Victoria from Techpoint Africa here,
Here's what I've got for you today:
- SafeBoda to relaunch in Kenya three years after its exit
- Shamba Pride's $3.7m
- Core Chain launches a $5m fund for Web3 builders in Africa
SafeBoda to relaunch in Kenya three years after its exit
SafeBoda, a Ugandan bike-hailing startup, will relaunch in Nairobi, Kenya, on February 5, 2024, three years after exiting the country.
In November 2020, the company stopped operations during the COVID-19 pandemic, citing an unsustainable business environment due to the pandemic.
SafeBoda entered the Kenyan Boda Boda (a widely adopted name for commercial motorcycles in most parts of East Africa) market with a disruptive approach, emphasising rider safety through mandatory helmet use and low-cost rides.
The company's exit reportedly impacted over 4,000 SafeBoda drivers.
Safeboda stated that the okada industry was not profitable at the time.
Be the smartest in the room
What can Kenyans expect from the relaunch in Kenya? Although there are currently not many details, in 2022, Safeboda pivoted from a ride-hailing service to a "super app for fintech and logistics."
Shamba Pride's $3.7m
Shamba Pride, a Kenyan agritech startup, has raised $3.7 million in debt-equity pre-series A funding to support its Kenyan operations and expand its merchant network.
The funding includes $1.7 million in equity. EDFI AgriFI and Seedstars Africa Ventures (SAV) participated in the round.
Samuel Munguti (CEO) founded Shamba Pride in 2016, which operates as an ecosystem for agricultural trade.
The online-to-offline platform equips agricultural input distributors, or agro-dealers, with tools and technology to help them provide farmers with high-quality agricultural products, services, and data.
Mumguti stated that this new funding will enable agro-dealers by providing them with the technology and tools necessary to increase the visibility of their businesses, support local farmers, and further their professional and commercial development.
The agritech company provides farmer market links, Buy Now, Pay Later (BNPL) financial services, and training information through its USSD platform.
Currently operating in 24 counties throughout Kenya, Shamba Pride has enrolled over 60,000 farmers and engaged 2,700 agri-retailers, covering more than half of the nation.
The startup intends to extend its reach in Kenya in the upcoming year to include more retailers and agricultural areas.
The company intends to expand into neighbouring markets, such as Tanzania, Uganda, and Zambia, to tackle various challenges encountered in the farm input supply chain, such as sourcing, unstable pricing, quality concerns, and stockouts.
Core Chain launches a $5m fund for Web3 builders in Africa
Fintech platform Core Chain has launched a $5 million Africa Innovation Fund specifically designed for Web3 builders.
Core Chain plans to help regional Web3 developers with several services, including funding, technology support, builder programmes, and partnerships with organisations and accelerators.
Besides, the fund will provide long-term, sustainable connections between entrepreneurs, VCs, and other potential investors.
Per Rich Rines, Initial Contributor at Core Chain, “Africa is quickly becoming a major hub for crypto and is filled with potential. We are excited to support and help develop that potential with the launch of The Core Africa Innovation Fund.”
The Core Africa Innovation Fund's launch is timely, given the decline in funding for Web3 startups. CrunchBase reports a fourth consecutive quarterly decline in the industry, with $1.1 billion raised in Q4 2023.
As a result, Core Chain's initiative is a strategic move aimed at Africa's young and tech-savvy population, accounting for most Bitcoin transaction volume between July 2022 and June 2023.
Zoom out: Last week, Canza Finance, a Nigerian-based fintech startup, closed a $2.3 million round to support the development of its DeFi products, including the newly launched Baki.
Last week on Techpoint Africa
- Interswitch and OPay partner to offer a secure payment solution after reported fraud cases
- Zero Carbon Charge to complete South Africa's first fully off-grid EV charging station in Q2 2024
What I'm reading and watching
- Egyptian edtech Edura secures pre-Seed round
- What If We Just...Stopped Working?
- Do Gut Microbes Control Your Personality?
- The following positions at PiggyVest are open for applications: Treasury Executive, Quality Assurance Engineer, Information Security Officer-PocketApp, AML Analyst, Internal Auditor, and Senior Product Manager-PocketApp. Apply here.
- Anderson Optimization is hiring a Node Software Developer. Apply here.
- Statespace is looking for a Product Manager. Apply here.
- Tangent is hiring a Mid Weight Product Designer. Apply here.
- Self Financial is currently recruiting for multiple positions. Check them out here.
- Hive.co is hiring a Senior Software Developer. Apply here.
- Cere Network is looking for a Technical Product Manager. Apply here.
- Phantom is actively recruiting for multiple roles. Check them out here.
- A.Team is hiring a Senior Independent Software Developer. Apply here.
- Dapper is hiring a Product Designer. Apply here.
- Kenyan startups focused on embedded finance, future fintech, SME productivity tools, and content like local gaming and mobile advertising can apply for Safaricom’s Spark Accelerator programme. For more information, check this out.
- The International Center for Journalists (ICFJ) is looking for an editor to support the Arthur F. Burns Fellowship. Apply here.
- Application for the Meltwater Entrepreneurial School of Technology (MEST) Class of 2025 is now open. Check out the one-year, fully sponsored, graduate-level programme in tech entrepreneurship here before March 18, 2023.
- Do you live in Nigeria and work with a local or foreign company? Whether it's remotely, on-site, hybrid, full-time, part-time or as a freelancer, @TheIntelpoint is trying to understand the Nigerian workspace: how you work, and toxicity in the workspace among others. Please, fill out the questionnaire here.
- Explore this website to find multiple job opportunities in Data that align with your preferences.
- 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 wonderful Tuesday!Victoria Fakiya for Techpoint Africa.