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

Sukhiba Connect, Contract Understanding, Anava, Olive Gaea, Neo Mobility, Greenbles, SettleQuick, X, Verod Capital, Circadian, were some of the names that made the headlines this week.

Ghanaian battery network solutions company, Kofa, during the week has announced partnering with TAILG Group, a Chinese electric vehicle manufacturer, to launch the Jidi electric motorcycle.

Also, BayWa r.e. Energy Ventures has taken a lead in a funding round, estimated at 1.25 million Euros ($1.3M), to support the Berlin-based and Africa-focused energy startup, Circadian.

Let’s get into details.

Ghanaian battery network solutions company, Kofa, has announced partnering with TAILG Group, a Chinese electric vehicle manufacturer, to launch the Jidi electric motorcycle.

Erik Nygard, CEO of Kofa, confirmed the development in a press release announcing the partnership, and prospect for both companies.

The Jidi motorcycle line of production is equipped with a battery swap technology that signifies a significant step toward enhancing electric mobility in Africa

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.

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.

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.

BayWa r.e. Energy Ventures has taken a lead in a funding round, estimated at 1.25 million Euros ($1.3M), to support the Berlin-based and Africa-focused energy startup, Circadian.

This is contained in a press release from Greg Zavorotniy, Managing Director at BayWa r.e. Energy Ventures.

According to the equity firm, the investment is aimed at expediting the global transition towards sustainable energy solutions, especially in underserved markets

Tunisia’s Anava fund, operated by Smart Capital, has pledged a $5 million investment in the Titan Seed Fund I, dedicated to funding deep tech startups in Tunisia.

The Titan Seed Fund I is a $10 million fund set to invest in around 20 Tunisian deep tech startups.

Ripples Nigeria gathered that the fund aimed at providing an average investment ranging from $300,000 to $650,000 in Seed-stage startups, with the goal of preparing them for the Series A stage.

Dubai-based climate-tech startup, Olive Gaea, has announced closing a $1 million investment from Cornerstone Ventures, marking a pivotal development for the company.

The cofounder and CEO, Vivek Tripathi, stated this in a press release seen by Ripples Nigeria on Monday, October 23, 2023.

The injected funds will empower Olive Gaea to launch its SaaS platform, “Zero by Olive Gaea.”

A Dubai startup, Neo Mobility, specializing in electric vehicle (EV) logistics, has secured $10 million in seed funding.

Abhishek Shah, CEO and Co-Founder of Neo Mobility, stated this in a press release seen by Ripples Nigeria on Monday, 23 October, 2023.

Ripples Nigeria gathered that the funding saw the participation of venture firms including, the green asset financing platform Delta Corp Holdings, the global logistics and distribution giant Pyse Sustainability Fund, and a group of committed angel investors.

A Nigerian youth-led agritech startup with base in Lagos, Ogun and Oyo State, Greenbles Agritech, has been shortlisted for the 2023 Franco-Nigerian Business Awards.

The nomination is expected to draw the attention of the public to the significance of agritech in Nigeria’s evolving business landscape.

In a statement shared on social media on Monday, October 23, 2023, Saeed Oshin, the Chief Operating Officer of Greenbles Agritech, acknowledged that the nomination would go a long way to inspire the Greenbles team.

A Nigerian-founded startup, SettleQuick, has announced launching as an immigration solutions company.

Launched in October in Canada, the startup seeks to solve travel-related challenges for new immigrants globally by matching verified immigrants with reliable service providers.

Ripples Nigeria gathered that the launch in Canada followed a press conference earlier held in Lagos to unveil the brand’s mission.

Tech entrepreneur and billionaire, Elon Musk, has revealed plans to make X, formerly known as Twitter, to become a “Ads-Bed” for low-paying users.

Musk disclosed this in a tweet, noting that the team will soon launch two new tiers of premium subscriptions.

“One is lower cost with all features, but no reduction in ads, and the other is more expensive, but has no ads,” Musk stated.

Verod Capital and AfricInvest have announced the consolidation of a majority stake in iSON Xperiences, an ICT solutions provider in Africa.

Danladi Verheijen, Cofounder and Managing Partner at Verod Capital, disclosed this in a press release seen by Ripples Nigeria on Tuesday.

iSON Xperiences is a customer service and outsourcing company, specializing in delivering BPO, business process management, and digital customer experience solutions across Africa, the United Arab Emirates, and India.

A company listed on the Johannesburg Stock Exchange (JSE), Famous Brands, has announced venturing into restaurant management technology ecosystem.

The investment comes as an equity stake in Munch Software, an associate company, with the aim of leading the digitization.

In a statement to their investors, Famous Brands expressed their anticipation of a profound impact through the new partnership.

Telecommunications company, MTN, has named David Behr, a former executive at Liquid Intelligent Technologies, as the CEO of its new ICT Centre of Excellence.

Behr will take on this role starting on November 1st, as he seeks to accelerate MTN’s cloud, cybersecurity, internet-of-things, and platform solutions for enterprise customers.

His appointment is expected to help MTN achieve its “Ambition 2025” strategy.

Japan-focused equity company,
AAIC Investment, has secured additional backing for Africa Healthcare Fund 2 (AHF2), bringing total funds managed to $87 million.

Established in 2013, AAIC Investment has actively engaged in the corporate venture capital (CVC) sphere, extending its support to Japanese corporate ventures in 2014.

In 2017, it achieved a significant milestone by inaugurating the Africa Healthcare Fund 1 (AHF1), marking the first Japan-focused fund dedicated to the African continent.

UAE-based proptech startup, Nomad Homes, has raised $20 million in Series A extension round, led by Acrew Capital.

Helen Chen, CEO of Nomad Homes, confirmed the development in a statement detailing the magnitude of the investment.

Ripples Nigeria gathered that Acrew Capital’s portfolio includes investments in notable companies like Chime, Coinbase, Gusto, and Cato Networks, among others.

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