Future Africa founder, Aboyeji, unveils ‘Accelerate Africa’ with $750K backing

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Future Africa founder, Aboyeji, unveils ‘Accelerate Africa’ with $750K backing

Venture capitalist Iyin Aboyeji, founder of Future Africa, and Mia von Koschitzky-Kimani, Managing Partner, are gearing up to launch Accelerate Africa, an accelerator fueled by a $750,000 grant from USAID.

This endeavor emerges amidst a backdrop of other accelerators gradually shuttering across Africa. Notably, Y Combinator, a globally recognized accelerator, featured just three African startups in its summer 2023 cohort, signaling a pullback from the African market.

The inaugural Accelerate Africa cohort, spanning eight weeks, will welcome ten pre-seed and seed-stage startups from any sector across Africa’s 54 countries as Aboyeji envisions Accelerate Africa as the Y Combinator (YC) of the continent.

In a departure from the prevailing trend of remote accelerators, Accelerate Africa plans to engage in-person with the selected startups.

The program will divide these startups into two groups of five and for the initial six weeks, operations will run concurrently in Nairobi and Lagos, led by Koschitzky-Kimani and Aboyeji, respectively.

Aboyeji emphasized that inclusion in the accelerator doesn’t guarantee a spot in Future Africa’s portfolio.

Trivia: In the computing world, Y2K refers to what?

A. Processor architecture
B. Software bug
C. Flat-screen display technology
D. Internet connection

Find answer below

2. Qatar’s Droobi Health, India’s Smit.fit merge to form DroobiSmit

Qatar-based healthtech firm, Droobi Health, has joined forces with India’s digital healthcare provider, Smit.fit, to establish DroobiSmit, setting up its new headquarters in Singapore.

Founded in 2017 by Abdulla Al-Misnad, Droobi Health focuses on assisting individuals with chronic conditions in adopting healthier lifestyles.

Smit.fit, established in 2020 by Sujit Chakrabarty, provides app-based solutions for managing metabolic health conditions, including diet and fitness training.

With a team of approximately 60 dedicated professionals, DroobiSmit aims to revolutionize the lives of those grappling with chronic diseases.

Utilizing digital health services, the company seeks to enhance overall health, manage chronic conditions, and decrease healthcare costs.

Their focus includes prediabetes, diabetes, and hypertension, employing modern technology, personalized coaching, and data-driven insights.

This strategic merger positions DroobiSmit as a leading digital healthcare provider serving health conditions across the GCC and South Asia regions.

DroobiSmit has garnered backing totaling approximately $5 million, receiving support from entities such as QSTP, QDB, Barzan Holding, Doha Tech Angels, and MVP.

3. Sheryl Sandberg announces departure from Meta Board

Sheryl Sandberg, who served as Chief Operating Officer and a longstanding member of Meta’s board for over a decade, has decided to step down from her board position, thereby concluding her official roles within the company.

Following her departure as COO, Sandberg continued her service on the board to facilitate a seamless transition.

In a post on Facebook, she attributed her decision to depart to her confidence in the leadership abilities of Mark Zuckerberg and others, deeming this juncture as the appropriate moment to take her leave.

Meta has not disclosed any potential successors for Sandberg’s board seat.

Renowned for spearheading Meta’s multi-billion-dollar advertising business, Sandberg witnessed a remarkable 43,000% revenue growth during her extensive tenure.

Her impact within the company experienced a recent decline as Zuckerberg’s focus shifted towards the metaverse, an area that, in contrast to Meta’s traditional business, lacks a clearly defined avenue for advertising revenue.

Trivia Answer: Software bug

Y2K Stands for Year 2000. It is an abbreviation for the year 2000, and often refers to the Y2K bug and the widespread concerns over its effects.

The concern was that as the calendar rolled over from the year 1999 to the year 2000, old computer systems would misinterpret the date and cause widespread system failures.

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