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AlphaCode awards R2-m to support Fintech startups. 2 other things and a trivia



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

1. AlphaCode awards R2-million to support Fintech startups

To conclude a demo day, AlphaCode has awarded R2-million to support winning fintech startups.

The startups competed in a virtual pitch session judged by a panel.

The pitch was to qualify participating startups to the second phase of the AlphaCode Incubate programme.

The startups were graded by their ability to get traction in a short time, hence unlocking further funding of R500,000 each and tailored business support.

Speaking on the development, Andile Maseko, head of ecosystem development at AlphaCode, noted that the accelerator was designed to help the selected startups scale.

He said: “Despite a tumultuous year, a number of entrepreneurs saw how they could fill a gap in the market for financial services and related industries.

“Those selected in the top four earned the opportunity for further funding and mentorship. The first part of the intensive programme focused on entrepreneurship and refining business models. The second phase will focus on revenue generation.”

Tech Trivia: What is the estimated distance travel of a typist’s fingers daily?

A. 12 miles
B. 5 miles
C. 10 miles
D. 6 miles

Answer: See end of post.

2. Bayer Foundation opens call for applications for African startups

Bayer Foundation, an initiative that helps impact startups validate their solutions, has opened calls for application for early-stage African tech startups.

The initiative seeks to provide support for eligible startups in partnership with the Ingolstadt School of Management.

The idea, which comes under the Social Impact Startup Academy (SISTAC), helps entrepreneurs from Sub-Saharan Africa validate and prove their solutions, with the goal of helping these entrepreneurs grow their business.

Yearly, selected startups gain access to mentors from the Ingolstadt School of Management.

READ ALSO: Founders Factory Africa to support African agritech startups. 2 other things and a trivia

Also, they can access the Bayer Foundation network while benefiting from free business consultation.

As part of the benefits, they can also access funding possibilities and competitions, the SISTAC knowledge database, and workshops and events.

3. Opens-LCEF invests capital in Rwandan, Zambian energy startups

Opens-LCEF, an impact investor that provides catalytic capital to early-stage social enterprises in emerging markets, has announced investing equity in Rwanda’s Munyax Eco and Zambia’s WidEnergy.

According to media reports, the female-focused fund has a portfolio of 17 investments across 11 countries.

Today, seven of these portfolio companies operate in East Africa.

The VC has also established the Restart East Africa initiative to address the issue of female underrepresentation in the renewable energy sector.

Munyax Eco installs solar water heaters and has done so for more than 1,200 B2B and B2C clients.

WidEnergy, on the other hand, provides last-mile clean energy solutions via a PAYG model, offering off-grid households access to solar-powered lights and appliances.

Tech Trivia Answer: 12.6 miles

On an average work day, a typist’s fingers travel about 12.6 miles, approximately 20km.

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