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AFRICA NETPRENEUR PRIZE INITIATIVE (ANPI) IS STILL SEARCHING FOR AFRICA’S BUSINESS HEROES 2020

The Jack Ma Foundation announced today it has officially launched the second edition of the “Africa’s Business Heroes” (ABH) prize competition with applications now open to African entrepreneurs from all 54 African countries, as well as every sector, age group, and gender. Applications will also now be available in both French and English. The ABH prize competition and the show are organized by the Africa Netpreneur Prize Initiative (ANPI), the Jack Ma Foundation’s flagship philanthropic program in Africa. ABH made its debut last year, and aims to identify, support and inspire the next generation of African entrepreneurs who are making a difference in their local communities, working to solve...

Zenithe Afrik triples share capital, becomes Sonam Vie SA Cameroun

(Business in Cameroon) - Senegalese insurer Sonam, which was authorized to operate in Cameroon since December 2017, informs that its merger with the Cameroonian Zenithe Afrik Assurances Vie has led to some changes. At the financial level, the company explains; in late 2019, in Doula, the shareholders decided to increase the share capital from XAF1 billion to XAF3 billion by issuing 200,000 shares of XAF10,000 each, paid in cash. The said capital was fully subscribed and paid by the shareholders. The Board of Directors also decided to change the name of the company. Thus, Zenithe Afrik Assurances Vie became Sonam Assurances Vie Cameroun (Sonam Vie SA Cameroun)...

Ugandan investtech startup XENO raises $150k pre-seed funding round

Ugandan online investment advisory startup XENO has raised a US$150,000 pre-seed funding round to power its continued growth. Launched in 2017, XENO uses artificial intelligence (AI) to help people plan, save, and invest their money in a diversified investment portfolio. The startup’s platform takes into account a user’s personal circumstances, financial goals and risk tolerance to automatically devise a recommended investment portfolio, and claims its risk profiling and portfolio-compiling algorithm is one of the first of its kind in Africa. XENO has now raised US$150,000 from Nordic Impact Funds in a pre-seed round that takes its total investment secured so far to US$430,000.  Aéko Ongodia, the startup’s founder and chief executive officer (CEO), said...

Nigerian media startup, Stears raises $600k seed to build Africa’s Bloomberg

Stears, a digital media and information startup known for providing access to high-quality information in Nigeria, has raised a seed investment of $600,000. The seed round was led by a Nigerian-based fund with participation from Luminate, a philanthropic organisation which is a part of the Omidyar Group, and another unannounced local venture capital firm. In 2017, Stears started out in the London School of Economics as a media publication focused on financial news in Nigeria. Stears is led by Preston Ideh, Abdul Abdulrahim, Foluso Ogunlana, and Michael Famoroti, the publication pivoted into the information services industry after observing the challenge of finding high-quality sources of information across Nigeria and realising the impact that...

Small businesses to benefit from UIF support, tax relief and funding through Ramaphosa’s R500bn package

In a speech last night President Cyril Ramaphosa announced a massive R500-billion social and economic support package to help South Africa tackle the effects of the coronavirus pandemic. Ramaphosa said the government has now embarked on the second phase of its economic response to stabilise the economy, address the decline in supply and demand and protect jobs. A third phase, still to be unveiled, will later be implemented to drive the recovery of the economy as the country emerges from this pandemic, he said. The measures announced last night by Ramaphosa include tax relief, the release of disaster relief funds, emergency procurement, wage support through the Unemployment Insurance...

Daily Digest Thur, Apr. 23, 2020

getfundedafrica.com Africa Netpreneur Prize Initiative (ANPI) is still searching for Africa's business heroes 2020 This year the Jack Ma Foundation announced it officially launched the second edition of the “Africa’s Business Heroes” (ABH) prize competition with applications now open to African entrepreneurs from all 54 African countries, as well as every sector, age group, and gender. Applications will also now be available in both French and English. Read more...

Daily Digest Wed, Apr. 22, 2020

We bring you the latest funding information from across Africa Introducing Co - investment deals in Africa Global consulting firm, McKinsey says the total value of co-investment deals has grown to US$104 billion since 2012. Typical venture funds secure commitments from external investors (LPs), find portfolio companies to invest in and hire investment bankers to manage the fund. This funding method is not very common in Africa, however Future Africa Fund, an investment arm of Future Africa founded by Iyin Aboyeji, Chuba Ezekwesili, Olabinjo Adeniran and Adenike Sheriff in 2019 is testing the co-investment model. Read more Funding in Southern Africa Alexander Forbes divests insurance activity...

Daily Digest Tues, Apr. 21, 2020

We bring you the latest funding information from across Africa Zayed Sustainability Prize opens applications to innovators with $3m in prize money The Zayed Sustainability Prize is calling on African innovators who have solutions that address some of the world’s biggest sustainability challenges to enter its 2021 edition. Funding in Southern Africa VC firm Enygma Ventures has launched a ZAR20 million (US$1 million) fund to support African startups, entrepreneurs and innovators that are building solutions for the post-pandemic world. Enygma Ventures, the US-based VC firm founded by award winning entrepreneurs Sarah and Jacob Dusek, last year launched a fund with a focus on investing in women entrepreneurs in the SADC region, making it's...

Zipline rival Swoop Aero raises funding to help curb COVID-19 in Africa

Swoop Aero, a Melbourne-based drone startup operating a fleet of drones delivering medical supplies in Malawi in a bid to help curb the COVID-19 pandemic. Swoop Aero, founded in 2017, received a further Venture Capital investment, co-led by venture capital firms Tempus Partners and Right Click Capital to help it commence flight operations to deliver vaccines by drone in the Équateur province of the Democratic Republic of Congo (DRC). The firm said it would use the funds to fuel its growth across Africa and into Australia, New Zealand and South East Asia. The firm, founded by former air force pilot Eric Peck and mechatronics engineer Josh Tepper...

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