Antler secures $13.5m to accelerate East African 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. Antler secures $13.5m to accelerate East African startups
Antler, an early-stage investor, has announced securing US$13.5 million to continue to support early-stage tech startups in East Africa.
The investment comes as a crowd pool that saw leading investors such as Baillie Gifford, institutional investors such as IFC, and family offices like Canica participated in the round.
Described as oversubscribed, the Antler initially sought to raise USD 10M with a target to make 35 investments over three years.
Antler launched its East Africa’s first venture building cohort in 2019, going on to have run five full cohorts totalling 153 founders.
The venture has saw Antler facilitate investments in 14 startups till date.
As a VC, Antler is arguably the world’s most-active early-stage investor, supporting hundreds of technology startups and thousands of entrepreneurs across six continents.
In addition, the VC company has invested in more than 400 companies in over 30 industries.
“We are excited about Antler’s presence in East Africa and over time in other parts of Africa. With fast growing economies and a rapidly developing startup ecosystem, we believe this is the perfect time to launch and build tech startups on the continent,” said Magnus Grimeland, Antler founder and CEO.
Tech Trivia: What is the objective of ANSI?
A It translates software into multiple languages.
B It ports software to multiple operating systems.
C It verifies the safety of new hardware products.
D It promotes and facilitates voluntary consensus standards.
Answer: See end of post
2. Egypt’s Naqla closes $10.5m pre-Series A round
Egypt-based trucking logistics startup, Naqla, has closed a US$10.5 million pre-Series A funding round.
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The round comes as the startup seeks to expand its venture into new markets.
Naqla was founded by Sherif Taher and Samer Sallam in 2017, to connect truck owners with cargo companies.
According to the co-founders, the startup’s idea was to to modernise and expand Egypt’s supply chain by automating orders between shippers and drivers.
Since its launch into business, the startup has operated in more than 35 active zones, overseeing the movement and delivery of over 4.6 million tonnes of cargo.
Commenting on the raiser, the round was reportedly led by El Sewedy Capital Holding (SCH), Hassan Allam Holding (HAH), and the Sallam family.
3. London’s Tactic banks $4.5M to push industry growth
Led by Index Ventures, London-based Tactic has banked $4.5 million in funding.
The investment, which was joined by Visionaries Club, is expected to help fund the startup’s expansion plans.
The startup explained that its mission is to save professionals seeking to analyse trends time by delivering remarkably on such tasks.
“No enterprise wants to pay people to lose time to manual research and data entry. But they do. We knew there had to be a better way,” said Rudy Lai, CEO and co-founder of Tactic in a statement.
“Professionals don’t want search results – they want answers. There’s a demand for smart searching that’s powerful and customizable, and Tactic is here to fill it.”
The startup was founded in 2020 by Jack Hodkinson, an experimental physicist specializing in quantum materials and data analysis; and Rudy Lai, a former banker at Morgan Stanley and Bank of America Merrill Lynch.
Trivia Answer: ANSI
Stands for “American National Standards Institute.” ANSI is a U.S.-based non-profit organization that works to develop and promote standards in the United States and around the world. By standardizing new products and technologies, ANSI both strengthens the United States’ position in the global marketplace and helps ensure product integrity and safety.
ANSI was originally called the “American Engineering Standards Committee” (AESC), which was formed in 1918. The AESC worked with the American Institute of Electrical Engineers (now the IEEE) and several other organizations to develop engineering standards. In 1928, AESC was reorganized and renamed the “American Standards Association” (ASA).
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