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

Bako Motors, Sony Group, Haba, Cycls, Coinazer, iiDENTIFii, Lisa, Orange, Koolboks, Treepz, Curacel, were some of the names that made the headlines this week.

Sony Group during the week unveiled a $10 million innovation fund earmarked for African entertainment startups.

Also, Haba, a Nigerian insurtech startup founded in 2022 by Constance Oshafi, Stephen Onwe, and Paul Showemimo, announced raising a $75,000 pre-seed funding round.

Let’s get into details.

Sony Group has unveiled a $10 million innovation fund earmarked for African entertainment startups.

Building upon its track record of investment initiatives, such as the Sony Innovation Fund in 2016, the Innovation Growth Fund in 2019, and the Sony Innovation Fund: Environment in 2020, this latest endeavor, dubbed the Sony Innovation Fund: Africa, has been designed to bolster the burgeoning entertainment landscape in Africa.

The fund will concentrate its investments in early-stage startups operating within the realms of gaming, music, film, and content distribution across the continent, with an initial allocation of $10 million.

Bako Motors, a trailblazing Tunisian-German solar car startup, has launched an urban mobility drive after making substantial strides in the road transportation sub-sector.

Boubaker Siala, CEO of Bako Motors, made this known in a press release seen by Ripples Nigeria on Monday, October 16, 2023.

Established in 2021, the company garnered international acclaim for its eco-friendly innovations, notably exemplified by the Bako B1 electric tricycle.

Crafty Workshop, an Egypt-based Edtech company, has announced raising $400,000 in a Seed funding round led by EdVentures.

The startup co-founder, Hadeer Shalaby, stated this in a press release seen by Ripples Nigeria on Friday, 20 October, 2023.

The new raiser marks the second investment round that Crafty has received from EdVentures, MENA’s leading Edtech investor and CVC.

Haba, a Nigerian insurtech startup founded in 2022 by Constance Oshafi, Stephen Onwe, and Paul Showemimo, has raised $75,000 in a pre-seed funding round.

This funding injection is part of the company’s strategy to expand its offerings and redefine the insurance landscape in West Africa.

Haba has emerged as a force in the industry, offering a comprehensive suite of services tailored to meet the diverse needs of both individuals and businesses in Nigeria.

Saudi Arabia-based AI startup Cycls has announced a pre-seed funding round, raising $1 million from angel investors, as confirmed in a company statement.

Cycls seeks to integrate with a diverse array of services spanning industries such as e-commerce, telecommunications, travel, and personal finance.

The capital injection will facilitate the development of Cycls’ new product, “Sarya,” a chat-based generative AI tool, and support their expansion into the United Arab Emirates.

Nigerian cryptocurrency startup, Coinazer, has made entry into a new market, expanding into Brazil.

The development comes after the startup amassed 5,000 customers and facilitated transactions worth over US$3.8 million.

CEO Achigonye JohnPaul disclosed this in a press release seen by Ripples Nigeria on Tuesday, October 17, 2023.

South African digital identity startup, iiDENTIFii, has joined forces with Zambian bank Zanaco to introduce its identity solution to consumers and citizens in Zambia.

iiDENTIFii has developed face authentication technology that verifies users via their mobile phones or computers within seconds.

The startup serves multiple industry sectors and counts major pan-African banks, insurers, and mining companies among its clientele for both customer and employee authentication.

South Africa’s commercial real estate sector is on the brink of a transformative shift as Dutch-based technology platform, Lisa BV, unveils its smart leasing platform in the country, marking a significant development in the proptech landscape.

This pivotal move follows Lisa BV’s acquisition of the core leasing technology platform from Inospace, South Africa’s largest last-mile logistics operator.

The announcement was made by Rael Levitt, the Founder and CEO of Inospace, who heralded the arrival of Lisa’s proptech solution.

The U.S. Federal Trade Commission (FTC) has issued a consumer warning, cautioning that cryptocurrency deposits are not protected by the Federal Deposit Insurance Corporation (FDIC).

The agency emphasized that if a crypto company faces financial difficulties, the funds are not insured or guaranteed by the FDIC, and the government may not be obligated to intervene and help recover the deposited money.

FTC’s Consumer Education Specialist, Cristina Miranda, clarified the distinction, stating that deposits in FDIC-insured banks are safeguarded up to $250,000 in case of a bank’s failure.

Orange is set to partner with Franco-Nigerian startup Koolboks to launch a range of solar-powered freezers in 11 African countries where Orange operates.

The CEO of Koolboks, Ayoola Dominic, disclosed this in a press release seen by Ripples Nigeria on Wednesday, October 18, 2023.

Koolboks, according to the team, offers a freezing and refrigeration solution using equipment equipped with solar panels and batteries, providing up to three days of autonomous operation.

Nova Credit, a credit bureau and data analytics company, has closed $45 million in a Series C funding round to further expand its product suite and enhance the application of open finance in credit decision-making.

This was contained in a press release by the CEO, Misha Esipov, as seen by Ripples Nigeria on Wednesday, October 18, 2023.

According to a press release, the funding round was led by Canapi Ventures, which is Nova Credit’s primary investor.

Nigerian mobility startup, Treepz, has joined forces with insurtech company, Octamile, to introduce Treepz Care, an innovative insurance programme.

The CEO Onyeka Akumah noted that the new product aims to redefine travel and mobility experiences by offering comprehensive coverage and peace of mind to Treepz’s community of travelers and hosts.

Established in 2019 as Plentywaka and rebranded in September 2021, Treepz operates a digital platform that enables passengers to book daily rides on fixed routes.

A Nigerian embedded insurance startup, Curacel, has partnered with digital banking initiative, ALAT by Wema to expand its offering to new markets.

Henry Mascot, CEO of Curacel, stated this in a press release seen by Ripples Nigeria on Friday, October 20, 2023.

Described as a game-changing partnership, Curacel will leverage the collaboration to provide car, device, and health insurance to ALAT users.

In response to growing concerns over the accessibility of cash for online transactions, Kasssh has introduced a new service that allows consumers to pay for online purchases using cash in the United Kingdom.

The Founder, Piero Macari, disclosed this in a press release seen by Ripples Nigeria on Friday, October 20, 2023.

Ripples Nigeria gathered that the goal of the new service is to bridge the gap between cash and the booming e-commerce market.

Data Integrated, a Kenyan financial technology and mobility solutions company, has secured official approval from the Central Bank of Kenya to operate as a Payment Service Provider (PSP).

The CEO, Mary Mwangi, stated this in a press release seen by Ripples Nigeria on Friday, October 20, 2023.

Established in 2012 and headquartered in Nairobi, Data Integrated has reportedly developed and implemented a comprehensive Mobility as a Service (MaaS) platform with technology-based solutions for various key stakeholders within the public transport ecosystem.

Visit www.ripplesnigeria.com for top stories, reviews and analysis.

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