👨🏿‍🚀TechCabal Daily – Sendy my love to your new customers

CRYPTO MARKET

Bitcoin	$19,008	– 1.60%
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Name of the coin Price of the coin 24-hour percentage change		Source: CoinMarketCap

* Data as of 05:15 AM WAT, September 21, 2022.

NIGERIA REJECTS TESLA’S REQUEST TO MINE LITHIUM

On one hand, billionaire Elon Musk is trying to shake off the Twitter deal. On the other hand, Nigeria has refused to shake hands with his company over a mining deal. 

In August, Nigeria rejected Tesla Inc.’s request to mine lithium on its soil. 

Does Nigeria have lithium? 

Yes. So far, lithium has been discovered in about 7 states in the country—Kogi, Nasarawa, Kwara, Plateau, Oyo, Ekiti, and Cross River states. Nigeria is looking for more resources to profit from aside from crude oil, an export that has become less profitable over the years. Lithium is one of the valuable natural resources under consideration. The price of a tonne of lithium jumped from about $6,000 in 2020 to over $78,000 in 2022. The World Bank predicts that the demand for lithium will triple by 2040.

Why did Nigeria turn Tesla down?

Tesla was not bringing enough value to the table. The country expects Tesla to build a factory in the country or at least build a plant for processing the ore in the country.

Nigeria needs a lot of cash and lithium could earn the country the needed revenue and foreign exchange. However, it’s not just about money—it’s also about socioeconomic development. The country would rather work with industrial miners who will provide institutional jobs, add to the knowledge economy and improve the socioeconomic state of the country instead of degrading it with pollution, as happened with crude oil miners.

The Ministry of Mines and Steel Development is looking to collaborate with countries or investors with whom their corporate and commercial objectives align. While the country has told Tesla it needs to double down on value addition, it has also set out to Australia to find lithium miners who better align with its long-term goals.

SENDY IS TRANSITIONING TO B2B

We spoke of Edukoya’s transformational layoffs on Monday, and it appears the edtech startup is not the only one who’s taking that approach. 

Weeks after it announced that it was laying off 10%of its 300-strong workforce, Safaricom-backed logistics startup, Sendy has fully transitioned into a B2B business as its product Sendy Transport is now exclusively available to only businesses. “Sendy Transport will now be available to businesses only. Convert your account by 30th Sept,” an SMS that the company recently sent to its last remaining B2C customers reads. 

Up until this move, Sendy Transport was the startup’s only product still in use by individuals. What this means is that Sendy has fully transitioned into a B2B model as all of its products: Sendy Transport, Sendy Supply and Sendy Fulfillment now solely serve businesses. 

Some sources also disclosed to TechCabal that the startup is not only halting its services to individuals, it’s also halting its expansion plans to Egypt and South Africa.

“Our mission has been, and continues to be, empowering businesses to trade with ease, and thus we built Sendy Transport for businesses and corporates. As such we will continue to develop it to address and support our business customers’ pain points,” a statement to TechCabal reads. “We are not cutting down any part of our business model. Our current model supports our long-term strategy which is to continue building easy solutions for businesses using our products. So far, all our products are aligned with this goal.”

Although it expressed plans to raise $100 million last year, Sendy has only been able to raise $26.5 million since its launch in 2015, with a lot of its funding plans slowed by the global funding downturn.

JUMIA KENYA OPENS AN INTEGRATED WAREHOUSE AND LOGISTICS FACILITY

Ten-year-old e-commerce giant Jumia has opened an integrated warehouse and logistics network facility in Nairobi. The 11,000-metres squared warehouse promises to be a win-win for everyone involved: Jumia, its Kenyan customers, and the Kenyan climate.

Bigger and better business for Jumia

The extensive facility houses Jumia’s multiple warehouses and network operations under one roof. This means that more goods can be stored and fewer customers will cancel their orders because what they wanted is out of stock. 

It is also located on Mombasa Road, close to the Jomo Kenyatta International Airport (JKIA). Via the Nairobi Expressway, Jumia can easily access the Central Business District from this new location. Because of this, delivery will be quicker than before. Goods will also suffer less damage during order fulfilment. This means more profitability for services like Jumia Express. It also opens up Jumia to more delivery businesses as external vendors who are not registered with Jumia can also employ Jumia for last-mile delivery to their customers. 

What’s in it for the environment?

Typically, Jumia transports goods between warehouses and sorting centres. While their cars are moving back and forth like that, carbon emissions are being released into the atmosphere, contaminating the air and contributing to global warming. This new facility provides space for sorting and storage. Jumia will handle both tasks under one roof, cutting down on the daily 15 truck trips between warehouses and sorting facilities and lowering carbon emissions.

BYLD IS BACKING FINTECHS BUILDING APIS

Byld, a five-month-old VC firm, has joined the hundreds of other investors pumping money into African fintech startups. 

With a $15 million fund raised in record time, the VC is set to invest in early-stage fintech startups that are building the infrastructure for an improved financial system in Africa. 

If anything, this proves that Africa is home to many precious elements, including gold, diamond, and fintech startups.

What’s special about Byld?

Let’s set aside the speed at which it is pulling money together (they promised a third fund close this year). Byld has some pretty cool things about its fund. 

First, the venture is backed by a lot of successful professional athletes. Youcef Oudjidane, Byld’s founding partner, played a lot of soccer in his youth and built relationships that are literally paying off now. 

Byld also claims its fund is backed by the Dubai government and other institutional LPs

So how do African fintechs get Byld’s money?

African fintechs that want a piece of Byld’s cake must be at their early stage, building infrastructural solutions like APIs and embedded finance solutions that can be adopted by more fintechs and scaled. Byld currently has about 4 companies in its portfolio, including Thepeer and Anchor, both of which are building infrastructural solutions in Africa. 

Also, Blyd will give you a listening ear if your startup is reversing Africa’s brain drain. Or if they think you’re a good fit for the problem you’re solving. For founders in this category, Byld wants to meet you. Don’t be shy to say hi. 

EVENT: T-MINUS 2 DAYS UNTIL #FOC2022

If you haven’t signed up to attend #FOC2022, what are you waiting for?

At this year’s Future of Commerce 2022, our conversations will centre around ‘money on the streets.’ 

More than 30 business leaders and experts will discuss how innovation in payments, social media, and logistics are powering Africa’s commerce. We will discuss the current state, challenges, and solutions, from the key players in the commerce ecosystem.

#FOC2022 is a conference you don’t want to miss, so click here to sign up now. 

IN OTHER NEWS FROM TECHCABAL

Remedial Health raises $4.4 million in seed funding.

Three Android Phones that can compete with the iPhone 14 Pro Max

OPPORTUNITIES

• Applications are open for the UK Research and Innovation African Research Leaders’ Programme. Talented researchers in sub-Saharan Africa who are leading quality health research in the region can apply to get up to £750,000 in funding. Apply by December 1.

• The USADF Accelerate Africa Entrepreneurship Challenge 2022 is now open to applications from MSMEs in Africa who are prioritising job creation and job and youth productivity on the continent. Winning applications will receive grants of up to $250,000. Apply by Sepetember 30. 

• Applications are now open for Meta’s AR/VR Africa Metathon. XR developers, programmers, UI/UX designers, artists, animators, storytellers, and professionals resident in Africa can sign up to get curated learning resources from XR experts who will provide mentorship, and facilitate masterclasses and workshops. Apply here. 

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