🛒 MaxAB-Wasoko acquires Fatura

Plus: 📈 Thndr Raises $15.7m

Innovation Village
May 20, 2025

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Today’s Menu ☕️

🛒 MaxAB-Wasoko Expands in Egypt with Fatura Acquisition
📈 Thndr Raises $15.7m and Launches New Products to Transform Retail Investing in MENA
🎶 Spotify Drug Ads Controversy Sparks Outrage
📺 VUZ Raises $12m to Bring Immersive Streaming to Emerging Markets
🚙 China to Establish Electric Vehicle Manufacturing Factory in Nigeria
💻 Huawei Launches First HarmonyOS Laptops, Escalating Tech Self-Reliance Amid U.S. Sanctions

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🛒 ACQUISITION

MaxAB-Wasoko Expands in Egypt with Fatura Acquisition

MaxAB-Wasoko, the regional e-commerce and supply chain powerhouse, has deepened its footprint in Egypt through the acquisition of Fatura, a Cairo-based B2B marketplace previously owned by EFG Finance. The move reinforces MaxAB-Wasoko’s ambition to become Africa’s leading retail-tech platform, while strategically positioning EFG Finance, a subsidiary of EFG Holding, as a key shareholder and board member in the expanding company.

Fatura brings a strong local network to the table, including over 626 wholesalers across 16 cities, five of which are new territories for MaxAB-Wasoko. By integrating Fatura’s agile marketplace model into its own infrastructure, MaxAB-Wasoko immediately expands its reach, enhances its supply chain efficiency, and offers more product variety to Egypt’s fragmented retail sector.

The acquisition is expected to generate substantial near-term results. Fatura is projected to contribute up to 25% of MaxAB’s Egypt revenue by year-end, underscoring the strong demand for consolidated, digital-first supply chain solutions. The deal also signals continued growth in MaxAB-Wasoko’s embedded fintech services, which already finance more than 9% of total e-commerce sales in Egypt and Morocco....……continue reading

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📈 FINANCIAL SERVICES

Thndr Raises $15.7m and Launches New Products to Transform Retail Investing in MENA

Cairo-based investment platform Thndr has raised $15.7 million in a fresh funding round, signaling strong investor confidence in its ambition to become a full-service financial institution for the Middle East and North Africa (MENA) region. The round was led by global technology investor Prosus, with participation from Y Combinator, BECO Capital, Endeavor Catalyst, JIMCO, Raba, and Onsi Sawiris. This new raise brings Thndr’s total funding to $37.76 million, including the $20 million it raised in 2022.

Founded in 2020 by Ahmad Hammouda and Seif Amr, Thndr started as a mobile-first, low-commission digital stock brokerage that enabled everyday users in Egypt and the wider Middle East to invest in local and international stocks, bonds, and funds. Today, the company is deepening its offerings and transforming itself into a more comprehensive wealth-building platform.

The funding announcement came during Egypt’s first-ever fintech keynote event, aptly titled “El Qessa Betkabr” (Arabic for “The Story is Growing”), held at the iconic Cairo Marriott. Attended by over 300 users, investors, and partners, the event served as a launchpad for Thndr’s two newest products: Thndr Alpha and ThndrX....…..…continue reading

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🎶 STREAMING SERVICES

Spotify Drug Ads Controversy Sparks Outrage

Globally, the Spotify ads controversy has sparked intense emotions. The streaming giant is currently under fire for reportedly allowing illegal drug advertisements to run on its podcast platform. The incident has exposed significant weaknesses in Spotify’s content filtering and advertising procedures.

According to a CNN investigation, dozens of seemingly legitimate podcasts promoted illegal online pharmacies, revealing a troubling vulnerability. Users could find these shows by simply searching for prescription drugs like “Adderall” or “Xanax.” In reality, the podcasts promoted powerful medications without valid prescriptions—a practice that is illegal in the United States.

These shows advertised drugs including Oxycodone, Methadone, Vicodin, and Ambien, often using synthetic or AI-generated voices while posing as legitimate health or wellness content. Listeners were frequently directed to questionable pharmacy websites claiming “FDA-approved delivery” without requiring prescriptions. Many worry that such content could encourage risky behavior, particularly among young or vulnerable audiences.....……continue reading

📺 MEDIA

VUZ Raises $12m to Bring Immersive Streaming to Emerging Markets

VUZ, the UAE-based immersive media platform known for transporting viewers to red carpets, football stadiums, and global events, has raised $12 million in a pre-Series C funding round. The round was led by the IFC, with support from Al Jazira Capital, CrossWork VC’s Success Fund, and prominent Saudi family offices. This latest raise brings the company’s total funding to over $35 million.

Founded in 2017 by Khaled Zaatarah, VUZ (formerly 360VUZ) is redefining how audiences experience video content. Rather than scrolling through static feeds, users step inside immersive, 360-degree video experiences — whether it’s the Grammys in Los Angeles, a La Liga match in Spain, or a fashion show in Dubai. VUZ is available across mobile apps, the web, smart TVs, and VR headsets such as the Apple Vision Pro and Oculus.

The company’s goal is to build a next-generation, hyper-local but globally scalable media platform, anchored in immersive experiences and creator monetization. IFC’s strategic backing is particularly notable, as the institution is better known for investing in infrastructure and logistics than consumer tech. However, VUZ’s focus on emerging markets, creator empowerment, and immersive content positioned it as a standout.....……continue reading

🚙 ELECTRIC VEHICLES

China to Establish Electric Vehicle Manufacturing Factory in Nigeria

China has received approval from the Federal Government of Nigeria to set up electric vehicle (EV) manufacturing plants in the country—a move expected to reshape Nigeria’s industrial landscape and deepen its partnership with Asia’s largest economy.

The announcement came during a courtesy visit by China’s Ambassador to Nigeria, Yu Dunhai, to the Minister of Solid Minerals Development, Dr. Dele Alake. The ambassador highlighted the importance of tapping into Nigeria’s lithium reserves, a critical resource for EV battery production, while strengthening bilateral cooperation. The development builds on recent high-level discussions between President Bola Tinubu and President Xi Jinping aimed at bolstering economic ties.……continue reading

💻 COMPUTERS

Huawei Launches First HarmonyOS Laptops, Escalating Tech Self-Reliance Amid U.S. Sanctions

Huawei has taken a bold step in its pursuit of technological independence by launching its first laptops running HarmonyOS, a homegrown operating system developed to reduce reliance on Western software ecosystems. The release of the MateBook Fold and MateBook Pro, which officially run HarmonyOS 5, signals a deeper shift in China’s tech strategy, particularly in response to sustained U.S. restrictions targeting Huawei’s access to critical semiconductors and operating systems.

Huawei began developing HarmonyOS in 2015, officially introducing it in 2019 after the U.S. placed the company under trade restrictions over national security concerns. Since then, HarmonyOS has been deployed across more than a billion devices, including smartphones, TVs, and now computers. The operating system’s open-source version, OpenHarmony, is positioned as a “national OS” in China, with growing adoption across various sectors like finance, aerospace, and education.

The MateBook Fold, which features an 18-inch foldable OLED screen and no physical keyboard, is priced at 23,999 yuan (approximately $3,330), while the MateBook Pro, with a more conventional design, starts at 7,999 yuan (about $1,110).……continue reading