|
Hello, people! Welcome to today’s edition of TC Daily. If you haven’t, please take a moment to subscribe so you don’t miss out on future editions.
|
|
| A MESSAGE FROM OUR SPONSOR |
|
|
|
African Alliance, an insurance company which has been in existence since 1960 has given insurance a new look by unveiling a new digitally-savvy corporate identity. The company offers dual benefits for its investment products by giving customers the opportunity to invest and enjoy the benefits while they are alive, and secure a life cover in cases of uncertainties. Visit https://www.africanallianceplc.com/ to start your investment journey! Follow African Alliance Instagram page HERE. Follow on Twitter HERE.
|
|
| Netflix has picked up its first animated series from Africa, ‘Mama K’s Team 4’. Created by Zambian writer Malenga Mulendema and designed by Cameroonian artist Malcolm Wope, the series follows four teenage girls living in a futuristic version of Lusaka, Zambia, who are recruited by a retired secret agent to save the world. Last year, Erik Barmack, Netflix’s vice president of international originals, confirmed its plans to order original series from Africa stating that in the future they expected half of the top 10 most-watched shows in a given year to come from outside of the US. By investing in local content in South Africa and beyond, Netflix has put Naspers-owned Showmax on its toes.’ Mama K’s Team 4′ was produced by South Africa’s Triggerfish Animation Studios and British kids’ and family entertainment production company CAKE. |
|
|
Yesterday Kay shared the news about All On/BOI’s ₦ 1billion Niger Delta Off-grid Energy Fund. Much later in the day, a few thoughts came to mind about the significance of the fund. I first learnt about the possibility of this fund sometime last year. I was discussing the needs and challenges of the industry with Goziem Okubor, Investment Associate at All On Energy and he mentioned that they were building solutions to the problems. One of the challenges off-grid energy entrepreneurs face is access to appropriate funding. I wrote about this here. Entrepreneurs generally prefer naira-denominated debt funding for their projects as it protects them from exchange rate fluctuations and they don’t have to give up equity. Such funding is not readily available which makes this one a crucial addition to the very few that exist. In Okubor’s words “dollar-denominated disbursement and naira denominated collection is a major concern for developers and investors alike. The BOI facility is our first intervention to making it easier for developers to access the most suitable financing for the projects.” The second significance of the fund is that it is primarily focused on the Niger Delta region which has suffered devasting effects of pollution from fossil fuel exploration/production. Increasing access to clean energy will be a breath of fresh air for its residents, offering both environmental and commercial benefits. Femi Adeyemo, CEO at solar company, Arnergy, believes the fund will “not only provide energy access but will provide energy reliability to businesses thereby energizing the Nigerian economy with larger capacities solar systems for productive use.” While everyone will be watching for how the fund will be implemented, it is a major boost to Nigeria’s offgrid energy industry.
|
|
|
Nigeria’s South/South-East Angel Network (SSEAN) has made its first two investments. The network which was launched in June 2018, invested $5,500 in Alphotazi Farms, a modular cassava-processing company and $20,000 in Greenage, an inverter and solar panel original equipment manufacturer, both based in Enugu. Alphotazi Farms will build more modular cassava-processing plants with the funds while Greenage will automate production.
|
|
| TORA Africa, a Nigeria-based drivers academy, has received an undisclosed investment from angel investor, Idris Ayodele Bello. Bello who is a Co-founder at Wennovation Hub boasts of portfolio companies such as Andela, Flutterwave, Reach, Printivo, Pronov – one of the startups featured in Techcabal’s Health Tech Report. TORA Africa was founded by Roseline Ekenimoh, Charles Avackaa and Ized Uanikhehi one of the women in our Tech Women Lagos Series. The startup will face competition from DriversNg, another drivers training/recruitment company that has been in existence since 2016. |
|
|
Tomorrow, The British High Commission to Nigeria and EFInA (Enhancing Financial Innovation & Access) will welcome fintech operators, investors, policymakers and hubs to an interactive session 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.
|
|
|
Investment Group, Sabvest has acquired a 30% stake in Revix, a digital asset management platform. Sabvest, which is listed on the Johannesburg stock exchange, invested more than €600 000 in the cryptocurrency startup. Revix makes it safe and simple to invest over the long term in a diversified portfolio of cryptocurrencies. The startup will use the funding to refine its technology suite, launch its global expansion and to educate investors about the benefits of a diversified exposure in cryptocurrencies within an investment platform.
|
|
| Nigerian agritech startups, Farmcrowdy Group and Livestock247.com have concluded a partnership focused on livestock production and trading. FarmCrowdy worked with Livestock247 to pilot its first ever feedlot in Adamawa, Northeast Nigeria. The partnership will enable the production of up to 24,000 bulls with about 1,200 feedlot clusters across Nigeria. Both startups will work together to trade over 20,000 bulls in more than 10 abattoirs in Lagos for the 2019 financial year alone. |
|
| Yaounde based video game studio, KIROOGames has received an unknown investment from the Cameroon Angels Network. The company put out a public call for investment with a minimum of $500 and promises returns at 3 – 5 times the purchase price by 2025 if shareholders resell them. The startup was founded by Madiba Olivier and is the creator of the African-fantasy action game called Aurion. |
|
| Startupbootcamp is hosting a Fast Track event in Harare, Zimbabwe. Ten startups will be selected to pitch at the event and they’ll receive instant feedback from a panel of industry mentors as well as network with Startupbootcamp’s investment team. Find out more and apply here before May 5. |
|
| 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. |
|
Thanks for reading.
See you tomorrow.
– Olanrewaju
|
|
|
|
Don’t keep it to yourself, share the digest.
|
|
|
|
|
