Data prices in Nigeria have crashed 75% since 2014.
in partnership with FLUTTERWAVE & ENDEAVOR NIGERIA 18.06.2020
Hello, Welcome to TC Daily! In today's digest, Chipper Cash, the cross border payments company has raised $13.8 million Series A funding. VC4A Venture Showcase is looking to back startups that need up to $10 million Series A funding. Finally, the US has crackdown on a ring of Nigerian fraudsters involved in a $6 million scam. Please take a moment to subscribe to our newsletter if this email was forwarded to you. Let's dive in!
PARTNER CONTENT

Medplus - A wholesale & retail pharmacy that not only sells locally manufactured & imported drugs but also your everyday essentials. Now you can order your COVID-19 essentials & have it delivered to you in one click.

FUNDING
Chipper Cash, an Africa-focused payment company, has raised $13.8 million Series A funding as it plans to expand its workforce across different geographies. The round was co-led by Deciens Capital and Raptor Group. Other participating investors include 500 Startups and Liquid 2 Ventures. Founded in 2018, Chipper Cash was started by Ham Serunjogi and Maijid Moujaled. The cross-border app offers zero-fee, peer-to-peer payment services across seven African countries, including Nigeria, Kenya, South Africa and Ghana. The company says it now has over 1.5 million users and records transaction volume of over $100 million a month. With its latest funding round, Chpper Cash has now raised $22 million in two years.
STREAMING
Google has officially launched its music streaming service, YouTube Music, and premium video service, YouTube Premium, in Egypt. YouTube joins other premium streaming services like Deezer and Spotify in the North African country. With a population of over 90 million, Egypt is the most populous country in North Africa and the Arab world. It also has an internet population of over 30 million, making it a strategic country for streaming services to enter and expand across the MENA region. YouTube has an expansive library of Arabic content including the latest international releases. It will be banking on these as it enters the Egyptian market.
DATA PRICES
In Nigeria, the price of internet data has fallen by 75% over the last six years, research showed. Data by Research ICT Africa (RIA) shows that the average price of 1GB of internet data has dropped from $11.15 in 2014 to $2.78. This drop may have been influenced by the competition between Nigerian telecom companies. Prices of voice calls and SMS have also declined over the last five years thanks to competition. Nigeria now has a mobile subscriber base of 190 million and an internet population of 138 million.
EVENT
The COVID-19 pandemic has highlighted the vulnerability of over-stretched and underfunded African healthcare systems and accelerated the need for innovation in the sector. Health tech and MedTech are emerging as new frontiers for delivering quality services and need enabling legal and regulatory frameworks to support tech innovations that are critical for the future. Join the African Law and Tech Network’s webinar on ‘Building Africa’s frontline readiness: Legal considerations for the health tech sector’. Click here to register.
PARTNER CONTENT

Founders in emerging markets like Nigeria need frictionless access to capital, and investors need better ways to identify opportunities. Join Endeavor for a session on Funding The Future: The Case for Investing in African Startups. Register today!

FRAUDSTERS

The US government has sanctioned six Nigerian nationals for conducting an elaborate online scheme to defraud over $6 million from American victims. "The six individuals designated today manipulated their victims to gain access to their sensitive information and financial resources," the US Secretary of State, Michael Pompeo said in a statement. This is the latest crackdown on cybercrimes perpetrated by Nigerian fraudsters. In September 2019, the FBI, in collaboration with Nigeria’s EFCC and international partners, arrested over 260 people including 167 Nigerian fraudsters. The arrest disrupted more than $118 million illicit global financial flows and at least $3.7 million was recovered.

FUNDING

Egyptian edtech startup, Zedny has raised $1.2 million pre-seed funding to roll out a new online learning platform. The platform has over 200 courses and 400 animated video summaries top global business books. According to Disrupt Africa, the startup provides year-long online learning and also acts as an external employee performance evaluator via its AI integrations.
OPPORTUNITY

Applications are now open for the VC4A Venture Showcase – Series A. The showcase is targeted at high growth African startups and will select 10 startups looking to raise $500,000 and $10 million Series A funding. Selected startups also get Amazon Web Services credits ranging from $10,000 to $25,000. Click here to apply.

FUNDING

Planet42, a South Africa-based startup has raised €2.2-million ($2.4-million) seed round. The round was led by Change Ventures, an Estonian VC company, with participation from top Estonian tech entrepreneurs including Martin Villig, co-founder of Bolt, Pipedrive’s Ragnar Sass, MeetFrank’s Marko Virkebau, and Katana MRP’s Kristjan Vilosius. Founded by two Estonians, Marten Orgna and Eerik Oja, Planet42 is a vehicle rental company. It works with auto dealerships to offer rent-to-buy services for private clients over the long-term. The company said it will use the new funding to expand its portfolio of cars. It plans to control 100,000 cars in South Africa by 2024.

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