Partech $300m second fund 💰 | 3MTT 2nd phase to start soon 💪🏽 | OpenAI $80bn Valuation 🤖

In today’s menu 🥘

💰 Partech Secures Over $300M for Second Africa Fund to Boost Seed to Series C Investments 
💪🏽 3MTT programme: 2nd phase of 270,000 fellows to be announced February 29
🤖 OpenAI Soars to $80 Billion Valuation in Latest Deal
🚚 OX Delivers secures $1.5M grant for electric OX4 trucks rollout in Rwanda
🙍🏽‍♀️ Nigerian fintech Mamamoni, dedicated to women empowerment, receives €250,000 to expand agent network

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💰 INVESTMENTS

Partech Secures Over $300M for Second Africa Fund to Boost Seed to Series C Investments

One year after its first close, Partech has completed the raising of its second Africa-specific fund, named Partech Africa II, at €280 million (over $300 million). This surpasses its initial target of €230 million, making Partech Africa the largest fund dedicated to African startups.

Partech Africa’s successful fund closure comes against the backdrop of a significant decline in investment activity in Africa by global VCs and institutional investors. According to a Partech report, the continent experienced a 50% drop in investor activity in 2023 compared to the previous year. Influenced by global economic changes and local challenges, venture capital inflows for African startups reduced to a range of $2.9 billion to $4.1 billion last year, as opposed to the $4.6 billion to $6.5 billion range in 2022.

With offices in Dakar, Nairobi, and Dubai, Partech Africa recently expanded into Lagos, recruiting actively to closely engage with startups in the region. Given that a third of the firm’s portfolio companies are located there, this highlights Lagos’s importance. However, Deme clarified that the majority of the second fund will be deployed between Series A and B rounds...…..continue reading

DATA ANALYTICS FUNDAMENTALS TRAINING
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💪🏽 EMPOWERMENT

3MTT programme: 2nd phase of 270,000 fellows to be announced February 29

The Honourable Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, declared that the 2nd phase of the 3MTT programme will be announced on Thursday February 29th, 2024 with a projected training start date in March.

According to the Minister, “over the last few months, our first cohort has gone through training programmes across 12 skill areas and we have received a lot of positive feedback from our fellows. The initial prototype phase has also given us a chance to take learnings as we execute and this feedback will help us scale and improve on the overall experience for our fellows and 121 training providers across Nigeria.”

“As we move into the next phase of an additional 270,000 fellows to be trained over the next 18 months, we are encouraged by the growing support from partners and stakeholders in our journey to deliver 3 million technical talents by 2027”, he added..…..continue reading

🤖 ARTIFICIAL INTELLIGENCE

OpenAI Soars to $80 Billion Valuation in Latest Deal

OpenAI has sealed a deal catapulting its valuation to a staggering $80 billion or more, marking a remarkable tripling of its worth in under 10 months. The San Francisco-based artificial intelligence powerhouse executed the transaction through a tender offer led by venture firm Thrive Capital, allowing employees to cash out their shares rather than opting for a traditional funding round.

The surge in valuation mirrors the Silicon Valley trend of injecting substantial funds into companies specializing in generative AI, particularly renowned for autonomously producing text, sounds, and images..…..continue reading

🚚 E-MOBILITY

OX Delivers secures $1.5M grant for electric OX4 trucks rollout in Rwanda

OX Delivers, a UK-based transportation service company specialising in e-mobility, has recently secured a grant worth £1.2 million, or approximately $1.5 million, from Energy Catalyst, a programme under Innovate UK. This financial assistance is aimed at supporting the company in the introduction of all-electic trucks, named OX4, in the market of Rwanda as well as boosting its expansion efforts across the global South.

Production of the OX4 truck is scheduled to start by March 2024, with local markets also playing a vital role in the assembly process. A team consisting of 20 professionals across the fields of design, engineering, and production are finalising the last touches on the OX4 truck at OX Delivers’ UK headquarters.

In addition to this, the company has plans of extending its reach worldwide, particularly focusing on exploring markets in the southern hemisphere and starting with Africa.…..continue reading

OTHER STORIES

• Nigerian fintech Mamamoni, dedicated to women empowerment, receives €250,000 to expand agent network….read more

• Disha, a no-code platform dedicated to assisting creatives with marketing and payment processing, has revealed its plans to temporarily shut down operations effective March 31, 2024….read more

• Spiro ventures into Nigeria’s electric mobility scene; aims to revolutionize last-mile transportation….read more