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Daily Digest, Monday 13 July 2020

Funding In South Africa Franc, A SA Fintech Startup Raises $300K Seed Funding Launched in May 2018 by Sebastian Patel and Thomas Brennan, Franc is an investment robo-advisor that helps people who have never invested before access the best cash and equity funds in the market. Read more Latest Report Foreign direct investments in East Africa declined in 2019 – report There could be a sharp decline in foreign direct investments (FDIs) this year due to the Covid-19 pandemic. Last year, the region posted mixed fortunes with inflows to Uganda increasing by 20 per cent to $1.3 billion due to continued development of oil fields and an...

Foreign direct investments in East Africa declined in 2019 – report

There could be a sharp decline in foreign direct investments (FDIs) this year due to the Covid-19 pandemic. Last year, the region posted mixed fortunes with inflows to Uganda increasing by 20 per cent to $1.3 billion due to continued development of oil fields and an international pipeline, as well as projects in construction, manufacturing and agriculture. Inflows to Kenya however dropped by 18 per cent to $1.3 billion compared with $1.6 billion in 2018, despite several new projects in information technology and healthcare. There could be a sharp decline in foreign direct investments (FDIs) this year as the Covid-19 pandemic continues to ravage economies across the globe. The...

Enter the 2020 MTN Business App of the Year Awards

Aspiring entrepreneurs and digital innovators are encouraged to apply for The MTN Business App of the Year Awards.  As an annual event, the MTN Business App of the Year Awards has added the launched the MTN Business App Academy, which is a dedicated app development and coding initiative.  The winner will win a trip valued at R200 000 to a tech-related destination Aiming to mentor and upskill aspiring talent for a career in app development, The MTN Business App Academy will provide a six-week online coding programme. This programme feeds into a new category for the app awards, specifically for the developers who went through the academy. This new academy...

Mali’s Solar Energy Startup SolarX Secures Series A Funding From Energy Access Ventures

Good news for SolarX. The solar energy startup based in Bamako, Mali, has just completed a Series A financing. The deal was led by Energy Access Ventures (EAV), a seed investment fund that invests heavily in renewable energy in Africa. Here Is What You Need To Know No details have been provided on the funds raised in this financing round.However, the investment is expected to enable SolarX to expand its services in West Africa with the planned development of the solar market in Mali, Burkina Faso, and Côte d’Ivoire. In these countries, SolarX will finance and install solar photovoltaic systems mainly for businesses. Why The Investor Invested The Energy Access Ventures (EAV) investment fund is...

FRANC, A SA FINTECH STARTUP RAISES $300K SEED FUNDING

Franc, a South African fintech startup has received US$300,000 in funding over the first half of 2020 as part of a wider round of seed investment Launched in May 2018 by Sebastian Patel and Thomas Brennan, Franc is an investment robo-advisor that helps people who have never invested before access the best cash and equity funds in the market. “We want to democratise access to investing by making investing easy and accessible. We want everyone to be able to create wealth and realise their dreams,” Patel said. GFA Attract - Episode 2: Impactful Trade… Supply-Chain…Manufacturer Centric Having bootstrapped until now, the startup has over the last six months raised US$300,000...

Daily Digest Friday, 10 July 2020

Funding in West Africa The Gambia Electricity Restoration and Modernization Project Receives Funding The government of the Republic of The Gambia has received US$ 43M worth of funding to support the implementation of its Electricity Restoration and Modernization Project abbreviated as GERMP. The funds were received from the International Development Association (IDA), a subsidiary of the World Bank Group, through its 18th replenishment “thereby increasing the Bank’s initial financing envelope for the West African country by 20 per cent”. Read more...

Blockchain startups can apply for $100k seed funding from UNICEF Innovation Fund

The UNICEF Innovation Fund is looking to make equity-free investments of up to US$100,000 in early-stage blockchain startups that have the potential to benefit humanity. UNICEF runs a host of different innovation fund, with the latest one open to any startup registered in one of UNICEF’s programme countries with a working, open-source blockchain prototype that is showing promising results. The fund is looking to invest in companies developing blockchain-based software solutions, and using distributed ledger tech in new, groundbreaking ways that are scalable and globally applicable. Tunisian startup Utopixar was a recipient of such a grant back in 2018. Selected startups will receive up to US$100,000 in equity-free seed funding, which is...

Rwanda’s exports on Alibaba platforms grow by 124%

Rwanda’s exportation through Alibaba platforms increased by 124% in 2019 according to information from Alibaba. The Chinese e-commerce giant opened its doors to Rwanda products in 2018 when the electronic world Trade platform (eWTP) deal was signed between the two parties. The eWTP aims at opening markets for small businesses in Africa to take part in cross-border electronic trade. Thanks to the deal, Alibaba has availed Rwandan products to Chinese consumers online, in addition to promoting the country’s tourism packages in the Asian nation. Coffee has arguably been the most outstanding products from Rwanda in China, though chili is also coming up in that line. There are several brands of...

China eyes African prospects to iron out trade tension with Australia

Investing in largely untapped iron ore sources in Africamight be Beijing’s answer to diversifying import sources Growing Sino-Australian diplomatic and trade disputes have led to Chinese import bans on certain Australian products, but iron ore – Australia’s biggest export to China – has largely been kept out of the fray. Although China did impose new import procedures that could potentially hold up shipments, Australian iron ore exports to China have actually been rising, and a Chinese ban on Australian iron ore is generally thought of as unlikely given China’s dependence on the world’s largest producer for this key commodity. China sources two-thirds of its iron ore from...

The Gambia Electricity Restoration and Modernization Project Receives Funding

The government of the Republic of The Gambia has received US$ 43M worth of funding to support the implementation of its Electricity Restoration and Modernization Project abbreviated as GERMP. The funds were received from the International Development Association (IDA), a subsidiary of the World Bank Group, through its 18th replenishment “thereby increasing the Bank’s initial financing envelope for the West African country by 20 per cent”. The over US$ 121M project is also financed by the European Union (EU) and the European Investment Bank (EIB). The Gambia Electricity Restoration and Modernization Project (GERMP) The Gambia Electricity Restoration and Modernization Project (GERMP) was approved back in 2018. Its main objective is to increase the availability...

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