Black-owned investment firm Fearless Fund partnered with Louisiana-based foundation ProSeed to renovate and rebuild schools in Ivory Coast, West Africa. The partnership aims to transform the educational system in West Africa, giving students the tools needed to succeed in science, technology, engineering, and mathematics (STEM). Fearless Fund, co-founded in 2018 by serial entrepreneur and angel investor Arian Simone, and American actress Keshia Knight Pulliam, works to invest in women of color-led businesses seeking pre-seed and seed level investment funding. The VC firm, built by women of color for women of
Award-winning African spirits group, Spearhead, has raised $3 million in investment from venture capital firm Pendulum to help deliver their products to the world’s bars. Spearhead, co-founded by UK-based entrepreneurs Chris Federick and Damola Timeyin in 2021, is a multi-award-winning business with an extensive portfolio working with premium brands. The company launched to challenge the cultural basis and the lack of African representation in the spirits industry. Their award-winning Premium African Spirits, Vusa Vodka and Bayab Gin, are made solely from African products and capture Africa’s premium craft and creativity.
Black-owned money movement, Zazuu, has raised $2 million in investment funding in a new venture round. The startup, which works to build a more robust remittance for residents in the diaspora, has quickly evolved to become the world’s first cross-border payment marketplace. Zazuu, co-founded in 2018 by Kay Akinwunmi, Korede Fanilola, Tola Alade, and Tosin Ekolie, is on a mission to ease the difficulty of sending money back home, which is currently expensive, slow, and unfair to millions of migrant customers. The platform has helped empower customers by building an
On 13 July, coding school Holberton announced that it had agreed to be acquired by the African Leadership Group (ALG). It comes more than a year after Holberton managed to raise $20 million in a Series B funding round led by Redpoint Ventures. Daphni, Imaginable Futures, Pearson Ventures, Reach Capital, and Trinity Ventures also participated in the round, which brings Holberton’s total funding to $33 million. The original promise of Holberton was that it provided students — which it selects through a blind admissions process — with a well-rounded software development education akin to a college education for free.
From financial impropriety and conflict of interest to operating without a license, Nigerian fintech company Flutterwave is no stranger to allegations. Most recently, the Kenyan High Court officially granted the Asset Recovery Agency (ARA) permission to freeze over $50 million in 52 accounts belonging to the fintech giant following allegations of money laundering in Kenya. According to local media reports, the ARA believes that the platform “concealed” the nature of its business by providing a payment service payment without approval from the Central Bank of Kenya. The assets recovery agency claims the accounts
Senegal-based fintech startup, Wave, raises a syndicated loan of $91.5 million from International Finance Corporation (IFC), Blue Orchard, Symbiotics, responsAbility, and Lendable. Wave Mobile Money, founded by Drew Durbin and Lincoln Quirk in 2018, has quickly grown to become the largest mobile money remittance in Senegal. In 2021, the company closed the most extensive Series A round for an African fintech at $200 million. The digital fintech platform uses technology to build a radically inclusive and affordable financial network. As a result, Wave has built a life-changing economic infrastructure for
Social media giant Facebook is on a mission to create some of the most innovative forms of technology in society today. The platform recently announced the launch of its new AI translator, No Language Left Behind (NLLB-200), the first multilingual machine that can translate up to 200 languages without relying on English data. The NLLB-200 aims to help people better connect in society today by eliminating the language barrier. Meta’s AI model uses one of the world’s fastest AI supercomputers and is already used to translate content on Facebook and Wikipedia.
Kenyan and Canadian-based solar energy platform, Solar Panda, has raised $8 million in Series A funding. The funding round was led by investors Oikocredit and Electrification Financing Initiative. The pay-as-you-go solar home system was founded by Andy Keith in 2016, to help provide clean, affordable solar energy to rural communities in Africa. The platform has already provided more than 200,000 solar home systems to households across Kenya from its 37 retail branches. “We are excited to partner with leading global impact investors Oikocredit and EDFI ElectriFI and thankful that this
Changing the continent’s narrative will entail solving old problems while also harnessing the power of new technologies, says Akintoye Akindele, a serial entrepreneur and investor on a mission to build a new Africa. Akindele is also the chairman of Platform Capital, a venture capital outfit that invests in tech companies across the world, but mostly in Africa. In May 2022, Platform Capital announced an investment in Zuri Health, a company that connects patients with affordable healthcare services via SMS, WhatsApp, and a dedicated app. Speaking ahead of receiving the African
Earlier this year, on February 13th, Sporting Lagos FC played its first-ever football match, which ended in a draw. The club, which currently plays in the Nigerian National League, the country’s second tier, is the brainchild of Shola Akinlade, co-founder and CEO of financial technology company Paystack, which he says was acquired for more than $200 million in 2020 by Irish American financial services company Stripe. Akinlade says he intends for Sporting Lagos to be a platform for community development and social change. But managing a football club in Nigeria is often
