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Development

Morocco Launches New US$163m Windfarm To Boost Renewable Energy Utilization

MOROCCO – Morocco has launched the construction of the US$163 million Taza wind farm to boost renewable energy utilization in the country. According to a statement by Morocco World News the launch “follows the finalization of various agreements and contracts with Moroccan public entities, stakeholders ‘ONEE and MASEN’ and the establishment of financing provided by international banks.” The wind farm will be constructed through a partnership between France’s EDF Renewable Energies (EDF-EN), Japanese trading house Mitsui, the Moroccan Agency for Sustainable Energy (MASEN), and Morocco’s National Office of Drinking Water and Electricity (ONEE). A statement from Moroccan authorities revealed that the Taza wind farm will be located approximately 15 kilometers...

SA edtech startup receives $7-million investment

Bradley Elliott, the Chief Marketing and Innovation Officer of Valenture provides insight into how the investment will help the edtech startup reach its goals.  The investment will be used towards the high-tech enabled boutique high school campuses in South Africa  “The investment will be used for further global expansion, enhancing the learning experience, and building out additional offerings such as new subjects and exclusive bootcamps like Coding, Design Thinking, Data Science, and more.” In addition, the funding will be used for resources dedicated to the roll-out of the school’s hybrid, tech-enabled, boutique campuses, which combine online learning, in-person guidance by Learning Coaches, and socialising with peers, and additional features...

Egyptian Startup Rology Secures $860,000 For Its Platform

Cairo-based healthtech Rology has secured $860,000 in a Pre-Series A round led by HIMangel. The round was also joined by Dubai Angel Investors (DAI), The Asia Africa Investment & Consulting (AAIC) from Japan, and Saudi’s Athaal Group. “For the last three years we saw firsthand how Rology’s services help hospitals offer fast and accurate care to their patients and how it can literally save patients’ lives. We look forward to expanding Rology’s platform to the African and Middle Eastern market where there is a huge need for Rology’s services and ultimately help hospitals offer better care to their patients,” Amr AboDraiaa, the co-founder and CEO Rology,...

Tanzania, Uganda Sign Deal On $3.5bn Crude Oil Pipeline

TANZANIA – Tanzania and Uganda have signed an agreement to commence construction on a 1,445-kilometre crude oil pipeline running from Ugandan oilfields to the Tanzanian port of Tanga, a Tanzanian government spokesman said. The project focuses on oilfields in landlocked Uganda discovered in 2006 near Lake Albert and proposes pumping the crude to the coast via a pipeline across Tanzania. The pipeline is estimated to cost of $3.5 billion. Read also; Senegal’s First Major Gas Pipeline Gets US Government’s Funding According to Mr. Hassan Abassi, the Tanzanian government spokesman, 80% of the pipeline will run through Tanzania. The multi-national plan is led by French petroleum giant Total in partnership with China...

Grant worth $25 000 launches for young SA filmmakers

 A new streaming service, Hissbox, has launched a grant funded by the (HDFF) which gives producers up to $25,000 in funding for the production of TV series, feature films, and documentaries. Hissbox aims to focus on ”telling the untold stories” and with the new grant, it is on the hunt for incredible stories to share via its platform. Founded by Nigerian born, L.A based serial entrepreneur Chinecherem Ez, the platform offers over 400 pieces of content including world-class originals, blockbuster films, series, documentaries, and much more. Read aslo; Bitcoin’s ‘Quiet Boom’ In Africa Commenting on the current offering of streaming services, Ez explains what makes Hissbox different.  “The concern with...

Bonfire Ventures Ignites $100M Fund II (Exclusive)

Bonfire Ventures, the Santa Monica seed-stage venture fund that has carved a niche focusing exclusively on unsexy but potentially lucrative business-to-business (B2B) software, has closed its second fund with $100 million in dry powder, up from the $63 million fund it closed in 2017. Adopting an "if ain't broke, don't fix it" ethos, little will change with the latest fund, except initial check sizes will be larger, though not dramatically so, averaging $1.75 million versus $1.25 million for Bonfire I. 60% will be set aside for follow-up investment. "What we're doing is working well and we want to do more of it," said Bonfire co-founder and managing director Jim Andelman. "We're...

Report Indicates 70% Of Nigerian Startups Face Funding Challenges

A white paper, titled “Protecting Nigeria’s Entrepreneurial Future” has revealed that 70% of Nigerian startups and scaleups are facing funding challenges due to the impact of the Covid-19 pandemic.  The white paper has been published by Endeavor, a global high-impact entrepreneurship network in collaboration with Stears Data, a leading Nigerian data collection company.  Eloho Omame, Managing Director and CEO of Endeavor in Nigeria comments on the launch of the white paper.  “At Endeavor, we believe firmly that the innovation ecosystem — the transformational startups and scaleups, and their founders, who are building sustainable growth models in Nigeria — are fundamental to economic growth and the fabric of our future economy. This white...

The Trump Administration Is Investing In African E-commerce Startups Focused On Rural Areas

African e-commerce is getting a boost from an unlikely source. The United States’ International Development Finance Corporation (DFC) has backed two fledgling e-commerce startups operating in East Africa as part of its latest quarterly $3.6 billion investment spend. The DFC confirmed a $5 million equity investment in Copia Global, a Kenya-based e-commerce and logistics startup that focuses on under-served consumers in rural areas. The quarterly spend—the corporation’s largest ever, also included a $1 million equity investment in Kasha, a women-focused e-commerce player operating in Kenya and Uganda. While notable e-commerce companies like Jumia and South Africa’s TakeALot, have raised hundreds of millions of dollars on the promise...

Binance Offers DeFi Coders $100,000; DeFi Market Value Hits $8 Billion

Binance, the world’s largest crypto exchange by market volume, is offering a big financial reward to crypto coders. The crypto powerhouse recently started a $100 million seed fund to attract more decentralized finance (DeFi) coders to its smart contract-enabled Binance Smart Chain. Read also; SMEGO Launches Platform To Enable Small Businesses Raise Funds In South Africa Each proposal will go through security audits and due diligence. Approved DeFi projects can get up to $100,000 in funding, while their tokens will benefit from the liquidity available through Binance’s proprietary blockchain. The Malta-based firm says high-quality projects may also be listed on Binance. DeFi Pulse, which tracks the value of the DeFi...

Creative Zone And Dubai Business Women Council Launch ‘She Leads’ To Empower Women Entrepreneurs

Recognising that the SME sector represents 40% of the total GDP in the UAE, Creative Zone and the Dubai Business Women Council have entered into a partnership agreement with the aim of empowering 100 women entrepreneurs to launch their business successfully. The ten-week program will train, support, and nurture 100 of the UAE's brightest women entrepreneurs. Women above the age of 21, residing in the country with an existing business or a concrete business plan are eligible to apply for coaching, networking, and learning opportunities. Additionally, the two most promising applicants will be entitled to receive free business solutions such as trade license, tax, and legal services, co-working...

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