The acquisition now makes OLX its largest shareholder
in partnership with FLUTTERWAVE & TANGERINE LIFE 05.05.2020
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PARTNER CONTENT

Shopping in store is a little more high stakes than it used to be. Spar Nigeria, a full service supermarket has transitioned online to make it easier for you to get your necessities, thanks to Flutterwave. Order online, pay securely with Flutterwave and get your groceries delivered to you.

BLOCKCHAIN

An Egyptian blockchain-based email service provider (ESP), Pravica, has raised US$500,000 in pre-seed funding. The round was led by 500 Startups with the participation of Modus Capital, a venture capital (VC) company with offices in the US and Egypt, and Dyres Ventures.

Founded in April, 2019, the Web 3.0 ESP says the funding round will be committed towards building its customer base, expanding its team, and developing additional private communication tools to further enhance its product.

Blockchain-based email services promise extra online security for users in a decentralised email system where receivers and senders can access emails using encryption keys they alone have knowledge of.

E-COMMERCE

Global online marketplace, OLX, has acquired 39% of the Emerging Markets Property Group (EMPG) following a merger. EMPG runs property sites in Pakistan, Egypt, Lebanon, and the UAE. Together with EMPG shareholders, OLX will invest US$150 million into the group to develop a range of new services, create a more seamless user experience, enhance data transparency, and deepen market intelligence for both consumers and business users.

As the Group's largest shareholders, OLX continues to drive its vision of shaping the global classifieds market which is expected to grow massively by 2026 according to a new report by The Research Insights through more niche markets that offer added services to users. Last year, OLX invested US$400 million in Frontiers Car Group, the used car online sales platform, to become its largest shareholder.

Asides expanding into Egypt and Lebanon, EMPG will now also operate OLX’s platforms in Pakistan, Saudi Arabia, Bahrain, Kuwait, Qatar and Oman, and the dubizzle platform in the UAE.

RIDE HAILING

Careem is laying off 31% of its workforce and suspending Careem Bus, its mass transit service. We don't need to explain why. Startups across the continent, businesses across the globe are struggling to survive the worst of this period. Salary cuts and layoffs have become survival tools they are arming themselves with. But Careem's layoffs began much earlier following its acquisition by Uber in a bid to cut operational costs and to have staff working on more critical technology development areas.

Co-founder and CEO Mudassir Sheikha told the staff that business was down by 80% with no definite recovery timeline and focus was being shifted to building out its Super App which, in addition to its bus service, also supported deliveries and payments.

Mass transit companies are facing a huge challenge as social distancing rules impact their numbers. Similar services in the region including Uber Bus and Swvl have all suspended activities. In countries like Nigeria where the lockdown has been lifted, profitability while ensuring safety of drivers and passengers will become challenging. We will have a piece around this sometime this week, so keep an eye out.

Tangerine Life provides comprehensive life insurance cover that cuts through the COVID-19 pandemic exclusions and offers redeemable value during your lifetime. Get up to N5,000,000 guaranteed cover. Visit Tangerinelife.com/term-life to begin

PITCH

Pan African hub network AfriLabs is partnering with Global EdTech Hub, mEducation Alliance and Global Innovation Exchange in a search for ideas to support learning in low and middle-income countries during the lockdown. Interested entrepreneurs can learn more and pitch their solutions here.

APPLY
Applications are open for the Venture for Africa three month Global Fellowship program (remote) aimed at matching skilled global talent with leading African tech startups.
OTHER USEFUL READS

Should African tech companies stop caring about college degrees? How African tech startups can pitch their stories during COVID-19 In Nigeria, telcos' revenues are under pressure Few clinical trials are done in Africa: COVID-19 shows why this urgently needs to change

EVENTS
+ Flourish Ventures Early Stage Funding in Africa: A Pulse Check May 7, 2020. Virtual. More.
That's all for today,

Be your brother's keeper, stay home if you can.
#flattenthecurve
- Kay

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