Farmcrowdy Launches New Subsidiary, Farmgate Africa
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Hello there! Welcome to the first edition of TC Daily this week. If a kind friend forwarded this mail to you, please take a moment to subscribe and we’ll deliver it directly to your mailbox.
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| As part of Paga’s 10 year anniversary, CEO & Founder Tayo Oviosu is sharing a 5 part series on his journey of the first years at Paga. In part 4 of this series, he shares how he built the Paga platform including the partnerships and people that helped create the world-class platform that serves its millions of users. Dig into the story HERE. Click HERE, HERE and HERE to read parts 1, 2 and 3 of the series. |
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On the 18th of April, 2019, The British High Commission to Nigeria and EFInA (Enhancing Financial Innovation & Access) are convening an interactive session that brings fintech operators, investors, policy makers and hubs to explore the ways in which increased funding and enhanced regulatory harmony can grow the Nigerian Fintech ecosystem. Also, EFInA will announce the winners of its $2 million Fintech Challenge Fund; fintech companies who have built solutions to improve financial inclusion among low-income earners in Nigeria. Sign up here to indicate interest to attend. Please note that only limited seats are available therefore EFInA is unable to accommodate every applicant..
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| Partech Africa’s 2018 annual report says African tech startups raised US$1.163 billion in 2018. The report’s data, from 146 African startups covering equity deals in 164 rounds shows a +108% growth YoY, compared to +33% in 2016 and +53% in 2017. Kenya, Nigeria and South Africa received 78% of the total funding with Egypt close behind. Senegal remains francophone Africa’s leading technology hub. The report also indicates that the financial technology sector attracted a significant amount of investor interest, accounting for half of the total funding (50%) captured in the report. There’s more in the report here. |
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Farmcrowdy Group has launched a new subsidiary, Farmgate Africa, an online marketplace for agricultural commodities. The subsidiary will be led by Kenneth Obiajulu as Managing Director. The platform offers an easier way for farmers to connect with buyers who want to purchase agricultural produce. It also allows individuals invest in commercial transactions following the Farmcrowdy model, for a profit. Last month, the company raised US$1 million from international investors Cox Enterprises and Techstars, as well as local investor, Ajayi Solutions. The funding is enabling the company drive its expansion further in Nigeria.
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South African fintech startup, Invoiceworx is rebranding to Zande Africa in line with its expansion strategy. “Zande” is an Nguni word which means “to grow” or “to multiply”. Founder, Siya Ntutela told Disrupt Africa, that the company is looking to expand its services to other regions in South Africa and beyond hence the recent changes. Zande Africa provides lines of credit to spaza shops (convenience shops) using USSD technology.
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| Kenyan telemedicine service, ConnectMed has been acquired by Merck & Co, a global pharmaceutical giant looking to incorporate its core technology into its CURAFA platform in Kenya. CURAFA are points of care that provide integrated healthcare services to underserved communities. Launched in 2017, ConnectMed provided a platform for patient consultation with medical health personnel via video links, serving 8,000 patients and launching in South Africa and Kenya. The value of this buyout is unknown. |
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| TechCabal is pleased to introduce its first paid report, The State of Health Tech in Nigeria. This essential report looks deeply into the state of Nigeria’s health industry, the challenges facing that industry and the innovative startups working to find solutions to those challenges. The report profiles 75 active and 15 inactive health tech startups across 12 subsectors. It further examines the challenges these startups face, the opportunities in the space and makes actionable recommendations for entrepreneurs, investors and regulators to consider. Get the report here. |
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That’s it.
Have a good week!
– Kay
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