LATEST TECH NEWS: Nigeria’s Farmcrowdy ventures off as food vendor. 4 other things and a trivia you need to know today, May 1, 2020

These 5 latest stories from the tech space will keep you updated with trends today.

1. Nigeria’s Farmcrowdy launches e-commerce as food vendor

With an increasing demand for food amongst other essential communities as directly influenced by the state-imposed lockdown to fight the spread of COVID-19 within the country, Nigerian agri-tech startup Farmcrowdy has ventured into e-commerce with the launch of Farmcrowdy Foods. This initiative from the 4-year-old startup will serve as a one-stop digital marketplace that allows consumers to conveniently purchase highly affordable fresh food products from the comfort of their homes.

Although, the Farmcrowdy platform had initially ventured into the tech space to connect small scale farmers across Nigeria with access to finance sourced from individuals and corporates via its online platform, the new food e-commerce idea is launched to allow users buy fresh food directly from farmers via its web platform, leveraging its built-up network over the years.

According to statements from the startup, an Android app has been rolled out on this offering while the iOS version is in the pipeline to follow.

2. Four African investors join BFA Global to invest in Catalyst Fund

Four African investors have joined BFA Global to invest in its Catalyst Fund, a global inclusive Fintech accelerator initiative. Although the new signing reportedly featured 6 investment firms where 4 are from Africa, the Catalyst Fund now comprises of over 55 leading Fintech investors in emerging markets.

According to a public statement on the new development, the four from Africa include South Africa’s Crossfin, Nigeria’s Greenhouse Capital and Microtraction and Kenya’s AHL Venture Partners. With the two other non-African VCs, the four will join Catalyst Fund’s Circle of Investors, a collaborative, global community of investors committed to backing inclusive Fintech startups.

---

Tech Trivia:

What was Nokia’s first business venture?

A. Mobile phones
B. Paper production
C. Computer hardware
D. Television

Answer: See end of post.

---

3. Ghana’s retail-tech startup Sumundi raises funding from GreenTec Capital

Ghana-based retail-tech startup, Sumundi, has secured funding from GreenTec Capital to help it expand operations within its market. While it has been playing in the retail space as a developer of an innovative digital retail management platform designed to help retailers manage, grow, and sustain their businesses, the new raiser is expected to give the 2 year old startup an opportunity to extend its services to adjacent markets as it also looks at service improvement to retain existing users.

Read also: LATEST TECH NEWS: Nigeria’s Stears raises USD600k. 4 other things and a trivia you need to know today, April 28, 2020

Market reviews from Ghana noted that since inception in 2018, the Ghanaian startup has significantly developed a retail management platform, available online and offline, that helps store owners record sales, generate receipts, and track inventory, allowing them to keep track of what is going on in their shop in real-time. It’s fast paced growth has also been linked to its PoS services as its easy-to-use point of sale (PoS) software and inventory management software makes it easy for small shops and retailers to adopt technology into their businesses, benefitting from inventory management, accounting, e-commerce, fulfilment, and logistics services.

4. COVID-19 hits mobile phone market as smartphone shipments drop 13% globally

13% down, the lowest in 8 years, the global smartphone market just took a big hit. Following two quarters of much-needed growing, the COVID-19 pandemic has collapsed the smartphone shipment figures, a development that has included the mobile phone industry into the list of other countless industries witnessing a fall as a result of the Wuhan-originated virus.

According to analysts, the impact on the global supply chain was first centered in Asia, along with a drop in demand among consumers in China. It plummeted when as Europe, the U.S. and other locations continue to live under shelter in place orders. While this fall is understandable and expected by industry experts, there are predictions that it might likely fall further in the next quarter as more workers have lost jobs and will be saving for more essential commodities over changing or purchasing phones.

5. Facebook shares rise 10% with $17.7 billion revenue in Q1 2020

Social networking website, Facebook, according to its Q1 2020 report, has generated $17.74 billion in revenue, a significant rise from its previous $17.3 billion revenue, despite the outbreak of the pandemic. On a year on year bases, the revenue generated indicates an 18% increase from the numbers recorded during the same time last year.

According to reports, hours after the release of the Q1 2020 report, Facebook shares rose by about 10%. Analysts suggested that this was a result of optimism expressed by the announcement that business was steady after the company suffered a steep decline in advertisement sale in March. However, this hike is currently being observed to see how well it will perform in future trading.

Tech Trivia Answer: Paper production

Nokia has been adapting to the needs of an ever-changing world for over 150 years. From its humble beginning in 1865 as a single paper mill business venture, Nokia has found and nurtured success over the years in a range of industrial sectors before entering into the mobile phone manufacturing sector. Among these other industries include: cable, paper products, rubber boots, tires, and televisions. Nokia’s transition to a primary focus on telecommunications only began in the 1990s, and became, in 1998, the best-selling mobile phone brand in the world. Among other credits, before it bowed to competition, Nokia, in 2003 introduced the first camera phone.

Join the conversation

Opinions

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