Nigeria's tech industry mourns the death of Fahim Saleh
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Nigeria's technology sector is mourning
in partnership with FLUTTERWAVE 16.07.2020
Hello there, Welcome to TC Daily! In today's digest: the tech industry receives some tragic news, Samurai Incubate explains how they invest and Google buys a stake in Jio platforms. Please take a moment to subscribe to our newsletter if this email was forwarded to you.
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TECHPRENEURS
In the early hours of Wednesday morning, the tech industry received the news of the tragic loss of tech entrepreneur, Fahim Saleh. The body of the entrepreneur was found in his New York apartment and the NYPD confirmed the death shortly after. Gokada, the bike-hailing company Saleh founded in Lagos confirmed news of his death in this tweet. Saleh founded his first ride-hailing company in Bangladesh in 2015 and founded Gokada in Lagos a few years after. Despite some setback after the government's ban of commercial motorcycles in Lagos, Gokada would make the pivot to deliveries. He told TechCabal at the time: “We are pivoting to deliveries while transport gets figured out.” Our hearts go out to his family, close friends, and everyone who knew him.
VENTURE CAPITAL

The Tokyo-based VC firm, Samurai Incubate recently announced an investment in the Nigerian startup, EdenLife. It is hardly the first time the VC firm is investing in Africa, with existing investments in the Rwandan fintech service, Exuus, the Nigerian startup, Wallets Africa among others. Its focus on Africa started in 2018, with the creation of its Samurai Incubate Africa fund. But simply mapping the firm's investments will not provide an inside view of its philosophy. In a conversation with Techpoint, Rena Yoneyama, the managing partner of the firm gives insights on how they invest. Here's an excerpt from the conversation: "We use criteria such as their ability to take that idea to the next level, build a team, make the product, generate revenue, and scale exponentially. Also, there are a lot of hard things happening regularly on a daily basis and therefore we see if they can persevere and tenaciously move forward without giving up in that situation."

INVESTMENTS
Google has agreed a deal to buy a 7.7% stake in Jio platforms, the digital arm of Reliance industries. The 7.7% stake will cost Google $4.5 billion as it will join rival, Facebook who already own a 10% stake in Jio platforms. Jio Platforms is India’s most valued firm and has raised about $20.2 billion in the past four months from 13 investors by selling about 33% stake in the firm. According to Techcrunch: "as part of Wednesday’s strategic announcement, Google and Reliance Jio Platforms will work on a customized-version of Android operating system to develop low-cost, entry-level smartphones to serve the next hundreds of millions of users, said Ambani."
APPLY The National Information Technology Development Agency (NITDA) is introducing the NITDA Technology Innovation Support Scheme to provide opportunity for building capacity of both Hub Managers and Technology startups to ensure massive creation of entrepreneurs and jobs within the ecosystem. The Technology Innovation and Entrepreneurship Support Scheme is strictly based on merit and the selection is equally distributed among Nigeria's 36 states. Apply here.
FUNDING
Komaza, a tech-enabled, sustainable forestry has secured a first close of $28m of the company’s planned $33m Series B equity financing to plant one billion trees by 2030, benefiting over 2M farmers in Sub-Saharan Africa and doubling existing tree cover across all operating landscapes. Komaza says the Series A was co-led by Novastar LPs AXA Investment Managers (through the AXA Impact Fund: Climate & Biodiversity), and the Dutch development bank FMO, with further participation by Mirova’s Land Degradation Neutrality Fund. Read all about it here.
OnePay, a Moroccan fintech that operates as a distributor of means of payment and aggregator of payment and value-added services in electronic transactions has raised $400,000. OnePay says the funds will be fully invested in Morocco and will enable the company to invest in technical, marketing and commercial resources in order to extend its network to a large number of users.
WHAT ELSE IS HAPPENING?
That's all for today,

We'll be back tomorrow.
- Olumuyiwa

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