💰 $154 million TIDE Africa II Fund closed | 🏍️ Bolt, M-KOPA launch 5,000 electric bikes

In today’s menu ☕️

💰 TLcom Capital closes $154 million TIDE Africa II Fund to accelerate early-stage startups in Africa
🏍️ Bolt and M-KOPA launch 5,000 electric bikes in Kenya to boost driver income
💵 Egypt’s Bokra secures $4.6 million pre-seed funding to enhance wealth management services
🏦 First Bank names Olusegun Alebiosu as interim leader following unexpected resignation of predecessor
👨🏻‍💻 Opportunities

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💰 INVESTMENTS

TLcom Capital closes $154 million TIDE Africa II Fund to accelerate early-stage startups in Africa

TLcom Capital, a prominent venture capital firm situated in Nairobi, has successfully concluded the funding round for its latest endeavor, TIDE Africa II, amassing a significant $154 million aimed at supporting nascent early-stage startups. This new fund marks a momentous leap from the firm’s initial venture, which accumulated $71 million and closed in February 2021. TIDE Africa II is nearly double the size of the original fund.

TLcom Capital engages with startups from their inception, starting from the seed or Series A funding stages, and continues to provide capital as these companies progress through their growth phases. Maurizio Caio specified that initial investments from the firm typically fall within the $1 to $3 million bracket.

Among the noted investors backing TIDE Africa Fund II are prestigious organizations and entities such as the European Investment Bank (EIB), Allianz, the DEG Impact and AfricaGrow joint venture, Visa Foundation, and Bertelsmann.....….continue reading

🏍️ TRANSPORTATION

Bolt and M-KOPA launch 5,000 electric bikes in Kenya to boost driver income

M-KOPA, a leading fintech platform based in Nairobi that specializes in offering digital financial solutions to the underbanked population in Africa, has partnered with Bolt to introduce an innovative electric motorcycle (e-bike) initiative in Kenya. The strategic collaboration is orchestrated by M-KOPA’s Mobility division and aims to deploy a fleet of over 5,000 e-bikes across the nation within a span of the next three years. This will empower drivers with the opportunity to make convenient digital micropayments.

The timing of this launch coincides with Kenya’s ambitious steps towards embracing e-mobility, marked by the recent unveiling of its National E-mobility Policy draft. This policy is poised to catalyze the domestic production and assembly line for electric vehicles (EVs), positioning Kenya as a forward-looking player in the sustainable transportation arena....….continue reading

💵 FUNDING

Egypt’s Bokra secures $4.6 million pre-seed funding to enhance wealth management services

Bokra, an innovative financial technology enterprise based in Egypt, has successfully secured a substantial amount of $4.6 million during its pre-seed funding phase. This notable financial injection is primarily aimed at initiating the formal launch of the Bokra mobile application, enhancing the spectrum of investment vehicles on offer, and further broadening the company’s operational footprint throughout various locales within the Middle East and North Africa (MENA) region.

Two prominent investment bodies, DisrupTech Ventures and SS Capital, have played a pivotal role in leading this round of funding, with additional contributions from several other investors whose identities have not been disclosed.

The significance of this financial venture lies in Bokra’s ambitious goal to remodel and modernize the wealth management domain across the MENA territory, by being at the vanguard and introducing a revolutionary platform. This platform is distinct in providing investment and savings solutions that are meticulously tailored to align with individual financial goals. These solutions will be anchored and secured through asset-backed securities, positioning Bokra as a trailblazer in its field...….continue reading

🏦 BANKING

First Bank names Olusegun Alebiosu as interim leader following unexpected resignation of predecessor

First Bank of Nigeria has officially announced a major transition in its leadership, with Olusegun Alebiosu being appointed as the acting Managing Director and CEO. Alebiosu, who has previously held high-level roles within the bank, including Executive Director, Chief Risk Officer, and Executive Compliance Officer, is poised to take over the helm from Adesola Adeduntan. This announcement was formally communicated to the Nigerian Exchange Limited as well as to the investing public, although Alebiosu’s new role is subject to the Central Bank of Nigeria’s approval.

This executive change is unfolding under unexpected circumstances, as Adeduntan, the outgoing CEO, has submitted his retirement notice well ahead of the scheduled conclusion of his term, which was expected to last until December 31, 2024. Adeduntan, with a substantial nine-year tenure as CEO, chose to step down on April 20 to explore other professional pursuits....….continue reading

OTHER STORIES

• Bluworks of Egypt secures $1 million pre-seed funding for workforce management automation……read more

• Opinion: Iwájú - Disney’s Epic Collaboration with Kugali Unveils a Futuristic Nigerian Adventure….read more

• Fugitive Binance Executive, Nadeem Anjarwalla, captured in Kenya following escape….read more

• FG launches N200 billion intervention fund for MSMEs, manufacturers in Nigeria….read more

• Meta opens Quest OS to third-party headset makers, taps Lenovo and Xbox as partners…..read more

OPPORTUNITIES

• Call for Applications: 4th Cohort of AUDA-NEPAD’s Healthcare Accelerator Program…..read more

• Mastercard Foundation Fund Invites Agribusiness SMEs to Apply for Resilience and Prosperity Grants….read more

• Huawei invites applications for Kenya’s Seeds for the Future Programme 2024…..read more

• Entries open for 2024 Edition of Global Startup Awards Africa: Aiming to spotlight Africa’s top innovators and entrepreneurs…..read more

• 12 African entrepreneurs win a total of US$400,000 in grants from the FINCA Ventures Prize Competition…..read more

• AgriTech4Egypt Innovation Challenge invites applications from agri-tech ventures for a sustainable agricultural future….read more

• Irish Tech Challenge 2024: Call for South African startups to help address global issues….read more