Editor’s Note
- Week 07, 2023
- Read time: 5 minutes
In this version, traders at a Nigerian startup Fluidcoins grapple with the truth of creating zero returns on the startup’s sale to UAE-based Blockfinex. On the opposite hand, Jumia is predicting a lack of $100-$120 million in 2023 whereas Telkom, the South African telecoms group, can be struggling to remain related to profitability.
Meanwhile, Airtel is aiming excessive with plans to roll out 5G solely in Kenya’s high-income neighbourhoods.
Read on for extra particulars.
Pamela Tetteh Editor, TechCabal.
Editor’s Picks
(*10*) | Monieworx raised ₦100 million for 3 Nigerian SMEsNigerian crowdfunding platform Monieworx has smashed fundraising data by pulling in ₦100 million ($217,136) from small-ticket traders in a mere ten days! This will go in the direction of supporting three small and medium-sized enterprises (SMEs) in the nation. Learn extra. |
Fluidcoins offered to BlockfinexNigerian crypto cost gateway startup, Fluidcoins, has been acquired in a hearth sale. But what does this imply for its current traders? Are they about to see their returns go up in smoke? Learn extra. | |
AKA’s digital journey to stardomLate South African rapper, Kiernan Forbes, aka AKA knew that success in at this time’s world was all about being tech-savvy. He noticed the sunshine and went digital quick, embracing channels like the online and apps to share his beats and develop his fanbase from Jo’burg to Singapore and even farther. Learn extra. | |
Jumia to lose $100-$120 million in 2023According to Jumia’s monetary report for This autumn 2022, the African ecommerce large is in the purple with a lack of $49.2 million, bringing their whole loss for 2022 to a whopping $207 million. They needed to let go of 900 staff, with 60% of their employees in Dubai getting the boot. Learn extra. | |
Airtel to roll out 5G in KenyaAirtel has acquired the mandatory spectrum it must roll out 5G in Kenya. However, the telco will solely launch 5G in high-income neighbourhoods the place Kenyans who can afford 5G are prone to be located. ADVERTISEMENT Learn extra. | |
Telkom seeks to boost R1 billionOverall, Telkom continues to battle with profitability and backside line progress. Its income is up 2.3% to R11 billion however its earnings earlier than curiosity, taxes, depreciation, and amortisation (EBITDA) are down 13.5% to R2.5 billion. Learn extra. |
Report: Trends in verification and onboarding
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Telkom pronounces layoffsIn different information, the South African telecoms group, Telkom, has introduced that it’ll embark on a restructuring course of that may have an effect on 15% of its 11,000 plus workforce. Learn extra. | |
NDPB investigates 110 firms for information breachNigeria’s information safety authority, the Nigeria Data Protection Bureau (NDPB), is investigating over 110 firms, together with banks, telecom corporations, and gaming firms, for information breaches. Learn extra. | |
Dash board suspends CEOAlmost one yr after elevating $32.4 million, Ghanaian fintech Dash is present process a forensic monetary audit. Per TechCrunch, the startup’s CEO Prince Boakye Boampong has additionally been positioned on indefinite administrative depart. Learn extra. | |
CcHUB to launch $15 million ed-tech acceleratorAfrica’s greatest innovation hub, CcHUB, is giving African edtech a lift with a $15 million ed-tech accelerator program. The program will assist 72 startups in Nigeria and Kenya over the following 3 years. Let’s cheer them on! Learn extra. | |
Bamboo secures sub-broker licence in NigeriaNigerian investment-tech startup Bamboo has secured a digital sub-broker licence by Nigeria’s Securities and Exchange Commission, permitting it to develop its partnerships with brokers and monetary service suppliers. The firm is about to develop, bamboo-style.
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Who introduced the cash this week?
- This week, pan-African ID verification and KYC compliance firm, Smile Identity, raised $20 million in Series B funding in a spherical led by Costanoa and Norrsken22.
- South-Africa based mostly insurtech firm Naked obtained $17 million in Series B funding.
- Power Set, a Kenyan-based fintech firm, raised $3 million in a seed spherical.
- Qotto, a clear vitality firm based mostly in Benin and Burkina Faso, closed $8 million in Series B funding in a spherical led by IBL group.
- Nigerian Insurtech firm Curacel raised $3 million in seed funding from Tencent, AAF Management, Elefund, Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital, Y Combinator, James Park (CEO of Fitbit), Olugbenga Agboola, Babs Ogundeyi, and different strategic traders.
- Morrocan food-tech firm Terraa obtained $1.5 million in pre-seed funding in a spherical led by Foodlabs.
- Kenya-based BuuPass, a cell digitisation firm, raised $1.3 million in pre-seed funding.
- Nigerian HR tech firm Pade raised $500,000 in pre-seed funding from Zrosk IML, Zedcrest Capital, Microtraction, Expert Dojo, and Resilience 17, with different angel traders collaborating.
Game: Sweet & shiny
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