Wasoko, one of Africa’s largest B2B grocery marketplaces, has experienced a 48% markdown in its valuation. A B2B Grocery Marketplace Founded by Daniel Yu in 2014, Nairobi-based Wasoko has grown remarkably, expanding its operations across multiple African markets. By 2023, it boasted a significant customer base, secured agreements with major suppliers, and offered competitive pricing. TechCrunch reports that VNV Global, a Swedish investment firm, has revised Wasoko’s value to about $260 million, a 48% reduction from previous estimates, according to its annual report for 2023. This revision coincides with Wasoko’s planned merger
Amazon Web Services (AWS), a leading cloud computing platform, is expandng its reach in South Africa’s tech landscape through its Equity Equivalent Investment Program (EEIP). The 18-24 month enablement and acceleration program supports South African Black-owned small and medium enterprises (SMEs) who want to build their AWS business. The EEIP, launched in 2020, has already developed 27 SMEs and is looking to expand its reach to 20 more in its 2024 cohort. AWS targets female and youth entrepreneurs, addressing the gender gap in tech startups. “These SMEs are critical drivers of our economic future,” said Chris
Belong, a London-based fintech startup has recently launched out of stealth, following a €3.4 million ($3.6 million) pre-seed funding. This achievement marks the largest pre-seed round ever raised by female founders in Europe. Helping millenials build wealth Millennials are the first generation in history to be worse off than their parents financially. Belong was established in 2023 by former investment banker Avion Gray and behavioral economist Samantha Rosenberg to change this. Nick Hungerford, a pioneer in European fintech, brought together co-founders Gray and Rosenberg. Hungerford’s legacy continues to influence the company, even after passing in July 2023. “We
MacKenzie Scott’s Yield Giving initiative has granted a $2 million donation to Birthing Beautiful Communities (BBC), a Black women-led doula organization and platform in Northeast Ohio. This financial boost will empower BBC in its vital mission to enhance maternal and infant health outcomes for Black mothers and families. The Yield Giving Initiative The Yield Giving Open Call, an initiative of MacKenzie Scott’s philanthropic efforts, was launched in March 2023 to back community-led, community-focused organizations. With over 6,000 applicants, the initial plan to award $1 million each to 250 organizations was significantly expanded,
Created by fintech professional Viola Carmona, Tussle is the new livestream platform taking on TikTok’s Live feature with better revenue terms and fewer restrictions. Carmona’s Journey To Tussle TikTok first introduced its Live feature in 2019, enabling creators to earn through virtual gifts. However, according to AFROTECH, Carmona’s friends and creators experienced the platform’s 50/50 revenue split firsthand after often conducting near 24-hour livestreams only to receive a fraction of their due earnings. “Some of my creator friends that I built a community with, they found a lot of problems with
Leigh Higginbotham Butler has a pioneering AI platform and network for Black women, Akina. Akina, which means “strong family bond” in Swahili, originated from a personal need to create a safe space for discussions and support among Black mothers. It has since evolved into a Community-as-a-Service (CaaS) app and platform that leverages culturally competent AI and machine learning technology. From A Social Network To A Movement Akina was initially started 2020 as a social media platform for Black mothers. “It came about in the aftermath of the murders of George Floyd, Breonna Taylor, Ahmuad
BeSocial, a short-form video app that empowers Black and African creators, is carving out a space in the tech landscape. The platform aims to combine short-form content, the practicality of social shopping, and social commerce. BeSocial Founded in 2022 by Kwesi Buabeng, a former executive at Ecobank, Google, and Coinbase, and his team, BeSocial’s vision is democratizing content creation. The focus on Black and African creators is a move acknowledging their role as trendsetters in social media, often without adequate recognition or compensation. Since its beta launch, BeSocial has been a hub of creativity and
Women’s History Month 2024 shines a spotlight on ‘Champions of Change,’ celebrating women who advocate for equity, diversity, and inclusion (EDI). This month-long observance in March honors the role of women in American history and acknowledges their ongoing efforts to create a more equitable world. This year’s theme particularly resonates with the tech industry, where women, especially Black women, are significantly underrepresented, undermined, and excluded. In this context, we have spotlighted some Black women in tech whose startups are breaking barriers, building bridges, and making the world a more equitable place. Laura Weidman Powers – Code2040
Uber Technologies Inc. has officially led a $100 million Series B funding round for Moove, an African mobility fintech company. This investment propels Moove’s valuation to an impressive $750 million and marks Uber’s first foray into African continent investment. Moove Founded in Lagos in 2020 by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove has revolutionized vehicle financing. It operates with a business model that provides access to vehicle ownership for mobility entrepreneurs who traditionally face barriers in accessing financing. Moove’s model allows drivers to own vehicles by paying a portion of their weekly income, which
Lisa Leslie, a celebrated icon in women’s basketball, has ventured into the metaverse with LootMogul to transform sports fan engagement. The three-time Women’s National Basketball Association (WNBA) MVP and four-time Olympic gold medalist joins LootMogul as the brand ambassador and business partner. Bringing sports fans and influencers together This move marks a significant transition for Leslie from her days on the court to an innovative realm in the tech industry. LootMogul is a multiverse blockchain gaming platform where sports enthusiasts and influencers converge. The platform uses blockchain, NFTs, and the metaverse to provide
