Innovation Village Newsletter
Posts
African Startups Raise $138m in Sept 2024 | UAE scraps VAT for crypto transactions

African Startups Raise $138m in Sept 2024 | UAE scraps VAT for crypto transactions

Plus: 40% price hike for Spotify Premium Subscribers

Innovation Village
October 08, 2024

Today’s Menu ☕️

💰African Startups Secure $138m in Funding in September 2024, Led by Fintech Ventures
🪙 UAE scraps VAT for crypto transfers, conversion transactions
🌤️ Equator Africa secures $5 million from IFC for African climate tech initiatives
🏦 Access Bank Secures Provisional License in Namibia, Expanding Its Reach Across Southern Africa
🎼 Spotify announces a 40% price hike for Premium subscribers in Nigeria
🔍 Google’s Grip on Search Slips as TikTok and AI Startup Mount Challenge

If you haven't subscribed, join over 7,000 people curious about Innovation, New Products, New Technologies in Africa.

💰STARTUP FUNDING

African Startups Secure $138m in Funding in September 2024, Led by Fintech Ventures

African startups raised a total of $138 million in September 2024, encompassing equity, debt, and grants, according to a report by Africa: The Big Deal. While this amount falls slightly below the average of $159 million per month recorded over the past year, the number of startups securing significant investments showed a marked increase.

A total of 61 startups raised over $100,000 in funding during the month, up from an average of 42 startups per month over the last year. The ventures spanned 12 countries, with 90% of the funds going to the Big Four: Egypt, South Africa, Nigeria, and Kenya, along with Ghana. Other countries represented in the report include Morocco, Algeria, Tunisia, Côte d’Ivoire, Tanzania, Uganda, and Rwanda........continue reading

Upskill and become a product management powerhouse! 🚀 Enroll in our 2-day "New Product & Management Fundamentals course" and learn the art of bringing innovative products to the market. Click here to register

🪙 CRYPTOCURRENCY

UAE scraps VAT for crypto transfers, conversion transactions

The United Arab Emirates (UAE) is reinforcing its role as a leading crypto-friendly jurisdiction by introducing significant changes to its Value-Added Tax (VAT) regulations. In a move that reflects the country’s progressive stance on digital assets, the UAE’s Federal Tax Authority (FTA) has exempted cryptocurrency transfers and conversions from VAT, alongside updates to VAT treatment on exports and financial services. These changes position the UAE as an increasingly attractive hub for businesses and individuals dealing in digital assets.......continue reading

🌤️ CLIMATE TECH

Equator Africa secures $5 million from IFC for African climate tech initiatives

Equator Africa, a venture capital firm focusing on the African climate sector, has successfully secured an additional $5 million in funding from the International Financial Corporation (IFC). This infusion of capital is intended to bolster businesses and foster innovation within the African climate technology landscape. This latest funding round follows an initial $40 million secured in April 2023, which was aimed at addressing the significant funding shortfall faced by climate tech innovators, particularly those at the seed and Series A stages in sub-Saharan Africa.

The fund’s final investment includes a $1.5 million guarantee from the Korea Green Resilient and Innovative Development (K-GRID) Programme, an initiative backed by the Korean government with a $30 million commitment to support IFC projects that aim to cut emissions and advance climate mitigation technologies. With this guarantee, the total fund size has reached $54 million........continue reading

Dive deep into the world of data analytics and level up your data skills with the Data Analytics Fundamental course 📊🚀 . Click here to register.

🏦 BANKING

Access Bank Secures Provisional License in Namibia, Expanding Its Reach Across Southern Africa

Access Bank has achieved a significant milestone in its strategic expansion across Africa by securing a provisional banking license from regulatory authorities in Namibia. The bank’s entry into Namibia marks another step forward in its commitment to strengthening intra-African trade and enhancing its banking network across Southern Africa. The bank highlighted that establishing commercial banking operations in Namibia would contribute to the country’s local economy by providing access to financial services that foster growth and development.

With existing operations in Angola, Botswana, Mozambique, South Africa, and Zambia, Access Bank is well-positioned to expand its influence in the region. This strategic move allows the bank to offer stakeholders seamless access to a wide array of business opportunities, fostering collaboration and growth throughout Southern Africa..........continue reading

🎼 MUSIC STREAMING

Spotify announces a 40% price hike for Premium subscribers in Nigeria

Spotify, the renowned online audio streaming platform, has announced a significant price increase of over 40% for its Premium subscribers. The company stated that this adjustment in the Premium Individual subscription fee is essential to sustain innovation in its product offerings and features, ensuring that users continue to enjoy an optimal experience.

According to a notification, Spotify has informed its users that starting from their November billing date, the subscription cost will escalate from ₦900 per month to ₦1,300 per month. Nonetheless, Spotify has also mentioned that subscribers who prefer not to accept the new pricing for the Premium service have the option to cancel their subscription through their account page...........continue reading

🔍 SEARCH

Google’s Grip on Search Slips as TikTok and AI Startup Mount Challenge

Google’s dominance in the $300 billion search advertising market is weakening as competitors like TikTok and AI-driven platforms gain ground. TikTok now allows brands to target ads based on search queries, directly challenging Google’s core business. AI search startup Perplexity, backed by Jeff Bezos, plans to introduce ads alongside its AI-generated answers, adding more competition.

Additionally, Amazon is capturing a larger share of search ad spending as many consumers start product searches there. Google’s share of the U.S. search ad market is projected to fall below 50% for the first time in over a decade, according to eMarketer.........continue reading