Hi, welcome to TC Daily!In today’s digest: A spike in e-commerce investments; WorldRemit acquires Sendwave; and today is the 2ndedition of our much anticipated web series on exits, mergers and acquisitions. Attendance details below.
Please take a moment to subscribe to our newsletter if this email was forwarded to you.
Get access to quality medical consultations from licensed Medical Doctors right from the comfort of your home, at any time and at the tip of your fingers.
Here’s a great opportunity for Medical Practitioners to earn more money from consultations. Learn more here.
space has seen an increase in number in Q2 2020. The report notes that 17 deals took place in the first two quarters of 2020 in comparison to 22 deals the whole of 2019, and just 21 in 2018. The value of the deals in Q2 2020, however, was significantly lower than what was obtainable in the same period last year.
Unsurprisingly, a bulk of investments have gone to e-commerce companies in the food and grocery segment followed by auto retail platforms. Pricepally, a bulk grocery shopping platform, raised funding in July from Germany’s GreenTec Capital. Morocco’s Kifal Auto, an online marketplace for used cars, raised a US$300,000 seed fund in April. Kasha raised US$1 million from FinnFund as part of an ongoing fundraise.
Understandably, the resuscitation of the sector has been enforced by a global pandemic that continues to keep many working from home and trying to navigate distancing to stay safe. With the virus still very actively present, this renewed interest in the space may yet to be seen as a permanent change in behaviour towards online commerce on a continent where bottlenecks like consumer trust, spending power, 3PL deliveries are still yet to be addressed.
has received a quarter of a million in funding from Enygma Ventures. According to co-founder Sasha Knott, the funding will be targeted at improving tech development and expansion in the country and across the region. Job Crystal’s
algorithms match job seekers to employers
based on their qualifications and the needs of the employers who are typically small or medium scale businesses. But beyond landing a single job, the platform positions itself as a career companion and continuously offers advice on career potentials, growth paths and better positions.
In more funding news, American drone startup, Easy Aerial, has raised US$6.15 million from a private investment group in a Series A round. Founded in 2015, the company’s clientele include the military, government, aerospace, and commercial organizations in North America, Europe, Africa, and Asia. The company is planning to up its innovation game with the new round of funding, meet increasing demands as well as set up support offices in Israel.
Today at 11am (WAT), we will be interviewing Carina Rumberger, CEO, Beyonic for the 8th episode of “Building in Africa”. Rumberger will answer questions around acquisitions speaking from her wealth of experience particularly with the acquisition of Beyonic.The Ugandan-based digital payment company, Beyonic was acquired 100% by MFS Africa in a deal that was paid for in cash and shares. MFS Africa is a
mobile money gateway in Africa, which connects mobile network operators in 34 countries across the continent through a single API. The deal is considered a major win and milestone for the African tech industry.
Rumberger has been CEO at Beyonic since 2018 and has over 10 years’ experience in Eastern and Southern Africa working in SME development, compliance, stakeholder engagement, capacity building, last-mile delivery and management.
She will answer all the burning questions entrepreneurs have about selling their startups in an interactive session.
UK-based cross border payment company WorldRemit is in the process of acquiring Sendwave in a cash and stock transaction valued at US$500 million. Founded in 2014 in Tanzania, Sendwave facilitates remittances from North America and Europe to East and West Africa as well as to Bangladesh. The acquisitions expands the capacity of WorldRemit to serve its millions of customers across more than 25 African countries receiving remittances instantly and at low costs. The transaction is expected to be finalised by Q4 2020 and Sendwave will continue to operate independently plus retain its mobile applications, brand, management, employees, and key partners afterwards.
MAX.ng has entered into partnership with the Ekiti State government to deploy MetroGov, a secure urban mobility platform that provides identity management, remote monitoring, crime prevention, digital payments, and financial audit solutions for two and three-wheelers in the state. MAX’s MetroGov offers a solution to the security and identity challenges which has nagged governments in various states in the country and which led to a ban that has driven both informal and formal to and three-wheeler operators like MAX away from Nigeria’s economic capital. The MetroGov platform would provide the government greater visibility into urban mobility and would aid the implementation of more effective safety and security standards.
EVENT: NEW ECONOMY BOOSTER LAUNCH
Join our panelists, Foluso Philips, Yemi Keri, Titi Ogufere and Tony Membere-Otaji as they discuss Opportunities for Innovation and Venture Growth, given the New economics realities this Friday, August 28 2020 at 6pm. Click here to register.
WHAT ELSE IS HAPPENING?
After 6.5 years, Audrey Cheng steps down as Moringa School’s CEO.
Naspers-backed crypto company, Luno, expands into Australia.
Amidst the US tussle for Tik Tok, three-month old CEO, Kevin Mayer, resigns. Oracle has also joined a short list of companies bidding for Tik Tok.
Nigeria’s federal government waives RoW fees on highways.