Nigerian fintech startup Billboxx has raised $1.6 million in a pre-seed funding round, aiming to empower African small and medium-sized enterprises (SMEs) with cash flow management solutions. The funding, a combination of debt and equity, was led by Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures. Addressing SME Cash Flow Issues Founded in 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx offers invoice financing and payment processing services to help SMEs combat cash flow challenges caused by delayed payments from enterprise clients. The platform facilitates upfront payments for
South Africa’s Black Business Council has called for McKinsey & Company to be banned and blacklisted following the consultancy firm’s $122 million settlement with South African and US authorities. McKinsey’s payment addresses allegations of bribery and corruption involving former South African president Jacob Zuma and has sparked debate over accountability and fairness. McKinsey Bribery Settlement Sparks Outrage McKinsey’s settlement stems from McKinsey’s involvement in corrupt dealings with South African state-owned enterprises Eskom and Transnet between 2012 and 2016. While the firm has fired implicated employees and returned over R4.1 billion
Moove, the Nigerian mobility solutions pioneer, has announced a partnership with Waymo, Alphabet’s autonomous vehicle division. This marks the first time an African startup has collaborated with a global leader in self-driving technology to manage fully autonomous fleets in the United States. Launching Autonomous Fleets in Phoenix and Miami The partnership will see Moove overseeing the fleet operations, charging infrastructure, and facilities for Waymo’s all-electric autonomous vehicles (AVs), starting in Phoenix in 2025 and expanding to Miami in 2026. Waymo will continue to provide its Waymo Driver technology through the
Netflix has denied rumors of its withdrawal from Nigeria, emphasizing its ongoing dedication to the Nigerian entertainment industry and local subscribers. Speculation Over Netflix Leaving Nigeria Speculation about Netflix’s future in Nigeria has grown following comments from filmmaker Kunle Afolayan, who revealed that Netflix had canceled some commissioned films by unnamed filmmakers. Although Afolayan did not explicitly state that Netflix was leaving the Nigerian market, his remarks sparked widespread concern on social media. In response, a Netflix spokesperson clarified to TechCabal: “We are not exiting Nigeria. We will continue to
LeapFrog Investments, a private equity firm with a focus on impact-driven investments, has closed its fourth fund, raising $1.15 billion to fuel financial services and healthcare in emerging markets. The milestone includes $808 million in primary commitments and $210 million allocated for co-investments. This fund aims to reach millions of underserved consumers in Africa and Asia with transformative services. Expanding the Reach of Impact Investing The Fund IV investor lineup includes leading global institutions like Temasek, Prudential Financial, and AIA, alongside development finance powerhouses such as the European Investment Bank
Google’s Black Founders Fund (BFF) has helped startups across Africa and Europe raise $379 million in funding and create over 6,000 jobs collectively. This marks a turning point for Black-led startups, which have historically faced limited access to capital and support, attracting less than 1% of global venture capital. Non-Dilutive Funding Accelerates Growth Established in 2020, the BFF addresses systemic racial inequities in venture capital. The program offers equity-free funding, mentorship, and resources tailored to Black entrepreneurs. So far, over 220 African startups have benefited, with their growth rates surpassing
Techstars-backed edtech startup Lingawa has raised $1.1 million in pre-seed funding to expand its mission of promoting African languages. Formerly known as TopSet, the company has pivoted from academic tutoring to African language learning, starting with Yoruba and Igbo. This pivot aims to address the growing demand for preserving indigenous languages among Africans and the diaspora. Tackling Language Extinction With Tech Africa is home to over 2,000 languages, but approximately 12% are at risk of extinction, with colonialism and globalization cited as key contributors. Lingawa’s mission aligns with efforts to
African entrepreneurs are deeply committed to their startups, but the cost of this passion often impacts their mental health, a new report from Flourish Ventures reveals. The study, which surveyed over 160 founders across 13 African nations, found that more than 80% experience mental health challenges, with anxiety (60%), stress (58%), exhaustion (52%), and depression (20%) being the most common issues. Key Challenges Affecting Founders External pressures like fundraising, inflation, and economic instability weigh heavily on entrepreneurs. Nearly 60% of respondents said raising funds is their biggest stressor, followed by
Google has unveiled the latest cohort startups selected for its Google for Startups Accelerator: Africa program. The six Black-led South African startups were announced at an event coinciding with this year’s Africa Tech Festival, which was held in Cape Town, South Africa. Google for Startups Accelerator: Africa The three-month hybrid accelerator program supports Seed to Series A technology startups led by at least one Black founder. This opportunity includes ZAR1 million ($50,000) in non-dilutive funding, up to ZAR3.6 million ($200,000) in Google Cloud credits, and access to mentorship and industry networks. By
Visa has announced investments in four African fintech startups that recently graduated from its Africa Fintech Accelerator program. While Visa did not disclose specific investment amounts, the initiative reflects its ongoing efforts to drive financial inclusion and support digital innovation in Africa. Supporting Fintech Innovation Across Africa The four startups—Oze, Workpay, OkHi, and ORDA—each offer digital solutions tailored to address key financial and logistical challenges in African markets. By backing these companies, Visa is betting on a diverse range of technologies to enhance access to financial services for small businesses,
