Connect with us


Lagos displaces Nairobi as Africa’s top startup city. 2 other things and a trivia



How Google joined Facebook to redefine “free” as it launches Lagos hub for developers

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

1. Lagos displaces Nairobi to become Africa’s top startup city

How Google joined Facebook to redefine “free” as it launches Lagos hub for developers

Nigeria’s commercial capital, Lagos, has been named Africa’s top startup city, displacing Kenya’s Nairobi which was earlier holding the title.

This is according to the recently released StartupBlink Ecosystem Index Report 2021.

Now ranked 122nd globally, the city takes over from Nairobi which now ranks 136 globally.

Still leading the pack is San Francisco and New York, maintaining their positions from the last rating.

Described as the “supernova” of startup ecosystems, San Francisco scored 328.96, nearly 3 times higher than New York’s 110.77.

The Global Startup Ecosystem Index is built using hundreds of thousands of data points processed by an algorithm that takes into account several dozens of parameters including the number of startups, the size of the domestic market, the ease of doing business amongst others.

Tech Trivia: Steve Jobs and Steve Wozniak were well-known founders of Apple Inc., but there was a third founder. What was his name?

A. Ronald Wayne
B. Paul Allen
C. Chris Knight
D. Linus Torvalds

Answer: See end of post.

2. Cape Town fintech invests in local startup FundingHub

Cape Town-based fintech, Finch Technologies, has invested an undisclosed amount in local startup, FundingHub.

FundingHub is one of South Africa’s leading business finance marketplace.

The new investment comes as a second equity funding, and makes the company FundingHub’s majority shareholder.

Since its inception in 2017, FundingHub connects SMEs with 33 banks and alternative lenders.

Michael Bowren, Finch Technologies CEO, expressed excitement over the new investment.

Read also: Crypto startup Amber Group closes $100m funding. 2 other things and a trivia

He said: “We made a second investment into FundingHub due to its dramatic growth over the past 18 months. We are confident about the ongoing expansion of this business.

“We are particularly interested in investing in technology-driven businesses that help financial service providers originate sales, onboard new clients seamlessly and enrich their database. It is through the seamless origination and onboarding that real value is offered to businesses and consumers.”

3. Egyptian trucking marketplace Trella secures $42m funding round

Looking at commencing a major expansion, Cairo-based digital trucking marketplace Trella has secured a US$42 million Series A funding round.

According to the startup, the funding comprised of US$30 million in equity and US$12 million in debt facilities.

The development comes as the startup seek to expand its portfolio to the Middle East, North Africa, Afghanistan, and Pakistan (MENAP).

Launched operation in 2018, Trella is a B2B technology platform and trucking marketplace connecting shippers with carriers in real-time.

Today, the startup has over 350 shipper partners including blue-chip brands such as Coca-Cola, Maersk, Mondi, Henkel, Orascom and Cemex.

The equity element was led by Maersk Growth – the corporate venture arm of global multinational A.P. Moller – Maersk – and Raed Ventures, a Saudi Arabian venture capital firm.

Tech Trivia Answer: Ronald Wayne

According to CNBC, Wayne joined the nascent Apple in 1976 and was given 10 percent ownership. He lasted only 12 days, became quickly concerned he would be held personally responsible for the company’s debt, decided to leave and sold back his share to Jobs and Wozniak for $800, the network reported.

By Ridwan Adelaja…

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now