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Happy Moonshot Week 🌙🚀
It’s a wrap!
We promised you two days of celebrating innovation on the continent, and it looks like we delivered—or at least that’s what all your reviews say 😉! If you have any thoughts on Moonshot, please drop them here.
From the entire Big Cabal Media Team, thank you!
A big shoutout to our headline sponsor Sabi, and all other sponsors, for their immense support. The dates for Moonshot 2024 are set for October 2 – 3, 2024. Please follow @moonshotbytc to keep up with all the updates.
P.S. Shoutout to TC Daily readers Keji and Timi Joel who came up to say hi, and everyone else we didn’t get to meet.
E-commerce
Sabi reaches $1 billion in GMV
Sabi crosses the $1 billion threshold.
Nigerian B2B e-commerce startup, Sabi, has crossed $1 billion in annualised merchandise value, according the startup’s CEO, Anu Adedoyin Adasolum. Adedoyin Adasolum shared this in a fireside conversation at TechCabal’s flagship Moonshot Conference yesterday, October 12, 2023.
Sabi provides merchants and resellers with business tools and services that help them reach new customers, improve cash flow, and streamline logistics. Launched in 2020, Sabi started as a spinoff from Rensource, an African energy company that offers power-as-a-service to customers.
A $300 million valuation: According to Adedoyin Adasolum, the ecommerce startup has over 200,000 merchants on its platform. The company also reached a $300 million valuation after raising $38 million in Series A funding in May 2023.
Zoom out: Africa’s informal trade sector provides opportunities for startups like Sabi and Wasoko to tap into the $1 trillion informal retail market and connect informal retailers to manufacturers and large wholesalers via digital platforms.
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Mobility
Possible EVS, a Nigerian startup, wants to produce up to 10,000 EVs annually
Possible EVS, a Nigerian electric mobility startup is making significant strides in the electric vehicle (EV) industry.
The company is gearing up to launch EV assembly plants, which will be situated in the Idu industrial area of Abuja, Nigeria. Per the CEO, Mosope Olaosebikan, upon full operation, the manufacturing facility will produce up to 10,000 electric vehicles annually, including mini-buses, tricycles, pick-up trucks, and taxis.
Funding strategy: To finance their ambitious plans, Possible EVS has raised $5 million internally for their initial funding and aims to secure more funds by Q1 2024. The company primarily generates revenue through EV sales and, according to Olaosebikan, they are actively seeking partnerships with financiers and hire-purchase providers.
The average cost of an EV from Possible EVS ranges from ₦12 million ($15,629) to ₦200 million ($260,497).
An EV-based taxi service: In addition to manufacturing EVs, Possible EVS has ventured into the electric taxi service. They are currently testing electric taxis in Abuja and plan to deploy them for public use soon. These electric taxis boast a range of 400 km on a single charge.
Zoom out: To support EV adoption, Possible EVS set up a public charging station at their electric vehicle experience centre (EVEC) in Abuja. Olaosebikan also stated that the company is set to launch an EVEC centre in Lagos and expand its multiple charging points across the country before the end of the year. It will also expand its fleet of electric taxis to Lagos and Akwa Ibom states in Nigeria.
Paystack is live in Kenya
After 10 months in private beta, Paystack is announcing that all businesses in Kenya can now accept payments with our growth tools. Learn more →
Internet
EU Investigation might affect Starlink’s Zimbabwe registration
Starlink is on the brink of a new pushback.
During a parliamentary session on October 11, a member of Zimbabwe’s parliament, Supa Mandiwanzira, asked that the European Union’s investigation of X be taken into account during the vetting process for Starlink’s licence application in Zimbabwe. The EU had accused X of being used “to disseminate illegal content and disinformation”, and opened an investigation on the social media platform afterwards.
Mandiwanzi argued that Starlink, by virtue of being associated with Musk, should also be scrutinised on the basis that its founder is being investigated by the EU, even though X’s issues with the EU are in no way connected to Starlink.
Zimbabwe’s minister of ICT, Tatenda Mavetera, dismissed Mandiwanzi’s statement saying that the case X has with the EU should not interfere with Starlink’s application.
Starlink is yet to be issued an operating licence in the southern African country. The satellite-based internet provider was meant to get a licence from the Postal and Telecommunications Regulatory Authority of Zimbabwe or team up with a registered public network. However, it is yet to do either.
Zoom out: Starlink has faced several instances of pushback against its adoption in several countries on the continent. It remains to be seen whether the EU investigation’s will impact Starlink’s licensing process in Zimbabwe.
Telecom
Safaricom launches standing orders on M-PESA super app
Safaricom officially introduced standing orders on its mobile money platform, M-PESA, following its hinting about the new service a month ago.
What’s a standing order?The service allows customers to set up recurring payments for bills and money transfers to friends and family. Standing orders are available through a mini app, a service built on top of the M-PESA app.
How standing orders work: To set up a standing order, customers must review and accept some terms and conditions. They can then opt into the service using their M-PESA PIN. Next, they can choose which standing orders to set up, whether for sending money to family and friends, paying regular bills, or purchasing goods and services.
For instance, to create a standing order for money transfers, customers need to specify the recipient’s name, amount, and frequency of the transfers.
Zoom out: Safaricom has stated that standing orders will be available to other payment partners through its Daraja API platform. This means that businesses can integrate standing orders into their apps and services, and it will make it easier for businesses to collect recurring payments from their customers.
Crypto Tracker
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$26,783 |
+ 0.02% |
+ 3.50% |
| Ether |
$1,540 |
+ 0.09% |
– 2.64% |
 Big Time |
$0.18 |
– 7.52% |
+ 169.65% |
| Loom Network |
$0.27 |
+ 30.64% |
+ 544.87% |
* Data as of 06:50 AM WAT, October 13, 2023.
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Job Opportunities
- DeepAfrica Limited – Software Developer – Nairobi, Kenya (On-Site)
- Roadie – Junior FrontEnd UX designer– Remote
- Traction – Brand Designer – Lagos, Nigeria (unspecified)
- Chorus One – Senior FrontEnd Engineer -Remote
- Smollan – IT Officer – Lagos, Nigeria (On-site)
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