Author: Tapiwa Matthew Mutisi

OpenAI, the creator of ChatGPT, has just completed an unprecedented venture capital funding round. The company has declared that it secured $6.6 billion in investments, resulting in a post-money valuation of $157 billion. Thrive Capital, a returning investor, spearheaded the round, which has elevated OpenAI’s total funding to $17.9 billion,…

The French media conglomerate Canal+ has emerged from a period of quiet maneuvering to make significant strides towards the full acquisition of South Africa’s broadcasting giant, MultiChoice, in a landmark R30 billion transaction. Canal+ has been strategically increasing its stake in MultiChoice over time, and by May 2024, it had…

The Lagos State government has announced a substantial €120 million ($132 million) investment from the Netherlands government to support a pioneering waste-to-energy project in Lagos, Nigeria. This collaborative effort involves the Lagos State government and the Dutch firm Harvest Waste Consortium and is focused on transforming a portion of Lagos’…

A collaborative consortium, including the SA SME Fund, the Department of Science and Innovation (DSI), the Technology Innovation Agency (TIA), and E Squared Investments, has introduced a substantial R300 million (approximately $17 million) seed fund dedicated to nurturing tech startups in South Africa. This fund is set to exclusively provide…

Littlefish, an innovative fintech startup based in South Africa, has successfully completed its seed funding round, spearheaded by TLcom Capital with Flourish Ventures participating as a co-investor. This funding round marks TLcom Capital’s inaugural investment in South Africa, signaling the firm’s strategic expansion into the southern African market after primarily…

Raxio Group has proudly announced the inauguration of its latest cutting-edge data centre, Raxio Côte d’Ivoire (CIV1), situated in Abidjan, Côte d’Ivoire. This new facility is a significant addition to Raxio’s portfolio, marking it as the fifth data centre and the third to be launched within the year 2024. CIV1…

In a collaborative effort, the UK, alongside PwC and the UK-Kenya Tech Hub, has launched an innovative digital toolkit aimed at simplifying market access for entrepreneurs targeting Kenya, Nigeria, and South Africa. This initiative is the result of an extensive study that pinpointed the specific needs startups have when attempting…

In a significant boost to South African entrepreneurship, three innovative startups—Respo, Syked, and Word of Mouth—have collectively secured ZAR3 million (equivalent to US$175,000) in a mix of debt and grant funding. This financial infusion was provided by the SAB Foundation through its Social Innovation Accelerator and Fund (SIF), a program…

The Africa’s Business Heroes (ABH) competition, a charitable initiative backed by the Jack Ma Foundation and Alibaba Philanthropy, has reached a pivotal moment in its annual cycle. This program is dedicated to recognizing and advancing the efforts of African entrepreneurs. For the 2021 edition, the competition has meticulously chosen its…

Vantage Capital, a premier fund manager in Africa, has successfully completed a €14 million mezzanine financing deal with Société de Production Maraîchère Samir (SPMS), a prominent agricultural firm in Morocco. This financial injection is earmarked to bolster SPMS’s ambitious expansion plans, which include a threefold increase in its farming acreage,…

The Ivorian fintech startup Daba Finance has emerged as the victor of the Ecobank Fintech Challenge this year, securing a substantial reward of US$50,000. Ecobank, a prominent independent banking group with a pan-African presence, caters to over 32 million customers across various sectors, including consumer, commercial, and corporate banking, spanning…

Ampersand, an e-mobility startup, has joined forces with CrossBoundary Energy to roll out solar-powered charging stations for its electric two-wheeler (E2W) motorbikes in Kenya, with the goal of enhancing the accessibility of eco-friendly charging options. This initiative is set to propel the rapid expansion of Ampersand’s electric motorcycle fleet throughout…

The Central Bank of Egypt is on the verge of introducing a landmark initiative that aims to enhance investment activities throughout the African continent. Ambassador Abu Bakr Hefny, the Deputy Minister of Foreign Affairs and Emigration, has announced that the CBE is preparing to establish the first sovereign investment guarantee…

Next Narrative Africa, a media production company based in Nigeria, in collaboration with HEVA Fund, an investment firm from Kenya, has unveiled a groundbreaking $40 million fund designed to bolster the African filmmaking industry. Dubbed the Next Narrative Africa Fund, this ambitious initiative is dedicated to backing film projects throughout…

Yellow Malawi, a prominent company specializing in the distribution of solar energy, has recently obtained a significant financial boost in the form of a $2 million investment from the Hardest-to-Reach (H2R) initiative, which is managed by Acumen. This substantial infusion of capital is earmarked for the enhancement of Yellow Malawi’s…

The Athar Accelerator, based in Egypt, has recently celebrated the successful completion of its fifth Climate Action Accelerator Programme, with the startup DFC emerging as the winner. DFC, which focuses on creating solar-powered mobile charging stations for electric vehicles, was awarded a prize of EGP150,000 (US$3,000). The accelerator programme, which…

The Moroccan-based startup Userguest, known for its innovative platform that assists hotels in maximizing their direct revenues, has successfully secured a seed funding round of EUR2.2 million (US$2.4 million). This financial milestone is set to propel the company into a phase of rapid expansion and further development of its product…

Between the years 2020 and 2022, Ecobank Kenya experienced significant financial losses amounting to millions of dollars due to vulnerabilities in its card operations team. These vulnerabilities opened the door for potential fraudulent activities by both merchants and staff members, according to an internal report obtained by TechCabal. The report,…

The Federal Ministry of Youth Development has entered into a partnership with the Nigeria Data Protection Commission (NDPC) through a Memorandum of Understanding, with the objective of training 5,000 Nigerian youths to become data protection experts. This collaboration is part of the Ministry’s broader strategy to create employment opportunities. Ayodele…

Foodpreneurs Hub, a pioneering foodtech platform founded in Nigeria, has successfully secured $500,000 in pre-seed investment to further its commitment to tackling food insecurity throughout Africa. The identities of the investors participating in this funding round were not disclosed by the company. This financial boost is set to propel Foodpreneurs…