Nigerian mobility financing company MAX has raised $24 million in a mix of equity and debt after reaching profitability in Nigeria, its largest market, multiple reports confirm. The funding signals renewed investor interest in electric mobility across Africa, where rising fuel prices and falling battery costs are making electric two- and three-wheelers increasingly attractive for commercial drivers. The round includes equity from Equitane DMCC, Novastar, Endeavor Catalyst, and other global investors, alongside asset-backed debt from the Energy Entrepreneurs Growth Fund and development finance institutions. Profitability Brings Investors Back Founded in 2015 as Metro
Kenya’s government has launched the sale of a majority stake in its state-owned oil pipeline company, marking the country’s first stock market listing in a decade, Reuters reports. On January 19, the government began selling 65% of Kenya Pipeline Company (KPC) to the public, hoping to raise about $835 million. If successful, it would be the region’s biggest initial public offering (IPO) since Safaricom listed in 2008. Why Kenya Is Doing This Now Kenya has been under pressure from rising public debt, and President William Ruto’s administration has said it
Terra Industries, a Nigeria-based defense technology company, raised an $11.75 million in funding led by Joe Lonsdale’s 8VC [Lonsdale is also co-founder of companies including Palantir Technologies, Addepar, and OpenGov], as it emerged from stealth, according to TechCrunch. The round included Valor Equity Partners, Lux Capital, SV Angel, and Nova Global. Terra previously raised an $800,000 pre-seed round. The company said African investors in the round included Tofino Capital, Kaleo Ventures, and DFS Lab. Terra, founded by CEO Nathan Nwachuku, 22, and CTO Maxwell Maduka, 24, builds autonomous systems to
Flutterwave, Africa’s largest payments technology company, has acquired Nigerian open banking startup Mono in an all-stock deal valued between $25 million and $40 million, TechCrunch reports. The acquisition brings one of Africa’s most prominent open banking companies under the Flutterwave umbrella, as the payments giant looks to expand its infrastructure beyond transactions into data and financial services. According to a press release, Mono will continue to operate independently under its existing leadership team. Mono: Africa’s Answer To Plaid Founded in 2020 and backed by investors like Y Combinator, Mono builds
Sula Labs, a beauty research and development lab for melanin-rich skin, and UFarmX, an AI-powered agri-fintech platform tackling Africa’s agricultural financing gap, have been named the $100,000 Co-Grand Prize Winners of the Black Ambition Prize. Black Ambition’s fifth annual Demo Day, held November 14–15 in Miami, marked the culmination of its three-month accelerator for underrepresented founders. Featuring conversations with Pharrell Williams and investor Mellody Hobson, and a surprise performance from Chance the Rapper, the event spotlighted 27 prize winners selected from more than 2,500 applicants. Sula Labs: Pioneering Science-Driven Beauty for Melanin-Rich Skin
Africa’s wealthiest individual, Aliko Dangote —the richest Black man in the world —has reached a net worth of $30 billion as of October 23, 2025. His net worth’s last valuation change is more than $430 million, according to Bloomberg’s index. A few weeks ago, Bloomberg index stated that Dangote’s net worth was $29.6 billion, $400 million away from entering the $30 billion club. About Aliko Dangote Aliko Dangote is the founder and chairman of Dangote Cement, Africa’s largest cement producer. He also founded Dangote Refinery, the largest petroleum refinery in Africa.
Women make up 47% of STEM graduates in Africa, according to a recent McKinsey study —a higher share than in Europe (42%), Asia (41%), and South America (41%). Additionally, in sub-Saharan Africa, as much as 30% of roles in STEM sectors are held by women. However, less than 20% of top tech roles are held by women in Africa. “Our research found that less than 20 percent of publicly listed companies in Africa with C-suite tech roles had a woman in that role,” the study’s authors wrote. “Furthermore, just 3%
Elly Savatia, a Kenyan inventor and social entrepreneur, has won the Africa 2025 Engineering Innovation Prize founded by the UK’s Royal Academy of Engineering. He won the award for Terp 360, an AI-powered app that translates speech into sign language using lifelike 3D avatars, along with a £50,000 ($67,000) grant. Terp 360: A Sign Language Translation App Terp 360 offers real-time sign language interpretation, facilitating smooth communication between deaf and hearing individuals across both physical and digital settings. Using 3D avatars and motion-capture technology, it delivers natural, accessible, and immersive interactions. Terp
The Nigerian government is working with Google and Apolitical, a global learning platform for government innovation, to launch a training initiative for public servants. The initiative, called the AI Government Campus, will be implemented through the Apolitical Government AI Campus. It aims to train thousands of public servants and government leaders to understand and apply artificial intelligence in public administration effectively, as reported by Techpoint Africa. The initiative is a joint effort between Google, the Federal Ministry of Communications and Digital Economy (FMCIDE), and Apolitical. “We see artificial intelligence as
Moniepoint has raised another $90 million in an extension of its Series C round, bringing its total to $200 million after its initial $110 million raise in 2024. The round included investors such as Visa, Development Partners International LLP, Leapfrog, and Alphabet Inc.’s Google Africa Investment Fund, Ross Strike, according to Bloomberg. “We will not rest on our laurels,” co-founder and CEO Tosin Eniolorunda said in a statement. “The proceeds from our landmark Series C will be deployed judiciously to generate even more momentum as we enter the next chapter of Moniepoint’s story – with
