💰 Uncover Secures $1.4M to Expand and Innovate in Africa’s Beauty Market

Today’s Menu ☕️

📱Airtel Uganda initiates sale of remaining shares to meet regulatory standards
💰 Uncover Secures $1.4M to Expand and Innovate in Africa’s Beauty Market
🔐 Ghana issues licenses to 51 players in the cybersecurity industry
⚕️ Côte d’Ivoire Pioneers Deployment of the R21 Malaria Vaccine
🚌 BasiGo Rwanda secures $225,000 grant for charging infrastructure enhancement

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📱TELECOMS

Airtel Uganda initiates sale of remaining shares to meet regulatory standards

Airtel Uganda, one of the leading telecommunications companies in Uganda, has announced its intention to offload the remaining shares from its previously undersubscribed initial public offering (IPO) in order to fulfill the country’s regulatory mandates. During the IPO in 2023, Airtel Uganda managed to sell only 54.45% of the available 8 billion shares, falling short of the USh800 billion ($216.22 million) target.

In accordance with Uganda’s broadband policy, telecom companies are mandated to list a minimum of 20% of their shares on the Uganda Securities Exchange. David Birungi, the spokesperson for Airtel Uganda, reaffirmed the company’s dedication to complying with this regulation, outlining a plan to meet the listing requirement by November 2026, which allows a two-year period for compliance.

The IPO is a strategic move by Airtel Uganda to strengthen its financial base and expand its services throughout the nation. The capital raised from the IPO is earmarked for enhancing the telco’s network infrastructure, elevating the quality of services provided, and rolling out new and innovative offerings to cater to the changing demands of its customer base..…....continue reading

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💰FUNDING

Uncover Secures $1.4M to Expand and Innovate in Africa’s Beauty Market

Uncover, an emerging beauty brand from Africa, has successfully closed a $1.4 million Seed II funding round. This milestone was led by EQ2 Ventures and IgniteXL Ventures, with participation from Chui Ventures, Samata Capital, and Altree Capital. In response to investor demand, Uncover also facilitated a significant secondary transaction as part of this funding round. It had raised $1.0 million as at December 2022.

Founded in 2021 by a women-led team, Uncover creates highly effective, science-backed products that are tested and approved by melanated women. It leverages leading K-Beauty technology and innovation, infused with the healing powers of African botanicals like Baobab, Argan and Rooibos to create safe, nourishing solutions for women. 

Uncover has developed a tech platform that enhances product discovery, provides relatable educational content, and fosters community engagement. Leveraging thousands of data points on women, the company drives personalization to meet their community’s unique skincare needs.

This funding round brings together both global and local investors to support Uncover’s ambitious plans. The company aims to further develop its tech platform, launch new products, expand into new markets, and continue leveraging data to create the leading skincare brand tailored for melanin-rich skin. Uncover has seen growing demand not only from Africa but also from global diaspora populations and is actively working on partnerships in key diaspora markets in North America...…....continue reading

🔐 CYBERSECURITY

Ghana issues licenses to 51 players in the cybersecurity industry

For the first time, the Cyber Security Authority (CSA) of Ghana has officially issued licenses and accreditations to a total of 51 entities operating within the cybersecurity sector.

The accredited parties span a diverse range of cybersecurity stakeholders, including Cybersecurity Service Providers (CSPs) such as Virtual Infosec Africa, e-Crime Bureau, and CWG Ghana; Cybersecurity Establishments (CEs) which count prominent financial institutions like Absa Bank, Access Bank, Fidelity Bank, and Guarantee Trust Bank among their ranks; and individual Cybersecurity Professionals (CPs) like Kester Quist-Aphetsi, Tornyelli Tetteh, Jeannette Quayson, Olivia Jones, and Ebenezer N. Nakoja.

This regulatory advancement is set against the backdrop of Ghana’s escalating cybersecurity challenges, with the nation experiencing over 4 million data breaches in the current year. According to statistics from Surf Shark, a VPN service provider, Ghana is ranked ninth in Africa and 92nd on a global scale for data breaches, with an incidence rate of 12 breaches per 100 individuals.…....continue reading

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⚕️HEALTH

Côte d’Ivoire Pioneers Deployment of the R21 Malaria Vaccine

Côte d’Ivoire (also known as Ivory Coast) has made a significant stride in the fight against malaria, becoming the first country to deploy the R21 malaria vaccine developed by Serum Institute of India Ltd. and the University of Oxford. The initial doses of this groundbreaking immunization were administered to children in Abidjan, the nation’s commercial hub, marking the second malaria vaccine to be used globally.

The developers and their partners announced this milestone in a statement, highlighting the vaccine’s authorization by multiple African nations, including Ghana, Nigeria, Burkina Faso, and the Central African Republic. Many other countries are preparing to receive their shipments. Côte d’Ivoire has received a total of 656,600 doses, which will initially vaccinate 250,000 children aged from newborns to 23 months across 16 regions...…....continue reading

🚌 ELECTRIC VEHICLES

BasiGo Rwanda secures $225,000 grant for charging infrastructure enhancement

BasiGo Rwanda, an electric vehicle (EV) company, has been awarded a RWF 300 million ($225,000) recoverable grant by Ireme Invest, the investment arm of the Rwanda Green Fund, aimed at enhancing its electric charging infrastructure. This financial boost is intended to support the increasing number of electric public transport buses within Kigali. As part of the infrastructure upgrade, BasiGo will construct a new charging facility with the capacity to service a minimum of 20 electric buses overnight.

The grant allocation follows BasiGo’s strategic expansion into Rwanda from Kenya, which occurred a year prior, with the ambitious goal of introducing 200 electric buses to Rwandan transport operators. These buses are provided through BasiGo’s innovative Pay-As-You-Drive financing model, designed to make the transition to electric buses more accessible.

Subsequent to its entry into the Rwandan market, BasiGo secured $1.5 million in funding from the United States Agency for International Development (USAID). This funding was directed towards scaling up BasiGo’s operational capabilities within Rwanda...…....continue reading

OTHER STORIES

• Hala’s International Expansion: Dubai-Based E-Hailing Service Enters Egyptian Market….read more

• Nokia and Telecom Egypt Partner to Launch 5G in Egypt, Delivering High-Speed Internet to Major Cities….read more

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