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This Week: Raising ₦100 million in 10 days

By Ngozi Chukwu Feb 18, 2023

Image source: Techcabal

Editor’s Note

Week 07, 2023
Read time: 5 minutes

In this edition, investors at a Nigerian startup Fluidcoins grapple with the reality of making zero returns on the startup’s sale to UAE-based Blockfinex. On the other hand, Jumia is predicting a loss of $100-$120 million in 2023 while Telkom, the South African telecoms group, is also struggling to stay connected to profitability.

Meanwhile, Airtel is aiming high with plans to roll out 5G only in Kenya’s high-income neighbourhoods. Read on for more details.

Pamela Tetteh Editor, TechCabal.

Editor’s Picks

	Monieworx raised ₦100 million for 3 Nigerian SMEs Nigerian crowdfunding platform Monieworx has smashed fundraising records by pulling in ₦100 million ($217,136) from small-ticket investors in a mere ten days! This will go towards supporting three small and medium-sized enterprises (SMEs) in the country. Learn more.
	Fluidcoins sold to Blockfinex Nigerian crypto payment gateway startup, Fluidcoins, has been acquired in a fire sale. But what does this mean for its existing investors? Are they about to see their returns go up in smoke? Learn more.
	AKA’s digital journey to stardom Late South African rapper, Kiernan Forbes, aka AKA knew that success in today’s world was all about being tech-savvy. He saw the light and went digital fast, embracing channels like the web and apps to share his beats and expand his fanbase from Jo’burg to Singapore and even farther. Learn more.
	Jumia to lose $100-$120 million in 2023 According to Jumia’s financial report for Q4 2022, the African ecommerce giant is in the red with a loss of $49.2 million, bringing their total loss for 2022 to a whopping $207 million. They had to let go of 900 employees, with 60% of their staff in Dubai getting the boot. Learn more.
	Airtel to roll out 5G in Kenya Airtel has acquired the necessary spectrum it needs to roll out 5G in Kenya. However, the telco will only launch 5G in high-income neighbourhoods where Kenyans who can afford 5G are likely to be situated. Learn more.
	Telkom seeks to raise R1 billion Overall, Telkom continues to struggle with profitability and bottom line growth. Its revenue is up 2.3% to R11 billion but its earnings before interest, taxes, depreciation, and amortisation (EBITDA) are down 13.5% to R2.5 billion. Learn more.

Report: Trends in verification and onboarding

Discover the latest trends in identity verification and user onboarding across Africa. Download our report to gain valuable insights on failed verification rates, popular verification channels, and more.

	Telkom announces layoffs In other news, the South African telecoms group, Telkom, has announced that it will embark on a restructuring process that will affect 15% of its 11,000 plus workforce. Learn more.
	NDPB investigates 110 companies for data breach Nigeria’s data protection authority, the Nigeria Data Protection Bureau (NDPB), is investigating over 110 companies, including banks, telecom firms, and gaming companies, for data breaches. Learn more.
	Dash board suspends CEO Almost one year after raising $32.4 million, Ghanaian fintech Dash is undergoing a forensic financial audit. Per TechCrunch, the startup’s CEO Prince Boakye Boampong has also been placed on indefinite administrative leave. Learn more.
	CcHUB to launch $15 million ed-tech accelerator Africa’s biggest innovation hub, CcHUB, is giving African edtech a boost with a $15 million ed-tech accelerator program. The program will support 72 startups in Nigeria and Kenya over the next 3 years. Let’s cheer them on! Learn more.
	Bamboo secures sub-broker licence in Nigeria Nigerian investment-tech startup Bamboo has secured a digital sub-broker licence by Nigeria’s Securities and Exchange Commission, allowing it to expand its partnerships with brokers and financial service providers. The company is set to grow, bamboo-style. Read more.

Who brought the money this week?

This week, pan-African ID verification and KYC compliance company, Smile Identity, raised $20 million in Series B funding in a round led by Costanoa and Norrsken22.

South-Africa based insurtech company Naked received $17 million in Series B funding.

Power Set, a Kenyan-based fintech company, raised $3 million in a seed round.

Qotto, a clean energy company based in Benin and Burkina Faso, closed $8 million in Series B funding in a round led by IBL group.

Nigerian Insurtech company Curacel raised $3 million in seed funding from Tencent, AAF Management, Elefund, Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital, Y Combinator, James Park (CEO of Fitbit), Olugbenga Agboola, Babs Ogundeyi, and other strategic investors.

Morrocan food-tech company Terraa received $1.5 million in pre-seed funding in a round led by Foodlabs.

Kenya-based BuuPass, a mobile digitisation company, raised $1.3 million in pre-seed funding.

Nigerian HR tech company Pade raised $500,000 in pre-seed funding from Zrosk IML, Zedcrest Capital, Microtraction, Expert Dojo, and Resilience 17, with other angel investors participating.