💰 Nigerian Startup Renda raises $1.9m | ⛏️ Nigeria's 1st Lithium Processing Plant

Today’s Menu ☕️

💉 Nigeria Among Selected Recipients of $12million VaxSocial Initiative Funding to Boost Vaccine Confidence
🤖 Remember This: OpenAI Unveils Memory for ChatGPT Plus Users
🧩 LinkedIn gets into gaming with the addition of puzzle games

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💰FUNDING

Nigerian Logistics Startup Renda Secures $1.9 Million in Pre-Seed Funding for Expansion

Nigerian logistics startup Renda has secured $1.9 million in pre-seed funding, marking another strong year for the African logistics and transportation sector. The funding round was a mix of debt ($600,000) and equity ($1.3 million), led by Ingressive Capital, with participation from several other investors including Techstars Toronto, Magic Fund, Golden Palm Investments, Reflect Ventures and Vastly Valuable Ventures. The debt was provided by Founders Factory Africa and SeedFi.

Established in 2021 by Ope Onaboye, a seasoned entrepreneur with multiple ventures under his belt, and Bimbo Onaboye, a seasoned product manager in the automotive industry, Renda is a technological platform designed to consolidate and grant access to comprehensive infrastructure for streamlining order fulfillment. This solution empowers businesses to expand effortlessly and effectively throughout Africa, ensuring seamless scalability……continue reading

⛏️ MINING

Nigeria set to commission first Lithium processing plant

Nigeria is about to take a giant leap in the lithium industry with the upcoming commissioning of its first and largest lithium processing plant. This exciting development was announced by Nasarawa State Governor, Engr. Abdullahi Sule, who met with the Minister of Solid Minerals, Mr. Dele Alake, to solidify plans.

The processing plant, situated in Nasarawa State, is expected to be a game-changer. With a projected capacity of a whopping 4,000 metric tons of processed lithium per day, this facility will be a significant contributor to Nigeria’s economic diversification and technological advancement.……continue reading

💵 INVESTMENTS

Kenyan agri-tech startup Farm to Feed receives investment for expansion efforts

The Kenyan agricultural technology startup Farm to Feed, which has developed a business-to-business platform designed to repurpose excess agricultural produce by linking it with new markets, has successfully secured an investment from Renew Capital. The amount of the investment remains undisclosed, but the funds are intended to facilitate the expansion of the startup’s operations.

Established in the year 2020, Farm to Feed’s mission is to mitigate food wastage by collecting and establishing a market for agricultural products that are either in excess or do not meet the conventional aesthetic standards. The startup leverages technology to consolidate both the supply from farmers and the demand from buyers, streamline the logistics process, and enhance the overall experience for customers through its digital platform.......….continue reading

🧑🏽‍🌾 AGRICULTURE

Cross River State’s bold move to unlock Rice farming

In a groundbreaking move on Sunday, Governor Bassey Otu of Cross River State officially inaugurated a massive 50,000-hectare rice farm in Ndok, situated within the Ogoja Local Government Area (LGA). Supported by an innovative credit scheme, the State Government is injecting N150 million monthly into agricultural development initiatives. This signals a focused commitment to transform the State’s agricultural sector from the ground up.

With a vision for direct impact to farmers’ lives, the Governor emphasized the intent to revolutionize agriculture, starting with short-term food crops like rice and cassava. He elucidated the audacious agricultural ambitions and plans already in motion for the development of oil palm and rubber plantations. He promised a diverse and sustainable agricultural landscape for the future. He stated the Government’s ongoing deliberations with farmers’ groups....….continue reading

OTHER STORIES

• The Egyptian startup Waffarha, which specializes in group-buying, has recently raised a substantial seed investment in the seven-figure range, aimed at accelerating its growth trajectory. ……read more

• Village Capital and Norad initiate program to bolster climate-centric entrepreneurial ecosystems in Africa…..read more

• NBA Africa launches application process for early-stage startup accelerator program….read more

OPPORTUNITIES

• Pitch2Win competition opens for Nigerian startups with $10,000 prize up for grabs….read more

• Call for Applications: 4th Cohort of AUDA-NEPAD’s Healthcare Accelerator Program…..read more

• Entries open for 2024 Edition of Global Startup Awards Africa: Aiming to spotlight Africa’s top innovators and entrepreneurs…..read more

• Ten Egyptian startups triumph in VMS Bridge Programme Awards…..read more