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

Moove, NCC, X, NEC, Solaris, tappi, P1 Ventures, Barakah, Microsoft, Google, are some of the names that made the headlines this week.

Nigerian-founded mobility fintech startup Moove, has secured $100 million in Series B funding, bringing its total raised capital to over $460 million and valuing the company at $750 million.

Also, The National Economic Council (NEC) has endorsed the implementation of the $617.7 million Investment in Digital and Creative Enterprises (i-DICE) programme in the 36 states of the federation and the FCT.

Let’s get into the details

Nigerian-founded mobility fintech startup Moove, has secured $100 million in Series B funding, bringing its total raised capital to over $460 million and valuing the company at $750 million.

Ladi Delano, founder of Moove confirmed this raise in a statement seen by Ripples Nigeria on Wednesday March 20, 2024.

The funding round, which includes investment from Uber and existing investor Mubadala, aims to expand Moove’s vehicle ownership access model globally, particularly focusing on electric vehicles.

Elon Musk’s social media platform X, formerly known as Twitter, has unveiled a new feature allowing developers to purchase top-up packs for its developer API program.

These paid upgrades enable developers to access approximately 10,000 posts for $100 should they reach their current tier’s limit halfway through the month.

The development followed Elon Musk’s decision to restrict free API access and introduce paid tiers, with the basic level starting at $100 per month last year, and a Pro tier priced at $5,000 per month with expanded limits later on.

Microsoft has named Mustafa Suleyman as the Executive Vice President and CEO of Microsoft AI, with Karén Simonyan joining as Chief Scientist.

The CEO, Satya Nadella, disclosed the appointment as part of an organizational update, underscoring the company’s dedication to advancing artificial intelligence (AI).

Suleyman’s established leadership as a founder of DeepMind and Inflection, combined with his proficiency in product development and team management, positions him strategically within Microsoft’s senior leadership.

The National Economic Council (NEC) has endorsed the implementation of the $617.7 million Investment in Digital and Creative Enterprises (i-DICE) programme in the 36 states of the federation and the FCT.

At its 140th meeting held virtually Thursday, chairman of the Council, Vice President Kashim Shettima declared the firm resolve of the renewed hope administration of President Bola Ahmed Tinubu to leave a legacy of prosperity and opportunity for all Nigerians.

He told state governors to nominate persons to represent each geo-political zone at the zonal level and focal persons to lead the implementation of the programme in their respective states.

Berlin-based Fintech, Solaris has disclosed its €96 million Series F funding round, spearheaded by SBI Group alongside previous investors.

Established in 2015, Solaris facilitates businesses in providing financial services to their clientele through API integrations, boasting a workforce of over 750 employees across 10 locations spanning Europe and India.

Ripples Nigeria gathered that the German fintech has obtained a financial guarantee of up to €100 million in capital equivalent.

France’s Competition Authority slammed a staggering blow to Google, imposing a hefty €250 million ($272 million) fine for violating a pivotal agreement forged in 2022.

The accord aimed to regulate payments to media companies for their online content reproduction.

Allegations against the tech giant extend beyond mere financial remuneration, as authorities in Paris accused Google of failing to engage in “good faith” negotiations with news publishers regarding appropriate compensation for content usage.

The Nigerian Communications Commission (NCC) has confirmed that voice and data services affected by recent undersea cable cuts have been restored to nearly 90% of their peak utilization capacities.

Recall Last Week, the internet connectivity disruptions swept across some parts of African continent following reports of damage to critical subsea cables along the western coast.

The West Africa Cable System, MainOne, and ACE sea cables, vital for telecommunications data transmission, experienced impairments, leading to widespread disruption among mobile operators and internet service providers.

A digital commerce startup, tappi, has broadened its reach to include Côte d’Ivoire, marking its third African country of operation following prosperous ventures in Kenya and Nigeria.

Kenfield Griffith, tappi’s CEO and co-founder, confirmed this in a statement seen by Ripples Nigeria on Wednesday March 20, 2024.

This expansion, facilitated by an established partnership with MTN, aims to tap into the telecom giant’s vast customer base of 17 million subscribers.

P1 Ventures, an early-stage venture capital fund, has finalized the second close of its second fund, securing $35 million with the aim to propel advancements in sectors like AI-powered Software as a Service (SaaS), where the firm sees Africa’s substantial economic potential.

Mikaeql Hajjar, co-founder and managing partner of P1 Ventures, confirmed this in a statement seen by Ripples Nigeria on Wednesday March 20, 2024.

The influx of funds will facilitate the expansion of P1 Ventures’ team and operations into Dakar, Senegal, and Nairobi, Kenya.

A foodtech startup based in Saudi Arabia, Barakah, has secured an undisclosed funding round from German-based venture capital firm FoodLabs, marking FoodLabs’ first investment in a startup based in the Middle East and North Africa (MENA) region.

Established in 2022 by Rabah Habiss and Abdulaziz Al Saud, Barakah aims to combat food waste by assisting restaurants, bakeries, and grocery stores in selling their surplus inventory through its mobile application.

The newly acquired funding will facilitate Barakah’s expansion efforts within Saudi Arabia and its entry into new markets within the Gulf Cooperation Council (GCC) region.

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