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Shift Fund reopens applications for funding

 Enygma Ventures’ subfund Shift, has opened for the second round of funding for entrepreneurs and innovators in Africa who either have existing businesses or new business ideas. Successful graduates will then receive a $25 000 pre-seed equity investment. The Shift Fund launched in April this year and has been founded through a partnership between Enygma Ventures and Startup Circles. The new fund was founded in a response to the impact of the current Covid-19 pandemic and focuses on entrepreneurs and innovators in Southern Africa who are passionate about creating new solutions that address challenges facing Africa both during and after the pandemic.   Jacob Dusek, Enygma Ventures Cofounder explains why they have decided...

UGANDA: AfDB grants US$ 6.5 million for Kayunga Water Supply Project

The Ugandan government has recently obtained a loan of 6.5 million dollars (24 billion Ugandan shillings) from the African Development Bank (AfDB). The funds will enable the Ugandan engineering company Vambeco to construct a drinking water pipeline and other facilities in Busaana sub-county, Kayunga district in Uganda. The Uganda Strategic Towns Water Supply and Sanitation Project has just received funding from the African Development Bank (AfDB). The financial institution is lending more than 6.5 million dollars (24 billion Ugandan shillings) to implement the second phase of the project launched in 2018. It concerns the construction of a drinking water pipeline in Busaana locality, Kayunga district in...

Daily Digest Wednesday, 5 August 2020

Founders Factory Africa launches Hatch community for entrepreneurs Founders Factory Africa has launched Hatch, a network of African entrepreneurs, technologists and visionaries committed to transforming the startup ecosystem across the continent. Read more Funding In Southern Africa Microsoft SA invests R40-million in SA agriculture sector Microsoft South Africa has announced an investment of up to R40-million in South Africa’s agriculture sector, which is one of the country’s critical industries driving growth and job creation. Read more Funding In West Africa Nigerian transport startup Plentywaka raises $300k to launch in Abuja  Plentywaka, the transport startup, has raised a $300,000 pre-seed investment led by EMFATO, Microtraction, and Niche Capital. The innovative startup will use the investment to...

Founders Factory Africa launches Hatch community for entrepreneurs

Founders Factory Africa has launched Hatch, a network of African entrepreneurs, technologists and visionaries committed to transforming the startup ecosystem across the continent. Founders Factory, which originally launched in London in 2015 and has already built 70 startups, launched African operations in Johannesburg in 2018, from where it has already invested in a host of companies, most recently in March. The venture development company is committed to helping to ensure that African founders are provided with the support and expertise needed to scale their startups in the current competitive landscape, and with that in mind has launched the Hatch community. Hatch members will receive access to a host of exclusive...

Ghanaian tech-based management consultancy Africa Foresight Group raises $700k 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, has raised a seed funding round worth over US$700,000. 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, amongst others. AFG has more than 100 consultants – “foresighters” – in its...

Microsoft SA invests R40-million in SA agriculture sector

Microsoft South Africa has announced an investment of up to R40-million in South Africa’s agriculture sector, which is one of the country’s critical industries driving growth and job creation. The investment is aimed at driving sustainability in the sector for smallholder farmers, who form an important part of the agricultural workforce in the country.  Microsoft SA will partner with local tech companies to develop innovative solutions to challenges faced in the agricultural sector Over two million of these farmers help reduce poverty for local communities and establish food systems for South Africa and the wider southern African region. However, they face challenges that prevent them from becoming commercially viable, efficient, and sustainable. Lillian...

Nigerian transport startup Plentywaka raises $300k to launch in Abuja

Plentywaka has secured $300 000 in investment funding and plans to launch in Nigeria’s capital.   Plentywaka, the transport startup, has raised a $300,000 pre-seed investment led by EMFATO, Microtraction, and Niche Capital. The innovative startup will use the investment to continue to transform the transport system in Nigeria with improved mapping technology.   Plentywaka has secured $300 000 in investment funding and will expand its businesses across Nigeria The new funding will build on its customer experience with developments to the app’s mapping technology to provide more precise tracking for journeys. In addition to improving its services, users will have access to faster and simpler payment options for the various Plentywaka services...

Daily Digest Tuesday 4 August 2020

Funding In Africa New early-stage Venture Capital Fund to back cohort companies launches South African based business accelerator, Grindstone has launched a new Venture Capital Fund, Grindstone Ventures, dedicated to providing early-stage equity funding to its cohorts of companies and alumni. Read more Through AFAWA, the Bank seeks to bridge the $42 billion financing gap faced by women-empowered businesses Marieme Esther Dassanou is the Coordinator of Affirmative Finance Action for Women in Africa (AFAWA) the African Development Bank’s flagship pan-African initiative, which aims to bridge the $42 billion financing gap facing women entrepreneurs in Africa Read more Kenya’s Ride Hailing Firm Gets $3 Million Boost With the expectant competition in ride hailing...

New early-stage Venture Capital Fund to back cohort companies launches

South African based business accelerator, Grindstone has launched a new Venture Capital Fund, Grindstone Ventures, dedicated to providing early-stage equity funding to its cohorts of companies and alumni. Grindstone Accelerator is a structured entrepreneurship development programme that is jointly owned by leading venture capital fund manager Knife Capital and market access specialist Thinkroom Consulting. The programme assists South African SMEs with proven traction through an intensive year-long review of their strategies and provides them with the necessary support to build a foundation for growth to become investable, sustainable and exit-ready. Grindstone Ventures is an open-ended venture capital fund structure, set to invest up to R5-million per opportunity During the programme, key growth gaps...

“Through AFAWA, the Bank seeks to bridge the $42 billion financing gap faced by women-empowered businesses”

(AfDB) - Marieme Esther Dassanou is the Coordinator of Affirmative Finance Action for Women in Africa (AFAWA) the African Development Bank’s flagship pan-African initiative, which aims to bridge the $42 billion financing gap facing women entrepreneurs in Africa. She previously led IFC’s Gender Secretariat's work on advancing women's inclusion in the insurance and financial sectors. In this interview, she outlines progress made with the AFAWA initiative and its future plans. You recently joined the African Development Bank as AFAWA coordinator. Can you tell us more about the initiative? AFAWA is a pan-African initiative launched by the African Development Bank at its Annual Meeting in Lusaka, Zambia in May...

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