💰Workpay raises $5m with new Visa investment | 🚙 Bolt rider shenanigans

Today’s Menu ☕️
🗼 IHS Holding evaluates potential sale of tower operations in Rwanda and Zambia
💰 Kenyan HR and payroll platform Workpay secures $5 million investment with Visa joining the round
 🚙 Bolt takes action against accounts engaging in fraudulent ride requests and cancellations
💵 Egyptian climate-tech startup NoorNation receives investment boost from KBW Ventures
📚 Tekedia Capital snaps up Quizac in swift acquisition following shutdown announcement

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 🗼INFRASTRUCTURE

IHS Holding evaluates potential sale of tower operations in Rwanda and Zambia

IHS Holding, a prominent player in the telecommunications tower industry, is reportedly exploring the possibility of divesting its operations in Rwanda and Zambia. The company is gauging interest from potential acquirers, with the intention of allocating a portion of the proceeds from any sales to reduce its outstanding debt.

This strategic consideration follows a period of financial strain for IHS, which recently downsized its workforce by 100 employees in the wake of incurring a substantial loss of $1.9 billion in 2023. This figure represents a staggering increase of 304% from the loss reported in the preceding year.

Operating a network of over 40,000 towers spanning Africa, Latin America, and the Middle East, IHS is still in the preliminary phase of the sale process. Consequently, there remains a possibility that the company may retain these assets for an extended period, depending on how the discussions evolve..........continue reading

💰 FUNDING

Kenyan HR and payroll platform Workpay secures $5 million investment with Visa joining the round

The Kenyan startup Workpay, which specializes in offering cloud-based HR, payroll, and benefits solutions to businesses operating throughout Africa, has successfully raised $5 million in a Series A funding round. This round was spearheaded by the pan-African venture capital firm Norrsken22 and saw new investment from Visa. Additionally, the funding round attracted renewed commitments from a host of existing investors, including Y Combinator, Saviu Ventures, Axian, Plug n Play, Verod-Kepple Africa Ventures, and Acadian Ventures.

Paul Kimani, the co-founder and CEO of Workpay, has observed that small to medium-sized enterprises (SMEs) have a strong preference for all-encompassing, integrated solutions over the complexity of managing disparate systems. He notes that such preferences are driven by the desire for simplicity and cost savings, as using multiple software solutions for a single department can lead to increased expenses due to individual licensing fees.

In response to this market demand, Workpay, which began as a payroll-centric startup five years ago, has progressively broadened its service offerings. The company has been attentive to the evolving needs of its customers, scaling its features to include additional HR functionalities...…....continue reading

🚙 RIDE HAILING

Bolt takes action against accounts engaging in fraudulent ride requests and cancellations

The ride-hailing service Bolt has recently taken action to deactivate an unspecified number of user accounts after identifying a pattern of fraudulent activity. These accounts were reportedly involved in soliciting fictitious ride requests and then deliberately canceling them once a driver had committed to the trip.

To further combat this issue, Bolt has implemented restrictions on requests for rides that cross national borders. This measure specifically targets a problematic behavior observed predominantly among Bolt’s user base in Nigeria and South Africa.

This past Thursday, the social media platform X became a showcase for evidence of this misconduct. Users from Nigeria and South Africa were seen to be requesting cross-border rides on Bolt and then canceling them as soon as a driver was assigned, as evidenced by multiple screenshots shared on the platform. The underlying reasons for this disruptive trend remain uncertain, though it appears to be a form of internet mischief....…....continue reading

💵 INVESTMENTS

Egyptian climate-tech startup NoorNation receives investment boost from KBW Ventures

NoorNation, an Egypt-based startup focusing on climate technology, has recently received an undisclosed amount of funding from KBW Ventures, the venture capital firm established by Saudi Prince Khaled bin Alwaleed. This investment will facilitate NoorNation’s growth ambitions and enhance its pioneering work in decentralized energy and water systems.

Launched in 2021 by entrepreneur Ragy Ramadan, NoorNation is dedicated to delivering tech-driven solutions to off-grid communities across Egypt and Sub-Saharan Africa.

The startup’s premier offering, LifeBox, is a solar-powered, standalone unit that provides clean energy and safe drinking water at an accessible cost to rural populations, agricultural enterprises, and the tourism sector. Proudly designed and produced in Egypt, LifeBox not only fosters industrial self-reliance and sustainable practices but also meets the social, economic, and environmental needs of its users...…....continue reading

📚 ACQUISITION

Tekedia Capital snaps up Quizac in swift acquisition following shutdown announcement

In an unexpected development, Quizac, an educational technology startup previously slated for closure this month, has been acquired by Tekedia Capital, an investment syndicate. The financial details of the acquisition have not been disclosed, as both parties have chosen to remain silent on the matter. Tade Samson, one of the founders, revealed that the negotiations for the acquisition progressed rapidly, with the entire transaction being finalized in less than a week.

Quizac, established in 2019 by Tade Samson, Tobi Awogbemi, Hussein Alayo, and Babatunde Caleb, specialized in creating engaging, gamified educational content tailored for African students through a collaborative network of content creators. In 2021, the startup expanded its services to cater to corporate clients, aiming to enhance employee training and development.

Although Quizac successfully attracted nearly 13,000 learners, the startup struggled to generate revenue. Eventually, it recognized that corporate clients represented a more profitable market segment. However, despite this realization, the decision was made to cease operations, leading up to the acquisition by Tekedia Capital........continue reading

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