DrugStoc co-founders Chibuzo Opara and Adham Yehia launched DrugStoc to serve as a tech-enabled solution that combats the continent’s broken pharmaceutical supply chains through connecting drug store companies with hospitals and pharmacies in Nigeria.
India had eight unicorns in 2018, nine in 2019, and 11 in 2020. Last year, the country celebrated 42. Similarly, it took China five years to reach five unicorns between 2010 and 2015, but then saw 21 unicorns in 2016 – and 91 unicorns in 2019. While Latin America has followed a similar trajectory, raising $14.8 billion in 2021 – more than it had raised between 2014-2020 combined – and minting nine of the region’s 17 unicorns. Now Africa, once a continent that was lagging behind in the investment race, is reportedly seeing $1
Usman Dalhatu, a 20-year-old mechanical engineer student at Ahmadu Bello University in Nigeria, invented and built a local ventilator. At the time of building the invention – his country – Nigeria reportedly had just 500 ventilators across its 36 states. In partnership with other Nigerian innovators, Dalhatu, 20, built a local ventilator, which he later transformed into a portable ultra-modern E-vent automatic ventilator. Dalhatu named the equipment RESPIRE-19. He collaborated with Dr. Yunusa Muhammad Garba of the Human Anatomy Department, Gombe State University and Aliyu Hassan, a graduate of Mechatronics Engineering.
Sote, an African supply chain-focused company with a mission to build the digital logistics infrastructure to make trade affordable, has announced its recent round of funding. The company has raised a $4 million seed extension round, bringing its total raised to date to $8.4 million. The round was led by Social Capital, Chamath Palihapitiya’s fund, with Ray Ko, the growth partner joining Sote’s board. Other participating financiers include Harry Hurst, Founder/CEO at Pipe; MaC Venture Capital “doubling down,” per the press release; and K50 ventures. “Sote has always been about the people. A
Rapper Nas has joined US private equity firm Andreessen Horowitz and Alphabet Inc.’s Google in an investment round for Africa-focused mobile gaming platform – Carry1st. Carry1st, a South African publisher of social games and interactive content across Africa, has raised $20 million Series A from the investors. The startup, launched by Cordel Robbin-Coker, Lucy Hoffman and Tinotenda Mundangepfupfu in 2018, also received investments from Avenir and the founders of Chipper Cash, Sky Mavis and Yield Guild Games, took part. It wants to use this additional capital to scale interactive content across Africa, build the workforce and acquire new users. The
QED Investors announced today that they have hired Gbenga Ajayi, who will focus on Africa investments as part of QED’s international team. Gbenga, who joins as a partner, is the company’s first hire focused on fintech investments in Africa. He spent his career working across fintech and Africa in a variety of roles from product development and growth to marketing and partnerships. Before joining QED, he was co-founder of Kanza Ventures, a boutique seed investment, and advisory firm focused on fintech in Africa. Before that, he was product director for
It’s week two of the new year and Black founders are already killing it. Here we’ve compiled a list of founders that have secured millions in capital in the hope of expanding their business since the year began. Bfree Bfree, a Nigerian credit management fintech, has embarked on global expansion after raising $1.7 million in a pre-Series A round, to tap the opportunities in emerging markets, where digital lending apps have recently sprung up in droves. Its aim is to expand to Asia, Europe, South America, and across Africa Companies
Everyone has a hobby, most people have some sort of passion, and others, like John, have ambition. He was aged 14-years-old when he started “burrowing” his parent’s phones to see how they were made. He would study the compartments of the devices, taking it all in and making notes. Eventually – he taught himself how to code, started making web applications, and created an NFT (non-fungible token) with node, typescript, and solidity. His skill-set gained him wide-spread attention from his friends, who started spreading the word on his services. At
A female-centered private equity fund dubbed Alitheia IDF has raised $100 million to support “gender-diverse businesses” in Africa. The news comes just one year after raising $75 million from investors. This is a massive achievement as women-only founders have received less than 1% of the nearly $5 billion raised by startups across Africa so far this year. This time around, involved in the fundraising was the African Development Bank, Bank of Industry Nigeria, FinDev Canada, Dutch Good Growth Fund, and the European Investment Bank. Closing the round, European Investment Bank (EIB) committed $24.6 million.
Kenyan-based startup Wowzi — created to transform social media users into brand influencers — has secured $3.2 million in its latest seed round. Africa-focused venture capital firm 4DX Ventures led the round. Other investors include To.org, Golden Palm Investments, LoftyInc Capital, Afropreneur Angels, and Future Africa. Andela co-founder Christina Sass and former Andela executives Jessica Chervin and Justin Ziegler. The new funds will spearhead operations in Ghana, Nigeria, and South Africa to fulfill its goal to expand beyond their current scope of Kenya, Uganda, and Tanzania. The platform is designed to help brands automate