LATEST TECH NEWS: Africa Ghanaian firm, AFG, looks to expand to three new markets. 2 other things and a trivia you need to know today, September 9, 2020

These latest stories from the tech space will keep you updated with trends today.

1. Africa Foresight Group, AFG, looks to expand to three new markets

Ghana-based Africa Foresight Group (AFG) has announced plans to expand to South Africa, Kenya and Ethiopia after raising US$700,000 in seed funding. The startup, which has developed a platform offering access to the largest network of freelance management consultants on the continent, was founded in 2016. The management organisation allows leading companies, investment funds and development partners to hire teams to make the right strategic decisions and achieve sustainable success.

Utilising an online platform and machine learning to build an entirely new model for consulting in Africa, the startup’s proprietary technology platform matches teams with open project opportunities, manages performance data, and supports the invoicing and payments process. The new development comes after a raiser from investors. Last month, the startup had raised a US$700,000 seed round led by Consonance Investment Managers and GFH Holdings. It had noted that the raiser would be used to expand further across the continent. Before now, the startup was already operating in Ghana, Nigeria, Ivory Coast, Tanzania, Rwanda, as well as the United States (US) and United Kingdom (UK).

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Tech Trivia:

Which social media platform is adapted to support job employment facility?

A. Microsoft
B. Facebook
C. LinkedIn
D. Twitter

Answer: See end of post.

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2. Kenyan startup Solarise closes $7.2m Series B funding round

Solarise, one of Kenyan clean energy and energy efficiency leasing company, has reportedly closed a US$7.2 million Series B funding round. According to the startup, the new fund is to help it scale further across the continent. Solarise Africa, which is an energy leasing company for solar and other energy assets, was founded by Patrik Huber, Jan Albert Valk and Sakkie van Wijk, focusing their venture on commercial and industrial clients (C&I).

Read also: LATEST TECH NEWS: Cameroonian healthtech startup Healthlane closes $2.4m funding. 2 other things and a trivia you need to know today, September 8, 2020

Industry reviews revealed that the company provides smart financing via a selected group of partners. It completed its Series A round last year, and has now raised a Series B to help it further scale. Solarise noted that the cash comes from existing investors Energy Access Ventures (EAV) and the European Union-funded ElectriFI, as well as Proparco, a subsidiary of the French Development Agency (AFD). Solarise is expected to use the funding to further develop its operations on the continent.

3. Dawn Capital raises another $400M fund to focus on software development

A London-based VC, Dawn Capital, has raised its fourth and largest fund: $400 million that it plans to use to continue investing in early stage startups. Although, acknowledgedly oversubscribed and closed within six months of launching in the midst of a global health pandemic, the news, according to press, “underscores how VCs — and their investors — continue to see opportunity in the region, despite the many uncertainties that hang over us right now.” Speaking on the development, Haakon Overli, Dawn’s co-founder and a general partner, expressed his excitement over the improvement of the general portfolio.

He said: “European founders are doing really well, with lots of good stories in our portfolio already, and they’re just getting better.” He further stated he believed the world was in the beginning of a big wave, where we will see not just more promising B2B startups emerge, but more of them scale within regions rather than decamp elsewhere. Reviewing the company’s traction, Dawn’s focus is currently on four main areas: data and analytics, security, fintech and “the future of work”. Highlighting its reach, Dawn has, since inception, invested in about 40 companies.

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Tech Trivia Answer: LinkedIn

LinkedIn is an American business and employment-oriented online service that operates via websites and mobile apps. Launched on May 5, 2003, it is mainly used for professional networking, including employers posting jobs and job seekers posting their CVs. As of 2015, most of the company’s revenue came from selling access to information about its members to recruiters and sales professionals. Since December 2016 it has been a wholly owned subsidiary of Microsoft.

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