Seedstars Africa Ventures secures $30 million 💰 | Visa Accelerator Program is open for applications 🚀

In today’s menu

• Seedstars Africa Ventures secures $30 million from EIB Global to invest in African startups 💰

• Naspers Bolsters Investment in South African Online Retail to Counter Amazon’s Arrival 🛒

• X Unveils Transformative Plans for 2024: Peer-to-Peer payments and more 📋

• Cohort 2 of the Visa Accelerator Program is open for applications 🚀 

If you haven't subscribed, join over 7,000 people curious about Innovation, New Products, New Technologies in Africa.

Tenth Code Media Limited presents a 2-day training on New Product Development and Management Fundamentals

Embark on a transformative journey for the new year with a cutting-edge Product Development and Management Training! Elevate your skills and empower your team to thrive in the dynamic landscape of innovation.

Led by seasoned industry experts from Tenth Code Media Limited, this comprehensive program covers the latest methodologies, market trends, and strategic insights to propel your product initiatives to unprecedented heights.

💰FUNDING

Seedstars Africa Ventures secures $30 million from EIB Global to invest in African startups

Seedstars Africa Ventures, a venture capital fund focusing on early-stage investments in high-growth companies operating throughout Sub-Saharan Africa, has secured a capital commitment of $30 million from EIB Global, a subsidiary of the European Investment Bank.

This substantial funding comes on the heels of an $8 million investment from French private equity firm LBO France, the anchor investor for the venture capital fund.

The fund, which aspires to close between $80 million and $100 million, is targeting early-stage startups in their seed and series A stages. Importantly, it extends its support beyond these initial stages, providing follow-on funding up to Series B...…..read more

Tunisian startup Cynoia secures $930K in funding for West African expansion

Cynoia, a Tunisian startup focused on team collaboration, has secured EUR850,000 ($930,000USD) in funding to expand its operations into the West African Economic and Monetary Union (UEMOA), specifically targeting Senegal and Ivory Coast.

Established in 2022, Cynoia’s platform aids in enhancing and streamlining collaboration within organizations by integrating various essential tools, including chat, video conferencing, email, calendar management, document handling, and project management……read more

🛒 ECOMMERCE

Naspers Bolsters Investment in South African Online Retail to Counter Amazon’s Arrival

As anticipation builds around Amazon’s imminent entry into South Africa’s burgeoning e-commerce sector, Naspers Ltd., the continent’s largest company by market value, is doubling down on its investment in the South African online retail landscape. The move is strategically aimed at fortifying its position against the global e-commerce giant’s foray into the country’s rapidly growing digital market.

Phuthi Mahanyele-Dabengwa, CEO of Naspers’ South African unit, affirmed the company’s commitment to strengthening its businesses during an interview on Bloomberg TV. She expressed confidence in Naspers’ preparedness to navigate the challenges posed by Amazon’s entry, emphasizing the significant investments being made to ensure resilience in the face of intensified competition.

South Africa, boasting the most developed economy on the continent and a youthful population, has become an attractive market for major retail players. With one of the largest upper-middle-income markets in the region, the country is drawing increased attention from retail giants such as Walmart Inc. and Amazon. Amazon, in particular, is set to introduce online delivery services in South Africa later this year…..read more

😰 LAYOFFS! LAYOFFS!! LAYOFFS!!!

Amazon lays off hundreds of jobs at Prime Video and MGM Studios

Amazon is reducing its workforce in the Prime Video and MGM Studios division by hundreds of jobs, according to an email sent out by division leader Mike Hopkins. He announced on Wednesday morning that “several hundred roles” would be cut.

The layoffs come the same day Amazon’s Twitch livestreaming unit announced it will cut 500 jobs.

It is unclear how the current round of layoffs will impact these divisions or exactly where the cuts will occur.

This news arrives just before Amazon is slated to add advertisements to Prime Video, which will require users to pay an additional $3 per month to avoid them. It is anticipated this change will generate billions of dollars in additional revenue for the division.

These cuts follow the layoffs of over 25,000 Amazon employees last year. Prime Video and MGM also underwent cuts in early 2023....…..read more

Unity Software lays off 1,800 employees

Unity Software has announced it is cutting 1,800 jobs, about 25% of its workforce, marking another wave of layoffs at the gaming technology company. The announcement caused a nearly 5% upturn in the stock in extended trading.

In a regulatory filing, Unity stated that these cuts form part of a broader corporate restructuring plan. Last November, the company had informed investors about a “comprehensive assessment” of its product portfolio and a financial evaluation that could potentially lead to the discontinuation of certain product offerings, workforce reduction, and a smaller office footprint……read more

Duolingo lays off workers as it leans on AI tools to carry out more tasks

Educational technology app Duolingo has laid off about 10% of its contract workers as part of a shift towards greater use of artificial intelligence (AI). While not all the layoffs stemmed from technology changes, the language learning company did let some contractors go at the end of 2023 in order to facilitate AI-centered modifications in content creation and sharing.

Duolingo stated that no full-time employees were impacted by the layoffs, and it tried to find alternative roles for all those affected before resorting to “off-boarding”…..read more

SOCIAL MEDIA

📋 X Unveils Transformative Plans for 2024: Peer-to-Peer payments and more

In a press release titled “Transforming the Global Town Square,” X, formerly known as Twitter, outlined its ambitious plans for 2024, emphasizing a transformational year ahead. Building upon the foundational work laid in 2023, the company aims to bring its vision for the global town square to life, positioning itself as more than just an app but an all-encompassing platform for diverse experiences. 

The past year marked significant milestones for X, including the prioritization of free expression as a core platform value and an evolution in content moderation strategy to support it. With a commitment to providing accurate and balanced information, X introduced Community Notes, engaging over 320k contributors in 65 countries. The platform witnessed substantial improvements, becoming a video-first platform with immersive video garnering over 100 million daily users, primarily from the Gen Z audience.

Moving from a foundational phase to a transformational one, X outlines key areas of focus for 2024:

1. Artificial Intelligence Integration: X plans to increasingly power user and advertising experiences through Artificial Intelligence (AI), enhancing search, improving ads, and deepening customer understanding.

2. Peer-to-Peer Payments: A notable highlight is the launch of peer-to-peer payments, unlocking new user utility and commerce opportunities, demonstrating X’s commitment to providing a comprehensive platform.

Click here to continue reading

OPPORTUNITIES

🚀Cohort 2 of the Visa Accelerator Program is now open for applications

Calling All Fintech Innovators in Africa! 🌍 Cohort 2 of the Visa Accelerator Program is now open for applications.

Are you ready to disrupt the industry, revolutionize finance, and make an impact in the ecosystem? Join us on this exciting 3-months journey to propel your startup towards unprecedented growth and recognition. It's time to unleash your entrepreneurial spirit and forge a path to success in the vibrant fintech landscape. 

Click here to apply now. Applications close February 18, 2024