SoftBank to Invest $500M in OpenAI | Netflix faces lawsuit in Kenya

Today’s Menu ☕️

📺 Netflix Faces Lawsuit Over Accusations of Exploiting Kenyans in ‘Free Money’ Documentary
🎙️Exclusive Interview: How Kredete is Turning Remittances into Credit-Building Opportunities for African Diaspora
🤖 SoftBank to Invest $500M in OpenAI as Valuation Soars to $150B
🚙 Uber Expands ‘Go Anywhere’ Series with Safari Adventures in Cape Town
🎬 Next Narrative Africa and HEVA Fund introduce $40 million investment initiative for African cinema
☀️ Yellow Malawi receives $2 million boost for solar energy expansion in off-grid areas

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📺 MEDIA

Netflix Faces Lawsuit Over Accusations of Exploiting Kenyans in ‘Free Money’ Documentary

The popular Netflix documentary ‘Free Money’, which explores a universal basic income experiment in a Kenyan village, has landed the streaming giant in hot water. “Four Kenyans have filed a lawsuit,” Business Daily reports, “against the producers, alleging that their poverty was commercially exploited without their informed consent.”

The plaintiffs claim that they were unaware that their personal struggles would be featured in the documentary, and they are seeking compensation for the alleged violation of their privacy and dignity. The lawsuit raises questions about the ethical implications of documentary filmmaking, particularly when it involves vulnerable communities.

Ironically, despite the controversy, ‘Free Money’ has become a hit on Netflix in Kenya. It currently ranks as the 8th most-watched movie in the country, and notably, it is the only documentary on that list. The film, predominantly in Dholuo, a language spoken in Western Kenya, has resonated with local audiences, sparking conversations about poverty, social inequality, and the potential impact of universal basic income............continue reading

EXCLUSIVE INTERVIEW WITH
ADEOLA ADEDEWE, CEO KREDETE

How Kredete is Turning Remittances into Credit-Building Opportunities for African Diaspora

“There’s a credit-building problem and remittance issue for Africans globally,” the Founder and CEO of Kredete told Innovation Village in an exclusive interview, shedding light on the groundbreaking financial technology company he’s built to bridge the financial gap for African immigrants. Fresh off a successful $2.25M seed funding round, Kredete is transforming the way African immigrants build credit and send money back home............continue reading

🤖 ARTIFICIAL INTELLIGENCE

SoftBank to Invest $500M in OpenAI as Valuation Soars to $150B

SoftBank is reportedly planning a $500 million investment in OpenAI, the artificial intelligence firm behind ChatGPT, as part of the company’s broader efforts to expand its AI portfolio. According to a report by The Information, the Japanese telecom and tech conglomerate is making this investment at a time when OpenAI is seeking to raise $6.5 billion in a new funding round. Earlier this month, Bloomberg noted that the latest round is expected to value OpenAI at $150 billion.

This would mark SoftBank’s first investment in OpenAI, as the AI company continues to grow its influence in the tech world. Notably, Apple has opted not to participate in this current round of funding.

A potential challenge for OpenAI, however, lies in removing its “profit cap” for investors. Founded in 2015 as a non-profit, OpenAI transitioned in 2019 by creating a “capped-profit” subsidiary that limits investor returns to 100 times their investment. The company is now considering restructuring to become a fully for-profit entity, a shift that could significantly increase CEO Sam Altman’s wealth............continue reading

🚙 RIDE HAILING

Uber Expands ‘Go Anywhere’ Series with Safari Adventures in Cape Town

Uber ventures into the wild, launching Uber Safari in South Africa, where the thrill of a safari adventure is now just a tap away for tourists and locals alike.

Starting October 1st, 2024, users in Cape Town will be able to book a full-day safari experience directly through the Uber app. The excursion includes a scenic drive to the renowned Aquila Private Game Reserve, followed by a thrilling three-hour game drive in search of Africa’s iconic “Big Five” – lions, elephants, buffalos, leopards, and rhinos.

This initiative is part of Uber’s “Go Anywhere” series, a collection of limited-edition travel products designed to provide users with seamless access to unique experiences. The company’s statement on Monday highlighted the success of previous “Go Anywhere” offerings, such as Uber Bubbles in Paris, Uber Balloon in Cappadocia, and Uber Boat in Mykonos. With Uber Safari, the company aims to further diversify its services, catering to the growing demand for adventure tourism.…....continue reading

🎬 FILM INDUSTRY

Next Narrative Africa and HEVA Fund introduce $40 million investment initiative for African cinema

Next Narrative Africa, a media production company based in Nigeria, in collaboration with HEVA Fund, an investment firm from Kenya, has unveiled a groundbreaking $40 million fund designed to bolster the African filmmaking industry. Dubbed the Next Narrative Africa Fund, this ambitious initiative is dedicated to backing film projects throughout the continent, targeting productions with budgets that fall within the $1 million to $5 million range.

The fund is structured to provide financial support through both equity investments and grants, aiming to nurture the creative endeavors of African filmmakers. With a strategic plan to fully allocate its $40 million budget over the coming four years, the fund sets its sights on achieving an initial funding milestone by the first quarter of 2025, with the goal of completing its funding cycle by the end of the fourth quarter of the same year. The commencement of initial investments is slated for 2025..…....continue reading

☀️ SOLAR POWER

Yellow Malawi receives $2 million boost for solar energy expansion in off-grid areas

Yellow Malawi, a prominent company specializing in the distribution of solar energy, has recently obtained a significant financial boost in the form of a $2 million investment from the Hardest-to-Reach (H2R) initiative, which is managed by Acumen. This substantial infusion of capital is earmarked for the enhancement of Yellow Malawi’s inventory of solar home systems, with the objective of extending energy access to an estimated 182,000 individuals. Notably, this initiative will enable 145,000 people to experience the benefits of electricity for the very first time in their lives.

The investment is structured to be distributed in two separate phases for optimal financial management. The initial phase involves the release of $1 million, which will be provided in US dollars. However, the repayments for this phase will be conducted using the local currency, the Malawian Kwacha. To alleviate the financial burden associated with currency hedging, a subsidy facilitated by the TCX EU Market Creation Facility will be applied.…....continue reading

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