Cloud Fret secures $1m funding round to expand market. 2 other stories and a trivia

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

1. Cloud Fret secures $1M funding round to expand market

French logistics and digital freight platform, Cloud Fret, has announced securing a $1m round.

The CEO and founder, Driss Jabar, on Friday confirmed the funding to Ripples Nigeria.

Several VCs and business personalities participated in the round including Plug and Play, PRC Ventures ICAV, Azur Innovation Fund, AfriMobi, and business angel Khalid Zitouni.

Driss Jabar founded the company in 2021, linking the two shores of the Mediterranean by connecting shippers to an extensive and reliable network of carriers from Europe and Africa.

Ripples Nigeria can report that the logistics company has two offices in Morocco and one in France.

Commenting on the development, Jabar noted that the funding will help the startup expand footprint further into the European and African markets.

He said: “The funding will enable the startup to expand further in the European and African markets. The company also hopes to use the funds raised to increase the number of staff while also launching new loyalty services.

“This fundraising demonstrates the trust placed in the Cloud Fret team and the market potential. Cloud Fret is seeing three-digit growth: the revenue generated in the first quarter of 2022 is equal to that of the fiscal year 2022.”

Tech Trivia: Files that contain unprocessed data are also called what?
A Archives
B Packages
C Lossy Files
D Raw Files
Answer: see end of post

2. Zimbabwe’s FlexID secures undisclosed funding from Algorand Foundation

A Zimbabwe-based digital identity Startup, FlexID, has announced securing an undisclosed funding from Silvio Micali’s Algorand Foundation

Read also :60 black-led startups to benefit from Google’s $4m fund. 1 other story and a trivia

The undisclosed funding was on Friday confirmed by Victor Mapunga, serial technology entrepreneur and founder of FlexID in a press release on Algorand’s website.

FlexID Technologies, formerly known as FlexFinTx, runs as a platform and wallet for the issuance, storage, and sharing of verified digital identity credentials using Algorand blockchain.

The Singapore-based blockchain startup was founded in 2018 by Victor Mapunga.

Ripples Nigeria gathered that Algorand Foundation is dedicated to helping fulfil the global promise of the Algorand blockchain- designed by MIT professor Silvio Micali.

Mapunga, in his remarks, explained the challenge of not having an ID in the new age.

He said: “Without an ID, education and healthcare become extremely difficult to access. On the other hand, the shambolic national records further increase the cost of doing business.

“With FlexID, even the informal sector can transition from an isolated view to a formalized economy. Farmers can easily access credit and inputs.

“There are people out there who watch football but lack financial services. What Algorand has done will allow even people in the most remote areas to transition using platforms like FlexID, and we are excited to be building in such a vibrant ecosystem.”

3. 31-year-old IT solution provider, Broadcom, seeks to acquire VMware for $61bn

A US-based digital semiconductor connectivity solution provider, Broadcom, has announced signing an agreement to acquire VMware in a cash-and-stock transaction worth approximately $61 billion.

Hock Tan, President and Chief Executive Officer of Broadcom on Friday confirmed the latest acquisition in a press release made available on the company’s website.

Ripples Nigeria gathered that Broadcom will assume $8 billion of VMware net debt as part of the deal.

Broadcom Inc., which is a global technology leader, designs, develops, and supplies semiconductor and infrastructure software solutions.

Launched in 1991, the San Francisco-based company was founded by Henry Nicholas and Henry Samuel.

VMware, however, is a leading provider of multi-cloud services for all apps, pioneering virtualization technology, an innovation that positively transformed x86 server-based computing.

The software company was founded in 1998 by Diane Greene, Edouard Bugnion, Edward Wang, Mendel Rosenblum, and Scott Devine.

Speaking on the acquisition, Tan said:

“Building upon our proven track record of successful M&A, this transaction combines our leading semiconductor and infrastructure software businesses with an iconic pioneer and innovator in enterprise software as we reimagine what we can deliver to customers as a leading infrastructure technology company.

“We look forward to VMware’s talented team joining Broadcom, further cultivating a shared culture of innovation and driving even greater value for our combined stakeholders, including both sets of shareholders.”

Trivia Answer: Raw File

A raw file is a collection of unprocessed data. This means the file has not been altered, compressed, or manipulated in any way by the computer.

Raw files are often used as data files by software programs that load and process the data. A popular type of raw file is “Camera RAW,” which is generated by a digital camera. Instead of processing the image captured by the camera, the data is left unprocessed and uncompressed until it is opened with a computer program.

By Kayode Hamsat

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