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Editor’s Note
- Week 15, 2023
- Read time: 5 minutes
In this edition, we curated crucial news from across Africa, such as Nigeria’s burgeoning carbon market, Swvl’s third delisting warning, Kenya’s data abuse crackdown, and more!
Enjoy!
Pamela Tetteh Editor, TechCabal.
Editor’s Picks
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Twitter does not exist anymoreTwitter Inc, the company, has ceased to exist as a standalone company and has been merged into an entity called “X Corp”. #plottwist <a href="https://techcabal.com/2023/04/12/techcabal-daily-swvls-fresh-problems/#Story4" style="color: #F23204; font-weight: 700;" |
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Meet the OPay MafiaOPay ex-employes have been on a startup spree, cooking up not one, not two, but about seven tech ventures in Nigeria, all within a mere five years since OPay touched down in the country. |
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Cassava to invest $250 million into SA’s economyCassava Technologies pledges to invest $250 million to contribute towards positioning South Africa as an attractive investment destination. |
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Kenya fines two companies for data abuse
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Lazerpay shuts downLazerpay, a web3 and crypto payment company, is shutting down months after the startup’s founder shared that the company was having trouble raising money. Now, its IP is up for sale. |
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World Bank invests $390 million in Kenya’s Digital Economy
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Mastercard’s Fellowship admits 12 SA edtech startupsMastercard’s Edtech Fellowship has handpicked 12 game-changing startups. The startups will get equity-free funding worth over R1,000,000 (~ $540 000), product quality evaluation and certification, skills development, coaching and mentorship, market research and access. |
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AstraZeneca supports MedSol’s AI cancer detection
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Swvl’s fresh problemsLow on cash and high on losses, Egypt-born mass transit startup Swvl has received its third delisting warning from Nasdaq. Per the warning, dated March 31, Swvl has 180 days—or until September 25—to raise the value of its publicly held shares above $15 million. |
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Healthlane switches lanesFollowing its six-month operational pause, Healthlane is changing its business model and discontinuing usage of its on-site laboratories. The company is seeking to reinvent itself after a phase of operational struggles and allegations against its founder. |
Who brought the money this week?
- Victory Farms, a Kenya-based aquaculture startup, raised $35 million in a Series B round led by Creadev. Other participants in the round include Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavor Catalyst Fund, and Hesabu Capital. The company’s founders and angel investors, including Joseph Rehmann, Steve Moran, Kamran Ahmad, and Hans den Bieman, also invested.
- South African agri-tech startup, FarmTrace, also closed an undisclosed amount of funding from Secha Capital and Hassium Capital to expand its operations as a cloud-based management solution for farmers.
What else to read this weekend?
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Written by: Ngozi Chukwu
Edited by: Pamela Tetteh
18, Nnobi Street, Surulere, Lagos, Nigeria
