TechCabal Daily – A breath of Releaf 💨

CAPITER RAISES $33 MILLION TO AID EXPANSION INTO MENA

There have been a lot of Series A funding announcements coming out of Egypt lately. 

Capiter is joining MNT-Halan, PayMob, MaxAB, and Trella as one of the startups to make such announcements in 2021.

The Cairo-based business-to-business startup has raised a $33 million Series A round to power its expansion across the Middle-East North Africa (MENA) region. 

Sidebar: Business-to-business solutions, or B2Bs, are commercial transactions conducted between two or more businesses. An example is Jumia which provides a digital marketplace for other vendors to sell their products for a commission on every purchase. B2Bs don’t deal with the final consumers like me and you, just the businesses that sell to those consumers. 

For Capiter, this translates to creating a marketplace where supermarkets, cafes, or even hotels can order their products through an e-commerce checkout and receive credit on their purchases.

Who led Capiter’s funding round?

Quona Capital and MSA Capital led the round. Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures signed some cheques. 

What’s the startup doing next?

Since its founding in July 2020, Capiter has been focused on solving three predominant problems the retail sector in Africa faces. 

The startup is breaking down barriers to direct access between manufacturers and merchants, unstable pricing structures, and a lack of loan options for merchants who often can’t afford to restock.

Over 50,000 merchants currently use Capiter, and with its new funding, the founders want to get even more onboard! Their plan? Well, it involves exploring newer horizons in pharmaceuticals and agricultural products and services.

There’s a bit more in Damilare Dosunmu’s Egypt’s e-commerce startup Capiter raises $33m to expand across the MENA region.

RELEAF IS BREATHING LIFE INTO NIGERIA’S FOOD PROCESSING INDUSTRY

INSTAGRAM’S ADVERSE EFFECTS ON YOUNG ADULTS

I use my Instagram account for two things. First, is watching cooking shorts where people make the wildest things with chocolate. Second, is for watching workout videos I tell myself I’ll try someday. 

One thing I’ve noticed is that the more time I spend glossing over these food shorts, the more I crave sweet things throughout the day. This then translates into how much [time] I spend DMing vendors to deliver pastries to me.

We all know just how much social media influences our outlook, and while one of these ways might be a humorous quip like the one I’ve shared above, others may not be so light. 

In fact, this Wall Street Journal article examines just how harmful photo-sharing apps like Instagram and Facebook can be to young people. 

1 in 5 teenagers say Instagram makes them feel worse about themselves

If there’s anything Instagram is known for, it’s the larger-than-life feel the app’s 1 billion users are often exposed to. Instagram focuses on lifestyle, and the body; and there are a lot of profiles filled with the aesthetically pleasing [and often staged] lives of celebrities, and influencers. 

Recent research is showing that these profiles, which often litter Instagram’s explore page, are having adverse effects on young people everywhere.

More than 40% of Instagram users are 22 years old or younger and teens spend 50% more time on Instagram than they do on Facebook. Of this number, 1 in 5 say the app makes them feel worse about themselves. In fact, a 2020 research showed that 33% of teenage girls felt that Instagram made them feel worse about their bodies.

It’s not only girls, boys are affected too. In 2019, Facebook researchers found that 40% of young boys on the app are stuck in a cycle of negative comparison. 

In essence, many researchers are saying the same thing: the app has adverse effects on mental health.

Is Facebook doing anything to help?

Facebook bought Instagram for $1bn when the app still had 13 staff members in 2012. It’s made considerable investments [and revenues] from the app, and most are targeted at young adults. With pressure to protect the health of its target audience, it’s trying a few things.

Over time, the company has tried a few solutions including hiding the likes so people wouldn’t feel the anxiety that comes with having too little or too many likes but that really didn’t change much. 

The problem, as some suspect, isn’t likes but the beautification filters and glossy selfies. To this end, many are calling for Instagram to promote the use of fun filters instead. 

In addition, Facebook is also working with a few non-profits to promote emotional resilience and remind teens that they are in control of their experiences on the app.

The UK government partners with the Nigeria Startup Bill on regional town halls

The Nigeria Startup Bill is holding the regional town hall session for the South-West region on the 17th of September at 11 am (WAT). The venue is Impact Hub, 7A Milverton Road, Ikoyi, Lagos.

Interested participants can register to join using this link.

The town hall sessions are an avenue for stakeholders in the geo-political zones to contribute to what goes into the bill. Attendees will be able to share their thoughts and voice any concerns they have. 

So far, these sessions have been held in the North-West and North-Central regions.

The UK Government has committed to supporting these sessions through its Africa Technology and Innovation Partnership (ATIP) programme and the UK-Nigeria Tech Hub.

This support will help fund the engagement of relevant stakeholders across the country through these town hall meetings as well as provide access to research and evidence to harness the existing opportunities for start-ups and address the challenges in the current policy and regulatory framework. 

Learn more about the UK Government’s involvement here. Other key partners for the NSB include Google.

To stay updated on the bill’s progress, visit the website and follow the NSB on Facebook, LinkedIn, and Medium.

For partnership and other inquiries, send an email to Facebook, hello@startupbill.ng.

EVENTS: DATA SCIENCE NIGERIA’S AI STARTUP SUMMIT

Data Science Nigeria, a non-profit accelerating Nigeria’s development through machine learning, is holding the inaugural edition of its AI Startup Lab. The virtual event is scheduled to hold on the 21st of September 2021, at 5 pm (WAT) on Zoom. 

Targeted at entrepreneurs, aspiring entrepreneurs, investors, professionals, and tech ecosystem enablers in Africa, the summit is themed on, “Building Nigeria’s Artificial Intelligence Unicorns: How to build scalable startups, leveraging AI and Exponential technologies.”

The speakers for the webinar are Anitha Vadavatha, Co-Founder & CEO, AB Plus Ventures, and Samuel Odeloye, Co-founder & CEO, RoadPreppers.

Find out more here and register for the event here.

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