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Africa

Funding for African startups has hit a new record between January and June. According to reports, the African market is the first to see more than a single digit of growth which was extremely unpredictable considering the slowdown globally.  Venture capital deals within the African region reached a striking $3.5 billion in six months, with no other continent coming marginally as close to Africa’s startup funding growth.  Of the 300 companies that benefitted from this funding, 27% were led by female founders or had at least one female founder. This is

As Africa’s tech ecosystem grows, the demand for talent is soaring. For young Africans, digital skills have become ever-more important and attractive. In 2021, according to the Africa Developer Ecosystem Report (pdf), Africa’s developer community grew by 3.8%, bringing the total number of developers on the continent to 716,000. The average local developer in Africa is seven years younger than their global counterpart and has up to three years of experience. The pandemic drove increased adoption of remote work around the world, leading to international companies recruiting African developers at

Google has announced that 60 new startups would join their Black Founders Fund, specifically designed to help support Black founders in Africa.  Since launching the program in 2021, Google has invested in 50 startups from nine African countries, creating over 500 jobs and raising over $87 million to help support underrepresented founders.  The Black Founders Fund has invested $20 million in funding to help founders across the US, Europe, Africa, and Brazil. The latest cohort will receive up to $100,000 in capital, including access to the best of Google, people, products,

According to Insider Intelligence, there are currently over 2 million podcasts and 424.2 million podcast listeners worldwide in 2022, a 10.6% increase from the previous year. As of 2020, the global podcasting market size was valued at $11.46 billion. It grew to $13.785 billion in 2021 and is expected to be a massive $153.07 billion in 2030, according to Acumen Research and Consulting. This growth has been spurred by a number of factors – from the proliferation of new celebrity shows, investments from companies like Spotify, and the increased affordability and availability of tech such as smartphones

African-based agri-tech startup iProcure has closed a $10.2 million Series B funding round to further expand its services to Uganda and Tanzania.  The funding round led by Investisseurs and Partenaires included participation from Novastar Ventures, British International Investment (BII), and Ceniarth.  iProcure, founded in 2013 by Stefano Carcoforo and Nicole Galletta, has grown to become one of rural Africa’s most significant agricultural supply chain platforms.  Not only has the platform revolutionized agriculture supply chains in Africa, but it has also helped connect manufacturers and distributors with local retailers. Additionally, iProcure

Black-owned renewable energy platform, Koolboks, announced the close of its $2.5 million seed funding round.  The funding round, led by Nigeria-based growth equity fund Aruwa Capital Management, also included participation from Acumen, Blue Earth Capital, All On, GSMA, and other investors.  Koolboks, founded in 2018 by Ayoola Dominic and Deborah Gael, has provided a solution to Africa’s inconsistent and erratic power supply. The company has designed generated refrigerators without power to offer accessible cold storage solutions to businesses and citizens across Africa.  The company also offers 24-hour refrigeration sourced from

Black-owned digital bookkeeping platform, Pastel, has raised $5.5 million in a seed funding round. The round led by pan-African venture capital firm TLcom Capital also included other VC firms such as Global Founders Capital, Golden Palm Investments, DFS Labs, Ulu Ventures and Plug and Play, and Soma Cup.  Pastel, co-founded in 2020 by Abuzar Royesh, Olamide Oladeji, and Izunna Okonkwo, is a platform designed to help build digital tools to provide a solution to issues small businesses across Africa face. The platform’s primary goal is to unlock the potential of

Lagos-based utility company, Beacon Power Services, has closed a seed round of $2.7 million. The funding round led by Seedstars African also saw venture capital firms Keeple Africa Ventures, Factor[e], and Ordiun Capital Management participate in the funding round.  Beacon Power Services, founded in 2013 by Bimbola Adisa, is a leading provider of data and grid management solutions for Africa’s power sector. The platform, established to address Nigeria’s inadequate electricity supply, aims to enhance energy access for Africa’s cities significantly. Beacon Power’s primary goal is to improve the quality and duration of electricity

Streaming video service, Amazon Prime, has announced the launch of a new localized version of its streaming service in Nigeria.  The company launched in Africa in 2016 and is committed to expanding its services to more than 200 countries. Amazon Prime also plans to expand its services in other markets like South Africa to boost its subscribers in new markets.   The video streaming services will feature local-language interfaces and subtitling. The launch will benefit the local community as the platform is committed to investing in local production and aims to

Here is our latest roundup of tech headlines from across the African continent.  Black-owned digital insurance platform, Lami Technologies, has raised $3.7 million in a seed extension funding round. The funding round, which Harlem Capital Partners led, will help the API platform begin its path to building and distributing an end-to-end digital insurance platform. The additional funding brings Lami Technologies’ overall funding amount to $5.6 million.  Lami Technologies, founded in 2018 by Jihan Abbas, is an end-to-end digital insurance and API platform enabling companies across sectors to offer insurance products.

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