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TC Weekender: An oversubscribed fund

By Ngozi Chukwu Dec 17, 2022

L-R: Olowoporoku and Aina.

Editor’s Note

Week 50, 2022
Read time: 5 minutes

And just like that, we’ve come to the end of the year. In this last edition of TC Weekender, there are what seem to be shining lights of hope: a tech company in Nigeria gives its female employees menstrual leave, Ventures Platform closes out its fund at way above the target, and Kenyan President William Ruto talks about establishing a startup fund in the country.

Thank you for reading TC Weekender throughout the year. I do hope you enjoy your holidays and we’ll see you bright and refreshed in 2023!

Pamela Tetteh Editor, TechCabal.

Editor’s Picks

	VP’s oversubscribed fund Ventures Platform (VP), an early-stage, Africa-focused VC firm, has closed its early-stage and intercontinental fund at $46 million, surpassing its initial target of $40 million. The oversubscribed fund saw investments from several international investors. Learn more.
	African graduates of Techstars Toronto 2022 Startup accelerator, Techstars Toronto, has announced that nine African companies have graduated from the seventh cohort of its program. The graduating companies are Glover Technologies, GIGXPad, Klas, Raenest, Fez, Renda, Simpu, LaborHack, and Mamy Eyewear. Learn more.
	Meta sued for $2 billion in Kenya A lawsuit filed in a Kenyan court on Wednesday accused Meta of fuelling political violence in Africa. The lawsuit demanded that the company pay over $2 billion in victims’ funds and stop platforming violent content for the sake of profit. Learn more.
	Klasha’s menstrual leave policy San Francisco- and Lagos-based cross-border commerce technology company, Klasha, has introduced a menstrual leave policy for its female employees. For a technology business operating in Nigeria, this is a first.
	ARCON regulates Nigerian comedians Nigerian skit creators, comedians, influencers, bloggers, and the like must now obtain permission from the Advertising Regulatory Council of Nigeria (ARCON) before posting any content that advertises products and services. Learn more.

	Meta-backed 2Africa cable arrives South Africa The 2Africa system has arrived in South Africa. However, its journey doesn’t end there. The 2Africa cable, unlike Google’s and Telkom’s Equiano system, will eventually surround the whole African continent. Learn more.

The Next Wave Show: Episode 5

On the fifth episode of The Next Wave show, Iyin Aboyeji, co-founder of Talent City and Jonathan Hursh, founding partner at Utopia talk about how tech can transform urban development in Africa. If you missed the broadcast on CNBC Africa, you can catch up here.

The Next Wave is brought to you by TechCabal in partnership with Flutterwave, with additional support from Africa No Filter.

	Ruto to establish a startup fund Kenyan President William Ruto announced that preliminary work is ongoing to establish a startup fund that will give startups in the country the opportunity to scale up and become serious enterprises. Learn more.
	Equinix’s $160 million data center in South Africa US data center company, Equinix, has announced its plans to invest $160 million in building its first data center in South Africa to accelerate its expansion into Africa. The data center will be completed and operational by mid-2024. Learn more.
	Vodacom buys 55% of Vodafone Egypt The Vodacom Group announced the completion of its purchase of a 55% stake in Vodafone Egypt in a deal valued at $2.78 billion. Vodacom intends to advance Vodafone Egypt’s financial services opportunity by using its financial services product roadmap, particularly its super-app strategy. Read more.
	Cellulant & Zanaco partner to enable pay TV Zambia’s largest bank, Zanaco, has partnered with Cellulant Zambia to enable its customers—over 2 million—to pay for TV services like Topstar, Zuku, and Muvi TV. All they have to do to access this service is dial the Zanaco USSD code *444#. Read more.
	Cairo Angels rebrand to Acasia Group Egypt-based angel investment group, Cairo Angels, has changed its name to the Acasia Group to represent its new investment strategy more accurately. The Acasia Group is made up of three components: Acasia Ventures, Acasia Impact, and Acasia Angels. Learn more.

Who brought the money this week?

Taeillo, a Nigerian furniture e-commerce platform, raised $2.5 million in equity funding from Aruwa Capital.

Suplyd, a Egypt hotel, restaurant and catering procurement platform raised $1.6 million in pre-seed funding from Endure Capital, Seedstars, Camel Ventures, Falak Startups, Outlierz, Plus Ventures, Fort, Alex Angels, and other angel investors.

Kenya-based company, Myhealth Africa, raised $1 million in seed funding, and the round was led by GIIG Africa Fund, with participation from Japanese-based Samurai VC, a family office, and existing investors.