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LATEST TECH NEWS: Global Startup Awards to expand across Africa. 2 other things and a trivia you need to know today, October 12, 2020

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

1. Sponsors of Global Startup Awards seek expansion across Africa

Sponsors of the Global Startup Awards, being the largest independent startup ecosystem awarding platform, have initiated a drive to expand across Africa. According to the body, the plan is to thrust beyond its existing territories.

To this end, the ambition is expand into the South, North, East and West African territories. Reviews, from experts familiar with the activities of the organisation, noted that the Global Startup Awards was aimed to find, recognise and connect the future-shapers of the digital age from all around the world.

Reports from industry insights further revealed that it was first launched in Africa in 2018 as the Southern Africa Awards before undergoing rebranding in line with the pan-African launch. Hence, the new continent-wide awards, as projected, will include all 54 African countries.

Speaking on the development, Péter Kovács, Global Startup Awards Founding Partner, said the expansion was necessary as it was a way to fulfil its purpose of overcoming cross-board collaboration. He said: “This expansion is critical as the awards were born from a vision to overcome borders for collaboration. Now, with the addition of these territories, we are able to connect, support, and celebrate key players in more than 105 countries across 10 regions.”


Tech Trivia:

These underlisted letters below form the first name of a prominent tech leader

O.
L.
N.
E.

Answer: See end of post.


2. Thailand’s Flash Express closes $200 million Series D

Two year old Thailand based logistics company, Flash Express, has announced closing $200 million in a new financing round. According to press, this comes on the heels of its ambition to double down on a rapidly growing market spurred by demand due to the coronavirus pandemic. Speaking on the investors, the company noted that the funding, marked Series D, was led by PTT Oil and Retail Business Public Company Limited, the marquee oil and retail businesses of Thai conglomerate PTT.

Read also: LATEST TECH NEWS: Nigeria’s Cashbox accrues $2.5m from 100k users. 3 other things and a trivia you need to know today, October 9, 2020 Latest Tech news

However, press noted that Durbell and Krungsri Finnovate, two other top conglomerates in the Southeast Asian country, also participated in the round, bringing Flash Express’ to-date raise to about $400 million. Flash Express, operating as a door-to-door pickup and delivery service, is the second largest private player to operate in this space. On its venture and milestones, the startup reportedly entered the market with delivery fees as low as 60 cents per parcel, baiting its customers to convert more. Today, the startup has expanded aggressively in the past year, having over 5,000 leads, exceeding those of 138-year-old Thailand Post.

3. AC Ventures closes first $80 million fund raiser

AC Ventures has closed its first funding round, an $80 million funding. According to AC Venture, the fund is expected to be invested in startup growth to improve the Indonesian economy. With $56 million of already committed, the capital will be invested into 30 Indonesian startups over the next three years, with first checks of up to $3 million going to seed to Series A-stage companies. Experts stated that as Indonesia remained one of the world’s most populated countries, it, hence, looks to tap into the opportunity to expand its coast.

Based in Jakarta with a team of twelve people, ACV is a strategic alliance between AC Ventures and Indies Capital. Working to achieve this ambition, the founding partners include Adrian Li and Michael Soerijadji, who are both founders and managing partners at AC Ventures, and Indies Capital managing partner Pandu Sjahrir. According to press, Sjahrir is also on the board of two Indonesian unicorns, Gojek and Sea. Going forward to seal deals, the alliance has already made investments in nine startups: Shipper, Kargo, Stockbit, Bukuwarung, ESB, Co-Learn, KitaBeli, Aruna and Soul Parking.


Tech Trivia Answer: Elon Musk

Elon Reeve Musk is an engineer, industrial designer, technology entrepreneur and philanthropist. He is the founder, CEO, CTO and chief designer of SpaceX; early investor, CEO and product architect of Tesla, Inc.; founder of The Boring Company; co-founder of Neuralink; and co-founder and initial co-chairman of OpenAI.

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