The African startup ecosystem has witnessed a surge in investment, crossing the $1 billion mark in 2024, according to The Big Deal. This milestone was achieved faster than anticipated, due to several significant deals announced in July. Notably, d.light secured a $176 million securitization facility, and MNT-Halan raised $157.5 million for its expansion efforts. These, along with NALA’s $40 million Series A and other smaller deals, have pushed July 2024 to become the most successful month in African startup fundraising in over a year, amassing nearly $400 million. This figure
Uncover, a Kenyan data-driven skincare brand, has successfully closed a $1.4 million seed II funding round to accelerate the growth of its innovative tech platform, introduce new products, and expand its market presence. This round, co-led by EQ2 Ventures and IgniteXL Ventures, saw participation from notable investors such as Chui Ventures, Samata Capital, and Altree Capital. Driving Personalization Through Data Founded in 2021 by Sneha Mehta (CEO), Jade Oyateru (COO), and Catherine Lee, Uncover has distinguished itself in the beauty industry by focusing on the unique skin care needs of
The Black AI Consortium has officially launched, aiming to encourage dialogue and advancement in artificial intelligence (AI) with Black scholars at the forefront. The consortium, established in May, seeks to provide a network for individuals across the African diaspora interested in AI, encouraging the sharing of ideas and insights while addressing current industry concerns. A Network for AI Enthusiasts Across the African Diaspora The mission of the Black AI Consortium, as reported by Black News, is to “cultivate a vibrant and supportive community where individuals of the African diaspora can
Data workers are exposing the severity of exploitation in the tech and AI industry through the Data Workers’ Inquiry. As part of the community-based research project, 15 data workers joined the Distributed AI Research (DAIR) Institute as community researchers to lead their own inquiry in their respective workplaces. Funded by the Distributed Artificial Intelligence Research (DAIR) Institute, Weizenbaum Institute, and Technische Universität Berlin, the project sheds light on labor conditions and widespread practices in the AI industry. The Plight of African Content Moderators Fasica Berhane Gebrekidan, an ex-content moderator for
Minka, a Colombian cloud-based fintech startup, has embarked on an expansion plan to bring its innovative financial solutions to Africa. This move aims to replicate its success in Latin America by addressing the continent’s financial inclusion challenges and leveraging the growing digital payments market. Launching in Eastern and Southern Africa On July 2, 2024, Minka officially launched its operations in East Africa, marking its first expansion phase. The fintech company began its journey in Kenya, Tanzania, Uganda, and Ethiopia and plans to expand to Southern African markets such as Mozambique,
Innovate Africa Fund has launched with an initial $2.5 million to support up to 20 early-stage startups over the next year, addressing challenges such as insecurity, unemployment, and poverty. Supporting Early-Stage African Startups Since 2019, the funding landscape in Africa has shown promising growth, with disclosed exits surpassing $2.3 billion. However, despite raising $17.2 billion overall, early-stage founders often need help to secure the funding necessary to transition from ideation to market fit. Innovate Africa Fund aims to bridge this gap by providing insight-driven capital to help founders accelerate their
Nigeria’s National Information Technology Development Agency (NITDA) has unveiled plans to establish research centers for emerging technologies across the country’s six geopolitical zones. The technologies include Artificial Intelligence (AI), Internet of Things (IoT), and blockchain, aimed to build a technology research ecosystem. Fostering Innovation and Development Kashifu Inuwa, Director General of NITDA, announced the initiative at the IoT West Africa Conference held in Lagos. Represented by Aristotle Onumo, NITDA’s Director of Corporate Planning and Strategy, Inuwa emphasized that the new research centers align with the agency’s mission to support technological
AI and satellite imagery are being used to fight spatial apartheid in South Africa, exposing stark inequalities and driving systemic change. According to MIT Technology Review, Raesetje Sefala, a 28-year-old researcher from Limpopo, South Africa, is at the forefront of using AI and satellite imagery to combat spatial apartheid. Growing up in a township, Sefala witnessed firsthand the disparities between Black townships and affluent white neighborhoods. Now, she’s using cutting-edge technology to address these injustices. Unearthing Spatial Inequities In collaboration with computer scientists Nyalleng Moorosi and Timnit Gebru at the
Meta, the parent company of Facebook and Instagram, has launched an update enabling content creators in Nigeria and Ghana to monetize their content on its platforms. This new policy, which became effective June 27, 2024, marks an important change. Previously, Facebook excluded creators with Nigerian and Ghanaian addresses from monetization unless their page was managed from an eligible country. Expansion of Monetization Opportunities This policy shift follows an announcement by Meta’s President of Global Affairs, Nick Clegg, in March 2024, confirming the rollout of monetization features in June. “Monetization won’t
Nigeria will be sending its first citizen to space as part of collaboration between its National Space Research and Development Agency (NASRDA) and Space Exploration and Research Agency (SERA), a global space agency. SERA will reserve a seat for a Nigerian citizen on an upcoming Blue Origin New Shepard suborbital spaceflight. First Nigerian in Space Announced on June 19, 2024, this initiative is part of a broader effort to include nations historically underrepresented in space exploration. “Until now, space has been an exclusive domain, with over 80% of all astronauts