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In the Nigerian fintech landscape, where employee turnover is prevalent and co-founders frequently part ways with their companies, how has Nigerian fintech company Piggytech continued to maintain a close knit team of seven executives for years?
Find out here.
In today’s edition
- What makes a CEO resign after ten years?
- What are the specifics of the Sendchamp acquisition?
- The startups selected for Bill Gates foundation fund
- The World Wide Web3
- Event: Moonshot Conference
- Opportuinities
Talent
What makes a CEO resign after ten years?
The What: Bob van Dijk, the CEO of Naspers and Prosus, has resigned after 10 years in charge; Naspers is the largest African company by market capitalisation. Through its subsidiary, Prosus, it holds an estimated 26% stake in Tencent worth $112 billion. Despite completing 23 deals, Prosus’ most important investment remains Tencent and its value has continued to increase over the years. In 2021, Van Dijk proposed a new structure to have the value of Prosus’ Tencent investment show on Naspers books. It created a complex structure where Prosus went on to own 49% of its parent company.
Why did Van Dijk leave? Eventually, the lopsided structure of a subsidiary owning its parent had to change. As the ownership changed, it opened the door to Van Dijk’s exit and shares of both companies fell on the Johannesburg Stock Exchange.
What’s next? While Van Dijk will remain as a consultant and help with the transition until the end of September 2024, Ervin Tu, the Chief Investment Officer of Naspers will become interim CEO. Here’s all you need to know about him. Per the WSJ, “The management change comes as the 108-year-old company pushes to make its e-commerce businesses and investments profitable, and works to narrow a persistent gap between the value of its shares and its stake in Tencent.”
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Acquisition
What are the specifics of the Sendchamp acquisition?
In a report TechCabal exclusively released last week, we revealed that WhoGoHost had completed a full acquisition of SendChamp. Now, TechCabal has exclusively reported that the acquisition was valued in the “mid-six-figure” range in USD and involved a combination of cash and equity. Notably, a significant portion of Sendchamp’s initial investors chose to convert their ownership stakes in Sendchamp into shares of WhoGoHost as part of this deal.
SendChamp seemed to be doing okay: After raising $100,000 in an initial round, the startup secured additional funding in 2022, bringing the total to about $400,000. CEO Goodness Kayode noted that the company boasted approximately 6,000 clients, with a substantial portion being corporate clients generating significant monthly revenues in the five-figure range on multiple occasions. Despite a reduction in the size of its team earlier in the year, SendChamp appeared to be achieving impressive milestones.
So why get acquired? While the acquisition of SendChamp serves as a strategic move for WhoGoHost, Goodness notes that it represents an opportunity for SendChamp to expand with the support of a financially stronger company and a shared customer base.
Funding
The startups selected for Bill Gates foundation fund
Investing in Innovation Africa (i3), a pan-African initiative funded by Gates Foundation, is providing equity-free funding to 29 African healthcare startups. Each of them will receive a $50,000 grant as well as connections to potential clients in industry, government, and donor agencies.
What kind of startups? Both early-stage and growth-stage startups were accepted to the cohort, but only African-founded startups with African founders were considered. Startups in the cohort are building online pharmacies, telemedicine businesses, inventory management for pharmacies, clinics, and hospitals, product protection solutions, and supply chain data analytics.
Zoom out: The amount invented in health startups in the first half of the year—$330 million—is up from what was invested same time last year—$225 million. This shows growing investor optimism in the health sector—good news for a clime where health has proven to be a capital intensive sector. Interesting thing about this selection is that women make up neary half of the selected health tech startups.
Crypto Tracker
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$26,621 |
+ 0.79% |
+ 2.65% |
| Ether |
$1,637 |
+ 0.89% |
– 1.43% |
 BNB |
$215 |
– 0.24% |
– 0.05% |
| Cardano |
$0.2519 |
+ 0.87% |
– 4.53% |
* Data as of 04:23 AM WAT, September 19, 2023.
The Moonshot Conference
Tickets are still selling out fast for the gathering of the most audacious players in Africa’s tech ecosystem.
You and your friends can get an exclusive discount to secure your seats if you haven’t yet.
Opportuinities
Calling all emerging conservation photographers and storytellers! Applications are open for the Ocean Storytelling Photography Grant 2023($2,000 prize). Four successful grantees will receive a fully-funded assignment to choose a conservation photo story on location (including day rate and travel), under direct mentorship from the Ocean Storytelling Grant team. Apply by October 13.
Applications are open for the Aurora Tech Award 2024. The Award is an annual global prize for women founders of tech startups. Winners of the first prize get $30,000, the second prize gets $20,000 and the third prize gets $10,000. Apply by December 1.
Applications are now open for the Hello Tomorrow Global Challenge 2023,which aims to offer deep tech and science-based entrepreneurs from around the world the chance to secure equity-free funding, exposure on a worldwide scale, and contacts with influential deep tech ecosystem actors. Apply by September 22
What else we are reading
