TC Daily

TechCabal Daily – Trove rakes in second equity investment. Who provided its first?

6th January 2020




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TOGETHER WITH FLUTTERWAVE

06 – 01 – 2020

Good morning and welcome to the first Monday edition of TC Daily for 2020. Do subscribe to continue receiving our newsletters. Also, join us on Telegram as we bring you all the important stories about technology and digital innovation in Africa!

There are many payment partners you could align your business with but if you are passionate about growing your business while giving your customers’ their preferred method of payment, Flutterwave is your preferred payment partner. We provide you with the tools and resources to grow your business, because we know it’s not just about payments, it’s about scaling up. Click here to see how we can do this with you this year.

Trove kicks off the 2020 tech funding olympics!
The micro-investing startup has reportedly raised an undisclosed amount from ARM, the twenty-five-year-old Nigerian asset management firm. Trove provides its users in Nigeria access to shares of companies publicly listed on local and international stock exchanges, as well as cryptocurrency assets and bonds. The equity investment from ARM represents Trove‘s second funding receipt since its launch in July 2018. Its first raise from Ventures Platform in May 2019 was also undisclosed.

As with other fintech sub sectors like payments and wealth management, the business of facilitating micro-investing in public companies presents an intriguing opportunity for investors looking at Africa’s emerging economic power. Trove is one of at least four Nigerian startups looking to lead the micro-investing sector in the coming years. It’s a space worth watching.

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In 2020, Africa will look to boost its technological ascendance with the power and pace of 5G. The roll-out will be slow, but there is cause for genuinely excitement. Value companies are already preparing and building towards a more efficient 5G future, according to Gianfranco Lanci, corporate president and chief operating officer at Lenovo. Read on to find out his thoughts on how the new generation of communication technology will boost Africa’s AI capabilities for a more innovative future.

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Is your betting history exposed to malicious actors?
SureBet247,  a leading Nigerian betting company, may have suffered a potential security breach that puts customer data at risk. An account by Tefo Mohapi of iAfrikan explains how an anonymous source informed Troy Hunt, an Australian security researcher, of the possible hack. Efforts by iAfrikan to confirm the details of the possible breach from SureBet247 met with a “nonchalant attitude” where the company repeatedly rebuffed attempts to provide clarity. But following iAfrikan’s story, SureBet247 has responded on Twitter:

“Kindly ignore the information going round about a hack into our system which has exposed your information with us. All sensitive private and financial information are stored on a secured server and protected by the best firewall to prevent intrusions.“

However, questions remain: iAfrikan says they verified that one of the available databases from the supposed breach includes data and table names belongs to SureBet247 “given the list of staff e-mail addresses, some data linked to the surebet247.” Surely the betting company has to provide a more precise explanation to customers on what exactly has happened?

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In economies impeded by war, how do startups raise money?
Starting a business anywhere is risky but the stakes are much higher if your country is in the throes of regular conflict. In this Quartz piece, Dominic Dudley assesses the options available to startup founders with limited funding options in such countries. Why is this important? Because despite war and unrest, there are success stories like Techneon, the Libyan toy and games manufacturer, which raised up to $714,000 from a group of local business owners. Refresh your memory on Libya’s startup ecosystem here.

The countdown to Afrobytes 2020 continues. Afrobytes is the premier event that brings together entrepreneurs, innovators, investors, and more to explore business opportunities between the African tech ecosystem and players in the global tech world. Here are key reasons why you should attend Afrobytes 2020:

  • Finance: pitch world-leading Africa-focused tech funds
  • Network: connect with global companies and African tech leaders
  • Scale: find tech partners at the largest startup campus
  • Feature: talk to international media covering African markets

Get your early bird ticket here

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Over the past year, we’ve brought together industry stakeholders, policymakers, investors and key sector players in various sectors from healthtech to edutech to spur conversations about these sectors and explore new opportunities and/or collaborations.

Come February 28, 2020 the next TechCabal townhall will focus on:
Emerging technologies including 5G, Artificial Intelligence, Augmented Reality/Virtual Reality, Cryptocurrencies, Robotics and 3D Printing. TC Townhall: Emerging Tech will examine how these technologies are changing (and will change) how Africans live and do business.

Want to attend?
Indicate interest by filling this form. Are you a member of the press, fill this form to qualify for a pass. Do you have a startup or project with any of these technologies at the core? Tell us about your project or startup here.

Have any ideas about the event or suggestions about speakers? Send us an email via team@techcabal.com and we just might make your wish come true. For sponsorship inquiries, please email Chidi via chidi@bigcabal.com.

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We’ll have more tomorrow,
Have a productive week

– Alexander

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