TechNigeria: A weekly digest of what went down in Nigeria’s tech space

Qawafel initiative, Canapi Ventures, Susu, E4E Africa, TUNL, NDPC, Emerald Africa, SumUp, Midori, Ebury, Lendo, were some of the names that made the headlines this week.

TUNL, a South African parcel shipping platform, has closed $1 million in pre-seed funding from investors, including Founders Factory Africa, Digital Africa Ventures, E4E Africa, and Jozi Angels.

Also, Global digital ecosystem, Aleph, has entered an exclusive partnership with Audiomack, the New York-based audio streaming platform.

Let’s get into details

TUNL, a South African parcel shipping platform, has closed $1 million in pre-seed funding from investors, including Founders Factory Africa, Digital Africa Ventures, E4E Africa, and Jozi Angels.

This was contained in a press statement issued by startup CEO Matthew Davey, and seen by Ripples Nigeria on Thursday, December 14, 2023.

The substantial investment is expected to fortify TUNL’s expansion initiatives within its core market, South Africa.

A Tunisian startup, Qawafel initiative, has announced intent to expand its footing across Africa as it seeks to bolster the global presence of Tunisian startups and small to medium-sized enterprises (SMEs) on the African continent.

According to the firm, it is looking to encourage SMEs formulate programs aimed at assisting startups in their endeavors to internationalize.

The startup is expected to give each participating entity a grant ranging from 75,000 to 120,000 euros.

A South Africa-based venture capital fund, E4E Africa, has announced closing the first round of its E4E Africa Fund II, securing a total of $30 million.

According to the company board, it has invested in 11 startups through its initial fund, including notable names like insurtech Pineapple, home-services platform SweepSouth, and digital marketplace Qwili.

Launched in July 2020 with support from the SA SME Fund, E4E Africa specializes in supporting entrepreneurial teams.

Global digital ecosystem, Aleph, has entered an exclusive partnership with Audiomack, the New York-based audio streaming platform.

The Co-Founder, David Ponte, stated this in a statement seen by Ripples Nigeria on Monday, December 11, 2023.

This collaboration designates Aleph as Audiomack’s Authorized Sales Partner in Nigeria and Ghana, reinforcing Aleph’s commitment to strengthening its presence in Sub-Saharan Africa (SSA).

Renowned tech entrepreneur, Elon Musk, has disclosed intentions to establish a technology-focused university in Austin, Texas.

The development was disclosed in recent tax filings pertaining to his philanthropic venture, The Foundation.

Having relocated to Texas amid the pandemic, Musk is earmarking an initial funding of approximately $100 million for the university’s inception.

Ivorian healthtech startup, Susu, has announced securing a funding round of 4.8 million dollars.

The round, according to the startup, saw the participation of investors including INCO Ventures, Al Mada Ventures, Janngo Capital, Open CNP, Health54 (CFAO Healthcare), Launch Africa Ventures, Five35 Ventures, Plug and Play Ventures, and various other business angels.

The Susu management noted that the newly secured fund is earmarked for expansion as a healthcare service provider across Africa.

The Nigeria Data Protection Commission (NDPC) has sought to enhance the data protection sector by introducing the Nigeria Data Protection Strategic Roadmap and Action Plan (NDP-SRAP 2023-2027) in a launch event held in Abuja.

The initiative, according to the commission, aligns with the Ministry of Communications and Digital Economy’s agenda and blueprints.

The launch, which coincided with a capacity-building workshop on Data Privacy and Protection for Data Protection Officers, is anticipated to generate over N125 billion in revenue and create approximately 500,000 jobs.

A financing facility and startup incubator, Emerald Africa, has announced its interest to invest in two East African startups –namely Patasente and Sevi.

According to the financial firm, its management will provide working capital or cash flow financing at the pre-Seed/Seed stage, offering funding up to $250k.

Ripples Nigeria gathered that Patasente, which is a Ugandan startup in the country’s agriculture value chain, enables transactions between sellers and buyers.

The President of Nigeria, Bola Ahmed Tinubu, has commissioned a fleet of 107 electric/gas buses and taxis in Borno State.

The development comes as government explore opportunities to alleviate the impact of the fuel subsidy removal through a mass transit scheme.

The mass transit fleet comprises 35 units of 30-seater gas-powered coaster buses, 12 units of 15-seater gas-powered Hummer buses, 10 units of 50-seater gas-powered mass transit buses, and 50 units of 4-seater electric-powered taxi vehicles.

UK-based fintech, SumUp, has secured €285 million (approximately $307 million) in its latest funding round.

The raiser, according to the startup, is expected to help fuel international growth initiatives and while enhancing the startup’s array of payment services tailored for small and medium-sized enterprises (SMEs).

Valued at approximately €8 billion ($8.6 billion) during its previous funding round led by Bain Capital Tech Opportunities in June last year, SumUp’s latest funding is anticipated to surpass this valuation, although an exact figure has not been disclosed.

A climate-tech company, Midori, has announced securing $200,000 in pre-seed funding from Kirill Veselov, an angel investor and former investment director of Mint Capital, during COP28 in the UAE.

The announcement comes amid Dubai’s hosting of the COP28 climate conference, where Midori Network was featured as one of the startups presented by in5.

According to the startup, the funds secured will be directed towards launching the first prototype of a container-based mobile recycling module designed for deployment in rural areas.

The UK-based fintech, Ebury, has completed the acquisition of Prime Financial Markets, a financial services firm based in Johannesburg, South Africa to expand footing into the continent.

The acquired company, Prime Financial Markets, specializes in intermediary services such as treasury evaluation and hedge execution.

Ripples Nigeria gathered that the London-headquartered company is renowned for its expertise in international payments, collections, foreign exchange, cash management, trade finance, and foreign exchange risk management.

Lendo, a Saudi Arabian debt crowdfunding platform, secures a noteworthy $28 million in Series B funding.

The CEO, Osama Alraee, stated this in a press statement seen by Ripples Nigeria on Monday, December 11, 2023.

The financing round is spearheaded by Sanabil Investments, a wholly-owned entity of the Public Investment Fund (PIF), and witnesses participation from notable backers like Shorooq Partners, AB Ventures, and various other investors.

Canapi Ventures, a US-based venture capital firm endorsed by approximately 70 American financial institutions and investors, has secured a $750 million for its latest fund, signaling a commitment to fortify investments in fintech ventures and propel the evolving financial services landscape.

Managing Partner, Gene Ludwig, stated this in a statement seen by Ripples Nigeria on Monday, December 11, 2023.

Building upon the success of Fund I, the VC firm asserts 20 strategic investments spanning areas such as fraud and identity, financial infrastructure, lending and credit, payments, and real estate technology.

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