Business

Stake, a Dubai-Based Digital Real Estate Platform, Raises $8M Pre-Series A to Expand into Egypt and KSA

Stake, a Dubai-based digital real estate fintech platform, has raised $8 million in an oversubscribed pre-series A round. MEVP, and BY Ventures led the investment round with participation from Vivium Holding, and Combined Growth Real Estate. The startup has now raised a total of $12 million since its launch in

Risevest CEO Advised To Step-down After Alleged Misconduct

It has been reported that co-founder and CEO of Nigerian startup, Risevest, Eke Urum, has been advised to step down from the position he occupies in the company. The advice comes from an investigative panel set up by the startup’s investors. This action was reportedly made known through an

Financial Inclusion

Vodacom launches VodaLend Cash Advance for underbanked customers

Vodacom has introduced VodaLend Cash Advance, a tool that enables its clients to obtain small, quick cash loans. The mobile network provider claimed that the inclusion was intended for underbanked customers who require easy and quick access to money. Customers of Vodacom can access the product through VodaPay, which offers

KarmSolar

KarmSolar, Egypt’s Leading Clean Energy Tech Startup, Announces New Minority Stake Round 

KarmSolar, Egypt’s leading private power utility and solar energy company, has announced a new minority stake round to fund internal and regional expansion plans. However, this comes three years after the company announced a $25,000,000 investment from EDF Renewable Energy on November 25, 2019. The United States-based

Kenya Telcom Giant, Safaricom, Launches in Ethiopia

Safaricom, One of Kenya’s leading telecommunications outfits, has launched its services in East Africa, Ethiopia, with activity in selected locations. The telcom had obtained a licence to operate in the profitable Ethiopia market as of July 2021. A year after obtaining the licence, it was revealed that Safaricom would

Business

Boomkit, Nigerian Music-tech Secures 10k Users With Continental Expansion Plan

Boomkit, a music-tech startup in West Africa, Nigeria has revealed that it has acquired a user base of Ten thousand users, a feat that encourages its plans to expand continental-wise. The music-tech is a digital platform via a mobile application that assist Independent Nigerian artists to distribute their art and

Anchor Secures $1 Million Dollars Pre-Seed Funding, Launches Beta

Anchor, a banking-as-service fintech platform has revealed that it has secured pre-seed funding to the tune of One Million US dollars ($1 Million) as it also launches Anchor Beta. Backed by Y Combinator, Anchor intends to maximize the raised investments using it to build a team of talents thereby enhancing

e-commerce

Walmart considers total takeover of Massmart South African business

As it gets ready to refocus on South Africa, Walmart Inc. intends to take Massmart Holdings private and raise the unit’s COO to the position of CEO. Massmart announced it reached a principle agreement with majority shareholder Walmart that could potentially see the US-based corporation acquire all of the

Metaverse

$5 Trillion Metaverse Harvest by 2030. African Startups Should Gear up for the Biggest Pie

The Metaverse will become the most user-friendly tech when it finally goes past its current relatively nascent state. It is user-friendly because by definition and operability, the Metaverse is the next iteration of the internet that seamlessly combines our digital and physical and social lives. What exactly is the Metaverse?

Grey Raises $2 Millon In Seed Funding To Scale Cross Border Payments

Nigerian fintech company, Grey, has been reported to have raised Two million dollars ($2 million ) in seed funding. Grey is created to give users in Africa the ability to send and receive foreign payments. Via the platform, users can also create a free international bank account through which they can

tourism

How Egyptian-Based Travel Marketplace, Travelz Tech is Disrupting the Egyptian Tourism Sector

The tourism industry is difficult to define because, unlike other industries, there is no single product. It encompasses a wide range of industries, including lodging, transportation, attractions, and travel agencies. Tourism is defined broadly as when people travel and stay in places other than their usual environment for leisure, business,

Business

Moneymie Nigeria Shutdown B2C Cross Border Digital Banking Service

Moneymie, a fintech startup in Nigeria has shut down its cross-border business-to-customer (b2c) service, this was made known in a newsletter startup released recently. This action disenables African immigrants located in North America from receiving and sending money to Ghana, Nigeria and South Africa. According to the message boldly posted

Healthcare

Torch-lighting the Post-Pandemic Drop in Healthtech Funding in Africa

Despite accounting for 25% of the world’s disease burden in 2017, data from the World Health Organization (WHO) reveals that Africa only accounts for less than 1% of global health expenditures. It gets worse: other continents have produced over 98% of the medicine that the continent promotes and distributes

Ecobank Nigeria Opens Application For Fintech Challenge 5th Edition

Ecobank Nigeria, a commercial bank in the West African country, has launched the fintech challenge, fifth edition, and it is opening the doors of the competition to fintech founders in Africa. Through this competition, both matured and early-stage fintech companies stand the chance to go home with Fifty thousand US

Solar

Huawei launches full range of FusionSolar Smart PV and ESS solutions for Africans

At the Solar Show Africa 2022, Huawei Digital Power this week introduced its complete line of FusionSolar Smart PV and Energy Storage System (ESS) solutions to the Sub-Saharan African market. With a long-term output of 4.51 kWh/kWp per day, Africa is the region with the greatest potential for

Starlinks

SpaceX and T-Mobile team up to use Starlink satellites

In order to provide wireless phone service in distant areas of the US where coverage is patchy, T-Mobile US Inc. has partnered with Elon Musk’s SpaceX. The alliance was unveiled by Musk and Mike Sievert, the CEO of T-Mobile, at a gathering on Thursday night at SpaceX’s Starbase

Business

Cashew, a UAE-based BNPL Platform Raises $10M from Mashreq Bank to Expand into Egypt, Gulf Markets

Cashew Payments, a buy-now-pay-later (BNPL) platform based in the United Arab Emirates, has secured a $10 million investment and a strategic partnership with Dubai-based Mashreq Bank to expand its service to Egypt and the entire gulf region, as first reported by The Media Line. Buy now, pay later is an

Edo State, Nigeria Set Up Innovation Hub

In a bid to enhance Nigeria’s and most especially Edo’s state ecosystem, the Edo state government has established a digital innovation hub that is focused on agriculture. This hub will facilitate digital conversion and development in the state’s agricultural innovation ecosystem. The state’s Skills Development Agency

Plug and Play Ventures

Zeew, an Egyptian B2B SaaS Platform, Secures $630K Seed Funding to Scale

Zeew, Egypt’s B2B SaaS startup, has secured $630,000 in seed funding from Plug and Play Ventures, Poland Prize, and a group of angel investors to expand its team and serve more customers globally. This is the startup’s first funding after securing $170,000 in 2021. Its total

Accelerator

eThekwini Announces Chemicals Accelerator Program for Manufacturing Startups

eThekwini Municipality— a municipality found in the South African province of KwaZulu-Natal, has announced that start-ups can join its chemicals accelerator program. eThekwini is a major city in KwaZulu-Natal province and the third largest in the nation, with over 3 million residents. Because of the city’s warm subtropical climate

Roam Launches Kenya's First Electric Mass Transit Bus

Roam, a Kenyan-based electric vehicle company had launched its electric mass transit bus. This is one of its latest designs. The vehicle is built to create a solution to the challenges faced in the Kenyan public transportation sector and possibly the whole of Africa. Recently Roam had announced that it

Business

Talabat Partners with Spinneys to Ensure Seamless Delivery of Goods to its Customers

Talabat, MENA’s leading food ordering and delivery startup owned by Delivery Hero, has announced a partnership with Spinneys, a multinational supermarket chain, to bring thousands of daily grocery and household items closer to their customers. “At Talabat, we work continuously to enhance our product categories and better meet our

WiSolar Launches Hybrid Prepaid Solar Platform,WiGo, In Nigeria and South Africa

WiSolar, a renewable resource company based in South Africa, has launched its amalgam mobile application for both Andriod and iOS users dubbed WiGo. The mobile app that functions as a prepaid solar electricity application was launched both for Nigerian and South African users. The prepaid solar electricity applications are hybrid-built

Algerian Start-up Fund and Other Stakeholders Agree to Support Startups in the Various Provinces with $411M

Algerian Startup Fund, (ASF) has signed an agreement with the Algerian General Directorate of the Treasury and the accountant general’s office for the exploitation of the country’s regional (wilaya) investment funds, which have a combined value of about $411 million, for the benefit of young entrepreneurs across all

Artificial Intelligence

The Ouut Spotlights Medtech Africa, Nigerian Health-tech With Focus On Non-Communicable Diseases

When American athlete and swimmer, Michael Phelps said, “The problem with heart disease is that the first symptom is often fatal,” he definitely knew that the heart would function till it can’t have it anymore, with no complaints, no notice, no symptoms till it is about to give up.