💰VKAV closes N60m fund |🎥 Google AI powered Video app launched

In today’s menu ☕️

💰Verod-Kepple Africa Ventures Closes $60M Fund to Support Growth-Stage Startups Across Africa
🎥 Google announces its latest workspace app – Google Vids – an AI-powered video creation app for work
🛒 Kenyan fintech startup Pezesha settles debt dispute with MarketForce out of court
💸 Pick n Pay launches new money transfer service across 1,400 locations
👨🏻‍💻 Opportunities

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

DATA ANALYSIS TRAINING

Register now to join the next class starting on the 13th of April, 2024. Click the link: https://forms.gle/1QpM2JTwXfBNEnJ19 

💰FUNDING

Verod-Kepple Africa Ventures Closes $60M Fund to Support Growth-Stage Startups Across Africa

Verod-Kepple Africa Ventures (VKAV) has reached a significant milestone by closing its first fund at $60 million, paving the way to back up to 21 growth-stage companies across the continent. The latest funding round includes support from Nigeria’s SCM Capital, formerly Sterling Capital Markets Limited, along with other notable investors such as Taiyo Holdings and C2C Global Education Japan.

Amidst a challenging investment landscape, VKAV aims to provide essential capital to series A and B startups, addressing a critical gap in local funding pools for growth-stage companies.

Founded in 2022 as a joint venture between Verod Capital and Kepple Africa, VKAV focuses on investing in startups that are building infrastructure for the digital economy, addressing business inefficiencies, and tapping into emerging consumer trends. With investments ranging from $1 million to $3 million, VKAV has already deployed $17.5 million across 12 companies in various sectors spanning Nigeria, Egypt, Kenya, Morocco, Ivory Coast, and South Africa….continue reading

🎥 PRODUCTIVITY

Google announces its latest workspace app – Google Vids – an AI-powered video creation app for work

Google has announced its latest addition to Google Workspace – Google Vids, a groundbreaking AI-driven video creation application designed for professional use. With Vids, anyone can effortlessly craft compelling stories through video, supported by its multifunctional capabilities as a writing, production, and editing assistant.

Seamlessly integrated with Google’s suite of productivity tools like Docs, Sheets, and Slides, Vids offers a user-friendly interface and secure collaboration features, empowering users to collaborate and share projects seamlessly from their browsers.….continue reading

🛒 ECOMMERCE

Kenyan fintech startup Pezesha settles debt dispute with MarketForce out of court

After six months of litigation, Kenyan fintech company Pezesha and B2B eCommerce platform MarketForce arrived at an out-of-court settlement. MarketForce will use its own intangible assets, which have been given a monetary value by Pezesha, to clear the debt.

This resolution follows a liquidation petition filed by Pezesha against MarketForce due to “outstanding debts”. This happened merely two years after both companies had merged efforts to enhance customer inventory and distribution. Pezesha’s petition claimed MarketForce was indebted to them by a substantial amount and had the intent to procure these unsettled debts legally...........continue reading

💸 MONEY TRANSFER

Pick n Pay launches new money transfer service across 1,400 locations

South African supermarket chain Pick n Pay has introduced a new domestic money transfer service, known as Pick n Pay Money Transfer. This innovative facility allows customers to conveniently transfer money from one Pick n Pay store to another across its extensive network of 1,400 stores throughout South Africa.

If a customer wishes to use the Pick n Pay money transfer service, there is a set cost of R8.00 per transaction. The service sets limitations on the amount of money that can be sent per transaction and per month. The minimum amount per transaction is set at R50, with a cap at R3,000. Furthermore, there is a maximum limit of R25,000 that a customer can send within a given month..........continue reading

OTHER STORIES

• Zimbabwe’s online payment platforms to resume operations on April 12 amid transition to new currency……read more

OPPORTUNITIES

• 12 African entrepreneurs win a total of US$400,000 in grants from the FINCA Ventures Prize Competition…..read more

• AgriTech4Egypt Innovation Challenge invites applications from agri-tech ventures for a sustainable agricultural future….read more

• Call for Applications: Amazon Web Services South Africa’s Equity Equivalent Investment Programme for SMEs….read more

• Irish Tech Challenge 2024: Call for South African startups to help address global issues….read more

• 14th Orange Social Venture Prize in Africa and the Middle East Now Open for Applications…..read more