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

MTN Group, Lightyear, Catalyst Fund, DigsConnec, Capchase, Zazuu, Thunes. These are some of the names that made the headlines this week.

A Nigerian non-profit social enterprise, Techrity, has announced plans to host a crypto-focused event in Africa.

Also, Nigerian-founded Digital Music and Commerce Exchange Limited (DMCE) has announced partnership with ChordCash to launch Orin Fund for African Artistes.

Let’s get into details.

During the week, telecommunications giant, MTN Group Ltd., announced plans to acquire domestic rival, Telkom SA SOC Ltd.

MTN’s announcement comes in a statement, noting that the deal will see the combination of South Africa’s second and third-largest telecommunications operators.

What you should know: Discussions are still budding and transactions between both parties are yet to be authenticated.

On fund raiser, investment platform, Lightyear, on Friday announced securing $25 million in a Series A round led by Lightspeed Venture Partners.

Lightyear co-founder and CEO Martin Sokk confirmed in a statement that Mosaic Ventures, Taavet+Sten, and Metaplanet all participated in the round alongside new investor Virgin Group and many new and existing angel investors.

What you should know: The startup combines multi-currency accounts — where users can add, hold and invest in different currencies — with access to global markets so users can invest.

A Kenyan tech accelerator, Catalyst Fund, managed by BFA Global, secured $3.5M from FSD Africa to support African entrepreneurs.

Maelis Carraro, Managing Director of Catalyst Fund, confirmed receiving the funding on Friday in a media release.

What you should know: Catalyst Fund is supported by the UK Foreign, Commonwealth, and Development Office (FCDO), JPMorgan Chase & Co., and PayPal.

A popular South African digital student accommodation platform, DigsConnec, on Thursday announced the closure of its Pre-Series A seed extension round.

The startup, in a press release, disclosed closing the funding round after securing an undisclosed multi-million Rand investment.

What you should know: Launch Africa, Goodwater Capital, Five35 Ventures, and Delta Ventures all co-invested in the funding round.

A Kenyan Venture Capital has closed a $40 million equity investment from Norfund, and KLP, through their joint company KLP Norfund Investments AS.

Pieter Joubert, President, and Chief Investment Officer, CrossBoundary Energy, while confirming the co-investment in a media release on Thursday, noted that the $40 million commitment is a continuation of Norfund and KLP’s earlier investments.

What you should know: The startup provides tailored, fully financed renewable energy solutions to its corporate customers in a bid to allow them avoid upfront capital expenditure and technical risks.

A US-based fintech, Capchase, has, during the week, announced securing over $400 million worth of additional debt financing backed by i80 Group and an international banking group.

Capchase CEO, Miguel Fernandez, confirmed the development in a media release on Thursday as seen by Ripples Nigeria.

What you should know: The new funding will be used to support software-as-a-service (SaaS) start-ups across the US and Europe.

More on fund raiser, a U.K.-based and Africa-focused fintech startup, Zazuu, secured a new $2 million venture round to expand infrastructure.

The new round of funding was confirmed in a statement by Zazuu CEO, Kay Akinwunmi, seen by Ripples Nigeria on Wednesday.

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

What you should know: The UK-based company was founded in 2018 by Kay Akinwunmi, Tola Alade, and Tosin Ekolie.

A Singapore-based global cross-border payment company, Thune, has signed a strategic partnership with Morocco’s Attijariwafa Bank.

Asma Ben Gamra, VP of network development, MENA, at Thunes, disclosed the strategic partnership in a media release seen by Ripples Nigeria on Wednesday.

What you should know: The partnership will ease payment transactions for bank owners in Morocco.

A Nigerian non-profit social enterprise, Techrity, has announced plans to host a crypto-focused event in Africa.

The social enterprise disclosed this on Monday in a statement made available to Ripples Nigeria.

What you should know: The hosting, which is slated for Saturday, July 16th, 2022, comes in collaboration with African Blockchain Center for Developers (ABCD) and the RSK (Rootstock) community.

A Digital Music and Commerce Exchange Limited (DMCE) has announced partnership with ChordCash to launch Orin Fund for African Artistes.

The new partnership deal was confirmed in a media release on Monday by Oyinkansola Foza Fawehinmi, President at DMCE.

What you should know: The new product launch, Orin Fund, is an e-commerce marketplace holding various forms of financial products for artists across Africa.

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