🧑🏽‍🌾 Kenyan startup, Gro Intelligence, shuts down |📱Trump joins TikTok

Today’s Menu ☕️

🧑🏽‍🌾 Kenyan startup, Gro Intelligence, is shutting down
🏍️ Glovo Drives Down Delivery Costs with Siltech EV Partnership in Lagos
📱Despite previous ban threats, Trump Joins TikTok ahead of elections
💰Morocco’s YoLa Fresh secures $7 million in a pre-Series A round
📦 Indian billionaire businessman, Gautam Adani Enters Africa with Acquisition of Tanzanian Container Firm

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🧑🏽‍🌾 AGRICULTURE

Kenyan startup, Gro Intelligence, is shutting down

Gro Intelligence, a once-promising agricultural data platform, is shutting down after a turbulent period marked by financial instability and legal challenges. Despite securing some last-minute funding in March and laying off a significant portion of its workforce, the New York- and Nairobi-based company could not sustain operations.

Earlier this year, Gro Intelligence managed to secure temporary funding, which came with significant downsizing. In March, the company laid off 60% of its staff, an effort that extended its operational timeline only slightly. Despite these measures, the remaining staff were informed this week that the company would be closing, with a skeleton crew retained to handle the winding down of operations, sources close to the company reported.

Gro Intelligence is also facing legal and regulatory scrutiny. Former employees have filed lawsuits against the company, alleging violations of labor laws that require advance notice for mass layoffs. Additionally, the Securities and Exchange Commission (SEC) is investigating potential investor fraud or misrepresentation. Sources indicate that the SEC has requested communications and presentations made to investors......continue reading

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🏍️ ELECTRIC VEHICLES

Glovo Drives Down Delivery Costs with Siltech EV Partnership in Lagos

Rising petrol prices and increasing operational costs have become significant challenges for businesses across Nigeria, and the food delivery sector is no exception. Glovo, a prominent player in the Lagos food delivery market, has taken a bold step towards tackling these challenges head-on by partnering with local electric vehicle (EV) manufacturer, Siltech. This strategic collaboration aims to revolutionise Glovo’s delivery fleet by transitioning from traditional petrol-powered motorcycles to Siltech’s cutting-edge electric bikes.

The primary driver behind this partnership is the escalating cost of petrol, which has been putting a considerable strain on Glovo’s operating expenses. By adopting electric bikes, Glovo anticipates substantial savings on fuel costs, as electricity is a significantly cheaper energy source compared to petrol. Furthermore, electric vehicles generally require less maintenance than their petrol counterparts, translating to reduced maintenance expenses for Glovo.

The collaboration with Siltech offers Glovo more than just electric bikes. Siltech is providing a comprehensive EV ecosystem that includes charging stations strategically located throughout Lagos, ensuring that Glovo’s delivery riders can easily recharge their bikes during their shifts. This infrastructure addresses one of the major concerns surrounding EV adoption – range anxiety – by providing a reliable and convenient charging network.....continue reading

📱SOCIAL MEDIA

Despite previous ban threats, Trump Joins TikTok ahead of elections

Donald Trump has just joined TikTok and amassed over 2 million followers with 4 hours. Ironically the former President and Republican presidential candidate, had tried to ban the social media platform based on national security grounds while in office.

On Saturday night, Trump shared a launch video on his @realdonaldtrump account, featuring him greeting fans at an Ultimate Fighting Championship event in Newark, New Jersey. The video has garnered over 34 million views.

Trump campaign spokesperson Steven Cheung said it will leave “no front undefended” in its efforts to reach younger voters........continue reading

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💰 FUNDING

Morocco’s YoLa Fresh secures $7 million in a pre-Series A round

In a significant milestone for the African agritech industry, Moroccan startup YoLa Fresh has announced a $7 million pre-Series A funding round. Led by Al Mada Ventures and backed by Algebra Ventures, E3 Capital, Janngo Capital, and FMO, this investment will propel YoLa Fresh’s mission to build a transparent and sustainable fresh food supply network across the continent.

YoLa Fresh’s cutting-edge platform bridges the gap between farmers and retailers, ensuring a seamless and efficient supply chain. By leveraging technology to track produce from farm to retail, YoLa Fresh minimizes waste, increases farmer and retailer incomes, and provides consumers with fresher and more affordable options.

Co-CEOs Youssef Mamou and Larbi Alaoui Belrhiti bring extensive experience in scaling businesses in the region. Drawing inspiration from successful fresh produce marketplace models globally, YoLa Fresh is poised to replicate this success in Africa........continue reading

📦 ACQUISITIONS

Gautam Adani Enters Africa with Acquisition of Tanzanian Container Firm

In a strategic effort to broaden its global presence, Adani Group (represented by the Adani Ports and Special Economic Zone Ltd. joint venture) has reached an agreement with Hutchison Port Holdings Ltd. to acquire a 95% stake in a container terminal company at the Port of Dar es Salaam in Tanzania.

According to an exchange filing, Adani has collaborated with Abu Dhabi-based logistics firm AD Ports Group and East Harbour Terminals Ltd. to acquire Tanzania International Container Terminal Services Ltd. for $39.5 million.

This move marks the conglomerate’s first container terminal operation in Africa and adds to its portfolio of international port assets, which includes Haifa in Israel and Colombo in Sri Lanka........continue reading

OTHER STORIES

• IFC Partners with FirstRand for $250m to Expand Green Building and Home Loan Finance in South Africa. IFC has partnered with FirstRand to expand the availability of green building and green home loan finance across the country..…….read more