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Dubai-based startup Invygo raises $1 million USD in funding in its Pre-Series A round

Invygo has raised $1 million USD in a Pre-Series A funding round led by EQ2 Ventures, Class 5 Global, and 500 Startups. This news comes almost one year after they raised their Seed round in September 2019. The Dubai based startup and app-based car subscription service plans to use the funds to grow the business further by invest in technology and expanding into new customer segments. This investment is part of the Pre-Series A funding round led by EQ2 ventures, Class 5 Global, and 500 Startups, who are confident that Invygo has cornered the market by providing customers with greater flexibility in terms of finance options, choice in vehicles and excellent customer service model. Read Related: Emirates...

Daily Digest Monday, 18 May 2020

Funding In Southern Africa Black Business Council and Ubank set up R1bn township and rural economy fund The Black Business Council and Ubank have together set up a R1-billion township and rural economy fund. Read more Funding In Africa Healthcare Startup Emergency Response Africa Secures $25,000 From The Bulb Africa The Bulb Africa, an Enov8 Solution’s tech hub has awarded $25,000 in investment funding to Emergency Response Africa through its #ALLoverCOVID19 initiative. Read more Alitheia IDF fund gets $10m from Open Society Foundation to lend to women Alitheia IDF, a joint venture fund between Alitheia Capital, a private equity investment in Nigeria, and IDF Capital in South Africa, has landed $10 million from American billionaire George Soros’s Open...

Boosting Food Security In Nigeria Through Investment In Poultry Production

RATIONALE FOR THE REPORT Following the recent alarm raised by the World Bank about a potential rise in food insecurity in Africa exacerbated by the COVID-19 pandemic, this report examines the key factors limiting investment in poultry production and recommends measures for unlocking the inherent potentials.  As many countries and organizations continues to mount special efforts to keep agriculture safely running as an essential business, through markets well supplied in affordable and nutritious food during the ongoing pandemic, this study serves as our contribution to sustainable supply of protein in Nigeria through poultry production. CONTEXTUAL BACKGROUND Since the ban on the importation of poultry products in 2003,...

Profile: Dr. Vincent Nwani

Dr. Nwani is an economist and business/ investment consultant.  He is a former director at the Lagos Chamber of Commerce and Industry (LCCI) where he led training, research and public policy advocacy departments of the Chamber. Before joining LCCI, Dr. Nwani served as the Chief Economist & Investment Research Lead at First Bank Group, Investment Executive at BGL Group Plc and Business Advisory Executive at Magnartis Finance & Investment Ltd. Over the last 15 years, he has built a profound track records in consulting services, training, corporate & project finance, research & public policy. Vincent Nwani holds a Doctor of Philosophy (Ph.D) in Economics from Monarch...

Daily Digest Friday, 15 May 2020

Funding in Africa Novastar Ventures fund closes at $108m for investments in East, West African startups The Novastar Ventures Africa Fund II has held its final close at US$108 million, which will be used to back breakthrough businesses in both East and West Africa. Read more Funding In East Africa Clean Technology Fund Injects $10m Into Ethiopia’s Geothermal Capacity The African Development Bank has welcomed a decision by the Trust Fund Committee of the Clean Technology Fund (CTF), to extend a $10m concessional senior loan for the development of the 50 MW Tulu Moyo Geothermal Power Plant project in Ethiopia. Read more Funding In Southern Africa SA’s AgVentures raised R100m...

Clean Technology Fund Injects $10m Into Ethiopia’s Geothermal Capacity

The African Development Bank has welcomed a decision by the Trust Fund Committee of the Clean Technology Fund (CTF), to extend a $10m concessional senior loan for the development of the 50 MW Tulu Moyo Geothermal Power Plant project in Ethiopia. The CTF approved the loan on 20 April 2020 for the project, which is seen as a critical step to the East African country’s drive to harness sustainable and resilient energy resources to support its economy and livelihoods. With this investment, CTF becomes the first progressive geothermal Independent Power Producer (IPP) in Ethiopia. Related Article: MPower raises $430k to expand its off-grid energy solutions in Africa The...

Latest report: Jordan’s startup funding grows 58% in 2019, investors at a record high

According to  2019 Jordan Venture Investment Report, the Kingdom took the 5th spot by number of investment deals in 2019 (35), accounting for 6% of total deals in the MENA region. The country's capital, Amman, accounted for the vast majority of those deals.  Moreover, the country took the 4th spot, after Saudi Arabia, by total funding ($41M), accounting for 6% of total funding raised in MENA. Although the Jordanian startup ecosystem is still considered nascent in comparison to its neighbours in the Gulf, the Kingdom’s startup scene has witnessed significant growth in investment activity, as funding has more than doubled over the last 5 years, from $19M in 2015 to $41M...

Daily Digest Thursday, 14 May 2020

Funding In Southern Africa Absa invests in SA startup stock exchange A2X Markets SA startup stock exchange A2X Markets has netted an undisclosed amount in investment from Absa bank. Read more Loon signs deal to expand commercial internet service to Mozambique Loon,  the Alphabet -owned company that’s using stratospheric balloons to provide high-speed bandwidth to hard-to-serve areas without strong ground infrastructure, has signed a new deal with carrier Vodacom  to expand its offering in Africa to Mozambique. Read more...

Villgro Kenya awards $150k to 12 startups fighting COVID-19 in Africa

Nairobi-based incubator and impact investor Villgro Kenya has awarded US$150,000 in grant funding to 12 startups from East Africa with technologies and innovations that could help in testing, monitoring and managing aspects of the COVID-19 outbreak. Launched in 2017, Villgro Kenya is an early-stage business incubator and impact investor that offers mentoring, funding and access to networks to startups in the healthcare and life sciences sector in East Africa. The 12 companies selected for funding and technical assistance are KEMRI, a rapid diagnostic kit; Health-E-Net, a telemedicine platform; hail-a-clinic service Enzi Health; emergency response service Flare; remote patient monitoring device Neopenda Uganda; 3D printing shield manufacturer Maisha Technologies Ethiopia;...

Absa invests in SA startup stock exchange A2X Markets

SA startup stock exchange A2X Markets has netted an undisclosed amount in investment from Absa bank. In an announcement yesterday, the startup said Absa has become the first major SA bank to invest in the stock exchange which was founded in 2014 and began trading in 2017. Absa, which has a presence in 12 countries in Africa, participated in the capital raise launched by A2X towards the end of 2019. Related article: Africa Tech Summit London postponed until October 22nd at London Stock Exchange According to the, A2X website the company is owned by a small group of founding shareholders, management and staff. In addition, African Rainbow Capital holds a 20% stake and...