The global energy spare parts market is valued at over $90 billion, with the Middle East representing about 35% of this sector. This sector remains largely untapped by existing additive manufacturing
GoMetro, a South African tech company that operates in the fleet management space, has raised £9 million (~$11.4 million) in a Series A funding round led by Zenobē Energy, a strategic investor renow
In the dynamic landscape of African international trade, a prevalent challenge looms large: A mere 30% of trade volumes find financial intermediaries in banks. This glaring gap in financing disproport
African payments company Paystack has reduced its operations outside of Africa, trimming its workforce in Europe and Dubai. This decision comes as part of a streamlining effort, particularly in market
InDrive, the “bid-based” ride-hail platform popular in Latin America and Asia, has launched a new venture and merger and acquisition division named New Ventures to invest up to $100 millio
In Q3 2023, Jumia reported an adjusted EBITDA loss of $15 million, marking the lowest since its IPO in 2019 (outperforming the $27 million recorded in Q1 and $19.3 million in Q2) and a substantial dec
In 2016, Niklas Adalberth, co-founder of Klarna, exited the buy now, pay later giant to establish the Norrsken Foundation, a nonprofit organization grounded in the principles of effective altruism. Wh
The World Economic Forum states that Africa has an average annual demand for 2.4 million cars and 300,000 commercial vehicles. This demand is increasing because of a continent-wide increase in disposa
It’s exciting times for growth-stage investment in Africa as Norrsken22, a Pan-African venture capital firm, achieves the final close of its debut fund, raising a total of $205 million, surpassing i
The past year and a half have witnessed multiple startups facing valuation cuts as funding from VCs waned in an environment of rising interest rates. In this context, fintechs, especially buy now, pay
Obesity and prediabetes are major health concerns in Africa and the Middle East, affecting more than 40% of the population. In Egypt, 20% of adults have diabetes; the figure in Saudi Arabia is 30%. In
African mobile video network StarNews Mobile has secured $3 million in pre-Series A funding. StarNews offers African content creators a platform for monetizing their work through a subscription model.
African startup funding has seen a significant decline of more than 50% over the past three quarters compared to the previous year, as reported by The Big Deal. To date, startups on the continent have
It’s been a tough year for tech startups globally. These struggles have manifested in layoffs, down rounds and complete shutdowns caused by current market conditions, utter mismanagement or fraud.
Husk Power Systems, a clean energy company at the forefront of fueling rural electrification since 2008 and that announced plans to launch 500 solar mini-grids in Nigeria over the next five years, has
Sony Group announced today that it has established Sony Innovation Fund: Africa (SIF: AF), a program that will support the growth of entertainment businesses in Africa. Appropriately, the Tokyo multin
Open banking, in which traditional banks release their data via application programming interfaces (APIs) to enable the development of new financial services for their consumers, has been one of the m
Enza Capital, a venture capital firm that backs startups “organizing the offline online” and “digitizing key African industries,” has closed $58 million across two funds. In 2019, the company
The payment landscape in Africa is still fragmented, with several payment operators providing different payment options to customers as well as businesses. Due to this fragmentation, payment failures
P1 Ventures has reached the first close of its second fund at $25 million. It expects to reach a final close early next year.
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