🚗 inDrive $150m raise | 🛜 Internet Disruption across Africa | 🕸️ Nigeria Fibre Optic $2bn initiative

In today’s menu 🥘

💰 XSML Capital raises $98.7m in 1st close of 4th fund 
🛜 Damage to undersea cables leads to internet disruptions across Africa
🕸️ Nigerian Government Launch $2 Billion Initiative to Connect 774 Local Government Areas with Fiber Optic Network
🚗 Ride-share app inDrive raises $150 million for expansion
⚖️ South Africa Grants First-Ever Crypto Licences to 59 Firms
🏗️ Airtel Africa commences construction on Nxtra Data Centre in Lagos, expected to generate over 1000 jobs

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💰 INVESTMENTS

XSML Capital raises $98.7m in 1st close of 4th fund

XSML Capital, renowned for providing critical growth capital to small and medium-sized enterprises (SMEs) in the Central and Eastern regions of Africa, has proudly announced the launch of its fourth fund, coined the African Rivers Fund IV (ARF IV). The firm’s inaugural closure for this fund garnered an impressive total of $98.7 million.

Established in 2008, XSML Capital has a dedicated mission to aid ambitious entrepreneurs in Africa’s frontier markets. Its objective is to aid these businesses in their growth journey, transforming them into sustainable mid-to-large scale enterprises. The firm offers its profound expertise, an extensive network, and tailored financial solutions, designed to cultivate local talent and stimulate long-lasting prosperity in Central and East Africa’s underutilized markets.....continue reading

Other Investments

• Youverify, a Nigerian innovator in the field of identity verification and anti-money laundering (AML) solutions, has made significant strides with a $2.5 million pre-Series A investment round. This funding comes from Elm Investment, a Saudi firm dedicated to supporting the growth of emerging technology ecosystems, particularly those within the MENA region…..continue reading

• Moroccan FinTech startup Tookeez has proudly secured a substantial $1.5 million in a recent fundraising round led by the esteemed Azur Innovation Fund…..continue reading

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🛜 INTERNET

Damage to undersea cables leads to internet disruptions across Africa

On Thursday, internet connectivity across the African continent was disrupted as reports emerged of damage to vital subsea cables off the western coast. The West Africa Cable System, MainOne, and ACE sea cables, serving as crucial conduits for telecommunication data flow, were all impacted, plunging mobile operators and internet service providers into a state of disarray.

According to data from esteemed internet analysis firms like NetBlocks, Kentik, and Cloudflare, Thursday’s incident triggered widespread outages and connectivity hurdles. The cause of the cable faults remains a mystery, leaving tech experts grappling with the aftermath of the disruption.

Major wireless carriers such as MTN Group and Vodacom Group Ltd. reported significant disruptions, affecting network providers in South Africa and other regions. In response, these companies are working tirelessly to reroute traffic and expedite the repair process for the damaged cables.…continue reading

🕸️ CONNECTIVITY

Nigerian Government Launch $2 Billion Initiative to Connect 774 Local Government Areas with Fiber Optic Network

The Federal Government revealed on Wednesday its plan to launch a $2 billion fund aimed at connecting all of Nigeria’s 774 local government areas through fiber optics. Spearheaded by the Ministry of Communications, Innovation, and Digital Economy, the initiative seeks to enhance internet connectivity nationwide.

According to Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, the project received pledges from various institutions, including a commitment of $200 million from the African Development Bank. Other donors include the World Bank, the African Export and Import Bank, and the United States Export and Import Bank…..continue reading

🚗 RIDE-HAILING

Ride-share app inDrive raises $150 million for expansion

Ride-share app inDrive announced that it has raised $150 million to expand its services and enter new markets. This new funding is from the same venture capital firm General Catalyst who provided $150 million in financing last year.

The company added that the financing extension can be further extended for an additional year and this will enhance inDrive’s financial flexibility, enabling the company to bolster growth, invest in product improvements, expand its service offerings, and enter new markets....…continue reading

🪙 CRYPTOCURRENCY

South Africa Grants First-Ever Crypto Licences to 59 Firms

The Financial Sector Conduct Authority (FSCA) of South Africa has made a significant announcement, revealing the approval of operating licences for 59 cryptocurrency firms as of March 12, 2024. This announcement was made by a representative of the FSCA during the ongoing FSCA Industry Conference in Johannesburg. Among the 355 applications received by the regulator, 59 have successfully obtained licences, while the remaining 262 are currently undergoing vetting processes.

The approved firms encompass various business models, including advisory services, exchanges, payment gateways, crypto-to-crypto and crypto-to-fiat conversion, crypto asset arbitrage, tokenisation, provision of index-based products, and wallet services...…continue reading

OTHER STORIES

• Airtel Africa commences construction on Nxtra Data Centre in Lagos, expected to generate over 1000 jobs…..read more