💰FlapKap secures $34m in pre-Series A funding | AgDevCo raises $32m for AgDevCo Ventures launch

Today’s Menu ☕️

💰FlapKap secures $34 million in pre-Series A funding to expand SME financing across the MENA Region
💵 Thepeer refunds $357,000 to investors, bypassing audit requests
💰AgDevCo secures $32 million for launch of AgDevCo Ventures, targeting early-stage African Agribusinesses
📱NCC initiates nationwide mobile phone tracking and registration system
🛒 Takealot Group sells Superbalist to South African investor consortium

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💰FUNDING

FlapKap secures $34 million in pre-Series A funding to expand SME financing across the MENA Region

FlapKap, a fintech startup with origins in Egypt and operational headquarters in Abu Dhabi, has recently announced a significant milestone in its funding journey, securing a $34 million pre-Series A round. This substantial capital raise comes on the heels of a $3.6 million seed funding round nearly two years prior, bringing the total funds raised by the company to $37.6 million.

The latest funding round, a mix of debt and equity, was orchestrated by BECO Capital and attracted a considerable new investment from Pact VC. Additionally, existing investors A15 and Nclude, along with QED Investors, contributed to the round, and Channel Capital provided debt financing.

With this fresh influx of capital, FlapKap is poised to scale its financing services for small and medium enterprises (SMEs) across the expansive regions of the Middle East and North Africa (MENA) and the Gulf Cooperation Council (GCC). A portion of the investment will be strategically channeled into enhancing the fintech’s technological infrastructure, which will include the development and launch of specialized trade finance products for B2B businesses....…....continue reading

🛜 TELECOMS

NCC initiates nationwide mobile phone tracking and registration system

The Nigerian Communications Commission (NCC) has implemented a comprehensive Device Management System (NCC-DMS) designed to catalog and govern all mobile phones that connect to communication networks throughout Nigeria, according to a report by Nairametrics. This system is a key component of the NCC’s newly established “Type Approval Business Rule 2024,” which obligates all Mobile Network Operators (MNOs) in the country, such as GLO, MTN, and Airtel, to integrate their network equipment with the DMS platform.

The primary objectives of the NCC in introducing this system are to bolster the management of mobile devices, enhance the overall security framework, and ensure that all devices meet the established regulatory standards. The DMS will function as a Central Equipment Identity Register (CEIR), systematically recording the International Mobile Equipment Identity (IMEI) numbers of all mobile devices and aligning them with global IMEI databases.

Through this centralized registration method, the NCC will be able to supervise the devices operating on all network providers and confirm that only devices that have received official approval and meet compliance criteria are allowed to access Nigeria’s communication networks. Any device that fails to register with the DMS will be placed on a blacklist, rendering it inoperative within the Nigerian borders...…....continue reading

💰 FUNDING

AgDevCo secures $32 million for launch of AgDevCo Ventures, targeting early-stage African Agribusinesses

AgDevCo, an investment firm specializing in the African agricultural sector, has recently secured $32 million in funding from the UK’s Foreign, Commonwealth, and Development Office (FCDO). This funding will spearhead the launch of AgDevCo Ventures, a novel investment initiative dedicated to nurturing early-stage agribusinesses across Africa. The initiative is strategically positioned to bolster the growth of small and medium enterprises (SMEs) by providing them with essential financial backing.

With an investment focus on the “missing middle”—a segment of SMEs often bypassed by private investors due to perceived risks and elevated transaction costs—AgDevCo Ventures will offer investments ranging from $1 million to $3 million. The venture’s mission is to foster job creation, enhance the earnings of smallholder farmers, and strengthen climate resilience on the continent by channeling capital into these nascent agribusinesses.

AgDevCo Ventures will initially target East African nations such as Kenya, Uganda, Tanzania, and Rwanda, leveraging AgDevCo’s existing regional footprint. The long-term vision includes broadening its impact to additional African territories....…....continue reading

📱SOCIAL MEDIA

Thepeer refunds $357,000 to investors, bypassing audit requests

Thepeer, a fintech startup founded in 2021, concluded its operations in April 2024 and has recently completed the process of returning $357,960 to its investors as of June, marking the final chapter in the company’s brief history. This return of funds indicates that an angel investor who initially contributed $10,000 would have received a refund of $2,280.

The decision to shut down and refund investors was made by Thepeer’s founders, Michael Okoh and Chike Ononye, after determining that there was no viable path to scale the product. The founders chose to cease operations and move on to other ventures.

The closure of Thepeer raised questions among some angel investors, who sought clarity on the company’s financial status at the time of shutdown. They were particularly interested in understanding how the $2.1 million raised in a June 2022 seed round, which valued the company at $5 million, had been utilized. Reports indicated that Thepeer had only $450,000 remaining in the bank upon ceasing operations...……continue reading

🛒 RETAIL

Takealot Group sells Superbalist to South African investor consortium

The Takealot Group, a prominent online retail entity, has made a significant announcement regarding the divestiture of its fashion retail subsidiary, Superbalist. The announcement revealed that the sale of Superbalist marks a pivotal transition for the company. The acquiring party is a consortium of South African investors, encompassing both retail and private equity sectors, with Blank Canvas Capital taking the lead in this strategic acquisition.

This move is portrayed as a strategic decision aimed at bolstering Superbalist’s growth trajectory while simultaneously allowing the Takealot Group to channel its focus and resources towards the expansion of its flagship operations, Takealot and Mr D. The group’s confidence in this strategic realignment is further reinforced by the backing of its parent company, Naspers, a global internet group and one of the largest technology investors in the world. This backing is anticipated to fortify the Takealot Group’s dominant stance within the e-commerce landscape....continue reading

OTHER STORIES

• African insurtech startups are presented with an opportunity to secure funding ranging from $100,000 to $1 million through the ZEP-RE InsurTech Programme 2.0…..read more

• Elon Musk signals potential Starlink launch in South Africa despite regulatory hurdles..….read more

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