Clean energy company Husk Power Systems has raised $103 million in equity and debt to launch over 1,000 new solar minigrids, electrifying rural Sub-Saharan Africa and South Asia communities. Solar mini-grids Husk Power Systems Husk Power is the leading rural energy services company in weak-grid and off-grid communities in Africa and Asia. The company was founded in 2008 to provide reliable power to rural communities and businesses from renewable energy sources at affordable prices. The company does this through solar minigrids – a set of small-scale electricity generators and energy
Nigeria’s Federal Ministry of Communications, Innovation, and Digital Economy (FMoCDE) has announced a three-year partnership with IHS Nigeria to empower Nigerians with critical digital skills. IHS Nigeria is one of the world’s largest independent owners, operators, and developers of shared communications infrastructure. The partnership supports the recently launched 3 Million Technical Talent (3MTT) initiative to train three million Nigerians with technical skills in four years. The Partnership The three-year partnership aims to establish the 3MTT Learning Community and facilitate the setting up of learning communities in Nigeria’s 36 states and
Sony Group has announced the establishment of the Sony Innovation Fund: Africa (SIF: AF) to support the growth of African entertainment businesses. Sony Innovation Fund The Sony Innovation Fund invests in technology-driven transformational companies shaping the future of business, entertainment, and society. Since 2016, Sony has been participating in the ecosystem of new business creation worldwide, with SIF specifically investing in seed to early-seed companies. The fund invests in startups bringing creativity and promising innovations to the world who’d benefit from partnering with Sony. Sony also has the Innovation Growth
A South African digital bank, Bank Zero, has expanded into commercial banking with the launch of its zero-cost business banking app. Disrupting Traditional Banking Bank Zero was founded by tech entrepreneur Michael Jordaan, banking innovator Yatin Narsai, and five other co-founders. Founded in 2018, the company entered the South African market three years later and is now 45% Black-owned and 20% women-owned. The co-founders have a combination of deep and diverse banking and technology skills, with extensive experience in and knowledge of banking through previous roles. Bank Zero aims to disrupt
Ghanaian fintech startup Dash is reportedly closing its doors following a tumultuous journey filled with accusations of financial misconduct. According to WeeTracker, Dash held a company-wide meeting on October 3, during which the news of impending layoffs and the closure of the company was delivered to its employees. The innovative startup, which offered an alternative payment network, had raised over $85 million in under five years from major investors. Early success Founded in 2019 by Prince Boakye Boampong, Dash initially made significant strides in the fintech sector. Boampong was a
Editi Effiòng’s Nollywood action-thriller, The Black Book, has claimed the top spot worldwide on Netflix after leaders in Nigeria’s fintech startup space came together to fund the film. The Black Book The Black Book claimed the top spot worldwide just five days after its debut on Netflix, also making it the first ever number-one African film on Netflix. Vanguard reported that from September 18 to 24, the film accumulated 5.6 million views and 11.6 million watch hours. The movie, which traces the story of a mourning father seeking justice following
African venture capital (VC) firm Enza Capital has closed $58 million across its two funds and announced the launch of its Founder Partner Program. Enza Capital Enza Capital is a multi-stage venture fund that backs startups and founders using technology to solve meaningful problems across Sub-Saharan Africa. The Nairobi-headquartered firm invests in and partners with technology companies building in the fintech, logistics, health, human capital, and climate-smart sectors. The firm began its VC journey in 2019 when it launched an early-stage fund to find, back, and help build category-defining startups
Okra Solar, a technology startup working with local utilities to transform communities, has closed its Series A funding round. Mesh grid technology With 770 million people living without clean, reliable access to power, the tech startup aims to transform off-grid communities with mesh grids. Mesh grids are the fastest-growing technology solution for electrifying off-grid households. With a mesh grid, neighbors are connected, sharing renewable energy 24/7, which allows them to consume more than they would on their own. Each house contains a solar panel, battery and an Okra Pod, ensuring
After closing in February, Black-owned non-profit organization Kwanda has returned with a new structure and a brand new product. On Kwanda’s new platform, Moyo, givers can come together to provide a stable monthly income to people below the poverty line. Kwanda’s Journey Kwanda launched in 2020 with a platform that brought individuals together to pool capital to fund grants and infrastructure projects across Africa. It is a modern collection pot for Black communities, modelled on the age-old practice of collective finance in African Caribbean communities, Jermaine Craig, founder of Kwanda,
Friends Benedict Owanga and Chinelo Adi launched their startup Owanga to deliver clean energy solutions to Congo, Africa. The startup launched in 2022 after Owanga had the idea during his sophomore year at Emory University School of Law. While pursuing an internship, he lost power for two hours during training. The inconvenience made him consider the experience of Congolese people back home. “It got me thinking if someone like me loses power for two hours and it takes me two weeks to figure out something, what about people back home
