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💰Fido secures an additional $20m, bringing its Series B funding to $30m

💰Fido secures an additional $20m, bringing its Series B funding to $30m

Plus: Shoprite to sell over 400 stores to Pepkor for R3 billion

Innovation Village
September 05, 2024

Today’s Menu ☕️

💰Fido secures an additional $20 million, bringing its Series B funding to $30 million
🤖 Former OpenAI scientist Ilya Sutskever’s startup raises $1 billion to develop advanced AI systems
🛒 Shoprite to sell over 400 stores to Pepkor for R3 billion, refocusing on core retail segments
📱Telesonic, Airtel Nigeria’s fiber arm, secures trio of telecom licenses within six months of debut

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📱TELECOMS

Telesonic, Airtel Nigeria’s fiber arm, secures trio of telecom licenses within six months of debut

Airtel Nigeria Telesonic Limited, the fiber service division of Airtel Nigeria, has secured three pivotal telecom licenses from the Nigeria Communication Commission (NCC), approximately seven months post its inception.

The telecommunications giant has been awarded a National Long Distance (NLD) license, an Internet Service Provider (ISP) license, and a Sales & Installation Major license. The NLD license, which is valid for two decades, will be operational from July 1, 2024, until June 30, 2044. The ISP and Sales & Installation Major licenses will each have a validity period of five years, effective from July 1, 2024, to June 30, 2029.

With the NLD license, Telesonic is empowered to provide long-distance telecommunication services across Nigeria, facilitating the establishment and maintenance of infrastructure required for connecting calls and data throughout various regions within the country. However, it’s important to note that this license does not authorize the provision of international long-distance services or direct internet access to end-users. In the previous year, Bayobab, an MTN Group digital infrastructure subsidiary, was also a recipient of this license.…....continue reading

💰 FUNDING

Fido secures an additional $20 million, bringing its Series B funding to $30 million

Fintech startup, Fido, has secured an additional $20 million to bring its total Series B funding total to $30 million. Innovation Village reported some days ago that Fido got $10 million, courtesy of MASSIF, a fund dedicated to financial inclusion and managed by FMO, the Dutch entrepreneurial development bank.

This new infusion of capital is from Blue Orchard finance ($10million) and $10M in debt funding from Stanbic Bank Ghana and Global Infrastructure Partners (GIP).

According to the company, this funding would enable the company further its mission of making financial services accessible to the unbanked by expanding its reach into new markets and enhancing its product offerings.…....continue reading

🤖 ARTIFICIAL INTELLIGENCE

Former OpenAI scientist Ilya Sutskever’s startup raises $1 billion to develop advanced AI systems

Ilya Sutskever

Safe Superintelligence (SSI), a new AI-focused startup co-founded by former OpenAI chief scientist Ilya Sutskever, has secured $1 billion in funding to develop advanced AI systems. With just 10 employees, SSI aims to build a small, highly trusted team of researchers and engineers split between Palo Alto, California, and Tel Aviv, Israel. According to a Reuters report, the funding will be used to acquire significant computing power and attract top talent, underlining the ongoing interest from investors in foundational AI research despite challenges in the sector.

Although SSI’s valuation is undisclosed, sources indicate it is valued at $5 billion. The company has drawn support from prominent venture capital firms like Andreessen Horowitz, Sequoia Capital, DST Global, and SV Angel, alongside an investment partnership led by Nat Friedman and SSI’s CEO Daniel Gross. Gross emphasized the importance of working with investors who support SSI’s mission to focus on AI safety and spend several years on research and development before bringing their products to market...…....continue reading

🛒 RETAIL

Shoprite to sell over 400 stores to Pepkor for R3 billion, refocusing on core retail segments

Shoprite, South Africa’s premier retail giant, is set to divest its furniture division to Pepkor, channeling its focus on the expansion of its specialized segments, including clothing, baby products, outdoor equipment, and pet supplies. On Tuesday, September 3, the group disclosed its plan to offload the furniture business to Pepkor for an estimated R3 billion. This sum equates to roughly 4% of Pepkor’s market value and will be paid in cash.

In a strategic shift, Shoprite has scaled back its primary grocery operations in various African nations. Shoprite’s CEO, Pieter Engelbrecht, explained the decision in an earnings report, stating that the furniture unit’s growth and profitability were constrained by the need for substantial investment. Such investment would divert capital and project management resources from the company’s core food retail operations.

For Pepkor, Africa’s leading apparel retailer facing challenges in expanding its homeware division, this acquisition is set to enlarge its store count by 25%, bringing the total to 1,300 outlets. The deal encompasses over 400 stores located in South Africa, Botswana, Lesotho, Namibia, Eswatini, and Zambia. It includes the Shoprite Furniture credit loan book, insurance cell captive arrangements, and the retail brands OK Furniture and House & Home, along with inventory and select fixed assets……continue reading