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Egypt Logistics Startup ILLA Receives $500 000 In Funding

Egypt-based logistics startup ILLA, has received a reported $500 000 in funding from Averroes VC, AUC Angels, and a group of local and regional strategic angel investors with follow-on funding from Flat6Labs Cairo.  The secured funding will be utilised to expand ILLA’s local market reach and explore its product reach to operate in regional markets.  Delivery logistics marketplace ILLA receives funding to expand the local market In an official press release, Mariam Kamel, Manager at AUC Angels, who invested in ILLA praises the ILLA team, commenting on the current shifts taking place in the logistics technology industry, adding that ILLA has a unique innovation that will grow the market. “The ailing...

Africa Esports Championship Calls On African Developers To Participate In Game Showcase Event

Africa Esports Championship (AEC) recently announced that they are hosting the Africa Games Showcase Invitation. The event is being organised in partnership with LudiqueWorks. AEC and LudiqueWorks are inviting video game developers and studios to submit their developed games for the showcase which is aimed to “spotlight, highlight and celebrate” video games being developed on the continent. Submitted games will be reviewed by a global team of judges and will stand a chance to be awarded mentorship, distribution and publishing support. Criteria for entering the competition is as follows; Genre (Any)Playable demoMobile (Android or iOS), PC or ConsoleLanguage (Swahili, English or French)Developed by an African based indie developer or...

Foodics Expands To Egypt And Hopes To Become Micro-Loan Lender

Saudi Arabia-based food and beverages (F&B) retail and restaurant management platform Foodics, has expanded to Egypt. The expansion comes after the cloud-based company closed its pre-Series B investment round in 2019, raising $4 million.  Founded in 2014 by Ahmad Al-Zaini and Mosab Al-Othmani, Foodics offers a point of sale (POS) solution and management platform which helps restaurants and cloud kitchens owners effectively manage their business.  The company has so far serviced over 5000 customers and processed over a billion orders through its Software-as-a-Service (SaaS) platform, totaling over $2 billion gross merchandise volume (GMV) transactions in 2019 and catering to more than 10,000 F&B outlets. “With an F&B Market estimated...

Ethiopian Airlines Launches New World Class Terminal at Addis Ababa Airport

Ethiopian Airlines Group has revealed its brand-new passenger terminal at its hub Addis Ababa Bole International Airport with emphasis on Bio Security and Bio-Safety measures.  It can be recalled that Addis Ababa Bole International Airport which is Africa’s leading airline, disclosed that the airport will be expanding its global hub by blending modernity and bio safety.   Speaking about the new terminal, the Group CEO of Ethiopian Airlines Mr. Tewolde GebreMariam.  We are very pleased about the realization of what was part of our larger dream of blending bio security and bio safety. The new terminal is expected to cement the milestone the company attained last year as the leading gateway to Africa.   He also stated that, the airline customers’ will be appreciative of the modernity and safety that the brand-new airline offers, as it will enhance the protection...

500 STARTUPS MENTOR BRANDON DREW INVESTS IN THANKUCASH

Nigeria’s leading multi-merchant rewards company ThankUcash is pleased to announce that serial investor Brandon L Drew has joined the company as an investor and advisor. Drew is the co-founder and General Partner at Saas Growth Ventures, a San Francisco-based venture fund. He specializes in operational efficiency, building and scaling of products that have achieved market penetration, and partaking in 3 exits across his 20+ years experience in the SaaS B2B space.  Co-founded by Simeon Ononobi, ThankUCash is a technology company powering rewards and loyalty for African banks and businesses. ThankUCash helps merchants grow revenue by connecting them to customers within and outside of their locations while retaining acquired customers...

Kenya’s Ride Hailing Firm Gets $3 Million Boost

With the expectant competition in ride hailing business subsector across the continent, existing operators are working on boosting the competitive edge of their brands. This probably informs the latest investment worth $3 million (Kshs 324 million) by Craft Silicon in its ride hailing  subsidiary, Little for expansion. With this boost, Little will use the additional funding to launch operations in West Africa, where they are piloting the app service in Accra, Ghana. There are also talks that Nigeria is on the radar. Craft Silicon and Little CEO, Kamal Budhabatti “We have already started testing the product in Accra. Since travel may be an issue, we are taking an...

The Gambia, Sierra Leone, Liberia and Ghana Receives Grants for Covid-19

As the spread of Covid-19 across Africa grows, there are concerns that the continent may suffer great economic losses unless interventions aimed at mitigating impacts of the pandemic are launched across the board. This was behind the ongoing disbursement of millions of dollars from the African Development Bank of multi-country grant for COVID-19 response in Gambia, Liberia and Sierra Leone and also Ghana. The grant from the African Development Fund (ADF) aims to mitigate the impact of COVID-19 in The Gambia, Liberia and Sierra Leone, known collectively as the GLS countries – by providing budget support to help fund each country’s COVID-19 crisis response. Marie-Laure Akin-Olugbade, AfDB’s Director General for West Africa The multi-country grant...

Emerging Opportunities In Growth Sectors Amid Covid-19 Crises

With the Covid-19 pandemic pushing the global economy (Nigeria inclusive) to record decline, creativity and innovation in goods and services have become very imperative and necessary, perhaps the competitive advantage factor. Opportunities for productivity and economic optimization abound in sectors like healthcare, agriculture and food, manufacturing, ICT amongst others. The success or otherwise of Nigeria at this critical period will depend to a large extent on our ability to leverage on creativity and innovation to build a competitive economy and promote import substitution moving forward. According to the recently released Nigeria Economic Sustainability Plan (NESP) for 2020 titled “Bouncing Back”, the government seeks to foster...

Nigeria’s Access Bank gets $50mln IFC loan

The International Finance Corporation, the private sector arm of the World Bank, has approved a loan worth $50 million to Nigeria’s Access Bank to help it support SMEs facing cash strain due to the coronavirus pandemic. The resource has a maturity of 12 months with an undisclosed interest rate. “The funds from the loan, made through IFC’s global COVID-19 fast-track financing support package, will allow Access Bank to provide increased trade financing and working capital to their business clients experiencing disrupted cash flows, hence supporting business activity and preserving jobs,” the international body said in a statement. The global COVID-19 fast track facility, launched in March 2020, is...

African Development Bank set to join landmark $20 billion Mozambique LNG financing

The African Development Bank has concluded its bid to co-finance the construction of Mozambique's integrated Liquefied Natural Gas (LNG) plant by signing a senior loan of $400 million for the transformational project. The Mozambique LNG Area 1 Project, estimated to cost over $20 billion, is ranked Africa's single largest foreign direct investment to date. It comprises a global team of energy developers and operators, led by Total alongside Mitsui, Oil India, ONGC Videsh Limited, Bharat Petroleum, PTT Exploration, as well as Mozambique's national oil and gas company, ENH. With the signing on 15 July, the Bank joins a global syndicate of commercial banks, development finance institutions and export credit...

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