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17 - 10 - 2019

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We started a new series at TechCabal called #MyLifeInTech to profile the humans behind the most innovative, impactful technology startups across Africa; behind the investments and the policy developments driving the sector. In a new entry, I speak with Obi Ozor, co-founder of Kobo360, one of Africa's leading technology logistics service providers. In Obi Ozor’s world, audacity is king. You can also read our first entry in the series on Tejumade Afonja who runs the biggest AI classes you haven't heard of.
West Africa-based pay-as-you-go (PAYG) solar company PEG Africa has received US$4 million debt capital from CDC Group to expand its Senegal operations. The company says it has over 400,000 daily users in Ghana, Cote d’Ivoire and Senegal where it has seen some remarkable uptake and profit in its first 12 months. Recently the company expanded into solar water irrigation and bigger solar power systems. PEG Africa has raised almost US$30 million in funding over the last year, including a US$25 million Series C round announced in January also led by the CDC Group.
Dakar Network Angels (DNA) has called on tech entrepreneurs in Francophone Africa to apply for its DNA Cohort #3 programme—which aims to assist participants to scale quickly and become sustainable or fundable. To be considered for the cohort, applicants must have companies that are under five-years old, have founders that work on the product full-time and possess the ability to expand beyond its current geographical location. Applications close October 31.
The 4th edition of the Nigeria Fintech Week holds from October 28 to November 1, 2019. The conference will present numerous opportunities for fintech startups to get access to global funding and uncover Nigerian fund sources. Learn more here. Secure your seat by registering on the website or send your inquiries to enquiries@nigeriafintechweek.org.
The #JollofRoad team did make it to Monrovia, Liberia afterall. And they need your help. Where should they visit? What stories should they look out for? Share, share, share your suggestions with them. In case you do not know, three of our friends at Zikoko alongside Tosin, their handler, Captain Taiwo who's been getting them around in Black, are traveling through 14 mainland countries in West Africa for 80 days searching for pulse. Visit jollofroad.com every day to catch up on all the finds from the trip so far! And in this TechCabal article, Aanu Adeoye writes that #JollofRoad is an amazing project showcasing the best of African integration at a time when the rest of the world is getting insular.
South African growth-stage startups are invited to apply to participate in the 2019 TechAccel programme organised by the Tshimologong Digital Innovation Precinct and its partners. Applications close November 15.
The global spending on virtual reality (VR) is expected to reach $28 billion by 2030 from $7 billion in 2018, a new report titled ‘Virtual Reality – Thematic Research’ which was just released by data analytics company, GlobalData, has shown. According to the report, early VR adoption was hampered by the narrow scope of its early adopters but this will see a change especially with increasing enterprise adoption in sectors such as retail, tourism and healthcare. The report says this projected spending will be driven by increasing development and usage of custom chips, untethered headsets, robust business models, new content and notably, enterprise applications.
South Africa's First National Bank (FNB) has announced the launch of a new app-based entrepreneurship learning programme – Fundaba. FNB says the mission of the programme is to help increase the level of SME activity and create a culture of entrepreneurship in the country. The programme comprises 12 modules across 4 lifecycle stages of business (incubate, start, run and grow) and follows an entrepreneur’s journey as he builds his first business. The learning material is available in five local languages including, IsiZulu, isiXhosa, Sesotho, English and Afrikaans.
Paystack is planning to expand to three new countries by year-end, news reaching us from the Africa Tech Summit says. According to a tweet from the ongoing Africa Tech Summit in Kigali, Paystack is planning to launch in South Africa, Cote d' Ivoire and Kenya by the end of 2020. Launched in 2015, Paystack provides facilities that allow merchants accept online card payments from customers. Last year, the company was said to have processed 15 percent of all online payment transactions. Last year, the company also began to make plans towards its first expansion outside Nigeria, Ghana.
Boomplay Music is set to expand its services to French-speaking countries on the continent and Francophone Africans in diaspora, four years after it first launched in West Africa. The Chinese-owned music streaming service will look to add to its estimated 53 million users and grow its revenue curating, of course, country- and genre-specific playlists and striking deals with labels and industry players to appeal to local listeners. In April, Boomplay signed a licensing agreement with Warner Music to bring a global roaster of songs and music artistes to the African continent and so its content offering may move beyond country/genre-specifics in its new locations. Countries like Cameroon and Cote d' Ivoire are among the first places the service is coming to.
VentureBuilder has launched with support from the DOEN Foundation, Facebook, Shell Foundation, and USAID to scale African-owned and managed off-grid solar enterprises. VentureBuilder will pioneer a new investment model that provides ‘patient’ early-stage capital to solar enterprises across Africa combined with technical expertise to help them scale. In addition to partnering with existing local African distribution enterprises that cater to rural underserved communities and investing capital t enable them scale, VentureBuiler will also closely track performance and impact as it works towards closing the electricity access gap.
Startup founders often wonder when best to sell their companies. In an Opinion piece for TechCabal, Opeyemi Odeyale, COO of London-based money transfer company, Ping Express writes that founders should consider an early sale under five conditions. Do you agree with his argument?
That's all,
We'll see you tomorrow! - Kay Remember to share TC Daily with your friends!
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