💰 Nigeria Secures $30.9 Million Deal with Japan to Boost Startups

Today’s Menu ☕️

💰 Nigeria Secures $30.9 Million Deal with Japan to Boost Startups and Solve Social Challenges
💰 Stitch secures $55 million funding to enhance payment solutions across Africa
🔋New GX Capital launches R2.4-billion clean-tech investment fund in partnership with RMB Ventures
📡 Elon Musk’s Starlink Launches in Somalia After Two-Year Talks
🤖 Ilya Sutskever’s Safe Superintelligence achieves $32 billion valuation with $2 billion funding round

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💰FUNDING

Nigeria Secures $30.9 Million Deal with Japan to Boost Startups and Solve Social Challenges

Nigeria’s drive to empower its startup ecosystem and solve pressing social issues has received a major boost, thanks to a new $30.9 million partnership with Japan. The two countries recently signed a landmark agreement to fund the development of innovation hubs and provide long-term support for social impact-driven enterprises.

The first initiative involves the creation of a national startup hub in Abuja, with an investment of $9.9 million. To be executed by Nigeria’s National Information Technology Development Agency (NITDA), the hub will serve as a catalyst for innovation—offering aspiring entrepreneurs resources such as mentorship, technical guidance, networking opportunities, and workspace.

Complementing the startup hub is a $21 million project focused on building a support system for social startups—enterprises that directly address Nigeria’s social and environmental challenges. This project will be overseen by the Nigeria Sovereign Investment Authority (NSIA), which will also manage a new fund to invest in high-impact startups. Notably, the fund is designed to run for 13 years, signaling a long-term commitment to nurturing transformative ventures......…continue reading

💰 FUNDING

Stitch secures $55 million funding to enhance payment solutions across Africa

South African fintech company Stitch has successfully secured an additional $55 million in funding, aimed at enhancing its comprehensive payment solutions for businesses throughout Africa. This strategic investment is poised to strengthen Stitch’s position within the continent’s rapidly evolving payments ecosystem, reflecting the growing demand for innovative financial technologies.

Among the contributors to this funding round is the African venture firm Raba Partnership, which invested $4.2 million, underscoring its ongoing confidence in Stitch’s vision and capabilities. This backing not only reinforces Stitch’s financial foundation but also highlights the increasing interest from investors in the African fintech space........…continue reading

🔋 CLEAN TECH

New GX Capital launches R2.4-billion clean-tech investment fund in partnership with RMB Ventures

New GX Capital, a prominent investment firm known for its early support of Dark Fibre Africa, is set to launch a significant clean-tech investment initiative with the introduction of the R2.4-billion Airnergize Capital Fund I. This fund is being established in collaboration with RMB Ventures (RMBV) and is poised to make a substantial impact on the renewable energy and infrastructure landscape across Africa.

The Airnergize Capital Fund I is being heralded as one of the largest clean-tech investment funds on the continent, focusing specifically on sectors such as renewable energy, water, and gas infrastructure. The fund has already garnered R2.4 billion in initial commitments, with plans to raise an additional R1.6 billion before its anticipated closure in the coming months. This ambitious financial target underscores the growing interest and necessity for sustainable investment solutions in Africa.​......…continue reading

📡 SATELLITE

Elon Musk’s Starlink Launches in Somalia After Two-Year Talks

Somalia has officially welcomed Elon Musk’s Starlink satellite internet service into the country, marking a major milestone for the nation’s digital infrastructure. The long-awaited move was announced on Sunday after the Somali government granted Starlink an operational license following more than two years of dialogue.

“Starlink now in Somalia!” Musk proclaimed in a brief but impactful post on his social media platform X (formerly Twitter). The message confirmed what Somalia’s Ministry of Telecommunications later elaborated upon in greater detail: the East African nation has formally approved Starlink to begin operations, raising hopes for expanded connectivity and improved service quality...........…continue reading

 🤖 ARTIFICIAL INTELLIGENCE

Ilya Sutskever’s Safe Superintelligence achieves $32 billion valuation with $2 billion funding round

Safe Superintelligence (SSI), the artificial intelligence startup founded by Ilya Sutskever, who is also a co-founder of OpenAI, has reportedly secured an additional $2 billion in funding, bringing its total valuation to an impressive $32 billion, as reported by the Financial Times.

Prior to this latest funding round, SSI had already raised $1 billion, and there were indications that another round of funding, potentially worth $1 billion, was being planned. However, SSI has not provided any official comments regarding this new influx of capital, which is said to have been led by Greenoaks.

Ilya Sutskever departed from OpenAI in May 2024, following his involvement in a controversial and ultimately unsuccessful attempt to remove CEO Sam Altman from his position. After leaving OpenAI, Sutskever co-founded SSI alongside Daniel Gross and Daniel Levy. The trio has articulated a singular vision for the company, stating that it has “one goal and one product: a safe superintelligence.”.........…continue reading

 OTHER STORIES

• Chowdeck appoints Henry Whyte to drive expansion in Ghana…..continue reading

• Lesotho faces pressure to grant license approval for Starlink…..continue reading

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