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

Injaro, Afex, WhereIsMyTransport, Maisha Meds, BluePeak Private Capital, Almouneer, Yobante Express, StarNekwork, Syndicate Bio, Tizeti, were some of the names that made the headlines this week.

A Nigeria-based commodities platform, AFEX, has announced raising a $26.5 million in funding from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor.

Also, Nigerian biotech startup, Syndicate Bio, has Wednesday announced launching its Cancer Genome Nigeria project in partnership with the National Institute for Cancer Research and Treatment (NICRAT).

Let’s get into details.

A Nigeria-based commodities platform, AFEX, has announced raising a $26.5 million in funding from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor.

The CEO, Ayodeji Balogun confirmed this in a press release seen by Ripples Nigeria on Thursday, November 2, 2023.

Headquartered in Abuja, AFEX operates as a business facilitating trade for commodities in Africa.

Nigeria has joined 28 other countries of the world to sign the Bletchley Declaration, the world’s first agreement establishing a shared understanding of the opportunities and risks posed by frontier AI and the need for governments to work together to meet the most significant challenges.

In an agreement signed on November 1, the 29 countries including the US, UK, China, Australia, Brazil, India and the European Union, have mutually agreed that while AI has the potential to transform and enhance human well-being, peace and prosperity, it also poses significant risks, including in those domains of daily life.

The agreement was signed at Bletchley Park in the UK as leading AI nations convened for the first time at the AI Summit to address concerns around the technology.

Nigerian biotech startup, Syndicate Bio, has Wednesday announced launching its Cancer Genome Nigeria project in partnership with the National Institute for Cancer Research and Treatment (NICRAT).

The study, according to the duo, aims to address cancer disparities by investigating the most prevalent cancers across Nigeria’s six geopolitical zones and more than 300 ethnolinguistic groups.

Founded by Dr. Abasi Ene-Obong, former CEO of the now-defunct Nigerian genomics startup 54gene, along with Dr. Jumi Popoola and Estelle Dogbo, Syndicate Bio is leveraging collaborations with governments, pharmaceutical companies, academia, and key industry stakeholders to enhance local precision medicine’s impact.

An African logistics technology startup, Yobante Express (YES), has announced expanding its footprint into new markets with partnership with SAPRESS Logistique & Messagerie, a subsidiary of the Edito Group.

The co-founder and CEO, Oumar Basse, confirmed this in a press release seen by Ripples Nigeria on Wednesday, November 1, 2023.

According to the CEO, the collaboration marks YES’ expansion into the Moroccan and Middle East and North Africa (MENA) markets.

A healthtech startup, Almouneer, has secured $3.6 million in a seed round of funding.

The CEO, Noha Khater, stated this in a press release seen by Ripples Nigeria on Tuesday, October 31, 2023.

This seed round was spearheaded by Dubai-based Global Ventures, with active participation from several other notable international investors.

An African mobile video network, StarNews Mobile, has secured pre-Series A funding of $3 million.

The investment comes from various venture capital firms, including Janngo Capital, and notable individual investors, such as professional soccer players Aurélien Tchouaméni, Jules Koundé, and Mike Maignan, associated with athlete representation agency Excellence Sport Nation.

This financial injection will further StarNews Mobile’s mission to support African content creators in monetizing their work through a subscription-based model.

The House of Representatives is planning to enact laws that would regulate use of Artificial Intelligence in the country.

Speaker, Tajudeen Abbas disclosed on Monday. that this move was to guide against abuse such as identity theft.

Abbas, who made the disclosure at the 7th Convocation Ceremony organised by the National Institute For Legislative And Democratic Studies in collaboration with the University of Benin, held in Abuja, stressed the need for Nigeria to have a regulatory framework in place for emerging technologies.

Injaro Investment Advisors, a Ghanaian private capital fund manager, has unveiled an investment in Zeepay Ghana Limited, a wholly Ghanaian-owned global mobile finance service (MFS) provider.

The $2 million equity injection is part of Zeepay’s ongoing Series A.5 fundraising round and signifies the first investment from Injaro Ghana Venture Capital Fund (IGVCF).

Injaro joins a consortium of international investors backing Zeepay, a pioneer in digital termination of remittances (DTR) and mobile money services operating across over 20 countries.

Ivory Coast has unveiled a shift in its tax policy aimed at boosting its tax revenue.

As part of this change, online sales platforms and digital services in the country will now be subject to the Value Added Tax (VAT), marking a substantial transformation in the nation’s fiscal landscape.

The General Tax Directorate (DGI) made this known in a press release seen by Ripples Nigeria on Monday, October 29, 2023.

The new development will include online sales platforms and digital services in the VAT framework.

South African mobility startup WhereIsMyTransport has ceased its operations due to an inability to secure the necessary funding to continue its mission.

Founded in 2016, WhereIsMyTransport operated as a significant big data platform for sustainable mobility in emerging markets, aggregating and integrating data to create an open data platform.

Their solutions served cities, transportation operators, and passengers, offering coordinated and monitored services, system integration, and user access through various endpoints.

A digital health organization in Kenya, Maisha Meds, has secured a $5.25 million funding from the United States Agency for International Development (USAID) Development Innovation Ventures (DIV) for its scale-up stage 3 expansion.

The founder, Dr. Jessica Vernon, stated this in a press release seen by Ripples Nigeria on Tuesday, October 31, 2023.

Maisha Meds operates a software platform designed to enhance the efficient procurement of quality, affordable medicines by rural pharmacists and clinicians while ensuring that subsidies are passed on to patients.

BluePeak Private Capital, an alternative asset management firm, has announced closing a funding round for its inaugural private capital fund, BluePeak Private Capital Fund SCSp.

The Co-founder, Walid Cherif, who reacted to the development, noted that the firm is focused on supporting the growth of scalable businesses in Africa through privately-negotiated and structured debt-like instruments.

Established in 2019 and with a presence in Tunis, Nairobi, and London, the startup marked the final close of its new fund, raising $156 million.

A new banking app designed for the 62+ community in the US, Charlie, has closed a $23 million Series A funding round, with TTV Capital leading the way.

The funding round, consisting of $16 million in equity and $7 million in debt, included participation from FPV and other seed investors, such as Better Tomorrow Ventures.

Launched six months ago, Charlie is making strides in helping retired and soon-to-retire individuals manage their finances.

LinkedIn has introduced new AI-driven tools for its Premium users, including an AI chatbot designed to assist job seekers.

The chatbot, known as a “job seeker coach,” utilizes OpenAI’s GPT-4 technology and aims to help users evaluate whether a job application is worth pursuing.

This tool simplifies the process by providing key insights, sparing users from reading lengthy articles or watching numerous videos.

SBI Holdings, one of Japan’s largest venture capital groups, has announced a partnership with Novastar Ventures, a VC investor in Africa.

This partnership includes a $40 million multi-fund investment by SBI Holdings, anchoring Novastar’s upcoming funds and facilitating Japanese investment in Africa’s dynamic startup ecosystem.

The CEO of SBI Holdings, Yoshitaka Kitao, confirmed this in a press release seen by Ripples Nigeria on Friday, November 3, 2023.

Nigerian solar-based internet service provider, Tizeti, has closed a long-term debt financing to expand its broadband network across 15 states in the country.

The news was confirmed by Tizeti CEO, Kendall Ananyi, in a press release seen by Ripples Nigeria on Friday, November 3, 2023.

Based in Lagos, Tizeti provides high-speed unlimited Wi-Fi internet access using wide-area Wi-Fi to residential and business customers.

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