Ecosystem
Top stories
Saudi Arabia’s equity management platform, RasMal, acquires Pentugram, a cloud-based Software as a Service (SaaS) company, to expand its business into private capital investment management solutions.
COTU Ventures, a Dubai-based early-stage VC firm, has announced a $54 million fund to support startups in the MENA region, including Egypt, the United Arab Emirates, and Saudi Arabia.
Sawari Ventures, a Cairo-based venture capital firm, has announced its commitment to set up a $150 million investment fund targeted at tech startups in Egypt.
Following a $263 million initial close of the Partech Africa II fund, Partech has reached a $300 million final close. The firm has also recently opened an office in Nigeria as part of its ongoing expansion into Africa.
Disha, a Nigerian-based no-code platform owned by Flutterwave, has announced that it will temporarily cease operations on March 31, 2024.
Injaro, a Ghanaian investment company, has announced the close of its private equity fund, the Injaro Ghana Venture Capital Fund (IGVCF), at $17.5 million to empower SMEs in Ghana and Ivory Coast.
Over 90% of Nigerian startups call Lagos home, yet other cities are catching up. Experts stress the importance of these cities in spreading startup benefits but caution it demands effort.
NaijaHacks now known as World Innovation League has raised $1.2 million in funding from a Canadian accelerator. Founded by Uchi Uchibeke in 2018, the hackathon gave names like Emmanuel Njoku a platform to showcase their tech skills.
Applications are open for the first edition of the Ignite Lagos accelerator. Startups across Nigeria are encouraged to apply.
In 2023, Nigerian startups secured less funding compared to Kenya, South Africa, and Egypt. However, investors find its large population, robust economy, and advanced tech scene appealing.
Despite a 23% decline in funding to African startups in 2023, Briter Bridges contends that this is a corrective adjustment rather than a crisis moment. Additionally, it highlights that the deal count on the continent continued to increase.
Access Bank has secured a definitive agreement to obtain a majority stake in Uganda’s Finance Trust Bank.
About a week after securing a $30 million capital commitment from EIB Global, Seedstars Africa Ventures will receive $10.5 million in new funding from the African Development Bank (AfDB) to boost innovations in Africa.
The United Nations Development Programme has collaborated with several African countries to launch Timbuktoo, a $1 billion initiative to power Africa’s startup revolution.
Convergence Partners, a pan-African private equity firm, has agreed with Alviva Holdings to acquire the entire stake in Datacentrix, a South African integrated ICT solutions provider, via its Digital Infrastructure Fund.
General Atlantic, a New York-based growth investor, plans to acquire Actis, a London-based energy infrastructure investor, in an undisclosed deal expected to close in the second quarter of 2024.
Seedstars Africa Ventures has received $30 million from EIB Global, a subsidiary of the European Investment Bank, to support early-stage startups.
Ethiopia’s first VC-backed incubator, weVenture, is taking the country’s tech ecosystem by storm with lofty goals and a plan.
We asked some of the most influential people in the Nigerian tech ecosystem what 2023 was like for them and what they wanted for Christmas. They also shared which stories shocked them the most this year.
Peace Itimi’s documentary, Innovating Africa, offers insight into the evolution of Nigeria’s tech ecosystem. Compiled from over 24 hours of footage, Itimi shares the motivation for its creation.