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Nigeria’s Lekoil Raises $100m For Ogo Oilfield Drilling

London listed Nigerian petroleum firm Lekoil Limited has said that it is raising $100 million before it can start drilling in its Ogo oilfield. The company says that it has reached a deferred payment deal earlier this year to keep its stake in OML 310, where Ogo sits, after it discovered a $184 million loan it wanted to use for the purchase was fraudulent. The Chief Executive of Lekoil Lekan Akinyanmi said the company was able to finance much of the Ogo preparation work with cash from its producing field, Otakikpo, and will drill once it raises the money. Lekoil is in talks for a mix of direct...

Ghana’s Africa Foresight Group Plots Expansion To 3 New Markets Post-Funding

The Ghana-based Africa Foresight Group (AFG), which has developed a platform offering access to the largest network of freelance management consultants on the continent, is to expand to South Africa, Kenya and Ethiopia after raising US$700,000 in seed funding. Founded in 2016, AFG allows leading companies, investment funds and development partners to hire teams to make the right strategic decisions and achieve sustainable success, utilising an online platform and machine learning to build an entirely new model for consulting in Africa. The startup’s proprietary technology platform matches teams with open project opportunities, manages performance data, and supports the invoicing and payments process. READ Nigeria’s Yellow Card Raises Over $1.5M From...

Local proptech Company HouseMe Secures Funding

Cape Town-based proptech startup HouseME has secured an undisclosed amount of funding from new and existing investors. The funding will be utilised to extend HouseME’s position in the long-term digital rental and letting market.  Ben Shaw, Chief Executive Officer of HouseME, says that the company is well-positioned to capitalise on the surge of interest in online platforms, especially in the long-term letting sector which had been lagging.  “This latest round of investment coincides with our celebration of three years in operation. We’re gearing up further after having recently completed work on our improved user experience.” Also Read: Africa’s Great Green Wall Just 4% Complete Halfway Through Schedule HouseME   Founded in 2016, HouseME has...

Daily Digest Thursday 10 September 2020

Latest News LabEight* Ventures Launches “LabEight* Africa” LabEight* Ventures, a Canadian Venture Initiative, launched LabEight* Africa to operate out of Lagos, Nigeria in July 2020 as an innovative financial product designed to capture value missed by existing financial products, and bring together an ethos of operationally focused venture capital investing.  Read More Funding In West Africa FG Secures $6.15bn For Nigeria’s Power Infrastructure The Federal Government of Nigeria has disclosed that it has secured $6.15 billion for infrastructural development in the power sector. Read more Funding In Africa Huawei plans a $60mln+ technology park in Angola Chinese tech giant Huawei announced an investment of more than $60 million in a technology park...

FG Secures $6.15bn For Nigeria’s Power Infrastructure

The Federal Government of Nigeria has disclosed that it has secured $6.15 billion for infrastructural development in the power sector. The Minister of Power, Engr. Sale Mamman, who disclosed this in his report – One Year Anniversary: Key achievements–obtained by Energy Vanguard, stated: “I am glad to state that to date, a total sum of $6.15 billion have been secured for infrastructural development. The total sum has been earmarked for the following critical projects: $2.3 billion Siemens, $1.6 billion Transmission Rehabilitation and Expansion Programme, $1.7 billion DISP and $550 million NEP (WB/AFDB). “With the securing of the $6.150 billion in funding, the Federal Ministry of Power, under...

LabEight* Ventures Launches “LabEight* Africa”

LabEight* Ventures, a Canadian Venture Initiative, launched LabEight* Africa to operate out of Lagos, Nigeria in July 2020 as an innovative financial product designed to capture value missed by existing financial products, and bring together an ethos of operationally focused venture capital investing. We focus on tech and tech-enabled startups with a social impact approach.  Managing Partner Jason D. Salvagni strongly believes there couldn’t have been a better time to Launch LabEight* Africa. In his words “With all the turmoil in the world at present, LabEight* Africa’s mission is now more important than ever. Our commitment to raising up African entrepreneurs – in Africa – to benefit Africa; Our commitment...

Huawei Plans A $60mln+ Technology Park In Angola

Chinese tech giant Huawei announced an investment of more than $60 million in a technology park in Angola. The announcement was made by Chu Xiaoxin, MD of Huawei Angola, after a meeting with Angolan Vice President Bornito de Sousa on August 27. Huawei said the new facility will be dedicated to training and knowledge sharing in the areas of new technologies. It will be built in the Talatona district in Luanda, the Capital. Inauguration and commissioning are expected for December 2021. READ SwedFund Commits $12M In Set Fund To Boost Renewable Energy Projects In Africa The tech park will have three centers for training Angolan engineers, creating new technologies,...

Dental Platform UDENZ Raises 100K Bridge Round

Dubai-based UDENZ, the platform connecting dental patients to dentists through a mobile app, has raised a $100K Bridge round by Global Ventures-UAE and several angel investors.  UDENZ provides a variety of services to dentists and patients and has managed to survive the current difficulties, and continue to grow. • The startup in early May 2020, began a pilot test for dental treatment installment plans via its new service UDENZPAY. This service offers an online payment solution that allowed patients to pay in installments for their dental treatments.• The funds will be used to promote and market the new services offered by UDENZ for dentists and patients in UAE, KSA, and Oman. READ...

SA startup secures $3.3-million in funding

South Africa and Malawi-based tech startup, Yellow, has secured $3.3-million in a Series A Equity Financing Round. The funding was received in a Series A Round to from Platform Investment Partners (PIP) invested, Ruby Rock Investment and LBO. The funding was secured in May 2020 and has enabled the innovative tech startup up to scale-up its footprint to supplying its pay-as-you-go solar-power devices to over 100 000 customers in Malawi and Uganda. READ Savings app Esusu raises $2.3M from Acumen Fund & LinkedIn’s Jeff Weiner for US expansion Michael Stannard, COO Platform Investment Partners comments on their investment into Yellow. “Platform Growth seeks to invest in businesses that combine strong management teams with unique technology....

Afrolynk 2020 Conference Is Going Virtual

Conferences, events and seminars have been adversely affected by the coronavirus pandemic. This, however, hasn’t meant that event planners have been deterred. The show must go on as they say, and we have witnessed a number of events going virtual. This is no different for Afrolynk 2020. What is Afrolynk? There may be some of you who have already heard of Afrolynk but for those who haven’t. Afrolynk is an impact venture capital that supports and brings together entrepreneurs, startups, investors organisations in the Africa EU tech and entrepreneurship ecosystem. The conference is going to be virtually this year starting from the 25th of September in Berlin, Germany. To understand...

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