💰 $250m fund for African Startups | 🚐 eKamva launch

Today’s Menu ☕️

• Startupbootcamp, Mara Group, and Blend Financial Services Announce $250 Million Fund for African Startups

• ETG Secures $75 Million Financing from AfDB to Enhance Agricultural Value Chain Operations in Africa

• TikTok Unveils ‘Share to TikTok’ Feature, Enhancing Music Discovery and Artist Promotion

• Africhange Expands Cross-Border Remittances with CBN-Approved IMTO License in Nigeria

• Startup-Led Consortium Launches Electric Minibus Taxi in South Africa

• WhatsApp Group Admins in Zimbabwe to Pay Licensing Fees of Up to $50 to Keep their Groups

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💰 FUNDING

Startupbootcamp, Mara Group, and Blend Financial Services Announce $250 Million Fund for African Startups

Startupbootcamp, Mara Group, and Blend Financial Services have unveiled plans to launch a substantial $250 million fund dedicated to accelerating the growth of African technology startups.

Ashish Thakkar, the founder of Mara Group and a prominent British-East African entrepreneur, announced that the fund is expected to begin making its first investments within the next three to six months. The primary focus will be on key tech ecosystems across the African continent.

The agreement, finalized during the Future Investment Initiative in Saudi Arabia, aims to invigorate vibrant startup ecosystems in South Africa, Nigeria, Kenya, Ivory Coast, and Egypt.……continue reading

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🌾 AGRICULTURE

ETG Secures $75 Million Financing from AfDB to Enhance Agricultural Value Chain Operations in Africa

The African Development Bank Group has announced a comprehensive $75 million financing package to support Export Trading Group (ETG), a Mauritius-based conglomerate with extensive operations across Africa. ETG’s diverse portfolio includes sectors such as agricultural inputs, logistics, supply chain optimization, digital transformation, and energy.

The financing package comprises $65 million from the Bank’s own resources and an additional $10 million in concessional co-financing from the Agri-Food Catalytic Financing Mechanism (ACFM). This Special Fund, supported by Canada’s Department of Foreign Affairs, Trade, and Development, is dedicated to empowering gender-oriented and underserved agricultural SMEs in Africa.

The funds will be allocated to ETG’s Sustainable Linked Loan facility, which aims to bolster its core value chain assets. The financing will target ETG’s operations in 14 African nations, including Ghana, Ethiopia, Kenya, Nigeria, and Mozambique. These funds will enhance ETG’s processing and packaging facilities, improve warehouse infrastructure, and provide farmers with fertilizers and other agricultural inputs. Additionally, the financing may be extended to up to 28 African countries as needs arise.……continue reading

📱SOCIAL MEDIA

TikTok Unveils ‘Share to TikTok’ Feature, Enhancing Music Discovery and Artist Promotion

TikTok has announced a new feature that adds a dynamic twist to music and audio sharing: the launch of “Share to TikTok.” This latest feature empowers users to share music, podcasts, and audiobooks from popular music streaming services, including Apple Music and Spotify, directly to TikTok.

With just a tap from the share menu on these platforms, users can now seamlessly post their favorite tracks, albums, and audio content on TikTok, opening a world of new opportunities for music discovery, artist promotion, and creative expression.

Each piece of content shared through “Share to TikTok” features a link back to the original source on the streaming platform. This means that if a user shares a track from Spotify or Apple Music, other TikTok users can click the link to listen directly on the DSP (Digital Streaming Platform). This creates a smooth, circular journey of discovery that benefits TikTok users, DSPs, and the artists behind the music alike.……continue reading

💸 REMITTANCES

Africhange Expands Cross-Border Remittances with CBN-Approved IMTO License in Nigeria

Africhange, a fintech company focused on cross-border remittances, has recently achieved a significant milestone by securing an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN). This new license empowers Africhange to manage direct remittances into Nigeria, eliminating reliance on intermediaries and enhancing transaction efficiency for users.

The IMTO license, obtained through Africhange’s Nigerian subsidiary, Currenzo, marks an essential step in its goal to streamline and secure money transfers for the Nigerian diaspora.

Africhange’s expansion into the remittance sector is part of a broader strategy that aims to offer Nigerians abroad a cost-effective and reliable way to send funds back home. The license enables Africhange to operate under CBN’s regulatory oversight, assuring users of compliance with both local and international financial standards...……continue reading

📱SOCIAL MEDIA

WhatsApp Group Admins in Zimbabwe to Pay Licensing Fees of at least $50 to Keep their Groups

Zimbabwe recently introduced a licensing mandate for WhatsApp group admins, requiring them to obtain permits from the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ).

The move, announced by Information Minister Monica Mutsvangwa, is intended to help counter misinformation and track down sources of content deemed harmful or capable of inciting unrest. This regulation has generated debate, given its implications for data privacy and freedom of expression.

According to reports, the new regulation will charge a minimum of $50 for a basic license, with fees potentially increasing up to $2,500 depending on the group’s nature and number of members. Additionally, group admins will have to disclose personal details to POTRAZ, raising concerns about privacy, particularly in a context where Zimbabweans have increasingly relied on WhatsApp for both personal and business communication.....…….continue reading

🚐 ELECTRIC VEHICLES

Startup-Led Consortium Launches Electric Minibus Taxi in South Africa

A new electric minibus taxi, named eKamva, has been launched in South Africa by a consortium led by startups, featuring an innovative flx EV business model and accompanying app.

The eKamva initiative is the result of a collaboration between various companies and research institutions, spearheaded by GoMetro, a transport technology platform. The consortium also includes flx EV, Powerfleet, HSW, ACDC Dynamics, and several entities within Stellenbosch University’s Faculty of Engineering.

The partnership began in 2023 with the goal of exploring and advancing the feasibility of electric minibus taxis under South African conditions. To achieve this, the project team conducted rigorous and extensive testing of production vehicles on existing taxi routes in and around the town of Stellenbosch, using traditional minibus taxis as a benchmark...…….continue reading

OTHER STORIES

• African Startups Invited to Apply for Harvard’s $55K New Venture Competition…….read more

• Egyptian Wellness Startup WellPal Secures Angel Funding and Relocates to Saudi Arabia…..read more

• Lendsqr Expands to Kenya, Targeting MSMEs with Credit Solutions…..read more

• Beacon Power Services Secures Series A Funding to Accelerate Expansion Across Eastern and Southern Africa…..read more

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