LATEST TECH NEWS: Egypt’s Dsquares nets funding to scale business. 2 other things and a trivia you need to know today, December 8, 2020

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

1. Egypt’s Dsquares banks funding to scale business

Eight years old Egyptian loyalty and rewards solutions provider Dsquares has banked fresh funds to help it scale a new business line.

According to the rewards solutions startup, the fund will be used to expand geographically across Egypt and internationally.

In its eight years in business, Dsquares has developed data-driven loyalty and rewards programmes that significantly help clients retain their customers, develop their spend pattern, and increase profitability.

Industry insight revealed that the startup saw strong uptake in the B2B loyalty solutions market across the MENA region, supporting large corporate clients including banks, FMCGs, and telecom operators.

Dsquares plans to further expand with this latest funding, but will also scale Lucky, a mobile app it launched last year to offer customers discounts from different brands.

Tech Trivia:

Which company acquired professional networking site LinkedIn in 2016?

A. Google
B. Facebook
C. Microsoft
D. Apple

Answer: See end of post.

2. Founder Institute launches virtual accelerator in Ghana

World’s largest pre-seed accelerator, Founder Institute, has opened applications for its latest virtual accelerator in Ghana. The accelerator aims to help early-stage Ghanaian entrepreneurs build their businesses alongside a support network of startup experts. Founded by Adeo Ressi and Jonathan Greechan and operated out of Palo Alto, California, the 11 year old institute connects startups with experts who share equity in their success, and its business-building process has so far helped alumni raise over US$950 million.

Read also: LATEST TECH NEWS: Nigeria, 29 others make Seedstars regional finals. 2 other things and a trivia you need to know today, December 7, 2020

Contributing immensely to the development of I/T in Ghana since its launch, the programme has created various promising technology companies in the country, like Grow-For-Me, Akoo Books, and Insurerity, and its latest edition will take place completely online. Speaking on the development, the board noted that the accelerator is open to any aspiring entrepreneur or team interested in building a technology business. Hence, the institute, in a recent press release, called out for applications into the Ghana Virtual Founder Institute cohort, which is slated to commence in February 2021.

3. Kenya’s Sokowatch introduces commercial electric tuk-tuks in Uganda

Kenyan e-commerce platform Sokowatch has reportedly introduced electric tuk-tuks to its delivery fleet in Uganda. The development goes on to make the vehicles the first to be used commercially in East Africa. Recall that the startup was launched in Nairobi four years ago with the aim to reinvent retail in Africa by providing real-time delivery, financing for growth, and data for business management to informal merchants.

Industry insights further revealed that the startup allows informal retailers to order products for their stores via SMS, voice call, or mobile app with free same-day delivery, and also offers customised lines of credit to retailers. Today, Sokowatch has over 16,000 shop owners in its network, and is easing access to essential goods and services across nine major cities in East Africa. Meanwhile, the startup, after raising a US$14 million Series A funding round earlier this year, has now added electric tuk-tuks to its delivery fleet in Uganda.

Tech Trivia Answer: Microsoft

Microsoft Corp. and LinkedIn Corporation in 2016 announced they have entered into a definitive agreement under which Microsoft will acquire LinkedIn for $196 per share in an all-cash transaction valued at $26.2 billion, inclusive of LinkedIn’s net cash. The agreement, however, contained that LinkedIn retains its distinct brand, culture and independence.

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