Sukhiba Connect secures $1.5m investment for expansion. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Sukhiba Connect secures $1.5m investment for expansion

A social commerce firm, Sukhiba Connect, has secured a $1.5 million seed funding, with CRE Ventures leading the round.

The development was confirmed in a press release by Ananth Gudipati, the CEO of the startup.

According to the team, other equity firms that participated include Antler, EQ2 Ventures, Goodwater Capital, Chandaria Capital, along with the support of several angel investors.

Speaking on the round, the management noted that the purpose of the financial backing is to facilitate Sukhiba Connect’s expansion into markets beyond its home base in Kenya.

Ripples Nigeria gathered that Sukhiba Connect redefines the social commerce landscape by simplifying the end-to-end purchasing process within the WhatsApp ecosystem.

The startup aims to empower businesses, with a focus on manufacturers and distributors.

With expansion on the horizon, the startup is poised to explore additional African markets, including Ethiopia, South Africa, Egypt, and Nigeria.

Trivia: Non-volatile memory has what advantage over volatile memory?

A. It maintains its contents when disconnected from power.
B. It is more resistant to data transmission errors.
C. Its memory modules are smaller.
D. It is significantly less expensive to produce.
Find answer below

2. SA’s legaltech startup, Contract Understanding, launches AI-Powered contract software

Contract Understanding, a South African legal-tech startup, has launched an artificial intelligence (AI)-enhanced software-as-a-service (SaaS) platform.

The CEO, Norman Kretzmer, stated this in a press release seen by Ripples Nigeria on Friday, October 27, 2023.

This new software is expected to enhance contract management processes, making it more efficient and reliable for businesses.

Upon rollout, the company’s technology will empower businesses of all sizes to attain a higher level of contract visibility, mitigate associated risks, effortlessly meet renewal or cancellation deadlines, and automate complex processes.

Commenting on the development, Norman Kretzmer, noted that their solution holds the potential to enhance an organization’s contract management cycle, ensuring compliance with contractual obligations and the optimization of contract benefits.

“Our solution allows companies to regain control over their contract benefits, obligations, and renewals. Our software analyzes and extracts critical data from each contract, providing comprehensive insight into the management of every contract within a company,” he commented.

“As entrepreneurs running medium-sized businesses, we encountered a range of challenges and frustrations in managing contracts after they’ve been signed.

“Pain points include losing track of physical paperwork, missing deadlines for favorable term renewals, failing to cancel contracts before auto-renewals, forfeiting incentives or discounts outlined in contracts, and incurring penalties due to non-compliance,” Kretzmer explained.

3. Green Climate Fund commits $50m to REPP 2

The Green Climate Fund (GCF) has granted its approval for a $50 million equity investment in REPP 2, an innovative debt fund poised to accelerate investment in the renewable energy sector across sub-Saharan Africa.

REPP 2, with a target fund size of $250 million, was led by Camco, a climate and impact fund manager.

According to media sources, the fund was launched to deliver substantial climate, economic, and gender-focused impacts while ensuring sustainable returns for its investors.

Sub-Saharan Africa faces a significant challenge, with approximately 590 million people lacking access to electricity, according to recent research.

To meet the United Nations’ Sustainable Development Goal 7 by 2030 and provide reliable energy access throughout the continent, the International Energy Agency estimates that a staggering $22 billion is required annually.

Meanwhile, the region confronts a mounting series of climate-related challenges, necessitating an estimated $2.8 trillion by 2030 to fulfill its Nationally Determined Contributions under the Paris Agreement.

Trivia Answer: It maintains its contents when disconnected from power

Non-volatile memory (NVM) is a type of memory that retains stored data after the power is turned off. Unlike volatile memory, it does not require an electric charge to maintain the storage state. Only reading and writing data to non-volatile memory requires power.

Storage devices, such as HDDs and SSDs, use non-volatile memory since they must maintain their data when the host device is turned off.

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