The Latest from Tage Kene-Okafor
Kenyan B2B e-commerce platform Marketforce cut about 9% of staff in reorganization strategy
Kenyan retail B2B and end-to-end distribution platform Marketforce laid off a chunk of its workforce in July, according to sources familiar with the matter. In an email sent from Marketforce CEO Tes
Jumia shares rise as the company’s e-commerce business revs up in Q2
African e-commerce giant Jumia reported its second-quarter financial performance today. In the wake of its financial reporting this morning, Jumia’s shares climbed sharply, gaining more than 15%
QED makes its first African investment, backing Nigerian fintech TeamApt in $50M+ deal
QED Investors, a U.S. fintech-focused venture capital firm, has led a new investment in TeamApt, a Nigerian fintech that provides business payments and banking platforms. The investment was over $50 m
South Africa’s DataProphet closes $10M to scale its AI-as-a-service platform for manufacturers
Manufacturing plants or factories take raw material inputs and add value through a sequence of unit processes before shipping a product. Now, this process must follow a recipe. There are a series of i
Egyptian startup Convertedin raises $3M, caters to e-commerce brands in MENA and Latin America
Convertedin, an Egyptian startup that operates a marketing operating system for e-commerce brands, has raised $3 million in a seed round led by Saudi Arabia-headquartered Merak Capital. Other particip
Bluechip, an African systems integrator with partners like Microsoft and Oracle, is expanding to Europe
It’s not often you hear about African tech companies expanding into Europe. Some examples include fintechs Lidya and Korapay in Eastern Europe and the U.K., respectively. In the latest developme
Beacon Power Services raises $2.7M to improve electricity access for sub-Saharan African cities
Sub-Saharan Africa’s share of the global population without access to electricity stood at 77% in 2020, according to reports. Also, the average daily electricity supply in some of Africa’s largest
Amazon Prime Video launches local service in Nigeria
Amazon Prime Video today announced the launch of the localized version of its streaming service in one of Africa’s biggest markets: Nigeria. Just as it did in Southeast Asia some days back, the tech
Kenyan logistics startup Sendy cuts 10% of its workforce
Kenyan logistics startup Sendy has laid off 10% of its 300-strong workforce, or 30 employees, according to pan-African news publication TechCabal. This is the latest public layoff news from Africa ov
Identity verification company Youverify extends seed funding to $2.5M as it expands across Africa
This past month has seen several African fintechs such as Flutterwave and Union54 make headlines for compliance checks issues and fraud allegations. Both unlinked events re-emphasize the importance of
Oui Capital, a pan-African early-stage VC firm, hits first close of its $30M second fund
Oui Capital, an Africa-focused VC firm based in Lagos and Massachusetts, announced today that it has completed the first closing of its $30 million second fund, Oui Capital Mentors Fund II, as it seek
Zedcrest launches $10 million ’emergency fund’ for African startups
Zedcrest Capital, a firm known for its debt and equity capital markets investments but who recently started dabbling into venture investments, has launched a $10 million fund for pre-Series A stage st
South African startup Qwili gets $1.2M to scale its app and low-cost NFC-enabled smartphone
Qwili, a startup that provides a hybrid sales product to micro and small merchants in South Africa, has raised $1.2 million in seed funding a year after closing an undisclosed pre-seed round. E4E Afri
The Fashion Kingdom, an Egyptian fashion e-commerce startup, raises $2.6M in seed funding
The Fashion Kingdom (TFK), an Egyptian e-commerce marketplace for fashion, beauty and home accessories items, announced today that it has raised $2.6 million in seed funding led by CVentures, a corpor
Egyptian B2B e-commerce platform Cartona raises $12M to scale and explore new verticals
Startups that solve the supply-chain and operational challenges of players in the fast-moving consumer goods (FMCG) industry — by helping buyers access products from sellers on a single platform
Techstars CEO Maëlle Gavet outlines the accelerator’s newest program in Africa
In April, startup accelerator Techstars, in partnership with ARM Labs, a Lagos-based innovation program focusing on fintech startups, announced the launch of ARM Labs Lagos Techstars Accelerator Prog
AfricInvest and Cathay Innovation reach final close of Pan-African fund at €110M
Cathay AfricInvest Innovation Fund (CAIF), a Pan-African fund launched via a partnership between AfricInvest, a multi-asset investment platform in Africa and Cathay Innovation, a European-born but gl
Sudanese fintech Bloom nabs $6.5M, backed by Y Combinator, GFC and Visa
Bloom, a Sudan-based fintech that offers a high-yield savings account and adjacent digital banking services, has raised a $6.5 million seed round. This investment is coming after the startup’s undis
African fintechs halt virtual dollar cards after Union54 chargeback fraud surge
Last Friday, Barter, the consumer app of Africa’s most valued startup Flutterwave, told customers via email that they would not be able to access its virtual dollar card service from July 17. Hence,
Mr Eazi, Black Coffee and Ajebutter22: The African music artists backing startups
This April, Black Coffee, the famed South African DJ and record producer whose real name is Nkosinathi Maphumulo, made history at the Grammys. With his seventh studio album “Subconsciously,” he be