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Proparco Invests USD 30 Mn In AfricInvest’s Pan-African SME Fund

Proparco—a subsidiary of Agence Française de Développement (AFD) focused on private sector development—has picked up a stake in AfricInvest’s pan-African fund dedicated to Small and Medium Enterprises (SMEs). The USD 30 Mn investment will go into AfricInvest’s first close of its multi-sector private equity fund, with which Proparco will support the development of strong local and regional consumer-driven businesses. By strategically investing money into Africa’s private sector, the continent’s economic growth can become a reality. With SMEs making up a substantial part of the economy, funds such as these are a good way to bolster the ranks of these growing enterprises and help them become regional champions. AfricInvest...

Safaricom gets Sh1.5bn for police cameras deal

The Treasury has paid Safaricom  Sh1.5 billion after the giant telco threatened to disconnect a security and surveillance system it built on behalf of the National Police Service, parliamentary records reveal The National Assembly’s Budget and Appropriations Committee (BAC) said Safaricom had signalled it would disable the surveillance system over the unpaid bill, an outcome that could have derailed police pursuit of criminals through CCTV cameras mounted in Nairobi. Under the terms of the security contract, Safaricom in 2014 started installing a Sh14.9 billion communication and surveillance system that is linked to police stations to help combat crime in Nairobi and Mombasa. The State was expected to make quarterly...

Daily Digest Monday 29 June 2020

Funding In Southern Africa SA startup SmartWage raises R6m to expand payday solution Johannesburg based startup SmartWage has raised a R6-million investment to help it to grow its solution that allows companies to give employees instant access to their earned salaries and wages. Read more Funding In Africa Pan-African Fund AfricInvest IV Secures $30m From Proparco For Investments In African SMEs Pan-African Fund, AfricInvest IV has secured $30 million dollars at the first closing of the new multi-sector investment fund from Proparco, a subsidiary of Agence Française de Développement (AFD) read more Download GetFundedAfrica’s e-Guide to fundraising for start-ups Here Latest News/Report Venture Capital in Africa: Mapping Africa’s Start-up Investment Landscape Those in Africa’ tech startup...

[Latest Report] Venture Capital in Africa: Mapping Africa’s Start-up Investment Landscape

Those in Africa’ tech startup scene can be forgiven for being confused when asked how much venture capital (VC) goes to the continent’s startups. Recently, a plethora of reports on the VC sector have each come up with different figures when it comes to the number of deals and total size of investments that go to African tech startups each year. The latest figures are contained in new report released yesterday by the African Private Equity and Venture Capital Association (Avca). The report, titled “Venture Capital in Africa: Mapping Africa’s Start-up Investment Landscape”, has it that there were 139 VC deals totalling $1.4-billion reported in Africa in 2019, up from 114...

SA startup SmartWage raises R6m to expand payday solution

Johannesburg based startup SmartWage has raised a R6-million investment to help it to grow its solution that allows companies to give employees instant access to their earned salaries and wages. It follows the announcement on Monday (22 June) that former Springbok Bryan Habana’s fintech Paymenow had landed a R4-million investment from ViaMedia for its app that allows employees early access to already earned wages. SmartWage’s fundraise was led by Chris Lister-James from Johannesburg-based seed investor FiTech Ventures which has previously invested in other SA fintech startups like Franc, uKheshe and Payflex. SmartWage was founded in November 2019 by Nick, Alex Platt and Simon Ellis The investment, agreed earlier this week, comes in the form of a Simple...

Amazon Buys Startup Zoox Led By Senegalese Woman Aichatou Sar Evans For $1.2 billion

Amazon announced this week that it had bought Startup Zoox led by Senegalese Aichatou Sar Evans for $ 1.2 billion. According to the Wall street Journal, the acquisition of the company which aims to develop autonomous driving technology will allow Amazon to be ahead of its new delivery strategy. Here Is What You Need To Know By buying the Zoox startup, Amazon also aims to compete with Google in the field of autonomous cars. The idea is to be able to push the startup to gain the track it needs to follow its main rival — Waymo, which is behind the autonomous car project of Google.Amazon has worked on its...

Pan-African Fund AfricInvest IV Secures $30m From Proparco For Investments In African SMEs

Pan-African Fund, AfricInvest IV has secured $30 million dollars at the first closing of the new multi-sector investment fund from Proparco, a subsidiary of Agence Française de Développement (AFD) which supports the development of strong local and regional businesses, oriented to consumers, throughout Africa. Here Is What You Need To Know The fund seeks to develop local businesses that are well positioned to make them regional champions. It will be the first fully Pan-African fund of the group.AfricInvest is one of the pioneers of private equity in Africa, investing successfully on the continent through its funds from North Africa and sub-Saharan Africa for more than 25 years. A long-standing partner of...

Daily Digest Friday, 26 June 2020

Funding In Africa African Startups Raised $1.4bn In 2019 Says African Private Equity And Venture Capital Association’s First VC Report The exact amount raised by African startups from venture capital funding in 2019 continues to be an object of controversy. Read more Funding In West Africa Wallets Africa raises fresh capital from Samurai Incubate, Mozilla, Michael Seibel Founded in 2018, Wallets Africa makes it easy for users to transact across Africa with an app and a card. According to founder and CEO, John Oke, the startup wants to be Africa’s foremost borderless digital financial platform. Read more Call For Applications & Events Hydrogen’s Role in the EU Climate-Neutral 2050 Goal Hydrogen is...

Entries open for fifth annual AppsAfrica Innovation Awards

Entries are now open for the sixth annual AppsAfrica Innovation Awards which aim to showcase the continent’s most innovative mobile and tech ventures. The awards are open to corporates, established ventures or start-ups who have launched services in at least one African market. Winners of the awards will be invited to Africa Tech Summit Kigali 2021 where they will join over 400 tech leaders from across the continent. Applications close on 20 October. A shortlist will be announced on 1 November and the winners will be announced 26 November. The AppsAfrica Innovation Awards aim to celebrate the best in mobile and tech in Africa Startups entries are free and entrants must contact the organisers for a...

Wallets Africa raises fresh capital from Samurai Incubate, Mozilla, Michael Seibel

Nigerian fintech startup, Wallets Africa, has raised an undisclosed round of investment. Founded in 2018, Wallets Africa makes it easy for users to transact across Africa with an app and a card. According to founder and CEO, John Oke, the startup wants to be Africa’s foremost borderless digital financial platform. The idea for Wallets Africa first crossed the founder’s mind in 2016 when he was a software engineer at SureGifts, a gift voucher company. While integrating the company’s core backend with Kenya’s mobile money service, M-Pesa, he noticed one could make use of a SureGifts voucher to pay at an M-Pesa till at a mall or to get tickets at...