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12 - 12 - 2018

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Liquid Telecom has received a $180 million cash injection from U.K. development finance institution CDC Group Plc as it expands broadband infrastructure across the continent. CDC will take a ~10 percent in Liquid, which is majority owned by Mauritius-based Econet Global.

One Finance, parent company of Nigerian lending platform Paylater, has secured a credit rating from credit ratings agency Global Credit Rating. One Finance got a “BB” score, following a “rigorous” and “testing” process. Chijioke Dozie, chief executive of One Finance said the credit rating means the company will be “held to the same levels of transparency and scrutiny as other leading financial institutions in Nigeria.”

More than half of the world's population are now on the Internet for the first time ever and Africa experienced the biggest growth, according to the International Telecommunication Union (ITU). From just 2.1% in 2005, the number of Africans with internet connections grew to over 24% in 2018.

M-SCAN, a Ugandan startup that develops portable mobile ultrasound devices (Ultrasonic probes), was crowned as Sub-Saharan Africa’s Most Promising Startup at TechCrunch Startup Battlefield Africa 2018, held in Lagos, Nigeria yesterday. South Africa-based Bettr, a virtual banking experience powered by smartphone and data was the runner up. M-SCAN will be awarded $25,000 in cash plus a trip for two to compete in Startup Battlefield at TechCrunch’s flagship event, Disrupt in 2019.

Raising money is tough. But it could be easier if founders knew what more about the process and what to do before engaging with investors. Ask A VC (by TechCabal) is a video series where startup founders and entrepreneurs get the opportunity to ask select VCs questions that will prepare them for their next pitch. How much money should you ask for? How much is your startup worth right now? Will they sign your NDA? The first season features Nnena Nkongho, Principal at  DiGAME, an investment company that invests in high-growth, technology-enabled businesses in Africa. Its portfolio companies include 10X Investments, Rhino Africa, GetSmarter and SWVL. Cape-Town based GetSmarter, was acquired by 2U for $103 million in 2017. What questions would you like us to ask Nnena? Fill this form to let us know!

Tanzanian mobile money startup Nala has been accepted in the Y Combinator batch of 2019, per Ventureburn. The startup also won the Seedstars Dar es Salaam pitch competition and will represent Tanzania at the global competition next year.

Uganda-based incubator Innovation Village has launched a startup fund called the 97Fund and is targeting a raise of between $10 million and $20 million, with capital from public, private and philanthropic investors. Disrupt Africa has more.
Mauritius leads Africa in e-commerce readiness according to UNCTAD's Business-to-Consumer E-Commerce Index for 2018. Forty-three African countries feature in the 151-nation index but make up nine of the 10 bottom-ranked countries.

Nigerian public mobility startup Lara.ng is expanding to Abuja this month, per a statement from the startup. If you don't know who they are, check out this profile I did on them.

From TechCabal + The War Against Cash Is Solving The Wrong People’s Problems + How Blockchain Can Help Africa Build A Better Logistics Industry

That's All.

We'll see you tomorrow.   - Akindare.
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