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SA-owned LightWare receives $1.5-million investment

LightWare LiDAR, a South African company supplying world-class microLiDAR sensor technology to leading global companies has secured an investment of $1.5-million (R25-million)  from Sanari Capital growth.  The investment will take African tech to the next level, establishing LightWare in the global industry The investment funding provided will allow LightWare to rapidly create a series of innovative products using technology. Backed by 27four, Sanari Capital’s Lower and Mid Market Fund has made its first investment and chosen LightWare as the innovative company to back. Moushmi Patel, Partner at Sanari Capital comments on the investment placed into LightWare. “Not only does LightWare present an opportunity for attractive financial returns, confirmed by its profiling by...

Daily Digest Tuesday 18 August 2020

Funding In East Africa Kenyan Digital HR Manager WorkPay Raises $2.1 Million Seed Capital to Drive Growth Kenyan startup WorkPay, a digital human resource management (HRM) and payroll solution provider, has amassed $2.1 million in seed funding to accelerate its development. Read more Kenya’s Savanna Circuit Tech Banks US$100,000 Grand Prize at Cisco Global Problem Solver Challenge 2020 Savanna Circuit Tech, an AgriTech startup that develops a solar chilling in-transit system for dairy farmers was awarded the grand prize of US$100,000 at the Cisco Global Problem Solver Challenge 2020. Read more Funding In North Africa Egypt: Etisalat Misr to inject $283mln in the telecom market in 2020 Etisalat Misr,...

Agritech Startups In Kenya Can Get Up To $100k In Funding From FoodTech Africa’s New Accelerator Program

Kenyan women and youth in agribusiness are set to receive up to $100k each in funding to upscale their business, from FoodTech Africa, at a time when the coronavirus pandemic has slowed down the country’s economic activities with thousands being rendered jobless. CEO and Co-Founder of Pangea Accelerator Jonas Tesfu “We believe Kenya and East Africa are at a critical time and that innovation and young entrepreneurs have a big role to play in creating resilient and local food systems,” said, CEO and Co-Founder of Pangea Accelerator Jonas Tesfu. Here Is What You Need To Know The investment through the FoodTech Africa accelerator is aimed at meeting the growing demand and challenge of...

Egypt: Etisalat Misr to inject $283mln in the telecom market in 2020

Etisalat Misr, a subsidiary of Emirati group Etisalat, says it will pump a total of EGP4.5 billion ($283 million) into the Egyptian telecom market throughout this year. According to CEO Hazem Metwally, the new investment will contribute to upgrading networks, improving service quality, and broadening the company’s activities in the data segment through support to the internet of things (IoT) and artificial intelligence (AI). The manager made this announcement during a meeting on August 16 with Mohamed Abdel Wahab, Head of Egypt’s General Authority for Free Zones and Investment (GAFI). Hazem Metwally claimed his company has already invested nearly EGP50 billion since it started operations on...

Write for Innovation: FITC Invites Young Africans to Participate in Essay Challenge

FITC, the world-class, innovation-led and technology-driven knowledge organization that provides learning and advisory services to Financial Institutions and other sectors in Africa, has launched the FITC Youth Connect Initiative. This initiative focuses on youth employability and supports youth-led innovation in Africa. To herald this, the organization is launching the maiden edition of its essay competition for undergraduates in higher institutions of learning across Africa. Tagged “Youth Connect Essay Challenge”, the Competition seeks to promote creative talents and spur innovative thinking among young people in Africa. It focuses on the theme, “Accelerating Growth and Development in Africa: The Role of Technology and Innovation”.  Given the wealth of talents and...

Kenyan Digital HR Manager WorkPay Raises $2.1 Million Seed Capital to Drive Growth

Kenyan startup WorkPay, a digital human resource management (HRM) and payroll solution provider, has amassed $2.1 million in seed funding to accelerate its development. Having invested $100,000 in WorkPay in 2019, Kepple Africa Ventures oversaw this funding round which also involved contributions from YCombinator, P1 Ventures, Soma Capital, Musha Ventures, and other angel investors. WorkPay CEO, Paul Kimani WorkPay had recently taken part in the 3-month Silicon Valley-based YCombinator accelerator programme W20 and obtained $150,000 in funding after graduating as part of the program. The company can now further extend its reach and speed up its growth in key areas after successfully raising $2.1 million in its latest funding round. Founded in...

Daily Digest Monday 17 August 2020

Funding In East Africa KILIMO FRESH WINS $50,000 EQUITY INVESTMENT AT MEST AFRICA CHALLENGE VIRTUAL FINALS Tanzanian start-up Kilimo Fresh, a digital distributor of fresh produce to hotels, restaurants, supermarkets, institutions, wholesalers, and export markets has been named the winner of the MEST Africa Challenge, winning US$50,000 in equity investment. Read more Opinion Awakening the entrepreneurial spirit of every young African is key to continent’s future, development leaders agree (AfDB) - The African Development Bank joined a number of development leaders in calling for greater support of youth entrepreneurship during a virtual event organized by the Tony Elumelu Foundation. The webinar was timed to coincide with International Youth Day,...

Tech resource relief fund worth R25-million launched for SA tourism industry

A local technology specialist company, Sautech has launched a relief fund worth R25-million aimed at businesses in the tourism industry. Sautech will offer free hosting services to qualifying businesses based on the tailor-made needs of each business The new initiative is aimed at providing technological resources and relief to businesses within the tourism sector that have been negatively impacted by the pandemic and lockdown regulations. Sautech will offer free hosting services to qualifying businesses based on the tailor-made needs of each business. Sautech is a South African, Gauteng-based company established in 2003 and offers all standard technology services. The value add is that they design specific solutions or consulting for projects,...

Awakening the entrepreneurial spirit of every young African is key to continent’s future, development leaders agree

(AfDB) - The African Development Bank joined a number of development leaders in calling for greater support of youth entrepreneurship during a virtual event organized by the Tony Elumelu Foundation. The webinar was timed to coincide with International Youth Day, which fell on Wednesday 12 August, 2020. “Africa is young, and we need to do whatever it takes to empower our youth because they are the future of the continent,” said the Bank’s Acting Vice President for Agriculture, Human and Social Development, Wambui Gichuri, a featured speaker. “Entrepreneurship is an essential part in addressing Africa’s employment challenge and where we need to put our focus.” The webinar,...

KILIMO FRESH WINS $50,000 EQUITY INVESTMENT AT MEST AFRICA CHALLENGE VIRTUAL FINALS

Tanzanian start-up Kilimo Fresh, a digital distributor of fresh produce to hotels, restaurants, supermarkets, institutions, wholesalers, and export markets has been named the winner of the MEST Africa Challenge, winning US$50,000 in equity investment. Start-ups from Ethiopia, Kenya, Ivory Coast, Rwanda, Ghana, Tanzania, Senegal, Nigeria and South Africa were selected to take part in the MEST Africa Challenge, run by Pan-African training programme, seed fund, incubator, and hub MEST Africa. After two months of amazing pitches from Africa's best tech startups, and an intense finale, it's official. The winner of the 2020 #MESTAfricaChallenge, $50,000 in funding and a spot in one of @MESTAfrica's incubators is @kilimo_fresh.Congratulations and welcome to @MESTAfrica pic.twitter.com/i4bpDXCFxD— MEST Africa (@MESTAfrica) August...

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