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Chui Ventures closes $9m from Mastercard Foundation. 2 other stories and a trivia

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

1. Chui Ventures closes $9m from Mastercard Foundation

A Pan-African Seed fund led by Managing Partner Joyce-Ann Wainaina, Chui Ventures, has secured a substantial $9 million commitment from the Mastercard Foundation Africa Growth Fund.

This strategic investment aims to expedite Chui Ventures’ mission of fostering inclusive innovation across the African continent.

The Mastercard Foundation, in a statement seen by Ripples Nigeria, expressed its dedication to catalyzing Chui Ventures’ efforts in supporting African startups, with the investment expected to impact startups in the region.

Joyce-Ann Wainaina said, “Our experience in global corporate banking, private equity, and wealth management positions us well to guide these startups through their early growth stages.”

Chui Ventures boasts a track record of investments in startups such as Fingo Africa, Marketforce, ShopZetu, Leta, and Tappi, contributing to the growth of the digital banking, B2B e-commerce, fashion e-commerce, and supply chain/logistics SaaS sectors.

The Mastercard Foundation Africa Growth Fund has further diversified its portfolio by strategically investing in VestedWorld, a Venture Capital Fund targeting Ghana, Kenya, and Nigeria, and SME Impact Fund, based in Arusha, Tanzania.

Trivia: A cybersquatter collects which resource with the intent to resell?

A. Email addresses
B. JPEG images
C. Domain names
D. IP addresses
Find answer below

2. Full encryption commences for Facebook, Messenger-Meta

Meta, the parent company overseeing Facebook, has declared the initiation of deploying end-to-end encryption across all personal chats and calls on its Messenger and Facebook platforms.

Ripples Nigeria gathered that the rollout of the end-to-end encryption feature has already commenced, enhancing the security of user communications significantly.

Highlighting its existing use of encryption in WhatsApp, Meta underscores the critical role encryption plays in shielding users from potential threats posed by hackers, fraudsters, and criminals.

The integration of end-to-end encryption has sparked debates between technology firms and governmental authorities.

In September, the British government voiced concerns, urging Meta not to introduce encryption on Instagram and Facebook Messenger without incorporating safety measures to protect children from potential risks, particularly related to sexual abuse.

3. Lagos-based fintech, Bujeti, secures $2m funding

Bujeti, an African corporate cards and spend management platform, has garnered $2 million in seed funding from a consortium of investors spearheaded by Y Combinator.

This financial boost includes contributions from Entrée Capital, Voltron Capital, Unpopular VC, Kima Ventures, Arash Ferdowsi (co-founder of Dropbox), Alan Rutledge, Tristan Walker of Heirloom VC, and Mono CEO Abdul Hassan.

Established in April 2022 by Cossi Achille Arouko and Samy Chiba, Bujeti focuses on serving businesses in sectors such as healthcare, logistics, agriculture, and construction.

Bujeti offers corporate cards to businesses, streamlining spending processes for both employees and contractors.

The platform enables businesses to effectively manage expenses by implementing features like spending limits, restrictions, and approval flows for various stakeholders in the business chain, from executives to staff, contractors, and vendors.

The fund is anticipated to propel Bujeti’s growth, extend its market presence, and augment its offerings which includes the introduction of credit lines for SMBs and the development of new products tailored specifically for enterprises.

Trivia Answer: Domain names

In the early 1990s, a new gold rush began, but this time the rush was for domain names, rather than gold. Many early Internet users saw the potential value of prominent domain names and began to register as many domains as they could. Over the course of a few years, nearly all common “dot coms” were registered. Many of these domain names were registered for investment purposes, rather than being used for legitimate websites. This practice soon became known as “cybersquatting.”

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