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Tunisian Entertainment Startup Galactech Secures A Six-figure Pre-Series A Funding

Good news for media and entertainment startups in Africa. From Stears to Space in Africa, media and entertainment startups in Africa are proving investment-worthy, even though investors are yet to reach the $1 million threshold seen in other sectors. Tunisia-based entertainment content creation and distribution company Galactech has just closed a six-figure pre-Series A investment round, thanks to the Oman Technology Fund (OMF) and other angel investors.  Here Is What You Need To Know The funding follows Galactech signing contracts with 30 international telecom operators to expand its reaxh, and will be used to launch a series of gaming services in the MENA region. The funding will also facilitate the startup in exploring “silk...

TradeDepot raises $10 million in pre-Series B equity round

Nigerian based B2B e-Commerce platform for consumer goods in Africa, Tradedepot has raised a further $10 million in a pre-Series B equity round. According to a statement from the company, the equity round was co-led by Partech, International Finance Corporation (IFC), Women Entrepreneurs Finance Initiative (We-Fi), and MSA Capital. This is a major addition to the $3 million raised in the Series A led by Partech in 2018. The company said in the statement that the new investment will be used to continue its integration of the fragmented informal retail supply chain in Nigeria, and further expand into other African cities. Tradedepot also plans to launch a suite of financial products and credit facilities, to support its retailers in improving...

The role of energy storage in microgrids

Meeting rising electricity demand in a globalised and continuously electrified society while decarbonizing energy generation to protect our climate are triggering the demand for new approaches in the energy sector. Microgrids based on renewable sources can be one approach to secure local energy supply while meeting economic and ecological targets. Storage technologies play a key role in the successful integration of these renewable sources, both on- and off-grid. Different energy storage technologies are available, in different sizes and for different purposes. This webinar will give you an overview about these technologies and their characteristics. We will further focus on Li-ion battery storage systems and their...

Daily Digest Tuesday, 14 July 2020

Funding in North Africa Launch of the 2020 North Africa Economic Outlook report The North African Bureau of the African Development Bank will launch the 2020 edition of the North Africa Economic Outlook Report virtually on Tuesday, 14 July 2020 at 15:00 (Tunis). This third edition of the report is one of the Bank’s flagship publications and provides an overview of North African economies, based on a regional approach to development. The theme for the 2020 launch is “Developing the workforce and skills for the future”. Read more Funding In West Africa DisCos seek CBN funding for massive roll-out of meters to consumers A Central Bank-funded massive roll-out of meters would...

Dangote Sugar completes acquisition with Savannah Sugar Company Limited

Dangote Sugar Refinery has been authorised to receive all the assets, liabilities and business undertakings, and property rights of Savannah Sugar Company Limited (SSCL).   This was one of the resolutions passed at the court-ordered meeting of the members of Dangote Sugar Refinery Plc held on Thursday at the Eko Hotel & Suites, Victoria Island, Lagos.   According to the notice of the proceedings sent to the Nigeria Stock Exchange, and seen by Nairametrics, Dangote Sugar Refinery “is hereby authorised to receive all the assets ((including all tax attributes, unutilized capital allowances, tax losses, withholding tax credits and any other tax refunds available subject to the approval of the FIRS), liabilities and business undertakings, including real property and intellectual property rights of Savannah Sugar Company Limited (“SSCL”)...

Guinea receives $38million to support its education sector

Guinea will benefit from $38 million to support its education sector over the period 2020-24. An agreement was signed in that regard with the French Development Agency (AFD). The funding aims to facilitate the implementation of the first phase of the Ten-Year Education Program in Guinea (ProDEG). Planned for the decade 2020-2029, it aims to improve access to quality education and training for young Guineans through, among other things, the construction of schools in the least served areas, the reform of curricula and textbooks, and local training for teachers. The project also aims to improve the education of girls and women, and expand the basic education cycle...

DisCos seek CBN funding for massive roll-out of meters to consumers

A Central Bank-funded massive roll-out of meters would expedite the efforts to achieve the full take-off of the proposed Service Reflective Tariff (SRT), Electricity distribution companies (Discos) have suggested. According to Mr Sunday Oduntan, the Executive Director in charge of research and advocacy at the Association of Nigerian Electricity Distributors (ANED), such funding would help ensure that all electricity customers are adequately metered under the Meter Asset Provider (MAP) regulation. Oduntan, who said this in a statement to NAN on Friday, also disclosed that it would assist the distribution companies to meet the 2024 deadline which they had committed to, for metering all electricity consumers. He recalled that...

Webinar- “The new necessary” for managing front-line employees

Summary The pandemic exposed critical gaps for many businesses, specifically a lack of a direct connection to hourly workers at the frontline. The most critical needs were around the ability to connect and educate frontline workers with traceable and auditable communications, training, and scheduling while keeping customers and employees healthy and safe. As businesses restart, another set of issues is coming centered on employee financial stress, retention, and the impact on customer experience. In the USA alone, 78% of workers live paycheck-to-paycheck. We have partnered with some of our world-renowned brands to develop ExpressPay as a benefit within our Digital Workplace solution, delivering the ability to drive the...

Daily Digest, Monday 13 July 2020

Funding In South Africa Franc, A SA Fintech Startup Raises $300K Seed Funding Launched in May 2018 by Sebastian Patel and Thomas Brennan, Franc is an investment robo-advisor that helps people who have never invested before access the best cash and equity funds in the market. Read more Latest Report Foreign direct investments in East Africa declined in 2019 – report There could be a sharp decline in foreign direct investments (FDIs) this year due to the Covid-19 pandemic. Last year, the region posted mixed fortunes with inflows to Uganda increasing by 20 per cent to $1.3 billion due to continued development of oil fields and an...

Foreign direct investments in East Africa declined in 2019 – report

There could be a sharp decline in foreign direct investments (FDIs) this year due to the Covid-19 pandemic. Last year, the region posted mixed fortunes with inflows to Uganda increasing by 20 per cent to $1.3 billion due to continued development of oil fields and an international pipeline, as well as projects in construction, manufacturing and agriculture. Inflows to Kenya however dropped by 18 per cent to $1.3 billion compared with $1.6 billion in 2018, despite several new projects in information technology and healthcare. There could be a sharp decline in foreign direct investments (FDIs) this year as the Covid-19 pandemic continues to ravage economies across the globe. The...

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