💵TEF Secures $6m UAE Partnership to Empower 1,000 African Entrepreneurs

Today’s Menu ☕️

💵 Tony Elumelu Foundation Secures $6m UAE Partnership to Empower 1,000 African Entrepreneurs
🛒 Egyptian eCommerce startup Taager secures $6.75 million in pre-Series B funding to accelerate expansion
💰Madica invests $800,000 in four African startups, focusing on healthtech, e-mobility, and AI innovations
🔲 Samsung Reclaims Top Spot in Semiconductor Rankings

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💵 FUNDING

Tony Elumelu Foundation Secures $6m UAE Partnership to Empower 1,000 African Entrepreneurs

The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy supporting young entrepreneurs, has secured a $6 million strategic partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed). Announced at the World Government Summit, this collaboration will provide business training, mentorship, access to networks, and $5,000 in non-refundable seed capital to 1,000 additional African entrepreneurs.

The agreement was signed by Tony O. Elumelu, TEF Founder, and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, marking a significant step in strengthening economic and entrepreneurial ties between Africa and the UAE......…continue reading

🛒 ECOMMERCE

Egyptian eCommerce startup Taager secures $6.75 million in pre-Series B funding to accelerate expansion

Egyptian social commerce startup Taager has successfully secured a pre-Series B funding round amounting to US$6.75 million, a significant boost aimed at facilitating its expansion across the MENA (Middle East and North Africa) region and enhancing its technological capabilities.

Founded in December 2019, Taager operates as a social e-commerce marketplace that equips online sellers and traders with a comprehensive suite of backend and integrated services. These services encompass essential operational and logistical infrastructure, including storage and shipping solutions, as well as an online marketplace that allows sellers to showcase their products while connecting them with wholesalers.....…continue reading

💰 INVESTMENTS

Madica invests $800,000 in four African startups, focusing on healthtech, e-mobility, and AI innovations

Madica, an Africa-focused early-stage investment firm with a structured investment program for pre-seed stage companies, has announced its support for four innovative African startups through a total of $800,000 in pre-seed funding. This investment comes at a time when investors are increasingly prioritizing businesses that demonstrate strong revenue traction, particularly as early-stage African startups accounted for 9% of total venture funding in 2024......…continue reading

🔲 HARDWARE

Samsung Reclaims Top Spot in Semiconductor Rankings

According to Gartner, the overall semiconductor market rebound reshaped the rankings of the top semiconductor vendors, with Samsung Electronics reclaiming the No. 1 position from Intel, driven by a strong rebound in memory device prices.

• Samsung Electronics reported $66.5 billion in semiconductor revenue, a 62.5% increase from 2023.

• Intel, which led the market in 2023, fell to No. 2, with revenue of $49.2 billion, showing flat growth of just 0.1%.

• Nvidia surged to No. 3, with $46 billion in revenue, an 83.6% increase, fueled by AI accelerator demand.

• SK hynix climbed to No. 4, experiencing 86% revenue growth due to strong DRAM and NAND sales.......…continue reading

OPPORTUNITIES

• Applications are now open for the latest edition of the Tony Elumelu Entrepreneurship Programme (TEEP), designed to support startups through comprehensive training, mentorship, and a funding opportunity of US$5,000 Deadline = 1st Mar 2025……..continue reading

• Global payment card network Visa has announced the opening of applications for the fourth edition of its biannual Africa Fintech Accelerator. Deadline = 15th March 2025…….continue reading

• Applications are now open for the Timbuktoo MineTech Accelerator programme, a groundbreaking initiative by the Timbuktoo MineTech Hub aimed at driving innovation in mining technology, empowering startups, and scaling transformative technologies within the African mining sector. Deadline = 13th February 2025…..continue reading

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