💰 Chowdeck secures $2.5 million | Binance Founder, Changpeng Zhao, Sentenced to 4 Months in Prison

Today’s Menu ☕️

💰 Chowdeck Secures $2.5 Million in Seed Funding to Revolutionize On-Demand Delivery
🪙 Binance Founder, Changpeng Zhao, Sentenced to 4 Months in Prison
🍔 Glovo to shut down Ghana operations by May 10

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💰 FUNDING

Chowdeck Secures $2.5 Million in Seed Funding to Revolutionize On-Demand Delivery

Chowdeck, one of Nigeria’s leading on-demand delivery service, announced the successful closure of a $2.5 million seed funding round. This significant investment injection marks a pivotal moment for Chowdeck as it accelerates its mission to optimize operations and expand its footprint across more cities in Nigeria.

With Nigeria’s on-demand delivery sector experiencing exponential growth, Chowdeck’s latest funding milestone underscores the company’s commitment to innovation and market leadership. Backed by a consortium of renowned investors including YCombinator, Goodwater Capital, FounderX Ventures, and several others, Chowdeck is poised to disrupt the status quo and deliver unparalleled convenience to customers nationwide.

Since its inception in October 2021, Chowdeck has swiftly emerged as a household name, revolutionizing the way Nigerians access their favorite meals. With over 500,000 users and a network of more than 3,000 dedicated riders spanning eight major cities including Lagos, Abuja, and Port-Harcourt, Chowdeck has cemented its reputation as the go-to platform for on-demand food delivery.....….continue reading

🪙 CRYPTOCURRENCY

Binance Founder, Changpeng Zhao, Sentenced to 4 Months in Prison

Changpeng Zhao, also known as CZ, has been handed a 4-month prison sentence by a U.S. District Court in Seattle on Tuesday. The Binance founder pleaded guilty to money-laundering violations last year and had to step down from his role as CEO of Binance as part of a substantial $4 billion settlement between the Department of Justice and the cryptocurrency exchange he founded.

The sentence was significantly shorter than the three years requested by federal prosecutors. They argued that Binance had deliberately turned a blind eye to illegal activity on its platform, facilitating transactions that supported child sexual abuse, drug trafficking, and terrorism financing. The Department of Justice (DOJ) presented evidence suggesting that Binance lacked basic KYC (Know Your Customer) procedures and allowed users to conduct large transactions anonymously.

The defence had requested five months of probation without any prison term, while the sentencing guidelines indicated a prison term of 12 to 18 months.....….continue reading

🍔 FOOD DELIVERY

Glovo to shut down Ghana operations by May 10

In a recent announcement, Glovo, a prominent food delivery platform in Africa, announced that it would shut down operations in Ghana effective May 10, 2024. This decision marks a significant development in the company’s trajectory, coming two years after its substantial investment of €3.5 million ($3.7 million) to expand its services within the region.

According to Dima Rasnovsky, the Regional General Manager of Glovo Africa, this decision was made following a thorough reassessment of the company’s investment priorities. Rasnovsky stated, “Following a reassessment of the company’s investment priorities, Glovo has decided to cease operations in Ghana by May 10, 2024. Glovo will focus on growing and strengthening its position in other African countries. We thank our teams, partners and riders in the country for the dedication to growing Glovo in Ghana over the last years.”.....….continue reading

OTHER STORIES

• After laying off 10% of its global workforce this month, Tesla is reportedly cutting more executives and its Supercharger team.……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