LATEST TECH NEWS: CcHub launches investment to support African startups. 2 other things and a trivia you need to know today, December 3, 2020

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

1. CcHub launches investment to support African startups

Lagos-based Co-Creation Hub (CcHub) has announced launch of a CcHub Syndicate, an investment vehicle.

The new initiative is to empower investment firms and high net worth individuals (HNWIs) all over the world to co-invest alongside the hub in the most innovative companies across Sub-Saharan Africa.

According to press, CcHub already facilitates the Growth Capital Fund, but has been on the expansion trail across Africa of late by acquiring Kenyan incubator iHub and ed-tech startup eLimu.

This growth, is therefore, a continuation with the launch of “The Syndicate by CcHub”. Speaking on the interest of the organisation, the board noted that the new investment vehicle aimed at accelerating the growth of early-stage ventures delivering value-adding services and products to the African market at scale.

Today, through its network, CcHub controls a network of over 650 startups that can trace their roots to its various programmes and interventions.

To this end, the launch of the syndicate will further look into scaling CcHub’s impact. ‘Bosun Tijani, chief executive officer (CEO) of CcHub, stated that the syndicate was design to support startups as they face a difficult time.

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Tech Trivia:

Who is the richest tech genius?

A. Mark Zuckerberg
B. Jeff Bezos
C. Bill Gates
D. Michael Dell

Answer: See end of post.

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2. LocumBase secures capital from local angel investors

LocumBase, a South African startup seeking to expand its reach has secured further funding from local investors. The startup, an online platform, brings medical practices and locum practitioners together through a simplified locum booking process. According to review, the company is an independent platform that connects locums with practices that need them most. Going by the model, Locums listed on the platform are verified, and can then be booked by practices, with LocumBase handling all the administration. Earlier, the startup has been funded by Montegray Capital and Powerforce Ventures in 2018.

Read also: LATEST TECH NEWS: Salesforce acquires Slack for $27.7bn. 2 other things and a trivia you need to know today, December 2, 2020

However, this year, the startup received further boosts after taking part in the Grindstone Accelerator and joining Founders Factory Africa. Speaking on the funding, the startup acknowledged that the latter came with US$40,000 in funding, and LocumBase has now taken on additional capital from E-Squared and Jozi Angels to help it continue to grow. With the new cash, the startup is expected to use it to support version three of the product to market, with Zulé Vuuren, LocumBase’s founder and chief executive officer (CEO), saying it added “immeasurable value” to the business.

3. LetMeIn nets $144k seed funding

LetMeIn, a South African access management startup has joined list of African startups with new raiser in December. The raiser, a ZAR2.2 million (US$144,000) in seed funding, is expected to be invested into the scale up and expansion of the visitor access management platform. Reviews revealed that the visitor management platform successfully rolled out across eight African countries with multinationals including Barloworld, Cerebos, Dairymaid and MultiChoice, in March. Upon launch, it rolled out as CoronaFighter, a chatbot and web-enabled app that assists large organisations to screen and track symptoms of COVID-19 in the workforce.

Speaking on its evolution, the startup stated that its product, CoronaFighter, evolved into a fully integrated enterprise visitor and access management solution, LetMeIn, today, now raised seed funding from an undisclosed impact investor to help build out its product and expand usage. Marc Wetselaar, chief executive officer (CEO), while describing the product, added that the product uses a QR scanning algorithm. He said: “LetMeIn has created the first integrated suite of compliance-based visitor and access management applications including an admissions chatbot, a QR scanning access management app and an advanced management dashboard complete with live statistics and detailed reporting capabilities.”

Tech Trivia Answer: Jeff Bezos ($113 billion)

In 1994, Jeff Bezos launched Amazon.com Inc. (AMZN) after leaving a well-paying job at a Wall Street hedge fund. By starting Amazon as a simple online bookseller, Bezos was hoping to cash in on the rapid growth of Internet businesses in the 90s. Yet, through the years, both he and Amazon have proved to be transformative. Today, he leads the pack with the Microsoft genius Bill Gates ($98 billion) coming next.

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