The fund, dubbed the Norrsken22 African Tech Growth Fund, reached its first close of $110 million last week and it’s the latest fund launched by Norrsken after closing €125 million impact fund for European startups last March. This is good news for the continent which saw a boom in investment last year. Africa VC funding reached an all-time high in 2021 at over $4 billion, more than what startups in the continent raised in the two previous years combined. But still – deals such as $100 million-plus rounds were relatively
The company was founded in 2015 by Femi Kuti, Opeyemi Olumekun, and Matthew Mayaki and now – six years later – it has just raised $40 million. Headquartered in Lagos, Nigeria, and Austin, Texas, Reliance Health began operations in Nigeria as a telemedicine-focused startup, Kangpe, it later expanded into a single-fee healthcare provider to better address the complex, evolving needs of patients. Reliance Health operates business-to-business and business-to-customers models. RelianceHMO is the company’s health insurance plan for both sets of customers where individuals can select monthly, quarterly, or yearly health plans. But businesses can
The initiative, launched by Meta five years ago to drive connectivity in underserved regions, will reportedly be discontinued. Meta, formerly Facebook, quietly issued this notice on its website stating its plans to wind down the program later this year. The program was envisioned to bridge the internet gap across emerging markets like Africa, where connectivity is lowest across the globe. According to the 2021 GSMA mobile economy report, about 28% of the population in sub-Saharan Africa is connected to the mobile internet. This is in comparison to the connectivity in other regions
There are many ways to celebrate Black History Month, and while it’s important to look back at our history from Martin Luther King to those that paved the way in regards to racial justice – it’s equally important to celebrate Black joy and Black excellence in other areas too. One area where the community is really making moves in tech. It’s no secret that diversity is a challenge in the tech world, with the industry lagging behind the rest of the economy on almost every diversity metric, but it’s important
Bryan Young, CEO, and co-founder of Home Lending Pal, an AI-powered software platform, has a mission to use his technology to increase Black and Brown homeownership beyond the rates of the record in the early 2000s when the rate was 46.4%. At the moment Black homeownership is 43 percent. Ogechi Igbokwe, founder of OneSavvyDollar, told The Grio she is also “worried about the lack of ownership rate” in the Black community. She thinks an additional contributing factor to homeownership reluctance is the prioritization of buying stocks rather than investing in actual
Major tech companies such as Apple, Alphabet, and Microsoft are among the West Coast names that have opened offices in Atlanta, hoping to capitalize on the technology talent in the city, especially Black talent, according to a report by TheGrio. Over the past five years, Atlanta has seen 15% growth in tech jobs, comparable with other notable tech cities — 16% for the San Francisco Bay Area and 10% for Austin, Texas, this is based on data collated by the CBRE. There are also a wide range of tech incubators,
Tulsa educators are eligible for an exclusive teaching fellowship program run by Black Tech Street and Hewlett-Packard to give teachers the tools to reinvent their classrooms. Black Tech Street is specifically asking teachers of color to apply for this program. It says this unique fellowship will allow teachers to experiment with new tech tools in their classrooms and build community with other Tulsa educators, according to Newson6. The fellowship called HP Teaching Fellowship is offering 25 teachers tools for free in Tulsa Public Schools. “We want to ensure that our Black
Dr. Elizabeth Shaw, the founder of 1000 Black Voices, said George Floyd’s death was a catalyst to launching her accelerator. She launched the AI and Blockchain program aimed directly at early-stage companies founded by Black entrepreneurs and technologists last year. The partnership between 1000 Blackvoices and the AI marketplace platform, SingularityNet, promised a mix of mentoring, coaching, and funding opportunities to ten businesses from around the world. She told Forbes in an interview that the immediate global response to the death of George Floyd was mainly focused on the need to
Amitruck, a Kenyan tech-enabled logistics platform, has just raised $4 million in seed funding – bringing the total funds raised to date to $5 million. The most important purpose of this round is hiring, according to Amitruck founder and chief executive officer Mark Mwangi. The seed round was led by Better Tomorrow Ventures (BTV), with the participation of Dynamo Ventures, Rackhouse Venture Capital, Flexport Inc, Knuru Capital, Launch Africa Ventures, Uncovered Fund and a number of angel investors. Launched in 2019 as a digital logistics marketplace, Amitruck connects shippers with transporters
Kenyan insurtech startup Lami Technologies has acquired Bluewave Insurance Agency for an undisclosed amount as it seeks to make insurance covers accessible to more people across Africa. The deal has also opened up new markets for Lami, which states that its technology enables underwriters and businesses to streamline insurance via a single platform, in Malawi and the Democratic Republic of Congo where Bluewave already has operations. Bluewave insurance, also a Kenyan startup, was founded by Adelaide Odhiambo, who now joins Lami as the head of commercial partnerships. Since its inception, Bluewave has
