Nigeria’s Interswitch confirms $1B valuation after Visa investment

Nigeria’s Interswitch confirms $1B valuation after Visa investment

Nigerian digital payments firm Interswitch confirmed today it has reached unicorn status after Visa acquired a minority equity stake in the firm. “The investment makes Interswitch one of the most valuable African fintech businesses with a valuation of $1 billion,” Interswitch said in a release to TechCrunch. The Visa investment Read more…

African logistics startup Lori Systems raises Series A led by Chinese investors

African logistics startup Lori Systems raises Series A led by Chinese investors

African on-demand trucking logistics company Lori Systems has raised a Series A round led by Chinese investors Hillhouse Capital and Crystal Stream Capital. Other participating investors included Nigeria and U.S. based EchoVC, Flexport CEO Ryan Peterson, and Nigerian founder Iyinoluwa Aboyeji. Lori Systems is not disclosing the amount of the Read more…

Solar based ISP startup Tizeti launches 4G LTE network in Nigeria

Solar based ISP startup Tizeti launches 4G LTE network in Nigeria

Nigerian internet service provider Tizeti has launched its first 4G LTE network. The Y-Combinator backed startup — that uses solar powered towers to deliver net connectivity — has built its premier 4G capable tower in the city of Port Harcourt, where Tizeti will offer its first 4G and ISP services. Read more…

Senegal’s NIMA Codes to launch address app in 15 African countries

Senegal’s NIMA Codes to launch address app in 15 African countries

Senegalese startup NIMA Codes — a digital mapping service for locations without formal addresses  —  has upgraded its app and plans to go live in 15 African countries in 2020. The pre-seed stage startup launched in 2018 around an API that uses mobile-phone numbers to catalog coordinates for unregistered homes Read more…

Africa Roundup: Goldman leads $30M Twiga raise, China grows tech influence, Jumia weathers lockup-expiry

Africa Roundup: Goldman leads $30M Twiga raise, China grows tech influence, Jumia weathers lockup-expiry

Kenya’s Twiga Foods raised a total of $30 million in October from lenders and investors led by Goldman Sachs. This adds to the list of African startups the U.S. financial firm has backed, including e-commerce venture Jumia and South African fintech startup Jumo. Twiga, a B2B food distribution company, will use its Read more…

TechHubsinAfricain2019 Briter Bridges

Bosun Tijani talks strategy as CEO of Africa’s new largest tech hub

With CcHub‘s acquisition of iHub in September, Nigerian Bosun Tijani is at the helm of (arguably) the largest tech network in Africa. He is now CEO of both organizations, including their robust membership rosters, startup incubation programs, global partnerships, and VC activities from Nigeria to Kenya . One could conclude Read more…

Peter Njongo Twiga Foods CEO

Kenya’s Twiga Foods eyes West Africa after $30M raise led by Goldman

Kenya’s Twiga Foods has raised a total of $30 million from lenders and investors led by Goldman Sachs. The B2B food distribution company financed $6.25 million of the funding in convertible debt and $23.75 million in equity, classified as a Series B round. IFC, TLcom Capital, and Creadev joined Goldman Read more…

Naspers Minette Havemann

Naspers Foundry is open for South African startup pitches, CEO says

Naspers’ 1.4 billion rand (≈$100 million) VC fund to support South African startups — Naspers Foundry — is accepting pitches, after making its first investment in online cleaning services company SweepSouth. The funding initiative also has a new leader, Phuthi Mahanyele-Dabengwa, who joined Naspers in July as a CEO reporting Read more…

Africa: more gazelles at home than unicorn IPOs abroad

Africa: more gazelles at home than unicorn IPOs abroad

At the recent TechCrunch Disrupt SF, Senegalese VC investor Marieme Diop suggested that Silicon Valley’s unicorn IPO model might not be right for African startups. The is largely because the continent’s startups face a vastly different macro business environment, Diop explained during a discussion of investing in Africa with 500 Read more…

Kenyan telco Safaricom’s Alpha incubator faces uncertain future

Kenyan telco Safaricom’s Alpha incubator faces uncertain future

Safaricom’s Nairobi based Alpha innovation incubator may have an uncertain future, according to sources. With two high-level departures, and the passing of Safaricom’s CEO Bob Collymore, there are questions on how or if Alpha will continue to operate. The space was established in 2017 to spur new product development for Read more…