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Daily Digest Tuesday 25 August 2020

Latest News 24th August 2020 – GetFundedAfrica Ventures, a social venture on a mission to uplift people and economies in Africa through entrepreneurship, is pleased to announce that it has started accepting applications for equity capital funding from startups across Africa. Read more Funding In Southern Africa SA’s billionaire Patrice Motsepe eyes 25% stake in Sanlam Investment Indeed, Ubuntu-Botho Investments, which is the parent company of Africa Rainbow Capital is already a 14.13% shareholder of Sanlam. Read more Funding In West & East Africa German NGO Enpact Launches New Funding Program, To Invest Up To $10,000 Each In Startups In Ghana And Kenya Enpact has launched a funding program...

Startups Without Borders and Facebook partner to help entrepreneurs on the move in MENA

Startups Without Borders, a global platform for refugee and migrant entrepreneurs, has partnered with Facebook to launch ‘Boost with Facebook’ - a training programme to support 1550 entrepreneurs and business owners on the move to recover from the economic downturn of the COVID-19 pandemic.  The programme will offer training on digital marketing to business owners from the MENA region who have left their country of origin in search of a better life and have started a business or an initiative in the Middle East or Europe.    The ‘Boost with Facebook’ programme, designed to help small businesses grow by expanding their digital skills, will provide virtual learning sessions...

German NGO Enpact Launches New Funding Program, To Invest Up To $10,000 Each In Startups In Ghana And Kenya

Enpact has launched a funding program dubbed the Empowering Entrepreneurship Initiative that supports young, innovative businesses with a curated combination of mentoring, workshops, network building and funding. The call is now open for the COVID-19 Relief Programme, which will support 180 businesses across all sectors in the 6 countries Mexico, Egypt, Jordan, Kenya, Ghana and Indonesia and Kenya. What Startups Stand To Gain Selected businesses will have access to Individual mentoring sessions adapted to their needs, Direct financial support of up to $10,000 per business, expert workshops on crisis management, business development, leadership and growth and access to our global network of +1000 startups, +300 mentors, experts and investors...

Ugandan arm of Ciel Healthcare receives $6.5 million from shareholders, including IFC

The International Finance Corporation (IFC) approved a $4 million loan to International Medical Group (IMG), the Ugandan subsidiary of Ciel Healthcare, a Mauritius-based company that specializes in healthcare center management. The Ugandan hospital will also receive $2.5 million from Proparco, Kibo Capital and Ciel Limited, and other shareholders of its parent company. The resource will enable IMG to finance a liquidity shortfall that resulted from the covid-19 pandemic. It will be used to refinance existing debt and secure a longer grace period tailored to current cash requirements. It is not certain that Ciel Healthcare will seek this type of financial support for the other hospitals on its platform. In...

SA’s billionaire Patrice Motsepe eyes 25% stake in Sanlam Investment

Africa Rainbow Capital, the investment company owned by billionaire Patrice Motsepe (pictured), bid R815 million ($47.5 million) for a 25% stake in Sanlam Investment. Patrice Motsepe says he believes this latest transaction will enhance Sanlam's operations to make it a serious player in the highly competitive asset management industry. Sanlam for its part said, “this is particularly relevant in the current challenging operating environment, which is likely to persist in the near term as the country recovers from the severe impact of the Covid-19 pandemic.” The operation strengthens the presence of the exclusively black-owned capital in the chain of activities of the leading insurer in Africa. Indeed,...

Press Release

GetFundedAfrica Ventures announces opening of funding application portal to startups in Africa 24th August 2020 – GetFundedAfrica Ventures, a social venture on a mission to uplift people and economies in Africa through entrepreneurship, is pleased to announce that it has started accepting applications for equity capital funding from startups across Africa. Start-ups in pre-seed and seed stages of fundraising can apply for funding through the dedicated application page on GetFundedAfrica’s website. There are lots of challenges in Africa and GetFundedAfrica believes it can contribute to the eradication of poverty in Africa by investing in the Continent’s most promising ideas and companies — helping them grow, create jobs and solve...

Lidar startup Luminar to go public via $3.4 billion SPAC merger

Japaul is exiting the oil industry after a protracted downturn experienced by operators in the sector. Luminar,  the lidar startup that burst onto the autonomous vehicle scene in April 2017 after operating for years in secrecy, is merging with special-purpose acquisition company Gores Metropoulos Inc., with a post-deal market valuation of $3.4 billion. Gores Metropoulos, which is listed on the Nasdaq exchange, is a special purpose acquisition company, or SPAC sponsored by an affiliate of The Gores Group, the global investment firm founded in the late 1980s by Alec Gores. The SPAC merger comes just three months after Luminar hit a critical milestone and announced that Volvo would start producing vehicles...

MAYDAY: THE EGYPTIAN STARTUP USHERING TECH INTO ROADSIDE ASSISTANCE

We speak to the founders of Mayday on the journey to creating a consumer-friendly solution for road assistance in Cairo, and how has the startup fared in the past two years during the country’s tech boom. Every motorist’s perpetual inner-saboteur is a frantic fear of being stranded on the side of a road, middle of the night (although sunlight doesn’t quell it any better) and with a flat tire/car that won’t rev up. And while there’s no shortage of jokes and quips to make on the state of roadside assistance in Egypt, we’ll just settle with this: you might find yourself wishing you saved the contact...

Calling all aviation, travel and tourism start-ups Apply to IntelakAccelerator!

Led by the Emirates Group, Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism), Accenture and Microsoft – Intelak Accelerator is an eight-week programme that takes viable business solutions to the next level by offering start-ups growth and scaling opportunities, along with intimate access to principal partner mentoring, investors, and an alumni networking platform. Intelak Accelerator start-ups will be able to develop a city-wide implementation of their business solutions and exclusive visibility and pitching opportunities at GITEX Future Stars – the region’s premier technology event. Programme benefits A hybrid programme that maximises agility and eliminates the need to be based within Dubai to take part in the programme.Gain...

Property management app Circle announced ‘best of ecosystem’ winner in Egypt at the AfricArena Virtual Startup Pitch Series 2020

As a strong contender Circle will participate in the final pitch competition at the PrestigiousAfricArena Summit to be held in Cape Town in March 2021. Cairo-based Circle, a property management mobile application that enables property managers to better engage with their tenants, handle their requests and reduce operational costs, was announced the ‘Best of Ecosystem’ winner at the AfricArena Virtual Startup Pitch Series held in Cairo, recently. This highly competitive event was part of the series of the AfricArena Tour to select the best tech innovators from the Egypt tech ecosystem. The event was held in partnership with Ideaspace. Among the seven startups that participated, Circle was named...

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