Funding Announcements 💰
Shamba Pride Secures $3.7 Million in Pre-Series Funding
Shamba Pride, a one-stop online-to-offline platform that connects smallholder farmers to quality inputs, services, and information via technology-powered “DigiShops” has secured $3.7 million in Pre-series funding.
In 2021, the Kenyan startup raised US$1.1 million in funding from Seedstars Africa Ventures and Gray Matters Capital, and it has now raised US$3.7 million in a pre-Series A round led by EDFI AgriFI - the EU Agriculture Financing Initiative - and including Seedstars Africa Ventures.
As part of the agreement, EDFI Agrifi will provide a $2 million long-term loan, with Seedstars Africa Ventures contributing an additional $1.7 million in equity.
The investment aims to support Shamba Pride, expand its current activities in Kenya and develop new services. The financing will enable the company to expand its franchise network and gain additional working capital to source agricultural inputs in bulk.
Egyptian e-health startup Yodawy banks $10m funding
Founded in 2018, Yodawy enables its partners – insurance companies, medical providers, pharmacies, and pharmaceutical/FMCG companies – to service a wider audience and offer an exemplary customer journey to patients, anywhere in Egypt.
Yodawy raised US$16 million in the first close of its Series B round last February, and it has now banked US$10 million more capital from Ezdehar, a direct investment fund management company, through its Ezdehar 2 mid-cap fund. This takes its total raised capital to US$34.5 million.
The investment will support Yodawy’s growth plans, which include expanding its customer base and technology-enabled prescription fulfilment capabilities and creating more value in the healthcare services market.
Karim Khashaba, CEO of Yodawy, stated that his company's goal is to create a healthcare platform that addresses the sector's main challenges and strengthens its position in Egypt's digital health field. He also mentioned that the company collaborates with insurance companies and healthcare service providers to improve patients' access and experiences.
AltSchool Africa Expands Presence with Launch in Kenya, Its Second-Largest Revenue Market
AltSchool Africa, a Nigerian edtech startup, has expanded into Kenya, its second-largest revenue market.
The startup is gaining traction in Kenya, which generates the second-highest revenue. As a result, AltSchool will now focus on providing hands-on support to its Kenyan customers, as well as improving the speed with which local payments are processed.
While the startup was founded in 2021 as a virtual platform for people to earn diplomas in engineering, data, and business analytics, it has seen demand for its services expand beyond Nigeria. It now has a presence in the United States and Rwanda, where it will establish an office at the Norrsken hub in 2023.
The edtech startup now offers short courses on sales, content, and music creation. Yusuf says the startup will maintain these offerings in Kenya and will teach these courses in English. There are also plans to teach in the Swahili.
Innovation Hub 🔍
Announcing the $5 Million Core Africa Innovation Fund – Empowering Local Web3 Builders
Core DAO is excited to introduce the African Innovation Fund, a groundbreaking initiative to provide resources and networks to support local Web3 builders and projects across the African continent. This new fund is set to foster innovation, sustainability, accessibility and growth within the African blockchain ecosystem.
UNDP Introduces 'Timbuktoo' Financing Initiative to Empower African Startups
The United Nations Development Programme (UNDP) has launched the "timbuktoo" initiative with African countries, which it claims will be "the world's largest financing facility," bringing catalytic and commercial capital together to support Africa's startup ecosystem.
President Paul Kagame of Rwanda, President Nana Akufo-Addo of Ghana, African Continental Free Trade Area secretariat secretary general Wamkele Mene and UNDP administrator Achim Steiner presented the initiative in a special session of the World Economic Forum at its 24th Annual Meeting in Davos, Switzerland, last week.
Promoted by the UNDP, timbuktoo aims to address critical gaps and work with African governments, investors, corporates, and universities, to support the African startup ecosystem. The ambition is to mobilise and invest US$1 billion of catalytic and commercial capital to transform 100 million livelihoods and create 10 million dignified new jobs.
“We cannot accept that another generation of African young people do not have the tools to reach their full potential,” said Kagame, who announced an immediate contribution of US$3 million to start the timbuktoo Africa Innovation Fund, which will be hosted in Kigali. “With timbuktoo’s billion-dollar target, we can create more opportunities for Africa’s youth to put their talent and creativity to good use.”
Paycorp and Triple-A Collaborate to Introduce Innovative Feature in CryptoExpress App
Paycorp and Triple-A partnership aims to add a new feature to the Paycorp-powered CryptoExpress app. These new services will allow South African traders to withdraw cash from over 3000 regional ATMs directly using their digital currency.
The partnership will usher in a new era of integrating digital assets into everyday transactions, in line with the government's digital strategy.
In addition, it further bridged the gap between the web3 franchise and traditional financial systems by providing digital currency holders with a simple, straightforward, and practical way to convert their crypto assets to South African Rand.
Be on the Know 📣
Starlink Strengthens Presence in Africa with Establishment of New Office in Kenya
Starlink, a subsidiary of SpaceX, has recently inaugurated its first service in Africa in Nigeria and is now setting up its inaugural physical office in Kenya.
The company specialises in satellite internet and has announced a job opening for a Global Licensing Activation Manager in Sub-Saharan Africa. This role will involve managing a range of countries and coordinating internally and with external parties. The main objective is to obtain the necessary licensing for Starlink to operate as an Internet service provider. This step is crucial for enabling Starlink to connect people and businesses worldwide in the foreseeable future.
Safaricom, M-PESA Africa, and Sumitomo Corporation Invite Applications for the Latest Edition of Spark Accelerator in Kenya
Safaricom first launched the Spark Venture Fund in 2014 to invest and support late-seed, early growth stage companies with a presence in Kenya, while leveraging Safaricom assets to help the companies scale.
Now, it has partnered M-PESA Africa and Sumitomo Corporation, a leading Fortune 500 global trading and business investment company, to open applications for another edition. The three-month accelerator programme will provide a blend of training, mentorship, funding, and go-to-market support to help ventures grow and scale, setting them up for long-term success.
Kenyan climate-tech startup KOKO has raised an undisclosed amount of funding from Rand Merchant Bank (RMB).
KOKO replaces demand for charcoal through supplying over 1.1 million homes with bioethanol cooking fuel distributed through a dense network of high-tech KOKO Fuel ATMs located in thousands of corner stores across urban Kenya.
RMB has until now acted as the lead mandated arranger and financier for the pioneering carbon financing solution, and has now made a direct investment to further propel KOKO’s climate objectives.
“We’ve been looking for an entrepreneurial banking partner that understands Africa, climate markets and technology. We are proud to embark on this long-term partnership with RMB to help accelerate the expansion of KOKO’s platform across Africa,” said Greg Murray, CEO and co-founder of KOKO.
Phil Norton, carbon finance lead at RMB, said he was proud to partner KOKO in supporting its continued rapid growth while bringing far more affordable and lower emissions energy to millions of people in Africa.
“As a pan-African investment bank, this deal fits well within our ambition to build a market leading carbon trading and finance business operating across Africa, serving both existing and new clients,” he said.
Events and Hackathons 🚀
The Code Africa Conference
The Code Africa Conference East African edition is back, creating a buzz in the tech community. The event will be held at the University of Nairobi, Kenya, on May 10th and 11th, 2024.
The event serves as a central hub for technical discussions, providing a deep dive for ambitious developers, visionary founders, product designers, investors, VCs, and accelerators.
What to expect from the event ;
Hackathons
Bounties
Keynote Speakers
Exhibition
Workshops
Pitching
Awards
The Health-Tech Talk
MKUMSA, in partnership with NODO AFRICA and Power Learn Project, is set to host a groundbreaking event at Mount Kenya University – the Health Tech Talk on the 27th of January 2024.
Key topics to be discussed include;
: Blockchain technologies in health
: Cybersecurity in healthcare
: AI use in diagnosis
: Niches in the health-tech space
The event is an invaluable opportunity for tech enthusiasts, healthcare professionals, and students alike to deepen their understanding of the transformative synergy between health and technology.
🎓 Exciting News from Code3camp👨💻
We have witnessed the rise of the internet's first and second generations, and guess what? They've played a big role in shaping the amazing third generation we're living in right now🌍
Now, as we reflect on the evolution of the internet,Allow us to take a moment to highlight our Training arm, Code3Camp, dedicated to bridging the skills gap among youth. We are proud to announce a significant milestone – our inaugural cohort for Artificial Intelligence (AI) and Data Science in collaboration with Lux. With over 35 enthusiastic students enrolled in both online and physical classes, we couldn't be more delighted with the turn up🚀
Our commitment to providing globally sought-after skills remains unwavering. Code3Camp offers flexible pricing ranging from Ksh 10,000 to Ksh 20,000 per month, catering to varying course durations and types. This flexibility ensures accessibility for all, empowering individuals to acquire expertise in web2, web3, Data Science, and Artificial Intelligence.
Are you a developer eager to dive into the realm of smart contracts? AI? Data Science? Do you aspire to harness the potential of blockchain technology and create innovative decentralised applications? Look no further🤝Our Bootcamp is designed exclusively for individuals like you, offering invaluable resources and expert guidance every step of the way.
This master program is intended to provide all tech nerds with the necessary skillset to meet the demand for skilled data scientists and gain a competitive advantage in this highly sought-after industry.Join us in shaping the future of technology education as we continue to empower the next generation with the skills they need to thrive in our dynamic digital landscape.