Салом,
Victoria from Techpoint here,
Here's what I've got for you today:
- Cercli’s $4 million seed
- Why Ventures Platform sees profit and impact as inseparable
- Airtel Telesonic gets three telecom licences
Cercli’s $4 million seed
Cercli, a payroll startup launched in January 2024, has already raised $4 million in seed funding to build what they’re calling the “Rippling for the Middle East and North Africa (MENA).”
Rippling, for those who don’t know, is a big name in the US when it comes to HR and payroll platforms, helping companies manage local and international teams seamlessly.
Afore Capital, a San Francisco-based firm making its first investment in the MENA region, led the round.
The startup plans to use the new cash to grow its team, roll out more products for SMEs and enterprises, and strengthen its presence across key markets in MENA.
The goal? To simplify payroll management in a region where it's notoriously complex—a challenge the founders, Akeed Azmi and David Reche, know all too well from their time at regional giants Careem and Kitopi.
They launched Cercli to provide a unified payroll management system tailored specifically for the MENA region. The software integrates everything from payroll processing to compliance management, making it easier for companies to handle both local and global teams.
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According to Azmi, Cercli has become a go-to solution for many, replacing individual HR systems and other remote payroll solutions like Deel and RemotePass because it's simply more efficient.
In less than a year, Cercli has already seen impressive growth, boasting a 25% month-on-month increase and processing over $23 million in employee salaries across 31 countries.
For now, Cercli is focusing on mid-market enterprises, where the need for integrated and compliant payroll solutions is greatest.
Why Ventures Platform sees profit and impact as inseparable
Ventures Platform is all about finding that sweet spot where profit and impact meet, and they're proving it with every investment.
Founded in 2015 by Kola Aina, this homegrown venture capital firm has a knack for backing the startups shaping Africa’s future. Think of game-changers like Paystack, PiggyVest, Remedial Health, Raenest, Termii, and Fez Delivery — yep, Ventures Platform saw their potential early on.
Dotun Olowoporoku, the Managing Partner, recently chatted with Chimgozirim, sharing insights from the firm’s latest Impact Report.
He made it clear that while Ventures Platform isn’t technically an impact fund, they don't see any separation between making solid returns and creating meaningful change in Africa. In their eyes, profit and impact go hand in hand.
One area where they’re making a big push is boosting female participation in the startup ecosystem. With their Levelling VC initiative, launched in 2023, they’re not just talking the talk — they’re walking the walk.
This initiative is about getting more women into venture capital roles and increasing the number of female startup founders.
They’re diving deep into research to tackle the barriers women face, hosting events to inspire future female leaders, and encouraging their portfolio companies to bring more women into C-level and board positions. Their goal? By 2028, they want 25% of their investments going to female founders.
Curious about what trends are on Ventures Platform's radar or want to learn more about their approach? Read Chimgozirim's latest for the full scoop.
Airtel Telesonic gets three telecom licences
Airtel Nigeria’s fibre service unit, Airtel Nigeria Telesonic Limited, just scored three telecom licences — a National Long Distance licence, an Internet Service Provider licence, and a Sales & Installation Major licence — from the Nigeria Communication Commission (NCC), about seven months after kicking off.
The National Long Distance licence is good for 20 years, starting from July 1, 2024, until June 30, 2044.
This licence lets Telesonic offer long-distance telecom services within Nigeria, so they can set up the infrastructure to connect calls and data across the country. But it doesn’t provide long-distance international services or direct internet access for users. For context, MTN’s digital infrastructure arm, Bayobab, got a similar licence last year.
The Internet Service Provider licence, which runs for five years from July 1, 2024, to June 30, 2029, will allow Telesonic to jump into the Internet service market, taking on competitors like Spectranet and FibreOne. This licence gives them the green light to establish and run their network to deliver internet services.
Interestingly, in July 2024, 12 Nigerian ISPs didn’t renew their licences, dropping the number of active providers from 252 in May 2024 to 242.
Meanwhile, the Sales & Installation Major licence allows Airtel Telesonic to sell, install, and maintain telecom equipment, adding another dimension to their business.
Per Technology Times, Telesonic’s main gig is to handle everything from manufacturing and importing to selling fibre optic systems and telecom equipment.
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What I'm watching
- How Smartphones Shrink Our Brains
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Have a wonderful Wednesday!
Victoria Fakiya for Techpoint Africa.
