Plans to launch Starlink in South Africa are facing delays due to Elon Musk’s attacks on the country’s Black Economic Empowerment (BEE) laws, The Financial Times reports. The policies, designed to mitigate racial inequalities formed under apartheid, require foreign investors in South Africa’s telecom sector to allocate 30% of a project’s equity to Black-owned businesses to qualify for a license. The policy is supported by the African National Congress Party (ANC), a political party in South Africa known for its opposition against apartheid. Elon Musk says the equality laws are
Following President Trump’s orders, the ‘Gulf of Mexico’ will soon be renamed the ‘Gulf of America’ on Google Maps, according to the BBC. Mexican President Claudia Sheinbaum has written a letter to Google Maps asking it to reconsider its plan to rename the Gulf of Mexico. This change was part of a series of over 100 directives and executive actions signed on Inauguration Day. One of these orders included renaming the Gulf of Mexico, which is made up of the US, Cuba, and Mexico, the Gulf of America. Why is
Moove, an Uber-backed mobility fintech company, has acquired Kovi, a Y Combinator-backed Brazilian urban mobility provider. “This transaction not only strengthens our footprint in Latin America and reinforces our position as a dominant player in global mobility, but it also underscores our commitment to contributing to the Brazilian economy,” Ladi Delano, Co-Founder and Co-CEO of Moove, said in a statement. Following the deal, Kovi will continue to operate under its existing brand with its executive and management teams remaining in place, Moove confirmed. Moove’s Growth and Expansion Founded in 2020 by Ladi Delano
The UK startup Domna has secured a £70 million ($87 million) majority investment from private equity firm Leon Capital, according to Tech Funding News. The company is one of the leading home energy efficiency and retrofit services, and it has now received one of the biggest first-time raises for a female founder team in Europe. The team plans to improve home energy efficiency and support sustainability initiatives. Their outlook on home energy efficiency examines the UK’s retrofit challenge by combining advanced software with practical expertise. Now that Domna has the
Nigerian fintech unicorn Moniepoint has received a “strategic investment” from Visa, according to Techcrunch. The funding aims to propel financial inclusion and support the expansion of small and medium-sized enterprises (SMEs) across Africa. Moniepoint’s Series C Sources close to the deal say Moniepoint received over $10 million from Visa after securing a $110 million Series C round last October. Now, its Series C surpasses $120 million, and the company is allegedly speaking to other investors and could potentially attract more funding in the coming months while continuing its billion-dollar valuation.
Robin AI, a Black-owned legal AI startup, has won second place on the Startups 100 index. The startup uses AI to automate contract reviews, slashing costs and freeing up legal teams. Last year, it raised $25 million in a unique extension of its Series B funding round. The company was founded in 2019 by former Clifford Chance lawyer Richard Robinson and machine learning researcher James Clough. “Robin AI are truly ground breaking in their innovation, aiming to cut down legal processing times. Despite the challenges, the UK is still a
Fundment, a Black-owned all-in-one tech platform for financial advisers, raised £45 million ($55.4 million) in Series C led by Highland Europe, as per Tech Funding News. The investment will scale the team, develop the product, and achieve future growth. Financial advisers are under more pressure than ever, which is why the global financial planning software market is set to amount to $18.1 billion in the next decade. For this reason, Fundment aims to create innovative solutions for financial advisers that will allow a smooth experience for their clients. “Financial advice is
Africa-focused venture capital firm Oui Capital returned its $4 million debut fund after the sale of some shares in Nigerian fintech unicorn Moniepoint, as Techcrunch reports. Oui Capital’s Investment in Moniepoint Last year, the Nigeria-based fintech company successfully raised $110 million in a Series C funding round. That raise gave the company a valuation of at least $1 billion for the first time, according to the Financial Times. When Moniepoint first launched its fund, Oui Capital invested $150,000 in the company, but it has now accumulated an $8 million return, which
Wini University, an AI-focused university, is set to open in Epe, Lagos, as first reported by Voice of Nigeria. As the first university of its kind in Nigeria, Wini University aims to equip Nigerian youth with hard-hitting skills in artificial intelligence and make Africa a hub in the global AI market. The university draws inspiration from Qatar’s AI university, which takes top talent worldwide; this Nigerian project has been in the pipeline since 2016. A group of people from Boston and Nigeria started establishing the foundation for the university. After
In 2024, African startups saw fewer investors financing deals of over $100,000. 850 startups received funding over $100,000 in 2021, but this number decreased to around 520 last year, according to findings from Africa: The Big Deal. The report also found that investors are less active than before, as 28 were involved in over ten $100,000 deals in 2022, but this number dropped to 8 in 2024. Who were the top investors in Africa in 2024? 54 Collective was the only investor participating in more than 20 $100,000 deals. The
