LA NEWS: December 2024
Lagos Angel Network
LAN's mandate is to enable the Nigerian Business Ecosystem through education, early deals and public sector advocacy.
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WHAT'S INSIDE
AND MUCH MORE!
MAKING THE NEWS
Check out these leading African startup ecosystem moves from November 2024!
Yemi Keri, Co-Founder of Rising Tide Africa and board of Lagos Angel Network has been honored with the Female Investor of the Year award at #AESIS2024, recognizing her as a trailblazer in investment who champions diversity and creates opportunities for women in early-stage investing. Her visionary leadership is inspiring a movement to enhance women's participation in angel investing while promoting education and fostering cross-border investing and mentorship across Africa.
Venture funding into Africa witnessed a slump in November 2024 as startups on the continent were able to raise $180 million during the month. According to a report by Africa the Big Deal, the $180 million raised in November represents a 29.1 per cent decline from the $254 million raised by startups on the continent in the previous month.
Moove, the Uber-backed Nigerian startup that finances vehicles for ride-hailing companies, has struck a partnership with Alphabet’s self-driving car service, Waymo. This arrangement will see the African-based mobility service expand its services to the United States of America (USA) beginning next year.
Cubecover, a dynamic new entrant into Nigeria’s insurance technology sector, has laid out an ambitious plan to provide affordable insurance to over 10 million Nigerians by 2027. Leveraging strategic partnerships with healthcare providers, fintech platforms, network providers, and insurers.
Fiducia Data Services Limited, Nigeria’s leading digital supply chain financing platform, has deepened its collaboration with Mynd Fintech, a subsidiary of M1xchange and a prominent digital lending marketplace. Building on their successful partnership that began in 2022, the two companies are set to extend their innovative supply chain financing solutions across Africa and the Caribbean.
Lagos State Governor, Babajide Sanwo-Olu, has signed the Lagos Electricity Bill 2024 into law, a pivotal step towards ensuring 24-hour electricity supply across the state. The Governor assented to the bill on Tuesday, as disclosed by Gboyega Akosile, Special Adviser, Media and Publicity to the Lagos State Governor, via his official X (formerly Twitter) account.
HubPharm emerged as the winner of First City Monument Bank (FCMB)’s HERccelerate at the program’s Showcase Day on November 30 held at Hub One, FCMB’s Innovation Hub in Yaba, Lagos. This tech accelerator, powered by FCMB’s SheVentures and Hub One and delivered by 8thGear Hub & Venture Studios, empowers women-led startups in Nigeria with the skills and resources needed to secure funding and scale.
Crypto exchange, Yellow Card, has said it is now working towards securing regulatory approval from Nigeria’s Securities and Exchange Commission (SEC), banking on its experience from South Africa, where it recently secured a Crypto Asset Service Provider (CASP) licence. VP of Global Operations and MD at Yellow Card Nigeria, Lasbery Oludimu, disclosed this in an interview with Nairametrics.
Acumen’s Hardest-to-Reach (H2R) initiative has invested $5 million in Brighter Life by d.light (BLd), the first multi-country receivables financing facility formed by d.light and African Frontier Capital (AFC). BLd purchases customer receivables generated from d.light’s solar home system sales in Uganda, Kenya, and Tanzania, enabling these subsidiaries to grow faster and reach more customers. H2R’s investment will fund d.light’s Ugandan receivables and is expected to serve 2.3 million people in Uganda with energy access.
Morocco-based mobility startup Enakl has raised a $1.4 million pre-seed funding round led by Catalyst Fund along with Renew Capital, Digital Africa, Station F and 15 business angels. Founded in 2023 by Samir Bennani, Charles Pommarede, and later joined by Ahmed Omrane, Enakl is an urban mobility startup dedicated to providing sustainable, collective transport solutions tailored for emerging markets.
TLcom Capital has its first investment in Francophone Africa as the lead investor in HUB2’s €8 million Series A fundraise. HUB2 is a fintech company driving payment interoperability in Francophone Africa with plans to dominate last-mile fintech infrastructure in the region. Participating investors include FMO, Enza Capital, Bpifrance, Axian Group, Digital Currency Group, African Fintech Collective, Eric Barbier, and ENL Group.
Dutch development finance institution FMO has disclosed a $1.21 million approved investment in LevasFlor, a natural forest management company managing 46,000 ha of Miombo forest in central Mozambique. Operations consist of forest management (harvesting), sawmilling and carpentry. FMO is providing funding to LevasFlor from the Mobilising Finance for Forests (MFF) Development Contribution Facility. FMO's contribution will help to finance full feasibility studies and product/market testing in order to develop a detailed business plan for a potential expansion and greater value addition to its wood products.
Bitcoin exceeded the $100,000 threshold for the first time on Thursday, 5 December 2024, in a landmark event that both proponents and sceptics have hailed as a significant milestone in the maturation of cryptocurrencies. Investors are optimistic that a favourable US regulatory environment will further solidify the position of cryptocurrencies within traditional financial markets.
A Ghanaian agricultural technology company, SAYeTECH has been declared the winner of the MEST Africa Challenge 2024. This was disclosed by the Meltwater Entrepreneurial School of Technology (MEST) in a statement seen by Technext. Hosted in partnership with the Norwegian Embassy in Accra, this year’s edition attracted applicants from key markets in the West African Region.
OUR ED REFLECTS
As the year winds down, we reflect on the remarkable journey Lagos Angel Network has undertaken in 2024. From reigniting our investment spirit to expanding our mentorship and educational initiatives, it’s been a year of transformation and progress.In her final reflection as the interim Executive Director, Adeolu Adewumi-Zer shares heartfelt gratitude for the LAN community and excitement for the future under the leadership of Dr. Solomon King.
DON'T MISS THIS
iHatch is Nigeria’s premier incubation programme, launched by the National Information Technology Development Agency (NITDA) in partnership with the Japan International Cooperation Agency (JICA). This five-month intensive programme equips startups with mentorship, training, and access to resources, empowering them to tackle social challenges with scalable, tech-enabled solutions.
Deadline: December 15, 2024
The Allan Gray Makers Startup Academy is an 8-month incubator program designed to provide entrepreneurship training and comprehensive support to aspiring artisan entrepreneurs aiming to establish new businesses in the plumbing and electrical trades.
Deadline: January 31, 2025
NextEra Energy Investments, LLC (NEI), an indirect and wholly owned subsidiary of NextEra Energy, Inc., is holding its second Seed Competition. Startups have the potential to receive up to a $1 million seed capital investment, with investment documentation terms to be negotiated between the potential winners and NEI.
Deadline: December 8, 2024
RAPID FIRE WITH LAN ANGELS
For our December Member Spotlight, meet Adejare Rasheed Olaoluwa , a prominent Nigerian business leader, author, and financial expert with extensive experience in banking, investment management, and economic development.
What's the most valuable entrepreneurial/investment lesson you've learned in the past six months?
Stakeholders need to collaborate effectively to address challenges faced by businesses in the Nigerian entrepreneurial ecosystem. Tackling non-financial barriers, such as regulatory issues and market access, is crucial for growth, alongside financial support. We should deepen our commitment to driving economic growth through strategic initiatives that leverage Nigeria's youth population and other advantages."
What is your Investment Thesis?
"As an angel investor, I identify and support innovative startups with strong growth potential that contribute to economic development, create jobs, and prioritize sustainability, all while being led by experienced management teams capable of navigating challenges in dynamic markets."
TALENT MARKETPLACE
Calling all member angels! Showcase open roles in your funds and startups to elevate opportunities and connect with top talent!
Community Growth Manager: Saltbox
Content Strategist: Reliance Health
Director of Account Management: VertoFX
Interested in joining our community? Then join the waitlist here!
What do you get with membership?
Lagos Angel Network (LAN) offers unparalleled access to a vibrant, supportive community for early-stage investors. You share insights, learn from diverse perspectives, and leverage shared expertise to make more informed investment decisions. We connect our members with high-potential startups, industry experts, and other valuable resources that enrich the angel investing experience and accelerate the success of investors.
Our next set of deals will be released in January. We have exciting deals open on our deals portal available to members only. If you are interested in accessing investment opportunities, then join the waitlist.
Of course, if you would like to discuss further, please don’t hesitate to reach out by booking a meeting.
We are eager to have you join us!