Nigeria's plan to fund tech and creative entrepreneurs

March 16, 2023
6 min read
Image by jcomp on Freepik

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Victoria here,

OpenAI's most recent text-generation model, GPT-4, can remember approximately 50 pages of content due to a greatly expanded context window.

The context window, as it relates to text-generating AI, refers to the text the model considers before producing additional text.

It might not seem like much, but that is five times more "memory" than the previous version of GPT-4 and eight times more than GPT-3.

Even though they "learn" to write by training on billions of examples of text, models like GPT-4 can only take into account a small portion of the text at once due to the size of their context window.

During a live demonstration, Greg Brockman, Co-founder and President of OpenAI, stated that the model could adapt using long documents. He said, “We want to see what kinds of applications [this enables].” 

Here's what I've got for you today:

  • How African startups raised VC funding in February 2023
  • Nigeria launches a ₦‎284.6 billion fund
  • Flutterwave gets licences in Rwanda
  • Flat6Labs launches a $95m fund

How African startups raised VC funding in February 2023  

startup funding reports 11 of 11

Those keeping scores may notice a recent slowdown in startup funding in Africa. Only a few disclosed or undisclosed fundraises had been announced across the continent as of the second week of March.

Following a year in which venture capital funding activity globally slowed, one wonders if Africa is finally beginning to feel the impact.

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Nevertheless, February 2023 was a successful month for startup fundraising in Africa, and Chimgozirim examined some of the funding-related themes using data from Intelligence by Techpoint.   

In January 2023, 23 African startups raised slightly over $70 million in 24 funding rounds. In February, 44 startups raised above $675 million in 48 funding rounds.

In terms of distribution, South Africa and Kenya each had ten startups represented, Nigeria had nine startups, and Egypt had six startups represented.

When funding is announced, it will likely go to Egypt, Kenya, South Africa, or Nigeria. These four countries, colloquially known as the Big Four, account for the vast majority of startup funding in Africa.

But how much of Africa's startup funding went to the Big Four? Find out here: How African startups raised venture capital funding in February 2023

Nigeria launches a ₦‎284.6 billion tech fund for young investors

Osinbajo technology fund

The Federal Government of Nigeria (FGN) has launched a ₦‎284.6 billion ($618 million) fund to help young tech and creative entrepreneurs with funding in the country.

Vice President, Yemi Osinbajo, launched the fund through the Investment in Digital and Creative Enterprises (iDICE).

The fund is focused on young Nigerian entrepreneurs between the ages of 15 and 35 who are actively involved in developing original, cutting-edge, and tech-enabled ventures.

According to the Vice President, the African Development Bank would contribute $170 million, the Agence Française de Développement, $116 million, and the Islamic Development Bank will put in $70 million of the $672 million total fund.

Private sector and institutional investors will contribute an additional $217 million, while the FGN will donate $45 million through Bank of Industry loans for qualified startups.

Although the IDICE will eliminate obstacles like capital access and startup capacity limitations, Osinbajo says more needs to be done to scale up such programmes.

Flutterwave enters  Rwanda

Flutterwave team members

The National Bank of Rwanda has issued Electronic Money Issuer and Remittance licences to Flutterwave, as the company expands its operations in East Africa.

With the Electronic Money Issuer licence, Flutterwave can now acquire all types of payment instruments in Rwanda.

The Remittance licence allows the company to launch $end by Flutterwave, its cross-border money transfer service, to process inbound and outbound cross-border transfers in Rwanda.

The startup will also introduce several other products, including Flutterwave for Business and its suite of products, including Store, payment links, invoices, and check out to assist businesses and individuals in Rwanda.

Flat6Labs launches a $95m fund 

Flat6Labs Team 768x490 1
From Left to right: Dina El Shenoufy (CIO, Flat6Labs), Ramez El-Serafy (CEO, Flat6Labs), Marie Therese Fam (Managing Partner, FlatLabs Egypt), Albert Malaty (Managing Director, Flat6Labs Egypt)

Flat6Labs, an Egypt-based seed stage accelerator, is expanding into East and West Africa with a $95 million Africa Seed Fund investment vehicle, its first venture outside MENA.

The company is expanding into Kenya and the surrounding markets in East Africa and the francophone and anglophone regions of West Africa, including Nigeria, Senegal, Côte d'Ivoire, Ghana, and Cameroon.

"We're embarking on a new phase for the organisation by expanding into sub-Saharan Africa through Africa Seed Fund," says CEO Ramez El-Serafy.

Additionally, he says that the expansion will be gradual, and businesses in North Africa will continue to receive two-thirds of the allocations. Flat6Labs is aiming for an initial close before the end of the year.

The fund will invest in startups in fintech, healthtech, logistics, mobility, cleantech, agritech, retail, and eCommerce.

Flat6Labs will invest between $150,000 and $400,000, with follow-on investments of up to $500,000, to ensure continued support for the startups. It put between $30,000 and $100,000 into previous funds.

With over 100 investments in startups across the Middle East and North Africa (MENA) region, Flat6Labs is one of the most active in Africa.

In case you missed it 

What I'm reading and watching


  • Techlytics Africa is hiring a remote content writer. Submit your portfolio and CV here.
  • OuiCapital is organising a 2-day virtual masterclass designed specifically for female founders across Africa, The African Amazons. Apply here.
  • Kuda is looking for a Frontend Engineer (Web). Apply here.
  • Andela is hiring an Engineering Matching Specialist. Apply here.
  • Think It is hiring a Software Engineer (DevOps & Cloud). Apply here.
  • RebelMouse is looking for a Project Manager to work remotely. Apply here.
  • Magic Eden (US) is hiring a Product Designer. Apply here for the remote job.
  • Paga is hiring a Sales Manager (Doroki), an Accountant, a Senior Accountant, and a Fraud Management Analyst. Check out this website to apply.
  • Genies is looking for a product designer and several engineers, including Data Infrastructure Engineer and Lead iOS Engineer. Check out this website to apply.  
  • If you're an African in the diaspora or are willing to relocate, Notion is hiring for several roles in Sales, Engineering, Marketing, Customer Experience, Data Science, Product, Communications, and likes, outside the continent. Check out this website to apply.
  • EHA Clinics is looking for a Human Resources Coordinator. Apply here.
  • Google has announced that the Google for Startups Black Founders Fund is now accepting applications from Black founders across the African continent. Applications are open now and will close on March 26. Appy here.
  • If you are a software engineer, creative designer, product manager, design researcher, or a techie looking for an internship role, please, check out this website.

Have a great Thursday.

Victoria Fakiya for Techpoint Africa.

She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.

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