The African tech ecosystem has taken a significant hit in Q3 2022 due to a lack of funding from investors. In 2021, fintech startups successfully raised $2 billion in funding and once dominated the African startup funding space, but the significant increase signifies a problematic time for African startups – so why is that? Several factors have contributed to the slowdown, from the economic downturn which has forced many investors to deploy less capital to the decline in venture capital funding for crypto startups together this has caused global fintech
In a recent Twitter thread, Brandon Bryant, partner at the early-stage investment firm, Harlem Capital, broke down the steps every startup should know about VC fund returns. Venture capitalists (VCs) buy a stake in a founder’s idea, investing in their company’s balance sheet and infrastructure, before exiting. What VCs are aiming for are sufficient returns at an acceptable level of risk. This is because they, too, have investors whose money they need to multiply. Why should founders care about this? Bryant explains that by running the math, founders can understand
Bobbi Wilson experienced her first encounter with law enforcement at nine years old after her neighbor reported her to the police for playing outside with lanternflies. When Dr. Ijeoma Opara, a tenure track assistant professor at Yale, came across the story, she decided to reach out to Bobbi’s family. Bobbi Wilson’s Story On Oct 22, Wilson wandered outside her house with an anti-bug spray she had made after learning about invasive species on TikTok. Bobbi used the non-toxic solution to do her part in saving her local trees and the
We recently did a roundup of some of the hottest tech internships currently accepting applications, but we know some of you are also looking for something a little more permanent. On the POCIT jobs board, we’ve got loads of entry-level and junior roles for software engineers in the early stages of their careers. And for those studying at college, taking online courses, or attending a boot camp, tech internships provide a great way to get some much-needed industry experience. So, if you’re intellectually curious, passionate about tech, and eager to
Many crypto traders in Africa who frequently use FTX platforms have been shocked and unable to withdraw their funds after an unexpected collapse. FTX’s collapse hits Africa hard The cryptocurrency exchange FTX filed for bankruptcy earlier this month, and its CEO, Sam Bankman-Fried, decided to step down from his position. Once valued at $32 billion, FTX, the platform is now valued at nothing with mountains of debts. According to TechCrunch, over 100,000 Africans used FTX to convert their local currencies to dollars and to bump up their savings. This was
Twitter recently terminated the contracts of almost all its staff based in Ghana, but the former employees are fighting back. The team has accused the social media giant of “deliberately and recklessly flouting the laws of Ghana” and, with legal assistance, are demanding national labor laws are followed. Violation of Labor Laws Three days after opening a physical office in Accra, Ghana—the first in Africa—Twitter locked staff out of their emails and work laptops. Since then, the African employees have not been offered any concrete information about compensation or the
Mass tech layoffs are shaking up the industry and dominating weekly news headlines. From Twitter’s mass layoffs to Meta announcing that they will cut 13% of its workforce, the industry is facing a ‘stormy winter.’ The H-1B Visa Program Mass tech layoffs have left thousands of employees worldwide in a challenging situation. Many will move on to get other jobs in the industry, whereas workers on temporary visas will not be able to do that. Workers with temporary visas have been left with little to no time to find another
Debbie Dickinson and her daughter Markea Dickinson are the dynamic duo behind the new AI-driven wristband and app, Thermaband, which uses technology to help menopausal women manage hot flashes. What is Thermaband Zone? Founded in 2019 by Debbie Dickinson and her daughter Markea Dickinson-Frasier in Miami, Florida, Thermaband aims to revolutionize women’s health, especially for those undergoing the menopause. After facing her challenges with menopause, Debbie Dickinson grew frustrated by the lack of cooling relief solutions for hot flashes. Refusing to accept thermal discomfort as a new way of life,
Black-owned real estate tech company, REZI, has secured $100 million in debt financing from Stratos Credit. REZI’s $100M Investment The announcement comes at a time of rapid growth for the platform, which has continuously shaken the status quo. The company, founded in 2016 by Sean Mitchell, has shaken the real estate space by creating space for the next generation of renters. The additional funding will go towards helping the company expand its services to more property owners and new markets. “Stratos has been a core strategic partner of REZI since 2017,” said
Startup accelerator platform, Techstars London, has welcomed its “most diverse” cohort group in its history. This year’s program includes early-stage startups from across the globe and a large majority of women and minority founders. The Most Diverse Cohort Techstars London is a worldwide startup accelerator platform that helps entrepreneurs succeed. Their three-month programs provide members with skills to increase their capital, access mentorship and connect with like-minded peers. The early-stage startups in this year’s cohort originate from several countries across the globe, including Nigeria, Malaysia, Denmark, and the US. Techstar’s
