Author: Tapiwa Matthew Mutisi

After a successful four-year stint in accelerating startups, Founders Factory Africa has undergone a strategic transformation and is now known as 54 Collective. The rebranded entity steps into the venture capital arena with a robust $40 million fund, dedicated to investing in early-stage ventures across a multitude of sectors in…

Google has unveiled the latest cohort of ten promising startups from across Africa for the eighth edition of its esteemed Accelerator Africa program. The startups, originating from Nigeria, Kenya, Rwanda, and South Africa, represent the cream of the crop, having been selected from an impressive pool of nearly 1,000 contenders.…

African Infrastructure Investment Managers (AIIM), renowned as the preeminent sustainable infrastructure equity manager on the continent, has announced the successful closure of its fourth pan-African infrastructure fund, the African Infrastructure Investment Fund 4 (AIIF4), amassing a remarkable USD 748 million in commitments. Surpassing its initial target by an impressive 50%,…

Egypt-based fintech newcomer Qardy has just announced a substantial enhancement to its operational capabilities, having successfully closed a seven-figure pre-seed funding round in US dollars. This injection of capital is earmarked for the expansion of Qardy’s innovative platform, which is designed to facilitate the provision of loans to micro, small,…

The South African telecommunications giant Telkom has disclosed its financial results for the quarter that concluded on June 30, 2024. The company reported a revenue increase of 3.9%, reaching R10.9 billion (equivalent to $587.2 million). Additionally, there was a notable 14.6% growth in the number of mobile subscribers, with the…

MTN Ghana has reported a robust performance for the first half of 2024, with a significant 31.2% year-on-year increase in service revenue, reaching GHS8.1 billion. This marks a notable rise from the GHS6.15 billion in revenue generated during the same period in 2023. During the first half of 2024, MTN…

MTN Nigeria has successfully completed the acquisition of a 7.17% minority interest in MoMo Payment Service Bank (MoMo PSB) previously held by Acxani Capital, with a total investment of ₦6.95 billion, equivalent to approximately $4.36 million. This strategic move is aimed at streamlining and fortifying the operations of the fintech…

Lagos State has announced its intention to roll out a novel digital platform designed to simplify monthly rent payments for its residents. The initiative, which is expected to attract approximately 100,000 users, is projected to generate an annual revenue of about ₦2.5 billion. This platform is the result of a…

Spiro, an electric vehicle (EV) company, has announced its expansion into Ogun State, Nigeria, with the goal of revolutionizing the country’s transportation landscape through electrification. The company, which specializes in electric vehicles and innovative battery-swapping technology, is set to extend its operations across various local governments within the state. This…

Flutterwave, a leading Nigerian fintech company, has been granted an Enhanced Category Payment Service Provider licence by the Bank of Ghana. This licence authorizes Flutterwave to operate as an independent entity in Ghana, eliminating the need for third-party intermediaries and streamlining payment processes for both businesses and consumers. With this…

The World Bank has announced a substantial $100 million investment dedicated to propelling Zambia’s digital transformation through the Digital Zambia Acceleration Project (DZAP). The announcement was made by Felix Mutati, Zambia’s Minister of Technology and Science, on July 19. The funding for this project is provided by the World Bank’s…

Chery, a leading Chinese electric vehicle (EV) manufacturer, has committed to a $20 million investment in the Kenyan auto dealer, Afrigreen Automobile, to set up an EV assembly facility in Nairobi. This strategic move is anticipated to enhance Kenya’s efforts towards adopting green transportation and is expected to generate thousands…

The International Finance Corporation (IFC), Proparco, and Helios Sports and Entertainment Group have unveiled a strategic alliance aimed at propelling the sports and entertainment sector in Africa to new heights. This collaborative effort is set to scout and invest in ventures that promise to catalyze economic expansion, generate employment, and…

Synapse Analytics, an innovative Egyptian artificial intelligence (AI) startup, has raised a $2 million investment to scale its AI-driven solutions within the Gulf Cooperation Council (GCC) and the African continent. The investment round was spearheaded by Silicon Badia, a venture capital firm, and Hub71, based in Abu Dhabi. Co-founded in…

Educatly, an Egyptian ed-tech startup, has successfully closed a $2.5 million funding round. The round was spearheaded by TLcom Capital and Plus VC, with additional contributions from Egypt Venture and the Irish HBAN syndicate. This investment is set to propel the company’s growth and bolster its presence in strategic markets…

Egypt’s prominent B2B e-commerce platform, Cartona, has announced a successful $8.1 million Series A extension round, culminating in a total of $20.1 million raised in Series A financing. The latest investment includes $5.6 million in equity and $2.5 million in debt, with Algebra Ventures leading the round. Existing investors Silicon…

Arise IIP has teamed up with Africa Finance Corporation (AFC) to create a substantial $100 million fund aimed at empowering African entrepreneurs. This fund will focus on investing in businesses that operate within the Special Economic Zones (SEZs) established by Arise IIP throughout Africa. The initiative is designed to nurture…

Venture capital firm HAVAÍC has achieved a significant milestone by securing $15 million in commitments for its third African Innovation Fund, representing the initial phase of a targeted $50 million fund. Key investors include cornerstone backers Universum Wealth and The SA SME Fund, supplemented by a diverse group of local…

Five months after receiving an initial approval, OurPass, a company that transitioned from a one-click e-commerce checkout solution to business banking, has obtained a Microfinance banking license from the Central Bank of Nigeria. Scheduled to commence operations in September 2024, OurPass aims to provide business accounts, lending services, and business…

The South African e-health startup RecoMed has established a strategic partnership with Discovery Vitality to enhance the efficiency of scheduling flu vaccinations and Vitality Health Checks for patients nationwide. This collaboration is designed to improve patient access and streamline the experience of securing healthcare appointments across South Africa. RecoMed operates…