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How Big Deals Get Done

Description: Acquisitions in Africa's tech industry are rare. However, in the past year, we have seen at least four major ones. There's a growing appetite for exits. This Friday, August 14th, for the 7th episode of "Building in Africa" we are interviewing, Victor Basta - Founder and Managing Partner of M&A advisory firm, Magister Advisors. Basta has advised on over 120 transactions across 25 years and helped found and build three successful corporate finance firms in the process. His firm is focused on M&A exits and larger financing rounds. Some of the African transactions Basta's Magister Advisors has participated in include Twiga Foods' Series B round and...

Daily Digest Wednesday 12 August 2020

RETINA-AI Health, a Startup Founded By Nigerian-born Stephen Odaibo Raises $5.2M for AI Detection of Diabetic Retinopathy The capital was raised from private investors, 80% of whom are physicians. Also included amongst the investors are business titans such as Bill Smith, Founder of Shipt (acquired by Target in 2018). Read more Funding In North Africa Egyptian fintech startup Paymob raises $3.5m to accelerate regional expansion Founded by Islam Shawky, Alain El Hajj and Mostafa El Menessy, Paymob is an infrastructure technology enabler providing payment solutions to empower digital financial service providers across Africa and the Middle East through mobile wallet technology. Read more https://youtu.be/YH_BtaHFheI Call For Applications & Other Web-events WEB- EVENT: The...

Don’t Become an Entrepreneur If You Want Passive Income

Getty Images  Money can often be the shackles to your jail, not the key to your freedom Since becoming an entrepreneur, I have met a handful of hopefuls looking to do the same.  When I ask why, they often respond with some indication that they want to generate a means for passive income and recurring revenue.   The reality is, there is no guarantee that becoming an entrepreneur will grant you this financial security and revenue each month.  But it does gives you something else.   If you're considering joining the entrepreneurial world, make sure you want it.  I have found the lifestyle of an entrepreneur brings three unique gifts, ones that are far more valuable than...

RETINA-AI Health, a Startup Founded By Nigerian-born Stephen Odaibo Raises $5.2M for AI Detection of Diabetic Retinopathy

RETINA-AI Health, a startup founded by Nigerian-born Dr. Stephen Odaibo has raised $5.2M in Series A funding for Artificial Intelligence screening of diabetic retinopathy. The capital was raised from private investors, 80% of whom are physicians. Also included amongst the investors are business titans such as Bill Smith, Founder of Shipt (acquired by Target in 2018). Diabetes affects up to 35 million Americans, and each person with diabetes needs at least one retinal exam per year. However, due to a number of factors including cost, inconvenience, lack of transportation, and a shortage of eye specialists, more than half of people with diabetes in the U.S. do not get their annual retinal exam. And this too...

The 2020 MEST Africa Challenge

The African Tech Startup Competition for $50k in Equity Investment Starts Now! The 2020 MEST Africa Challenge is expanding its reach from five markets to nine, targeting early-stage companies based in Ghana, Nigeria, Kenya, South Africa, Côte d'Ivoire, Sénégal, Rwanda, Ethiopia, and Tanzania.Participating entrepreneurs will take part in country-wide competitions where they will pitch virtually to a panel of expert judges. Finalists from each country will go on to compete on a global stage in front of entrepreneurs, investors, corporate partners and ecosystem players for the chance to win $50k in equity investment from the MEST, and the opportunity to join the MEST incubator community. https://youtu.be/YH_BtaHFheI Application Criteria Pre-seed or seed-stage...

Egyptian fintech startup Paymob raises $3.5m to accelerate regional expansion

Egyptian digital payments provider Paymob has raised a US$3.5 million funding round to grow its merchant network and accelerate regional expansion. Founded by Islam Shawky, Alain El Hajj and Mostafa El Menessy, Paymob is an infrastructure technology enabler providing payment solutions to empower digital financial service providers across Africa and the Middle East through mobile wallet technology. The startup’s mobile wallet infrastructure processes more than 85 per cent of the market share of the transaction’s throughput in the Egyptian market, and serves merchants across five different markets, including Kenya, Pakistan and Palestine, and serving millions of customers on a monthly basis. Paymob is now set for further expansion after raising...

Daily Digest Tuesday 11 August 2020

Funding In Southern Africa SA data annotation startup Enlabeler raises funding from E4E Africa Since its launch, Enlabeler has attracted local clients for its live image annotation, audio transcription and local language translation services, growing a 250-person-strong database of human labellers. Read more https://youtu.be/YH_BtaHFheI Funding In North Africa Cairo-based Dresscode raises 6 figure Seed funding round Egypt Ventures Managing Director, Ahmed Gomaa stated, “We are excited to be part of Dresscode, as part of our mission to support talented Egyptian entrepreneurs contributing to the growth of local tailor workshops.” Read more Egypt’s Glamera raises six-figure investment to further expand its beauty services platform in Saudi Cairo-headquartered beauty services booking platform Glamera...

Shaghalni raises six-figure investment in pre-Series A

Blue and grey collar recruitment platform Shaghalni raises 6 figure Pre-Series A round from 138 Pyramids.  Shaghalni aims to use the investment to strengthen its technology, grow its sales team, and increase its marketing activities. Shaghalni was launched in 2016 and has so far achieved 100 per cent year on year growth. Thanks to building strategic partnerships to attract job seekers with the likes of Fawry, VictoryLink, and Orange, Shaghalni managed to sign and retain clients such as Danone, RAYA Aman, Spinneys Egypt, Mansour Group, and Unilever. Its partnerships include initiatives such as; enabling job seekers to apply to the latest jobs on Shaghalni through the thousands of available Fawry...

SA data annotation startup Enlabeler raises funding from E4E Africa

South African artificial intelligence (AI) and data annotation startup Enlabeler has raised funding from new VC fund Entrepreneurs for Entrepreneurs (E4E) Africa to kickstart its operations and target international markets. Founded in 2019, Enlabeler marries the need for accurate video, text, image and audio labelling with the urgent need for job creation, serving clients with their data annotation needs while offering young people the chance to get paid work experience, learn new skills and, ultimately, grow into the country’s data science and tech spaces.  Since its launch, Enlabeler has attracted local clients for its live image annotation, audio transcription and local language translation services, growing a 250-person-strong database of...

Egypt’s Glamera raises six-figure investment to further expand its beauty services platform in Saudi

Cairo-headquartered beauty services booking platform Glamera has raised six-figure investment from Saudi’s Dual Gate Investment Holding, it announced in a statement. The startup did not disclose the exact size of the investment. This comes less than a year Glamera had raised $250,000 from an unnamed angel investor. Founded in 2019 by Mohamed Hassan, Omar Fathy, and Zafer Alshehri, Glamera enables women to book appointments for beauty and health services at salons, spas, gyms, and diet and dental clinics, through its mobile app. The users can browse different services to find the available options, see their prices, book appointments with them, and even pay for the services right from the app. First...

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