| US$25k for 7% This is Microtraction’s new offer up from the $15,000 it previously offered its portfolio companies for a 7.5% stake in their business. The early-stage venture capital firm whose investment principles are founded on finding “remarkable technical founders and providing hassle-free support” says the increase will help its portfolio companies stay focused on building their products even in the face of rising startup costs. Microtraction has invested in some of Africa’s most promising startups across various sectors including Cowrywise, Riby 54gene and Allpro. |
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| The Japan International Cooperation Agency (JICA) has announced the launch of Next Innovation with Japan (NINJA), a project aimed at strengthening startup ecosystems in emerging markets. The project is being piloted across 5 African countries including Kenya, Nigeria, Ghana, and Ethiopia. The program will feature business competitions, incubation/acceleration programs, business matching support and policy advocation to ramp up growth in their technology industries. |
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| E-commerce company Jumia is extending its lending service to consumers in a move that suggests it is seeking ways to rapidly shore up revenue. In January, its Kenyan arm announced plans to begin offering as services on its platform to help advertisers target niche buyers on its platform. Jumia Nigeria has begun offering its customers quick, small, digital, personal loans via its lifestyle app Jumia One. For now, only its Android OS users can access the loans which can go as high as ₦100,000 or US$275. Jumia’s lending platform isn’t exactly new but was previously open to its merchants alone. |
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| From March 6-8, 2020 the Open Law Innovation Network (OLIN), a non-profit organization that focuses on research and innovation in legal practice, law and justice invites technology companies utilizing technology to address challenges in law and justice to participate in its Global Legal Hackathon. Teams of at least four members are required and they stand a chance to participate in the final pitch round which will take place in London in May 2020. Visit the website to register your team to participate. |
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Cape Town and London-based mobility data company WhereIsMyTransport has raised a US$7.5 million Series A funding round. Founded in 2008, the company maps transport routes, collects and provides access to transport data. So far, they’ve mapped 34 cities in Africa and are mapping cities in India, Southeast Asia and Latin America. The round was led by Mexico City-based corporate venture capital fund LiiL Ventures with participation from Google, Nedbank and Toyota Tsusho Corporation (TTC) as well as returning investors, Global Innovation Fund and Goodwell Investments.
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25 African innovators from 11 countries have been announced as finalists for the Challenge of Invention to Innovation (Ci2i) competition organised by the Next Einstein Forum (NEF). Selected from 260 applications, the finalists are developing scalable solutions to local challenges in agriculture, integration and logistics, personalised and precision health, power and energy. They will pitch for a US$25,000 prize in the finals this month in Nairobi and get connected to investors in a one-of-a-kind ‘Sciencepreneur Investor Meetup.
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Founded in 2015, finch company Jumo enables its clients build and operate financial services platforms. Launched in Cape Town and present in six active markets including Ghana, Tanzania, Kenya, Uganda and Zambia, the company has recently raised US$100 million in funding with plans to expand into Nigeria and Cote d’Ivoire, as well as India and Bangladesh in Southeast Asia. Alex Onukwe provides some insights into how the company might fare in Africa’s biggest market.
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| The government in Egypt and ride-hailing company Uber are finalising agreements to launch Uber for Government, a new service that will transport government workers to the New Administrative Capital where governmental facilities and institutions are being transferred to. An Intercity Uber program which will facilitate movement within the New Administrative Capital and Egypt’s various governorates is also in the works. The Egyptian government has expressed willingness to remove bureaucratic obstacles to facilitate the launch of these programs. |
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That’s all for today,
We’ll be back tomorrow
– Kay
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