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Nigerian Venture Capital Launches $10million Fund for High-Growth Tech Startups

A Nigerian venture capital with plans to spread its business tentacles across Africa has unveiled a $10 million fund focused on high-tech startups in the continent, the firm, Ingressive Capital said that it is doubling the size of its investment fund, re-affirming a mandate to back pre-seed and seed-stage African tech startups with potential for high growth. To achieve this, Ingressive Capital according to company sources has welcomed new limited partners like Nigeria Sovereign Investment Authority (NSIA), US-based Plexo Capital and Platform Capital, a Nigerian firm behind a futuristic biotech company and other investors such as Techstars, Michael Seibel, CEO of Y Combinator, and more than 10...

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. While this report by WeeTracker shows startups in Africa raised $1.3 billion in VC funding in 2019, another report from Partech Africa says 243 African tech startups raised a total of US$2.02 billion in 2019. Added to the growing list of reports (which, by the way, have unanimously established that startups in Africa did cross the $1bn mark in VC funding in 2019) is this newest report from the association that unites all private equity and venture capital organisations in Africa, African Private Equity and Venture Capital Association....

Daily Digest Thursday 25 June 2020

Funding In Southern Africa HAVAÍC invests in Mobiz HAVAÍC, a Cape Town based venture capital investment firm, has invested in Mobiz, a South African mobile marketing platform. Read more Funding In Africa Ingressive Capital Grows African Tech Fund To $10 MILLION USD Ingressive capital is a venture capital (VC) group that offers pre-seed and seed funding to startups in business-to-business, business-to-consumer, internet and fintech spaces. Read more Catalyst Fund selects three African fintech startups for accelerator programme Three African tech startups have been selected to take part in global inclusive fintech accelerator the Catalyst Fund‘s latest cohort. Read more Mastercard Acquires Technology Firm FINICITY In A $825 Million Deal Mastercard Inc. is...

Access Bank W Initiative Womenpreneur Pitch-a-ton Africa 2020 (Win Mini MBA & a grant of N5 million)

Deadline: August 14, 2020 Are you a woman who owns and runs her business? Is your business innovative? Do you need a grant to expand your business? What about some expert training to help grow your business? Apply now for the Womenpreneur Pitch-a-ton Africa 2020. The Womenpreneur Pitch-a-ton Africa 2020 Campaign is designed to provide female owned businesses across Africa an opportunity to access to finance and world-class business trainings as well as mentoring opportunities. This programme has been designed to create an enabling environment for female entrepreneurs to grow their businesses. Benefits The Womenpreneur Pitch-a-ton Africa 2020 will provide up to N9 million financial grant and a unique...

MASTERCARD ACQUIRES TECHNOLOGY FIRM FINICITY IN A $825 MILLION DEAL

Mastercard Inc. is taking a major step away from traditional card payments with the acquisition of technology firm Finicity in a deal worth $825 million. The deal will give Mastercard more resources that help banks hasten credit decisions or enhance account verification processes, using Finicity technology that lets companies share consumers’ financial data. Mastercard President Michael Miebach said in a statement on  Tuesday said, “Finicity has a proven business, built on partnerships with thousands of banks and fintechs, similar to us. “Finicity also shares our commitment to consumer-centric data practices, ensuring consumers have a say in how and where their information should be used.” Mastercard’s efforts to take swerve...

HAVAÍC invests in Mobiz

HAVAÍC, a Cape Town based venture capital investment firm, has invested in Mobiz, a South African mobile marketing platform. HAVAÍC joins Kalon Venture Partners as shareholders in Mobiz. The recent capital raise was to fund the company’s growth and restructure some of the shareholding. Founded in 2014 by Greg Chen and Clark Lin, to date Mobiz has seen impressive growth and their client base includes a number of JSE-listed companies. In recent months, the company has seen further growth in times when marketing budgets are shifting strongly in favour of digital and mobile outlets. Read other investments by HAVAÍC: Kenyan Micro- Retail Startup Tanda lands seed investment from HAVAIC Mobiz...

Catalyst Fund selects three African fintech startups for accelerator programme

Three African tech startups have been selected to take part in global inclusive fintech accelerator the Catalyst Fund‘s latest cohort. The three African firms are Nigeria’s WellaHealth and Flex Finance, as well as South Africa’s Paymenow. They are part of a cohort of six startups which will each receive £80 000 in grant capital as well as bespoke and expert-led venture building support for six months. Paymenow, which was founded last year by former Springbok rugby player Bryan Habana and Deon Nobrega, announced earlier this week that it had netted R4-million in investment (see this story). The accelerator, which is managed by BFA Global, was founded in 2016 with the support of the Bill and Melinda Gates Foundation and JPMorgan...

INGRESSIVE CAPITAL GROWS AFRICAN TECH FUND TO $10 MILLION USD

Ingressive capital is a venture capital (VC) group that offers pre-seed and seed funding to startups in business-to-business, business-to-consumer, internet and fintech spaces. Ingressive Capital through new investment from Nigeria Sovereign Investment Authority, Plexo Capital, Platform Capital, other institutional capital and backers have been able to expand their fund to US$10 million. Download GetFundedAfrica’s e-Guide to fundraising for start-ups Here The group’s investments average from US$200 000 to 400 000, and they take a 10% ownership for their investment. Ingressive Capital’s portfolio includes, OZÉ, Paystack, Jetstream, 54gene, Bamboo and many others. They are taking applications from startups in Sub-Saharan Africa. There is currently no deadline for applicants and the form to apply can be found here The firm reached the...

Daily Digest Wednesday, 24 June 2020

Funding In Southern Africa Zimbabwe’s Centragrid to Scale Up Solar Output Zimbabwean solar power company Centragrid plans to increase generation capacity to 25 megawatts (MW) by October 2021, helping the country chip away at a huge electricity deficit that has hurt mines and kept households in the dark for hours. Read more Funding In West Africa Atlanta Solar Firm Connects More Villages to ‘Mini-Grids’ in Nigeria, Kenya Atlanta-based Renewvia Energy Corp. has taken new steps toward its dream of bringing solar energy to off-grid communities in Africa, building a scalable business in the process. Read more Funding In North Africa Egypt’s Sakneen gets Y Combinator’s backing for its online real estate platform Cairo-based online real estate platform...

Egypt’s Sakneen gets Y Combinator’s backing for its online real estate platform

Cairo-based online real estate platform Sakneen announced today that it has been backed by Y Combinator. The startup was part of Y Combinator’s Winter 2020 batch that graduated earlier this year with a virtual demo day. It has raised $150,000 from Y Combinator as part of joining the program. Breadfast and Trella are the two other Egyptian startups that have recently graduated from Y Combinator. Both of them were part of YC S19. (Sakneen is one of those startups that had decided to present at YC’s next demo day and that is why they were missing from the coverage of YC’s W20 batch on MENAbytes and media outlets). Founded in late...