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Egypt-based Endure Capital closes $50m first round fund. 2 other stories and a trivia



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

1. Egypt-based Endure Capital closes $50 million first round fund

An Egyptian Venture capital company, Endure Capital, has announced closing the first close of its new $50 million fund.

Endure Capital’s founder, Tarek Fahim, confirmed the latest development in a press release on Wednesday.

Ripples Nigeria gathered that limited partners who have invested in the fund include British International Investment (BII), and Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA).

Serial entrepreneur Tarek Fahim launched the Venture capital company in 2015.

“Endure is committed to adding value to the region’s flourishing startup founders, and ecosystem, and we love to partner with founders that relentlessly pursue entrepreneurship as a means for value creation to society and who are building lasting businesses,” Fahim stated on the first close of its second fund.

The fund tagged Endure 21, is Endure Capital’s second early-stage venture capital fund.

Fahim further stated that the new fund will focus its investments primarily on impact-driven early-stage startups in Africa.

Tech Trivia: Which of the following acronyms is a type of security measure?
A. PS/2
B. P2P
C. 2FA
D. Y2K
Answer: see end of post

2. Asian grocery delivery platform, Waysia, secures $10M to deliver Asian groceries in Europe

Waysia, an Asian grocery delivery platform has announced securing approximately $10M funding to deliver Asian groceries in Europe.

Read also:Nigerian payments startup, Grey Finance, secures $2m seed funding. 2 other stories and a trivia

Yejun Fan, founder, and CEO of Wayside disclosed the new funding in a media statement on Wednesday.

As per local reports, Waysia was previously known as Alorsfaim and started in Paris four years ago.

Ripples Nigeria gathered that the Pre-A round of nearly 10 million euros fund was led by Banyan Pacific Capital, with, Cathay Innovation, and Goodwater Capital also participating.

“The pandemic showed that the need for ethnic groceries was really underserved in Europe,” said Fan.

Ripples Nigeria understands that Waysia plans to enter the U.K. market with the new funding.

3. Uber launches new suite and safety products in Nigeria, other countries

Popular ride-hailing company, Uber, has launched a series of new safety products and features in Nigeria and other Sub-Saharan (SSA) African countries.

Uber SSA General Manager, Kagiso Khaole, confirmed the launch at an event on Wednesday.

Uber also announced expansion of its operations in Nigeria to Owerri and Akure in Nigeria, totaling 11 Nigerian cities among the 18 cities with Uber’s presence across West Africa.

“The introduction of UberX Share allows us to proudly demonstrate the power of our platform, understanding the ability to match riders’ destinations while providing convenience and affordability.

We are a global company that builds locally; and in Ghana, we take advantage of the local culture of carpooling when on the go, which makes this product ideal for the market,” says Khaole.

Country Manager, Uber Nigeria, Tope Akinwumi, said:

“We are committed to Nigeria, which is a key contributor to the growth of our business in Sub-Saharan Africa.

“We’re passionate about helping people move and discover their city with ease and helping drivers increase earning opportunities.

The new feature according to Uber will encourage riders to complete their safety profile by turning on and utilizing the available features such as Trusted Contacts, PIN verification, and RideCheck, among others.

Trivia Answer: Two-Factor Authentication

Two-factor authentication (2FA) is a security measure that requires two forms of authentication to access an account. It often works in combination with a username and password to add an extra level of security.

By Kayode Hamsat

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