoVC’s Eghosa Omoigui to discuss the US$85 million funding round announced by Kenyan AI company Gro Intelligence. The episode also includes a wrap of all the latest African tech startup happenings, while Vincent Edigin of Nigeria’s Traindemy “pitches the pod”. DP #16 – January 10, 2021 – Tom and Gabriella present Disrupt Africa’s 12 African startups to watch in 2021, and are joined by Timbo Drayson of Kenyan digital addressing startup OkHi. Episode also includes a wrap of all the latest African tech startup happenings, while Louis van Biljon of South Africa’s eVuna “pitches the pod”. DP #15 – December 6, 2020 – Gabriella and Tom are joined by Lexi Novitske of Acuity Ventures and Aaron Fu of Sherpa Ventures. Episode also includes a wrap of all the latest African tech startup happenings, while Sydney Aigbogun of Nigerian fintech startup Cashbox “pitches the pod”. DP #14 – November 22, 2020 – Tom and Gabriella are joined by angel investor Zach George, and Antoine Paillusseau of South African AI startup FinChatBot. Episode also includes a wrap of all the latest African tech startup happenings, while Amahle Ntshinga of South African e-commerce startup Luntu “pitches the pod”. DP #13 – November 8, 2020 – Gabriella and Tom are joined by Peter Njonjo of Kenyan agri-tech company Twiga Foods, and Dr. Emmanuel Okeleji from Nigerian HR-tech startup SeamlessHR. Episode also includes a wrap of all the latest African tech startup ecosystem news, while Olamide Akomolafe of Kenya-based e-health startup Nadia “pitches the pod”. DP #12 – October 25, 2020 – Gabriella and Tom are joined by Maelis Carraro of the fintech-focused Catalyst Fund, and Craig Buckley from South African prop-tech startup reOS. The episode also includes a wrap up of all the latest African tech startup happenings, including that Paystack news, while Moses Kimani of Kenyan agri-tech startup Lentera “pitches the pod”. DP #11 – October 4, 2020 – Gabriella and Tom are joined by Etop Ikpe, CEO of Nigerian automotive technology startup Autochek, and Kofo Samusi, COO at corporate-backed accelerator Founders Factory Africa. The episode also includes a wrap up of all the latest African tech startup news, while Emmanuel Chatina of Malawian e-health startup Ocliya “pitches the pod”. DP #10 – September 6, 2020 – Tom and Gabriella are joined by Emeka Ajene of West African startup Gozem as it transitions into a “super app” for Africa, while Frans Kronje of South African AI startup DataProphet takes us through his company’s US$6 million Series A round. The episode also includes a wrap up of all the latest African tech startup news, while Apollo Eric of Kenyan P2P remittances startup BitLipa “pitches the pod”. DP #9 – August 23, 2020 – Gabriella and Tom are joined by Paul Kimani of Kenyan HR tech startup WorkPay in the wake of the company’s US$2.1 million funding round, while Jon Stever of i4policy tells us why Startup Acts are increasingly being put into place across the continent. The episode also includes a wrap up of all the latest African tech startup news, while Adeshina Adewumi of Nigerian retail-tech startup One Kiosk Africa “pitches the pod”. DP #8 – August 9, 2020 – Tom and Gabriella are joined by Tevis Howard and Tiffany Card from Kenya-based conservation-tech startup Komaza to discuss the company’s US$28 million Series B investment, while Philani Sangweni, managing director of newly-founded South African VC firm E4E tells us how important it is for investors to bring more than just money to the table. The episode also includes a wrap up of all the latest African tech startup news, while Mouhamadou Sall of Senegalese digital addressing startup NIMA Codes “pitches the pod”. DP #7 – July 26, 2020 – Tom and Gabriella are joined by Onyekachi Izukanne, CEO of Nigerian B2B e-commerce startup TradeDepot, in the wake of its US$10 million pre-Series B funding round, and Isis Nyong’o Madison, founder of Kenyan mothering platform MumsVillage, talks mergers after her company joined forces with Nigeria’s BabyBliss. Also includes a wrap of all the latest African tech startup news, while Ahmad Al-Kabbany of Egyptian e-health startup VRapeutic “pitches the pod”. DP #6 – July 12, 2020 – Gabriella and Tom are joined by Luke Kyohere, co-founder of East African fintech startup Beyonic, in the wake of his company’s acquisition by the Johannesburg-based MFS Africa. Tomi Davies, president of the African Business Angel Network (ABAN), joins to discuss the ins and outs of valuing your tech startup. The episode also includes a wrap up of all the latest African tech startup news, while Emeka Mba-Kalu of Nigerian startup E Dey Shop “pitches the pod”. DP #5 – June 28, 2020 – Tom and Gabriella are joined by a host of founders in the African e-health space as the team marks the release of the latest edition of its High Tech Health report with a deep dive into the sector. Also features Nnena Nkongho of growth capital firm DiGAME Investment Company and a wrap up of all the latest African tech startup news, while Gabriel Ekman of Rwandan ed-tech startup BAG Innovation “pitches the pod”. DP #4 – June 14, 2020 – Gabriella and Tom are joined by Abe Cambridge, founder and CEO of Sun Exchange, and Medea Degbe, president of the Benin Business Angel Network. Also includes a wrap of all the latest African tech startup news, while Daisy Myburgh of South African prop-tech startup Roundr “pitches the pod”. DP #3 – May 31, 2020 – Co-hosts Tom Jackson and Gabriella Mulligan are joined by Jim Chu, founder of Zoom-based pitching initiative The Nest, and Jeremy Leach, CEO of South African insurtech startup Inclusivity Solutions, to discuss the company’s recent funding round and its MNO partnerships model. The episode also includes a wrap up of all the latest African tech startup news, while Simon Githinji of CashBackApp “pitches the pod”. DP #2 – May 17, 2020 – In the second episode of the Disrupt Podcast, co-hosts Tom Jackson and Gabriella Mulligan are joined by Helium Health CEO Adegoke Olubusi in the wake of its $10 million fundraise, as well as EWB Ventures investment director Muthoni Wachira to talk survival in the time of COVID. Also includes a wrap up of all the latest African tech startup news, while Isidore Kpotufe of stabus “pitches the pod”. <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> DP #1 – May 3, 2020 – In episode one of the Disrupt Podcast, co-hosts Gabriella Mulligan and Tom Jackson are joined by Iyinoluwa Aboyeji of the Future Africa Fund and Lungisa Matshoba, CTO of Yoco. Includes a wrap up of all the latest African tech startup news, including a detailed look at how the sector is adjusting to COVID-19, while Ayazona co-founder Samson Otieno is the first person to “Pitch the Pod”.

Unlimited access to the most comprehensive startup & scaleup database. 1 million+ organizations from startups to unicorns. Spot winners before they are on everyone’s radar. Export Dealroom data for further analysis and enrichment. Save companies into lists and setup alerts based on saved queries. A dedicated Account Manager helps you get the most out of your subscription and can give access to our Intelligence Unit when needed. “Discovering emerging tech companies is still a bit of an art. What we like about Dealroom is the ability to find out as much as we can about a startup, and put the pieces together. We have to narrow down our search and pick the best ones out of tens of thousands of companies in Europe, and Dealroom really helps us with this task.”

Leverage the same powerful API that fuels our Global Data Platform. Predictive analytics, matching algorithms, founder scoring, and more. … compared to other well-known data providers. Sound too good to be true? Request trial access today! :) Growth signals including employee count, matching, founder scoring, social impact, diversity, financials, and more. No matter the data points you’re looking for, integrate them into your internal dataset with Dealroom’s powerful API. InReach Ventures “Data quality is critical to InReach Ventures. We’ve integrated Dealroom’s API to help us identify early stage European startups. Dealroom is probably the most comprehensive European database of its kind and the team is flexible to work with.” Big Search “The live Dealroom API integration empowers our researchers and reduces the time it takes to run our research process. Combined with our own platform, we’ve reduced the time it takes to map perfect candidates from a few days to mere seconds.”

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In developing countries, the lack of risk capital hinders economic growth and thwarts entrepreneurship. By providing capital in emerging markets where it is scarce, private equity and venture capital funds can play a critical role in development, helping to build the dynamic, job-creating companies that drive sustainable growth, promote innovation, and provide essential goods and services. By investing in funds focusing on emerging markets, IFC can expand its support to promising local firms that would typically lack access to finance. In addition to funding, IFC works with its partner fund managers to facilitate network connections and bring the expertise that companies need to scale. IFC boosts the expansion of fast-growing mid-sized companies and prepare them for an eventual IPO or buy-out . IFC provides risk capital and advice to fund managers and entrepreneurs in the world’s most challenging markets. IFC works with its partner funds and investee companies to increase gender equality and promote gender-lens investing.

Uncover hidden gems, based on custom criteria. Discover fast-growing companies to invest in, partner with, or learn from. Work with our team to create deep-diving research about startups, investment, tech hubs and innovation. Drive the conversation, support the startup ecosystem, create headlines. Derive strategic insights from data. Figure out what tomorrow’s world might look like. understand competitive landscapes, opportunities and threats. “Dealroom is a trusted source for intelligence on high-growth companies in Europe. We made extensive use of both their data and in-depth analytical support during the preparation of our State of European Tech report. And hope to continue to do so for years to come.“

Together we’ll add data streams specific to your locality, configure the platform to best navigate your ecosystem and visualize it for a global audience. Our solution is fully managed meaning you won’t have to dedicate any resources to maintaining it and it’s configurable to your needs. Topping all of this off – you can launch in a matter of weeks. Curious to know where your ecosystem stands globally? Or how about which sectors are attracting the most investment and job growth? Develop custom reports that highlight key insights about your ecosystem. Our high-quality reporting not only generates headlines, but also helps to tell the story of your region through data, insights and content. “[It] really serve[s] as a one-stop shop for the Alberta ecosystem to connect to capital […] and support.” “Policy-making without data is like driving blindfolded. Not ideal when you have a crisis…” “We’re thrilled to be working with Dealroom to showcase the Victorian Startup Ecosystem.”

AVCA Advocacy aims to shape the future of the industry and investor relations in Africa, convening Investment Promotion Agencies, Regional Associations, and other industry stakeholders to advance pro-business policy reform in Legislation, Regulation, and Taxation. African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

RightCard Payment Service Limited, trading as LemFi, a leading international payments platform, announced today that the Apex Bank in Pakistan, the State Bank of Pakistan (SBP), has approved its operation of remittance services into Pakistan in partnership with multiple strategic partners, including United Bank Limited (UBL). This approval guarantees LemFi the continued provision of enhanced, secure, and low-cost money transfer services for millions of Pakistanis residing in the United Kingdom, Canada, the United States, and Europe, who regularly send funds to their families and friends back home. With a record estimated inflow of over US$33 B received in personal remittances in 2024, Pakistan stands as one of the world’s most essential remittance corridors. “We are honoured to receive these approvals from the State Bank of Pakistan to serve the Pakistani diaspora”, said Muhammad Daiyaan Alam, LemFi’s Head of South Asia Expansion & Growth. “Pakistan represents one of the most significant remittance corridors to us, and globally, we welcome every opportunity to demonstrate our commitment to make sending money home more reliable, affordable and cost-effective for Pakistani families worldwide.” The State Bank of Pakistan’s approval aligns with its broader strategy to promote financial inclusion and facilitate legitimate cross-border transactions. It follows a comprehensive review process that evaluates LemFi’s technical capabilities, financial stability, risk management, and commitment to consumer protection. Key Benefits of the Partnership: ● Regulatory Compliance: Full adherence to the State Bank of Pakistan’s guidelines and international anti-money laundering standards. ● Trust and Reliability: LemFi customers can rest assured of quality service delivery, delivered through extensive coverage. ● Competitive Offerings: Competitive exchange rates, low-cost fees and other innovative financial service offerings are enhanced. LemFi’s Head of Global Expansion and Growth, Philip Daniel, says, “Partnering with UBL allows us to combine our innovative platform with their trusted banking network and legacy, ultimately delivering on our shared vision of a more inclusive and accessible financial future for all Pakistanis.” As LemFi expands across key markets and corridors, it will continue to leverage cutting-edge technology, strategic partnerships, and key acquisitions to deliver secure, reliable, and innovative financial services, while maintaining regulatory compliance and cooperation with relevant stakeholders. Retail Supermarkets Nigeria Limited (RSNL), the operator of Shoprite stores in Nigeria, today dismissed widespread reports that it is preparing to exit the country. This follows recent observations of near-empty shelves and closures of several outlets, which had sparked speculation about the retailer’s imminent departure. In an official statement, the company attributed the current state of some stores to a comprehensive operational reset and restructuring of its business model, not an impending shutdown. It confirmed that this restructuring is a strategic response to Nigeria’s challenging economic environment, which includes foreign exchange volatility, rising inflation, and liquidity constraints. The company stated that the business model it inherited after its acquisition from the South African parent company in 2021 is no longer viable. That model relied heavily on large-format stores, a significant volume of imports, and incurred high overhead costs. The reset strategy is built on several key pillars, notably a major shift toward local supply chains, with over 80% of products now sourced within Nigeria, as well a move toward smaller, more efficient store formats to reduce operational costs. The company is also weighing the introduction of private-label affordability options for price-sensitive consumers. Bunmi Adeleye, Chief Strategy Officer of RSNL, characterised the period as a “rebuilding phase,” stating, “Yes, it has been a tough period, but this is not a collapse; it is a reset. The old model did not work for Nigeria. With new investors behind us, we are rebuilding Shoprite to be more local, culturally relevant, more affordable, and more resilient.” Shoprite first entered the Nigerian market in 2005, opening its inaugural store at The Palms Mall in Lagos. It grew to become a household name and a dominant anchor tenant in major shopping malls across the country, at its peak operating 25 stores in 11 cities. At full strength, the retailer employed over 2,000 people directly and supported thousands more in local supply chains, including Nigerian farmers. Its South African parent company, Shoprite Holdings, announced its exit from the Nigerian market in 2021, selling its operations to RSNL. Since then, the Nigerian franchisee has grappled with rising operational costs, intense competition from local supermarkets, and the same economic headwinds that now necessitate its restructuring. The company acknowledged temporary closures of its stores in Ilorin and Ibadan. Customers at other locations, such as the Ikeja City Mall in Lagos, have reported scant product displays, particularly in groceries and drinks. Reports suggest there is hope that operations could normalise by the end of September following the conclusion of its annual financial audit, with a restocking of shelves planned to coincide with the upcoming fourth-quarter shopping rush. Registration is officially open for GSMA MWC25 Kigali, which will return to the Kigali Convention Centre from 21-23 October 2025.  MWC Kigali will convene government, enterprise, and startup leaders from across the technology ecosystem to define how innovation can accelerate the African continent’s digital transformation. Joining our previously announced keynote speakers from Airtel, AXIAN Telecom, Ethiotel, MTN, and Orange, attendees will also be able to gain insight from: On the show floor, MWC Kigali will welcome exhibitors including Amotech Africa, China Mobile International, Detecon Consulting, Genew Technologies, Huawei, Mobileum, MobiloT, PortaOne, SPLIO, Tongui Communication, and Qualcomm. They join a strong line-up which includes the likes of Ethiotel, Meta, MTN, TerraPay, Telcoin and ZTE. You can book your ticket to MWC Kigali to be part of the conversations shaping Africa’s future. Click here for more information. Coca-Cola Beverages South Africa (CCBSA) has announced plans to lay off around 680 of its employees. The beverage manufacturer, which is the country’s bottling partner for the global entity Coca-Cola, says the move is due to changing market conditions and resulting financial constraints. According to national broadcaster South African Broadcasting Corporation (SABC), the restructuring will include the closure of two bottling plants of the 36 the bottler operates across the country, and affect staff in administrative, distribution and support roles. The broadcaster also reports the company has “committed to supporting affected employees with a generous separation package.” Of particular concern is the decision to lay off mostly cleaning staff, who are said to represent 9 per cent of the bottler’s 7,700 employees. Food and Allied Workers’ Union (FAWU) of SA has protested this retrenchment exercise, saying cleaning remains a critical part of any food and beverage operation, and laying off members of this department may affect production quality and standards. The union is also protesting the bottlers’ move to approach individual employees over their retrenchments rather than consult with the Union before beginning the exercise. Coca-Cola’s Head of Communication, Motshidisi Mokwena, told news site IOL: “Our priority is to support affected colleagues with fairness, transparency, and compassion during this process. Consultations are underway, and no final decision has been made.” These layoffs add to a raft of job cuts the country has seen this year, including those in the automotive, mining, and steel-manufacturing sectors. Businesses such as commodities provider Glencore, for example, is in the process of retrenching its businesses, with 3,000 jobs at risk. Tyre manufacturer Goodyear has shut down its production facility in the country, with 900 jobs lost, while Ford Motor Company South Africa is set to lose 474 employees. Businesses cite challenges such as rising import costs and subsequent diminished returns, frequent power cuts, and logistics difficulties as the reasons for these job losses. Featured Image Courtesy: Financial Times Daniel Yu, Founder of Kenyan B2B e-commerce startup Wasoko and Co-CEO of MaxAB-Wasoko following last years merger, is stepping aside. Yu has transitioned out of his full-time role at the company, according to a LinkedIn post he published on Thursday. The move comes one year after Wasoko completed its landmark all-stock merger with Egypt-based MaxAB, creating one of Africa’s largest B2B retail platforms . Yu, who founded Wasoko in 2013 (originally as Sokowatch), stated he will remain with the company as an adviser but will no longer be involved in day-to-day operations. He will be relocating to India and focusing on personal projects, including his role as board chair of Malengo, a non-profit supporting international education . MaxAB co-founder Belal El-Megharbel will continue as sole CEO of the combined entity, which is headquartered in Cairo and operates across five African markets: Egypt, Morocco, Kenya, Tanzania, and Rwanda . The Wasoko-MaxAB merger, first announced in December 2023 and finalised in August 2024, was structured as an all-stock transaction and is widely regarded as one of the largest tech mergers on the African continent. The integrated entity now serves over 450,000 merchants and claims to reach 65 million consumers . The merger brought together two well-funded players in Africa’s B2B e-commerce sector. Wasoko had raised over USD 230 M from investors including Tiger Global and Silver Lake, while MaxAB was backed by backers such as British International Investment. Prior to the merger, Wasoko was last valued at USD 625 M in a 2022 Series B round, though investor VNV Global later marked down its valuation to USD 260 M in early 2024 . As of the merger’s completion, the combined company was valued at approximately USD 526 M, according to VNV Global’s financial reports . The merger occurred against a backdrop of market consolidation and operational recalibration for both companies. Leading up to and following the deal, Wasoko scaled back its operations, exiting several markets including Uganda, Zambia, and Senegal. It also underwent restructuring that included layoffs and the closure of its Zanzibar office . The combined company has shifted its strategic focus from pure-play B2B e-commerce—a low-margin and operationally complex business—toward building a multi-vertical ecosystem. A significant part of this strategy is an emphasis on fintech services, which offer higher margins. These include merchant financing, digital payments, and airtime top-ups . In Egypt, the group’s largest market, fintech services already generate approximately USD 180 M in annual turnover, the company claims, surpassing e-commerce transaction volumes. Over the past year, the company has extended more than USD 20 M in merchant financing with a reported repayment rate of over 99% . Yu and El-Megharbel served as co-CEOs following the merger. Yu’s departure from executive duties formalises the leadership under El-Megharbel, who will now oversee the company’s daily operations . The company has stated that its current priority is achieving profitability across all its markets through increased scale and operational efficiencies. The core e-commerce business is already profitable in three of its five operating countries, with goals to reach profitability in the remaining two within the next year. Picture this: You’re an investor or entrepreneur hoping to start or relocate your business to Africa. But with 54 countries to choose from, which one is the best option? While The World Bank has withdrawn its Ease of Doing Business Index (the last one came out in 2020), and with many countries having voted in new leadership in the time since, the world’s new political and economic post-Covid realities have significantly changed their policies and regulatory frameworks, making this list obsolete. In its place, we have the ‘Business Ready’ (B-READY) report, also researched and published by The World Bank. Scheduled to be released every September for three years starting 2024, the report assesses countries on the basis of three pillars: Regulatory framework, public services, and operational efficiency. Its regulatory framework pillar analyses a country’s rules and regulations that govern the way businesses open, operate and close. The public service pillar examines the infrastructure and facilities governments provide that allow firms to work with ease, while the operational efficiency looks at the ease of regulatory compliance the country provides, as well as the employment of public services that are directly relevant to businesses. Without further ado, let’s get into which African countries offer the best environment for business to open, scale and shut down. Rwanda takes the top spot, for its “unwavering commitment to governance, digital transformation, and ease of doing business,” said Dr. Anya Sharma, an economist and host of the unveiling ceremony. The report praised its streamlined business registration, transparent land administration, and a zero-tolerance approach to corruption. Its highly efficient public service and forward-thinking policies continue to set a benchmark for regulatory excellence. Top sectors to invest in: Agriculture ICT services Tourism Construction Renewable energy 2. Togo In a surprise result, Togo demonstrated an “extraordinary journey” of reform. Its strong improvements in reducing the time and cost of starting a business, coupled with extensive digitisation of public services, have boosted its appeal. Togo’s leap shows that focused effort can rapidly transform a nation’s business environment, particularly in operational efficiency. Top sectors to invest in: Agriculture Logistics and transport Mining Energy ICT and related services 3. Morocco Morocco showed a successful integration into global supply chains and a strong culture of regulatory efficiency. Strategic investments in logistics, renewable energy, and advanced industrial zones have created a highly competitive environment, proving particularly attractive to international investors. Top sectors to invest in: Automotive engineering Renewable energy Aerospace engineering Tourism Agriculture 4. Mauritius Mauritius reaffirmed its status as an international financial hub, global connectivity, sophisticated legal system, and exceptional ease of cross-border trade. Its robust investor protection laws continue to make it an ideal base for regional headquarters. Top sectors to invest in: Financial services Tourism Real estate ICT and technology Renewable energy 5. South Africa The continent’s most industrialised economy maintained its position as a top contender. Despite inherent complexities, its sophisticated financial markets, advanced infrastructure, and strong institutional framework provide a solid foundation for large-scale investments and innovation, especially in renewable energy and fintech. Top sectors to invest in: Renewable energy Mining ICT and technology Tourism Financial services 6. Lesotho Lesotho made a notable ascent due to impressive reforms in labour market flexibility and efficient contract enforcement, carving out a niche for specific manufacturing sectors. Top sectors to invest in: Manufacturing Water and renewable energy Agriculture Mining Tourism 7. Tanzania Tanzania surprised many with its climb, largely because of the country’s efforts in simplifying tax procedures and enhancing access to credit for SMEs, leveraging its strategic location and growing domestic market. Top sectors to invest in: Mining Tourism Energy Agriculture and agro-processing Manufacturing 8. Côte d’Ivoire Côte d’Ivoire, West Africa’s economic engine, was recognised for streamlining business registration and significant infrastructure investments, with a strong focus on agriculture and manufacturing. Top sectors to invest in: Agriculture and agro-processing Energy Manufacturing ICT Infrastructure 9. Ghana Ghana continued to impress with improvements in digital infrastructure and trade logistics, solidifying its position as a regional powerhouse in tech and services. Top sectors to invest in: Mining Energy Agriculture and agro-processing Manufacturing ICT 10. Botswana Botswana rounded out the list, celebrated for its consistent macroeconomic stability, low corruption, and transparent regulatory framework, offering reliability and certainty to investors. Top sectors to invest in: Mining Agriculture and agro-processing Tourism Manufacturing Financial services Egypt is making a bold play to take the lead in Africa’s digital education revolution. Backed by a USD 15 M partnership with South Korea, the country has unveiled a five-year plan to modernize classrooms and equip its youth with the digital skills needed for a rapidly changing global economy. The deal was announced on September 8 by South Korea’s ambassador to Egypt, Kim Yonghyon, following talks with Minister of Education and Technical Education Mohamed Abdel-Latif. It will target 54 public schools spread across all 27 governorates, ensuring that digital access reaches both urban centers and rural communities. A one-year preparatory phase will begin in 2026 to assess technical and teaching needs before full-scale implementation starts in 2027, underscoring a commitment to careful planning rather than quick technological fixes. That effort is critical given the current state of Egypt’s schools. Fewer than 30 percent of public institutions are equipped with adequate ICT infrastructure, according to UNESCO, leaving the majority of students without access to the tools required for future employment. The new program aims to close this gap by upgrading computer labs, expanding internet connectivity, modernizing digital curricula, and investing heavily in teacher training so that educators are confident in guiding students through new technologies. Monitoring systems will also be established to track progress and ensure quality, signaling a holistic approach that goes beyond installing hardware to building sustainable capacity. The timing could not be more urgent. Youth unemployment in Egypt climbed to 18.9% in 2024, according to the World Bank, while the World Economic Forum has warned that six in ten workers globally will need retraining by 2027 even as only half currently receive it. For Egypt’s young population, the Korean-backed initiative offers not just better classrooms but a real chance to bridge the gap between outdated schooling and the demands of an AI-driven global workforce. Yet the partnership is not confined to technology alone. It carries a cultural dimension that has grown increasingly significant in recent years. Korean language learning is booming in Egypt, with demand surging to the point where two new King Sejong Institutes opened in Cairo and Alexandria in 2025. Discussions are already underway about integrating Korean into Egypt’s public school curriculum, while Arabic itself is studied by Korean students as part of their education. This exchange transforms the partnership into more than a skills program—it is building a cultural bridge that connects Africa, the Arab world, and East Asia in new and unexpected ways. Regionally, the project aligns closely with the African Union’s Agenda 2063, which frames digital education as a cornerstone of development and innovation. If successful, Egypt could become a model for other African countries, exporting not only its experience but potentially training and consulting expertise. For a country of Egypt’s demographic weight and geopolitical position, the ability to anchor Africa’s digital education transformation would be both a symbolic and practical shift, reinforcing its role as a continental leader. This move also builds on three decades of diplomatic relations between Egypt and South Korea. The two nations already collaborate in industry, energy, and infrastructure, but education adds a people-focused dimension to the partnership. South Korea brings proven expertise in digital education and ICT integration, while Egypt offers scale, ambition, and a pivotal geographic position. The initiative reflects Egypt’s ambition to position itself as a continental hub for digital learning, cultural exchange, and innovation. Some customers write a bad review. Sometimes a brand fights back. And sometimes, the fight becomes headline news. In an era where a single tweet, TikTok, or Facebook post can dent a brand’s reputation, some African companies have taken “defending their name” to extremes; dragging customers and critics to court, threatening multimillion-dollar suits, or even involving police. From tomato paste makers and biscuit brands to beauty labels and smartphone giants, these five African companies turned what should have been minor customer complaints into full-blown legal battles, and in the process, showed just how thin the line is between defending reputation and torching it. Here are real cases revealing the perilous line between protecting reputation and silencing dissent: In September 2023, Chioma Okoli, a consumer in Lagos, posted a Facebook review claiming that Erisco’s Nagiko Tomato Mix tasted “too much sugar”. What followed was a chain of legal actions. Erisco filed a petition, the Police arrested Okoli, and the matter turned into a full-blown court case. Erisco’s CEO, Eric Umeofia, made some forceful statements: “I am pursuing legal charges against her because I have a conscience. Is she right to falsely criticise my product, and people are supporting her?,” he fumed. “I have over 3000 people in my factory; indirectly, we are paying 20,000 people. I cannot allow this type of ‘syndicate’ to come and destroy my business.” Okoli’s legal representation countered strongly. She has threatened to demand NGN 500 M (~USD 334 K at current rates) from Erisco for violation of her human rights, saying the company’s actions went far beyond what is reasonable. The saga has become a lightning rod in Nigeria for debates about weaponising cybercrime laws to muzzle legitimate consumer criticism. This case also highlighted the potential for the Cybercrime Act in Nigeria to be used in defamation or “misinformation” cases, raising concerns among consumer rights advocates, activists, and legal experts about the chilling effects on legitimate criticism. Back in 2018, Kenyan TikTokers and Facebook users began complaining that Nuvita’s biscuits were “shrinking” in size while prices rose. When a popular content creator posted a sarcastic video showing a tiny biscuit in her palm, Nuvita hit back. They issued public denials, flagging takedown requests, and allegedly pressuring the influencer’s agency to silence her. The dispute escalated into public rows, removal requests for ads, and reported attempts to pressure or discredit the critic, a classic example of a brand pushing back at a consumer’s public review and commentary. Rather than quelling the backlash, Nuvita’s combative stance supercharged it, with memes, boycott hashtags, and coverage in Kenyan business outlets dissecting its PR blunder. The incident became a textbook cautionary tale for Kenyan marketers on the dangers of escalating snarky reviews into corporate vendettas. In 2023, a South African law firm, Van Deventer Inc, attempted to use the courts to silence a former client, Sizwe Mdakane, after he posted a negative review of the firm’s service on Google Reviews. Mdakane complained that the advice he received from junior practitioners at the firm was poor. The firm believed this criticism “implied it was unprofessional, dishonest and untrustworthy,” and sought a court order to force the removal of the post and restrain Mdakane from making further comments. The Gauteng High Court rejected the application. Judge Stuart Wilson, in his ruling, stressed that what matters in defamation isn’t necessarily the intent of the critic, but how a “reasonable reader of ordinary intelligence” would interpret the statement. He found that Mdakane’s comments, while critical, did not meet the legal threshold for defamation that justifies gagging speech. The judgment was hailed by legal commentators as a landmark win for consumer speech in South Africa. In 2021, South African haircare brand Native Child Africa sought an interdict (court injunction) against a local beauty influencer who had posted Instagram Stories calling its products unsafe. The company argued the posts were false and defamatory; the court granted an interim interdict forcing the influencer to stop posting any further criticism pending full trial. Consumer-rights groups criticised the move as “corporate censorship via lawfare,” warning it could chill honest product reviews. The case underscored how South African defamation law can be used pre-emptively to muzzle critics, even before any full evidence hearing. A more modern twist on review-based conflict is playing out in the influencer economy. In early 2025, OPPO Kenya sued the marketing agency AIfluence over a dispute triggered by content creators who claimed they were not paid for their work promoting OPPO’s Reno12 series campaign. Influencers like Flaqo Raz publicly shared that they had created three months’ worth of content in only two weeks under pressure from OPPO and AIfluence, only for payments to be delayed or not delivered, even five months later. OPPO Kenya insists it fulfilled its obligations to AIfluence, making an initial 50 % down payment, then the remaining 50% once work was complete, on 25 October 2024. Still, with unpaid influencers complaining, OPPO filed suit alleging defamation and brand damage due to the agency’s failure. The earlier mentioned Flaqo, put it plainly: “How you both have handled the influencer team is absolutely disappointing and downright shameful.” OPPO insists it paid AIfluence in full and accused the agency of defamation for letting unpaid influencers tarnish its brand. Gregory Rockson, founder and chief executive of Ghanaian health technology firm mPharma, is stepping down after 11 years, the founder has revealed. He will transition to the role of Chairman of the board, while Chief Operating Officer Kwesi Arhin will be promoted to CEO, effective Sept. 1, 2025. The leadership change at one of Africa’s most prominent healthtech startups follows a period of significant restructuring, including a major round of layoffs and a strategic shift toward operational efficiency and new markets. Arhin, who joined mPharma in 2021 and most recently served as COO, will take the helm. His background in finance and global consulting is seen as aligning with the company’s renewed focus on a disciplined growth model. The move is a common transition for venture-backed startups, where founders move to a strategic board role as the company matures. The CEO change caps a volatile period for the company. In September 2023, mPharma laid off approximately 150 employees, which Rockson at the time linked to macroeconomic challenges and a severe devaluation of Nigeria’s currency. Months later, in January 2024, the company secured USD 13.6 M in new funding from investors, including the Sanofi Global Health Unit Impact Fund. That capital has supported a strategic pivot, including a recent push into Francophone Africa, where the company reported an annualised revenue run rate of USD 1.5 M within seven months. Founded in 2014, mPharma manages a network of pharmacies and clinics to improve access to affordable medicine. It has raised over USD 65 M to date and operates in several African countries, including Ghana, Nigeria, and Kenya. The Communications Authority of Kenya (CA) has announced its decision to revoke the licenses of 42 television stations. Citing a persistent failure to comply with regulatory requirements, the move signals a continued effort by the CA to enforce the provisions of the Kenya Information and Communications Act (Cap. 411). The stations have been given a seven-day notice to cease operations, with all broadcast resources reverting to the Authority. It is not clear when the licences will be revoked, because the statement was issued on August 22, but gazetted on September 12. So far, most of the TV stations listed are still in operation. The revocation, announced by CA Director-General David Mugonyi, is the latest in a series of actions aimed at sanitising the broadcasting sector. This follows a similar crackdown in 2024, when the Authority revoked the licenses of 75 TV and radio stations. The current list of affected broadcasters includes well-known outlets such as Mount Kenya TV, owned by politician Purity Ngirici and her husband; NAI TV, owned by renown media personality Jimmi Gathu; Wananchi TV, owned by Wananchi Group, which also owns ISP Zuku; Fanaka TV, owned by politician and former cabinet secretary Moses Kuria, and Metropol TV, owned by the parent company that also owns credit reference bureau Metropol. According to a statement from the CA, the reasons for the revocations are wide-ranging but centre on critical regulatory breaches. These include the failure to pay license fees, non-compliance with licensing conditions, and in some cases, a complete cessation of operations. The Authority maintains that these measures are essential to uphold broadcasting standards and ensure a fair and transparent media environment. The directive has raised concerns about the future of many smaller and independent media houses. For the affected stations, the immediate implication is a total shutdown of their operations, rendering them unable to broadcast or provide any services. For Zuku in particular, this will curtail one of their critical value-add services. While the affected stations have the option to appeal, the CA’s stance indicates that the path to reinstatement will be challenging. This action underscores the CA’s commitment to holding all broadcasters accountable, regardless of their size or reach. Here is the full list of affected stations: Apple Truth Television owned by Apple Truth Television Network LimitedMetropol TV owned by Comprehensive Business Media LimitedCorporate Media TV owned by Corporate Media CommunicationsDG TV owned by Dominion Generation LimitedDoxa TV owned by Doxa TelevisionDunamis KTV owned by Dunamis Television Network LimitedMasai TV owned by Enaang Maa TV LimitedEzra Christian TV owned by Ezra Christian TV LimitedFanaka TV owned by Fanaka Television LimitedFaith Estate TV owned by Fort Hall College LimitedTalent TV owned by Gates Africa Education TrustChampion TV owned by Heroes Communications LimitedILM TV owned by ILM Media LimitedNAI TV owned by JimmiGathu Incorporated LimitedThe Mirror Television owned by Jmax Media Services LimitedZiwa TV owned by Jusga Wanjira Construction LimitedKingdom Ambassadors TV owned by Kingdom Ambassadors Media GroupLimitedUboro TV owned by Kirinyaga Multimedia CollegeKokwo Television owned by Kokwo Radio International LimitedBulsho TV owned by Lufman Company LimitedManifestation TV owned by Manifestation TV LimitedMount Kenya TV owned by Mount Kenya Media LimitedLimited Pillar TV owned by Mt. Kenya Blessings CompanyTourism and Wildlife TV (Safari Channel) owned by Next Options Limited Ongatet owned by Ongatet Television NetworkMbugi TV owned by Outcom Media LimitedSafina Television owned by Safina T.V LimitedShakaal Television owned by Shakaal Media Network LimitedSugan TV owned by Sugan Media GroupTama TV owned by Tama Media Group LimitedSawa Television owned by Tano Entertainment NetworkThe Word Music TV owned by The Word Music LimitedSoko TV owned by Thirties Media LimitedThjiwe TV owned by Thstone Television LimitedTem TV owned by Triple Edge Media LimitedUkweli TV Kenya owned by Ukweli Sounds and Video LimitedValue TV owned by Valutel LimitedWananchi TV owned by Wananchi Television Network Limited009 TV owned by 009 Television LimitedAbility TV owned by Ability Channel LimitedAce TV owned by Ace Television LimitedSuperflex Television owned by Admerline Construction Limited Featured Image Courtesy: New Frame As the world accelerates toward cleaner energy and transport, Morocco is cementing its place on the global clean energy map with a landmark agreement to host Africa’s first battery gigafactory. Backed by a USD 5.6 B investment from China’s Gotion High-Tech, the project is set to transform the North African kingdom into a major supplier of batteries for electric vehicles (EVs) and renewable energy storage, a strategic leap for both Morocco and the continent. The gigafactory will be located in Kenitra, northwest Morocco, an industrial hub already home to major carmakers. Construction is underway, with production expected to begin in the third quarter of 2026. The plant’s first phase will deliver 20 gigawatt-hours (GWh) annually, enough to power hundreds of thousands of EVs. At full capacity, the factory is designed to reach 100 GWh, placing Morocco among the world’s largest producers of advanced batteries. With a total projected cost of USD 6.5 B, the gigafactory ranks among the largest industrial projects ever launched in Africa. The initial phase alone involves USD 1.3 B in investment and is expected to create 17,000 direct and indirect jobs. Over the course of five development stages, the project is expected to employ more than 10,000 workers directly. Unlike many assembly plants that depend on imported parts, the Kenitra facility plans to also produce cathodes and anodes, the critical components of lithium-ion batteries. This vertical integration reduces Morocco’s reliance on foreign supply chains and adds a layer of security and cost competitiveness that few other regions in Africa, or even Europe, can currently match. “This is not just about production capacity,” said Khalid Qalam, Gotion’s Moroccan director, who confirmed that earthworks are complete and construction is set to accelerate. “It’s about building an entire value chain in Morocco that serves Europe, Africa, and beyond.” For Morocco, the gigafactory is a strategic play. The country has spent the last decade diversifying beyond agriculture and textiles, and its automotive sector is already leading its exports, making it Africa’s leading car producer. In 2024, Morocco’s car industry posted record overseas sales of MAD 157 B (USD 15.7 B), cementing its place as the European Union’s top automotive supplier, surpassing China, Japan, and India. With Europe preparing to ban new fossil fuel cars by 2035, demand for EV batteries is surging. Morocco is uniquely positioned to meet that demand. Around 85% of the gigafactory’s output will be exported to Europe, offering the bloc a reliable alternative to Asian supply routes that have dominated the sector. The project also strengthens Morocco’s ties with global automakers already present in the country, including Renault and Stellantis, while opening opportunities to serve the fast-growing market for renewable energy storage in Africa and the Middle East. Overall, the factory aligns with Morocco’s national strategy to retain skilled talent, foster innovation, and reduce economic dependence on traditional sectors. By pivoting toward high-tech industries, Morocco is securing its position in the future global economy. The gigafactory underscores China’s deepening role in Africa’s industrial future. Gotion High-Tech, a leading battery producer, is spearheading the project, but it is not alone. Other Chinese companies, including BTR, CNGR, Hailiang, and Shinzoom, are investing heavily in Morocco’s battery and materials sector, setting up Morocco as a strategic hub for green technology in North Africa. For Beijing, this is part of a larger strategy: pairing infrastructure and industrial investment to reshape global clean energy supply chains. Morocco’s location just across the Mediterranean from Europe makes it a natural bridgehead for China’s ambitions. Meanwhile, China’s role in Morocco’s gigafactory is part of a wider push across Africa, where it has steadily expanded from railways and ports to energy and industrial projects in countries like Nigeria. The implications extend far beyond Morocco. By hosting Africa’s first battery gigafactory, the country is setting a precedent for how the continent can move up the value chain from exporting raw minerals to manufacturing advanced clean technologies. Ultimately, the Morocco-China partnership is more than an industrial deal. It is a symbol of a new era in which African nations are emerging as active players in the global energy transition. By anchoring the continent’s first battery gigafactory, Morocco has positioned itself as a bridge between Africa, Europe, and Asia in one of the century’s most strategic industries.

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We offer a wide range of carefully curated industry events that are catered to, and address diverse topics and insights pertaining to, the African private capital industry. Our broad range of virtual and in-person events include the Annual AVCA Conference, thematic summits, roundtables, briefings, capacity building programs, meetings, and networking receptions  – providing a platform for industry players to engage in meaningful dialogue, connect with peers, and exchange ideas. We are committed to fostering an environment of collaboration and innovation within the industry, and our events play a vital role in achieving this goal. Watch the highlights from the 18th Annual AVCA Conference gathering 600+ delegates in Dakar. View AVCA Conferences and Summits >> African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

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Ventures Game changing startups. Investors A network of capital. Upcoming Programs Overview of opportunities. Mentorship Marketplace Find mentors or become one. Startup Academy Online courses and learning materials. Blog Startup related news. What is VC4A? Our thesis and background. Our Team The VC4A team. Consulting VC4A for business. Hosted Communities Dedicated communities on VC4A. FAQs Frequently asked questions. “Following my time as a mentor to Kais for the VC4A Venture Showcase Series A, we have concluded a transaction, and Newtown Partners is now an investor in Fulfilment Bridge.” “The Venture Showcase was incredibly helpful; we secured investment from an investor we met at the program’s kickoff in Bogota. This sparked more interest in our startup and helped us close our round.” “We have successfully closed the round of $3M. This couldn’t have been possible without the support from the VC4A team.”

Africa Money and DeFi Summit West Africa Africa Money and DeFi Summit West Africa The Africa Debate - UAE African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

Ventures Game changing startups. Investors A network of capital. Upcoming Programs Overview of opportunities. Mentorship Marketplace Find mentors or become one. Startup Academy Online courses and learning materials. Blog Startup related news. What is VC4A? Our thesis and background. Our Team The VC4A team. Consulting VC4A for business. Hosted Communities Dedicated communities on VC4A. FAQs Frequently asked questions. “The course taken and expert-led conversations as well as experiences shared with my fellow participants have provided me great insights and ways to navigate the space, I almost feel like a pro.” “MDC program taught me about setting clear expectations at the start of the mentoring journey but making sure that the Mentee takes responsibility. I’m now thinking of becoming an angel investor myself” “The mentorship program with VC4A and Challenge Fund was fantastic. I mentored on fundraising, portfolio management, and market strategies.”

We can support your reporting with the highest quality intelligence about the global startup market. We provide select media partners with free access to Dealroom premium, granting you the same data used by the top venture capital investors, corporates, governments, and entrepreneurs around the world. Contact us on [email protected] to learn more about our complimentary Dealroom Media Package. Want to learn more about how Dealroom can support your reporting? Check out our recent reports to see how our data fits into world-class research. Discover the world’s most promising startups & scaleups before they are on everyone’s radar. Unlimited access to the most comprehensive startup & scaleup database of 2 million+ organizations from startups to unicorns. Our coverage is global, with a European perspective. We work closely with key strategic partners in every major tech hub around the world. Our local government partnerships form an interconnected network, sharing data & knowledge. These win-win partnerships give Dealroom access to unique data and are possible thanks to an API-first approach.

We provide a diverse range of in-person professional development courses targeted at private capital practitioners in Africa including generic private capital, venture capital, private equity, legal agreements and ESG masterclasses. African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

Ventures Game changing startups. Investors A network of capital. Upcoming Programs Overview of opportunities. Mentorship Marketplace Find mentors or become one. Startup Academy Online courses and learning materials. Blog Startup related news. What is VC4A? Our thesis and background. Our Team The VC4A team. Consulting VC4A for business. Hosted Communities Dedicated communities on VC4A. FAQs Frequently asked questions. Use your email or social account to get started Email address Password

Written by: Terms of Service We are Dealroom.co. We offer an unrivalled global dataset on technology companies and investors. We offer you access to the data on our platform https://dealroom.co (Platform) via software-as-a-service (SaaS). We also offer access to our application programming interface (API) to embed the Dealroom.co data in your internal system. These terms of service (Terms) apply to all of our services, including the use of our Platform, API or any custom research services (Services). When we refer to you in these Terms, we mean you as our client. If you have any questions about the Terms, please contact us at [email protected]. Summary We boiled the full Terms down to the following summary. This should give you a quick understanding on how we operate and what we expect of you when using our Services. We divided the summary in an ‘About us’, ‘Do’s’ and ‘Don’ts’. Please note that the entire set of Terms are applicable to our relationship and prevails over this summary. About us We are an intelligence Platform that sources information to and from users, clients, public and private (licensed) databases. On our Platform you can view intelligence on start-ups, innovation, high-growth companies, ecosystems and investment strategies. The Platform also contains personal data. We process the personal data in a way that is legitimate, necessary to fulfil the purpose of our Services, and compliant with the GDPR. Do’s Don’ts Section 1 – Introduction 1. How we work 2. Our Services 3. No endorsements and no commercialisation 4. Other Section 2 – General terms 5. Handling of personal data 6. Pricing 7. Payment and Collection Charges 8. Termination 9. Non-competition 10. Availability and maintenance 11. Third parties 12. Force majeure 13. Intellectual property 14. Non-disclosure 15. Liability 16. General Section 3 – SaaS specific terms 17. Use of Platform – free and premium accounts 18, Viewing and exporting data – license agreement 19. Contributions Section 4 – API specific terms 20. Use of the API 1. How we work 1.1.  We are an intelligence Platform that sources information to and from users, clients, public and private (licensed) databases. 1.2.  Dealroom.co employs (data) analysts that make contributions to the Platform as well. 1.3.  This multi-tiered way of sourcing data makes the data more robust generally, however, we cannot guarantee the correctness or completeness of data at any time. 2. Our Services 2.1.  The articles under SECTION 2 – GENERAL TERMS apply to you if you use any of our Services. 2.2.  In order to use our Platform, you must make an account on our website. We offer free accounts and premium accounts. The articles under SECTION 3 – SAAS SPECIFIC TERMS only apply to you if you have an account to our Platform. 2.3.  In order to use our API, you must enter into an API license agreement with us (API Agreement). The articles under SECTION 4 – API SPECIFIC TERMS only apply to you if you have entered into an API Agreement with us. 2.4.  For some Services it is required that you enter into an additional agreement with us. Any agreement between you and Dealroom.co (including the API Agreement) is referred to as an Additional Agreement. 2.5.  If you have entered into an Additional Agreement to use our Services, and any inconsistency between these Terms and the Additional Agreement occurs, the Additional Agreement prevails. 3. No endorsements and no commercialisation 3.1.  Dealroom.co does not give any (investment) advice, recommendations or endorsements about specific data, companies, people or organisations. Any (business) decision taken with use of data provided by us is wholly at your own responsibility and we will not be liable for it. 3.2.  Any (direct or indirect) damage due to missing revenue, loss profit, or otherwise cannot be recovered from Dealroom.co. As mentioned in article 1.3, we cannot guarantee the correctness or completeness of data at any time. Any damage resulting from a misrepresentation of data can therefore not be recovered from Dealroom.co. 3.3.  The data shown to you is for personal and/or your internal business purposes only. You may use the data to further your business, find investors or otherwise educate yourself. However, you may not in any way commercialise, share, copy, extract, or sub-license any of the data whether the data is shown on the Platform, obtained through the API or obtained or viewed in any other way. 4. Other 4.1.  Any proposal or offer made by us to you is non-binding, unless expressly agreed otherwise. 4.2.  An offer or proposal only applies to the Services specified therein. 4.3.  When you provide us with certain information, we may assume that the provided information is correct, complete, and up to date, and we will base the proposal on that information. If you have provided us with false, incomplete or misleading information we have the right to adjust the terms in the Additional Agreement. 4.4.  Dealroom.co shall execute its Services to the best of its knowledge and abilities and according to the requirements of professional practice. 4.5.  If a Service specified in an Additional Agreement requires change, we shall negotiate the required changes and agree on them in writing. Dealroom.co may raise or lower offered prices in such cases. 4.6.  The provisions in these Terms apply to our Services where possible. 5. Handling of personal data 5.1.  The Platform contains information on parties and people involved in the start-up and scaleup ecosystem including (their) personal data. Dealroom.co made an assessment of any and all personal data it processes through the Platform and concluded that all such processing of personal data (from obtaining such data up to providing you with this data in the Platform) is legitimate, necessary to fulfil the purpose of our Services, and compliant with the EU General Data Protection Regulation (GDPR). For further details on the legal basis of our processing as well as your rights as a data subject we refer you to our Privacy Policy and Legitimate Interest Statement, which you can find on our website. 5.2.  When you use the Platform or API, you will undertake to protect any personal data diligently, in accordance with the principles set out in article 5.1 above and pursuant to applicable national laws and regulations and pursuant to the GDPR. We point out to you that you are responsible to assess whether any such processing is legitimate, necessary and compliant with the GDPR prior to any such actual processing of personal data. Possible limitations to intended processing of certain personal data may differ from user to user, and are the sole responsibility of every individual user. You are responsible and liable (towards the data subject) for any unlawful processing of and safeguarding and protecting all personal data. Nothing is these Terms, the license, in any Additional Agreement or otherwise agreed between you and Dealroom.co waives or limits this responsibility. Dealroom.co will cooperate with you and assist you if you have any questions regarding your intended processing of personal data subject to your license. If you exported or published any personal data that originated from the Platform or API, such extract of publication may trigger requests from data subjects to alter or remove their personal data. Any request from data subjects to remove personal data shall be handled in accordance with the GDPR on the shortest possible term and you will inform Dealroom.co as soon as possible. If the security of the personal data has been or may have been compromised in any way, including but not limited to a data breach, you will immediately inform Dealroom.co hereof if any personal data derived from or originated from the Platform or API has been or may have been concerned. 5.3.  If your license to use our data is ended, you must delete all personal data that you have obtained through our Platform or API. If the personal data is used within your organisation you must make sure that the personal data is deleted in your organisation. You must send proof of the deletion to Dealroom.co. 6. Pricing 6.1.  Offered prices do not include possible expenses or any taxes or levies imposed by relevant authorities. All offered prices are based on the exchange rate in force at the time of signing the Additional Agreement. All deviations of the price due to a change in the exchange rate are for your account. 6.2.  We have the right to adjust our prices at any given time. The new price will then be applicable after its announcement. 6.3. We will increase the price charged for the services by 7% (seven percent) for every renewal term. Unless the customer price index rate, as confirmed by the Dutch statistics authority (Centraal Bureau voor de Statistiek) exceeds 7% (seven percent) for the year previous to the renewal date in which case Dealroom will increase the price with the customer price index rate %. 6.4. In case you do not agree with the proposed change of price, you have the right to cancel the Service within 30 days after the announcement. Your account or the Additional Agreement will then terminate on the day the new prices become applicable. 7. Payment and collection charges 7.1.  Payments shall be made in advance. We will send you an invoice for the next year with a payment term of 30 days after the invoice date, unless we have agreed otherwise in the Additional Agreement. 7.2.  If a payment is due, and you have failed to meet your payment obligation, you will automatically be in default. A default notice is not required. 7.3.  Payments are non-refundable. 7.4.  Complaints about our Services shall not suspend a payment obligation. 7.5.  In case of default: 8. Termination and effect of termination 8.1.  You cannot terminate an Additional Agreement during the contract term, unless it is explicitly stated otherwise in the Additional Agreement. The contract term is specified in the Additional Agreement. 8.2.  You may terminate your account to our Platform at any time, after which it will not be accessible to you anymore. 8.3.  Termination of your account will have the following effects (unless otherwise agreed between us in writing): 8.4.  If you have a premium account or another paid account, termination of your account will have the following effects in addition to article 8.3 (unless otherwise agreed between us in writing): 8.5.  The API Key (defined in article 20.4) will be blocked after termination of an API Agreement. 8.6.  After termination, any data obtained by you remains subject to these Terms and specifically article 5, 15 and 18. 9. Non-competition By accepting these Terms, you undertake not to engage in, initiate, take part, advise on, be employed by, or be involved in setting up or supporting a company or organisation in any way that competes with the activities of Dealroom.co. Should you have any hesitation on whether an activity is competing, please contact us. 10. Availability and maintenance 10.1.  We shall ensure that the Platform and the API are available for use for the entire duration of an Additional Agreement. We shall do our best to keep the Platform and the API up and running 24 hours a day, 7 days a week. 10.2.  Our technical support team is available on weekdays, excluding Dutch national holidays, from 08.30 am to 17.00 pm CET. 10.3.  We are responsible for the functioning and maintenance of the Platform and the API. During maintenance, the Platform or the API may be unavailable. Maintenance will, as a matter of principle and on a best effort basis, not take place during office hours. 10.4.  We have the right to change the software operating the Platform or the API. This includes, but is not limited to, changing, modifying, removing or adding certain features or functionalities of the software. 10.5.  We can modify the API or API documentation from time to time to recover faults or to improve functionalities. If a modification changes the technical interface, we shall disclose this at least 7 days upfront. 10.6.  We do not guarantee that the software for operating our Services are completely free of error. Please inform us immediately of any errors, bugs or malfunctions of the software. We will then do our utmost best to resolve your problem as quickly as possible. 11. Third parties We have the right to employ third parties to partially perform our duties, if we are of the opinion that this is necessary for the due exercise of our Services. 12. Force Majeure We are not liable for any damages in case of force majeure. If the force majeure takes place for a period that exceeds 60 days, the Additional Agreement can be terminated in writing. In that case, you are (in derogation of article 8.4) not liable for payments which would become due under the Additional Agreement after the force majeure period. Further, in that case, you have no right to recover damages. 13. Intellectual property We (or our licensor or suppliers) are and remain the exclusive owners of all existing and future intellectual property rights, such as database rights, copyrights, trademarks, design rights, patents, source codes and know-how, which already exist or will arise during the time that you use any of our Services in relation to our software or Services or any fruits thereof. The approved licensed use is in no way, nor may in any way be interpreted as a transfer or grant of rights to you. If any additional rights of intellectual property would somehow arise from using the Platform or Services and inadvertently vest in you, you shall upon first request execute any and all documents to unconditionally transfer such rights to us at no charge. 14. Non-disclosure Dealroom.co and you shall keep Confidential Information confidential unless it is required by a statutory or professional obligation to disclose it. Confidential Information includes in any case: 15. Liability 15.1.  Unless otherwise agreed in writing between you and Dealroom.co, any data offered via the Platform or API is offered “as-is” and “as-available”. Dealroom.co makes no representation or warranty of any kind with respect to the data. 15.2.  We are not liable for any lost profits or lost income. Using the data obtained through the Platform or API is at your own responsibility and risk. Any business or investment decision based on information or data included on our Platform or obtained through our API is entirely your own and your sole responsibility. 15.3.  You indemnify and keep us indemnified for all claims (by third parties) including but not limited to fines, costs, damages, etc relating to any use of the Services. This includes but is not limited to claims relating to the (personal) data that you have collected, saved or processed via our Platform or API. We are not liable for the content of the (personal) data that you have collected, saved or processed within the framework of our Platform or API, not for any reports, conclusions or other representation you make based on data of our Platform. 15.4.  We are not liable for any damage which is caused by inadequate use of our Platform or API. 15.5.  We are not liable for data loss unless it is proven that the loss was caused by gross negligence by Dealroom.co. 15.6.  For other damages, if any, is our liability limited to a maximum sum of the lower of (i) EUR 25.000, or (ii) the value of the Additional Agreement. 15.7.  All claims and defences against us shall lapse 3 months after you have become aware of a fault in our Services and not reported it. 15.8.  The limitations set out in article 15.6 do not apply if damage is the result of wilful misconduct or gross negligence from our side. 16. General 16.1.  These Terms shall apply for as long as you have an account with us or for the duration of an Additional Agreement and for as long as necessary to wind up your account (of the Additional Agreement) and thereafter if and for as far as the nature of a term justifies this. 16.2.  These Terms may be altered from time to time to adjust to new best practices, laws or regulations. We shall inform you of such alterations after which notification the new Terms shall automatically replace the current Terms. 16.3.  The invalidity or unenforceability of any provision of these Terms shall not affect the validity or enforceability of any other provision of these Terms. Any such invalid or unenforceable provision shall be replaced by a provision that is considered to be valid and enforceable and which’ interpretation shall be as close as possible to the intent of the invalid provision. 16.4.  Each party waives its rights to partially rescind or annul, or to invoke the rescission or annulment of these Terms. 16.5.  Dealroom.co may assign or transfer or purport to assign or transfer any of its rights or obligations under these Terms or an Additional Agreement without your prior written consent. 16.6.  You are not allowed to assign or transfer any rights and obligations under our Services, these Terms or an Additional Agreement without prior written approval of Dealroom.co. 16.7.  These Terms are exclusively governed by the laws of the Netherlands and in case of any dispute the court of Amsterdam shall have exclusive jurisdiction. 17. Use of Platform – free and premium accounts 17.1.  Every human may register at our website for an account. Bots are not allowed and will be banned if detected. We offer free and premiums accounts. 17.2.  You are responsible for choosing the correct identifiers, such as your email address and choosing a strong password. 17.3.  We will ensure that your account data, will be stored safely. 17.4.  You may only create one personal account. Sharing your account details inside or outside your organisation is not allowed. Your account may be blocked without notification if detected. 17.5.  You are responsible for all activities on or from your account after it has been logged into. If you have lost access for some reason or suspect that your account has been compromised, you should report this to us as soon as possible after becoming aware of it. 17.6.  We have the right to (temporarily) block accounts. We only do this in case we have reasonable belief that one or more accounts are used in a matter that is or risks being against the law, contrary to a provision of these Terms or against the integrity of our data or Services. Furthermore, we have the right to take any other reasonable measures we deem adequate, taking into account the circumstances at hand. 17.7.  Scraping of data, or excessive usage, whether by humans or bots is not allowed and your account may be blocked if detected. 17.8.  We may change or limit the number of data points or records shown to users with a free account without notification. 17.9. For organisations that have multiple accounts, the above applies in similar terms to the organisation. In addition, the organisation shall have the responsibility to ensure compliance of their employees with these Terms. 18. Viewing and exporting data – license agreement Free account 18.1. The data shown to you via the Platform is for personal use only. You may use the data to further your business, find investors or otherwise educate yourself. As a user, you are granted a limited, non-exclusive license to use our software and the data shown on the Platform. Premium account 18.2.  With a premium account, you may export a certain number of data rows or records from our Platform. The exact number of records is stipulated in an Additional Agreement with us. The agreed number of records may be used during your subscription period after which they will lapse automatically. If you do not (fully) use the records during the subscription period, you do not have the right to be compensated. 18.3.  When you export data, this is covered by these Terms and especially by the following terms of licence, provided by Dealroom.co to you. This license to use data is: 18.4.  Under the licence you may at your sole responsibility and liability (limitative summary): 18.5.  The following is among other things prohibited under the license. You may not (non-limitative summary): 18.6.  When using data obtained from the Platform, in whatever form, you must include the following statement: “This publication is based on data we have obtained from Dealroom.co. The use and interpretation of such data, as well as the conclusions, advices or other application or implementation hereof are made by [name company] and are our sole responsibility.”. 19. Contributions 19.1.  You may under certain circumstances contribute data to our Platform (Contributions). 19.2.  By making a Contribution you will grant Dealroom.co a non-exclusive license to use any data included in your Contribution. This license is free of charge, irrevocable, worldwide, without limitation, sub-licensable and transferable and thereby offers no limitation of use by Dealroom.co whatsoever. It is explicitly allowed to use any Contribution for the benefit of our services in the broadest sense and includes your Contribution in our Services. Dealroom.co hereby accepts such license in advance as a right, but not an obligation to use such Contribution(s). 19.3. Any Contribution must: 19.4 You fully indemnify Dealroom.co for any (third party) claims, costs or damages which may be caused by or arise from any use of the Contribution made by you to the Platform. All expenses and damages made by us in this context shall be borne by you. 19.5 Contributions are verified by both human analyst and by AI tools. We may remove, change, refuse any Contribution without prior notification. 19.6 Any Contribution made by you may be saved, removed or changed by us. We have no obligation to notify you of a removal of or change to your Contribution. Nor do we have the obligation to make you Contribution available to you after you have terminated your account. 20. Use of the API 20.1. In order to get access to the API, you must enter into an API Agreement with us. 20.2.You must require any end-users using the API to comply with the applicable laws and regulations, these Terms and the API documentation. In the event of a conflict between the API documentation and the Terms, the Terms shall prevail. 20.3.A maximum number of calls per second is agreed in the API Agreement (Limit). If you would like to use the API beyond the Limit, you must obtain our written consent. Exceeding the Limit can result in a (temporary) access limitation to the API. 20.4. A key is required to use the API (API Key). You will receive the API Key after you entered into an API Agreement with us. Each API call must be accompanied by your API Key. 20.5.You may only use the API to embed Dealroom.co data in your internal systems. 20.6.You are not allowed to: 20.7. We have the right to block your API Key if we notice that you violate article 20.6. Interested? Blog 21 July, 2025 In May 2025, we published the Global Tech Ecosystem Index, a benchmark covering 288 cities across 69 countries, alongside a live dashboard to explore the underlying data. The goal: to… Europe, France, United Kingdom 13 June, 2025 Paris is a bigger tech ecosystem than London. “If you torture the data, it will tell anything you want to hear” says ⁦@drnovac⁩ — Hussein… Blog 19 May, 2025 Here’s a guide to some of the key terms used across Dealroom research and in the data platform. Companies Startup “A startup is a company designed…

Endorsed by the Chamber of Corporate Trustees of Ghana | Sponsored by British International Investment (through the Ghana Investment Support Program – GhISP)｜Certified by CPD The Chamber of Corporate Trustees of Ghana, British International Investment and AVCA invite applications for the Knowledge Exchange Initiative. This programme aims to support African institutional investors with the foundational knowledge of the asset class, practical skills, insights and access to peer investor expertise to navigate the risks and rewards of allocation to Africa-focused fund managers. The Initiative comprises separate programmes across multiple African countries. The Ghana cohort will include up to 40 delegates including corporate trustees, pension fund managers and public sector trustees. TRACK A20 spaces reserved for senior investment professionals of corporate trustees and pension fund managers. TRACK B20 spaces reserved for Ghanaian independent and public sector trustees, and (non-C-suite) corporate trustees and pension fund managers. African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

Partner Sequoia Capital CEO and Co-Founder Chime Founder & Former CEO Discord General Partner Andreessen Horowitz CEO Gil & Co Chief Product Officer Netflix Co-Founder & CEO Box Co-CEO Waymo Founder & CEO Flexport Founder, MIRROR, and CEO Board Captain of Moonshots X, The Moonshot Factory Co-Founder and Chief Science Officer Hugging Face

👀 We just launched our WhatsApp channel. Want to get the latest news from the Tech in Africa? Join here → Email address: Don't worry, we don't spam The hottest and most popular news, stories, interviews, press releases and opinions about startups, entrepreneurs and new technologies in Africa. Email address: Don't worry, we don't spam © 2016-2020 - Tech in Africa - Startup news, stories and interviews from in Africa Username or Email Address Password Remember Me Enter your account data and we will send you a link to reset your password. Username or Email Address Public collection title Private collection title Here you'll find all collections you've created before.

👀 We just launched our WhatsApp channel. Want to get the latest news from the Tech in Africa? Join here → Email address: Don't worry, we don't spam The hottest and most popular news, stories, interviews, press releases and opinions about startups, entrepreneurs and new technologies in Africa. Email address: Don't worry, we don't spam © 2016-2020 - Tech in Africa - Startup news, stories and interviews from in Africa Username or Email Address Password Remember Me Enter your account data and we will send you a link to reset your password. Username or Email Address Public collection title Private collection title Here you'll find all collections you've created before.

This series provides an exclusive look at the latest trends in African venture capital, offering insights into regional dynamics, sector-specific shifts, and the key areas driving investment across the continent during the first half of 2025. Kindly complete the form to access the full report. If you have any questions or comments, please don't hesitate to reach out to research@avca-africa.org Download & Share With Your Network 🌱 Surge in Seed Activity Anchors Market Recovery The ecosystem is reflating from the bottom up. Seed rounds led the recovery in H1 2025, with deal count rising  30% YoY. Comprising one-third of all deal activity, the Seed stage contributed 80% of the net increase in total volume this half-year. Overall, venture deal volume grew 11% compared to H1 2024, while deal value rose 38% YoY, with capital raised split evenly across Q1 and Q2 2025. View the full Q2 2025 Venture Capital Activity in Africa Report by AVCA: https://bit.ly/40IFYiV 🚀 Early-Stage VC in Africa: A Mixed Bag Despite a 14% dip in deal volume, Africa’s Early-Stage market segment saw a 32% jump in deal value during H1 2025, bolstered by standout deals like: Meanwhile, late-stage remains quiet, with just one deal thus far in 2025: Is this a slow burn or a sign of change ahead? All eyes on H2. View the full Q2 2025 Venture Capital Activity in Africa Report by AVCA: https://bit.ly/40IFYiV ⚡ CleanTech and AI Join Fintech in Top Tier of African VC Tech Verticals Clean & ClimateTech and AI each claimed roughly one-fifth of deal volume in H1 2025, consolidating their positions alongside FinTech as Africa’s top tech verticals. CleanTech continues to attract capital amid rising demand for cleaner, more resilient energy systems. AI’s ascent reflects growing adoption of sector-agnostic tools that enhance productivity, decision-making, and service delivery. View the full Q2 2025 Venture Capital Activity in Africa Report by AVCA: https://bit.ly/40IFYiV 🌍A Shift in Africa’s Regional VC Map View the full Q2 2025 Venture Capital Activity in Africa Report by AVCA: https://bit.ly/40IFYiV 📈 Venture Debt Hits Record High in H1 2025 as Value Doubles Despite Fewer Deals H1 2025 saw a continued upward trajectory in Africa’s venture debt market in H1 2025, achieving a new record for half-year deal value even as deal activity softened. Total venture debt value more than doubled the total recorded in H1 2024.   This performance was anchored by a particularly strong Q2, which marked the first time that venture debt outpaced venture capital funding within a single quarter. View the full Q2 2025 Venture Capital Activity in Africa Report by AVCA: https://bit.ly/40IFYiV African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

Actionable economic research to help unlock sustainable private investment in Emerging Markets. Learn how emerging markets are leading green tech trade, reducing pollution, cutting emissions, and creating opportunities for investors! How Private Capital—By and For Women—Can Be Good for Business Learn how private equity and venture capital can drive funding to women-owned and -led businesses by having more women at the investment decision-making table. Trade Finance in Central America and Mexico Expanding access to low-cost trade finance could boost goods trade as much as 9 percent in Guatemala, Honduras, and Mexico, new joint research from the International Finance Corporation and World Trade Organization finds. Financing Firm Growth: The Role of Capital Markets in Low- and Middle-Income Countries Discover how equity and bond markets foster growth in developing economies, contributing $4 trillion in capital and generating 5 percent more jobs over three decades. Emerging Market Green Bonds 2024 The seventh edition of the IFC-Amundi Green Bond report shows green, sustainability, sustainability-linked and social (GSSS) bond issuance hit a record $1 trillion in 2024, a 3 percent advance on the previous year. Digital Opportunities in African Businesses African firms seeking to increase their use of technology face a number of challenges including a higher cost of adoption compared with other regions. A new book by IFC researchers highlights what can be done to enable African businesses to take full advantage of digitalization, from investing in new infrastructure to funding tech startups. Each CPSD examines a country's business environment and analyzes key sectors where private investment could drive growth with the right policies and regulations. Research notes tracking investment and business trends in emerging and developing countries. April 1-2, 2025 January 22-23, 2024 January 23-24, 2023 December 14-15, 2022 Read bio Read bio Read bio Read bio Read bio Read bio Read bio Read bio Read bio Read bio Read bio Read bio

IFC’s evaluations aim to articulate credible and comprehensive development impact results of our activities, ensure accountability to our many stakeholders, add value to our clients, and inform strategy and operations within IFC and beyond. IFC’s evaluations are closely linked to both our monitoring and knowledge systems, allowing us to demonstrate how our work contributes to economic growth. For example, we look at the impact our projects have on creating jobs and providing services, both of which are critical pathways for achieving the World Bank Group’s twin goals of eradicating extreme poverty and boosting shared prosperity. IFC evaluative thought leadership adds a wider value to the community of Development Finance Institutions on the impact of private sector investments. It also contributes to potential ex-ante impact consideration for new investments in developing, fragile, and conflict-affected contexts. Our work complements evaluations conducted by the Independent Evaluation Group, which reports directly to the Board of Directors.

The Africa Money and DeFi Summit series, connects industry leaders from the African fintech and crypto industries with international players. Network and do business with leading companies in decentralized finance (DeFi), payments, crypto, Web3, digital lending, FX, digital identity, cybersecurity, insurtech, mobile money, investors, start-ups, regulators and industry stakeholders. Engage with leading investors, funds, and VCs focused on Africa’s fintech sector. Gain insights from global institutions Connect with top tech firms, mobile operators, and fintech pioneers. Explore partnerships with scaling startups and high-growth ventures across Africa. Network with key stakeholders shaping Africa’s digital economy. Leading tech investors, VCs, and funds Multilateral institutions and development finance leaders High-growth startups from across Africa Mobile and telecoms executives Fintech and banking disruptors International businesses investing or expanding into Africa African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

16 September 2025 - Metier, through its Capital Growth Fund III (“MCGF III”), has partnered with Watu Group (“Watu”), a non-deposit taking microfinance institution (“MFI”) focused on financing income-generating assets for underserved communities across Sub-Saharan Africa. Founded in 2015, Watu has grown into one of the region’s leading MFIs, with a strong presence in Kenya, Uganda, and Tanzania, and expanding operations in Rwanda, Sierra Leone, the Democratic Republic of Congo, Nigeria, and South Africa. Watu’s mission is to meaningfully improve employment and economic opportunity for individuals facing the greatest barriers to accessing financial services. Watu provides financing for income-generating assets, supporting access to mobility (2/3-wheeler ICE and electric vehicles) and connectivity (smartphones) assets for underserved and underbanked communities. The company employs over 2,800 people with more than 1.4 million active clients. Peter Rowse, Principal of Metier said that “Watu represents a compelling opportunity to support a high-growth, impact-driven business that is transforming access to finance across Africa. Their tech-enabled credit model, diversified product offering, and strong execution track record aligns well with our investment philosophy. We are excited to partner with Watu’s leadership team to accelerate their growth and deepen their impact in the region.” Andris Kaneps, founder of Watu, commented “We are proud of the journey Watu has taken – from a single-country startup to a pan-African platform empowering over a million clients. Partnering with Metier marks a significant milestone in our growth story. Their strategic support and access to capital will help us scale our operations, strengthen governance, and unlock new opportunities to serve our communities better.” Watu is the fifth portfolio company of MCGF III, which had its final close at over $219 million of capital in 2024, exceeding its targeted fund size of $200 million. The Fund has a geographic focus on Sub-Saharan Africa and is expected to make eight to twelve equity and equity-related investments into mid-market companies with strong growth features that can make a meaningful impact on the African continent. African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

Multi-specialty virtual care clinic leveraging proprietary technology to cost-effectively care for patients at risk of diabetic foot ulcers. Render provides a unified cloud for developers and teams to host all their applications, databases, and websites. Vurb is a local app helping consumers find local things to do and letting them save their ideas. geCKo Materials produces a Dry Adhesive (gMDA) with its impressive properties: ultra-strong (120 kPa shear strength); reusable (120,000+ cycles of attachment and detachment); broad temperature range resilience (-115°C to +350°C); low profile (300-800 microns thick); and importantly extremely low footprint; sustainable; non-toxic; and eco-friendly. The luna app is an AI-driven health and wellbeing companion for teens – the first of its kind, empowering 100k+ members (and their parents) globally. MabLab is building at-home rapid tests to screen for laced drugs and spiked drinks. Stitch3D offers a SaaS platform for hosting, processing, viewing, analyzing, and sharing large volumes of LIDAR point cloud data, all in a real-time collaborative 3D viewer.

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2024 was a challenging year for private capital investors across the world. Despite the global macroeconomic headwinds, AVCA data shows that African fundraising and dealmaking were resilient last year. For example, while most regions in the world saw falls in deal volumes, there was an 8% increase on the numbers of deals made on the continent. Verod, a leading investor in businesses across West Africa, contributed to this total. In 2024, Verod backed three exciting companies: i-Fitness, the fastest-growing gym chain West Africa; Prime Pharmacy, a retail pharmacy chain increasing access to essential medical products in Ghana; and Moniepoint, which supports financial inclusion for SMEs and individuals in Nigeria and processes over 1 billion transactions every month. Investing in impactful businesses such as these is essential in achieving the UN Sustainable Development Goals (SDGs) and filling the staggering $1.3 trillion annual financing gap for meeting the SDGs. In its Impact Report 2024, Verod shares the steps it is taking to support the Goals. The publication demonstrates tangible progress across its key areas of impact: gender equity, job quality and climate action. Championing gender equity A recent IFC study of 2,000 emerging market private equity and venture capital investments found that just 13% of the roughly $40 billion total went to female-led firms. Meanwhile, companies led by women received 35% less on average than their male-led counterparts. Verod is actively addressing gender equity in its investments. In 2024, Verod’s Fund III became the first private equity fund globally to be awarded a ‘Best-in-Class’ 2X Global Certification – recognition of its leadership in advancing gender equity within the private capital ecosystem. Verod also works with portfolio companies to enhance their approaches to gender. For example, with Medplus, Nigeria’s largest retail pharmacy chain, the Verod team developed and implemented a tailored gender action plan to help women develop their careers at the company. These initiatives resulted in increased professional development opportunities, alongside expanded training budgets. Driving quality job creation With Africa’s population predicted to double by 2070, it is vital that private capital investors focus on supporting quality jobs. This is especially true in Nigeria – a focus market for Verod – which is expected to become the world’s third most populated country over the next 25 years. Verod continues to support its partner companies to implement initiatives that prioritise employee wellbeing, skills development and fair labour practices. In 2024, Verod launched its proprietary People Practice Handbook’ – an innovative tool designed to help businesses embed industry-specific best practices that elevate job quality. Stepping up on climate African countries are disproportionately affected by climate change – despite only being responsible for a fraction of global greenhouse gas emissions. With this in mind, businesses across the continent need to take steps to ensure they can respond to the climate crisis. Verod aims to build climate resilient businesses that unlock low-carbon growth for sustainable development. In 2024, the firm ramped up its climate mitigation efforts by providing technical support to portfolio companies Emzor (a pharmaceutical manufacturer) and Pan African Towers (a telecoms infrastructure provider), enabling both to significantly reduce their carbon footprints. Climate action is now firmly integrated into Verod’s investment strategy. Looking ahead With the global macroeconomic tremors that began being felt in 2024 still persisting, Verod remains resolute in its mission to support long-term growth across Africa. The firm is preparing to launch Fund IV, which will represent a strategic expansion into the Francophone region. This next chapter will see Verod deepen its climate focus and strengthen collaborations with local investors to align capital with Africa’s most urgent development priorities. “The need for sustainable impact in Africa is greater than ever, and we will continue to step up our efforts,” said Danladi Verheijen, Managing Partner at Verod. “We are committed to mobilising capital for impact and building a prosperous, inclusive and resilient future. There will be challenges ahead but our conviction has never been stronger.” To learn more about Verod’s approach and read the Impact Report 2024 African Private Equity and Venture Capital Association37 North RowLondon W1K 6DHUnited Kingdom

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Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji Emmanuel Oyedeji

Latest AI Amazon Apps Biotech & Health Climate Cloud Computing Commerce Crypto Enterprise EVs Fintech Fundraising Gadgets Gaming Google Government & Policy Hardware Instagram Layoffs Media & Entertainment Meta Microsoft Privacy Robotics Security Social Space Startups TikTok Transportation Venture Staff Events Startup Battlefield StrictlyVC Newsletters Podcasts Videos Partner Content TechCrunch Brand Studio Crunchboard Contact Us Ivan covers global consumer tech developments at TechCrunch. He is based out of India and has previously worked at publications including Huffington Post and The Next Web. You can contact or verify outreach from Ivan by emailing im@ivanmehta.com or via encrypted message at ivan.42 on Signal.

Latest AI Amazon Apps Biotech & Health Climate Cloud Computing Commerce Crypto Enterprise EVs Fintech Fundraising Gadgets Gaming Google Government & Policy Hardware Instagram Layoffs Media & Entertainment Meta Microsoft Privacy Robotics Security Social Space Startups TikTok Transportation Venture Staff Events Startup Battlefield StrictlyVC Newsletters Podcasts Videos Partner Content TechCrunch Brand Studio Crunchboard Contact Us Reporter, Africa, TechCrunch Tage Kene-Okafor is a reporter at TechCrunch based in Lagos, Nigeria, covering the intersection of startups and venture capital in Africa. Tage reported on the same beat for Techpoint Africa. You can contact or verify outreach from Tage by emailing tage.techcrunch@gmail.com or via encrypted message at +234 808 219 2449 on WhatsApp.