LA NEWS: January 2024
Lagos Angel Network
LAN's mandate is to enable the Nigerian Business Ecosystem through education, early deals and public sector advocacy.
HAPPY 2024!!!
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What’s Inside?
AND MUCH MORE!
Making the News
Check out these leading African investment moves from December 2023!
Lessons I’ve learned from buying a company in Mexico
In June 2023, my company Asaak did something unusual for an African tech startup: we acquired another company on another continent.
Africa's Business Heroes 2023 Grand Finale Recap
The Africa's Business Heroes 2023 Grand Finale showcased entrepreneurs addressing critical issues in their communities.
After raising over $70 million these Nigerian startups shut down in 2023
Nine Nigerian startups that collectively raised over $70 million in the last two years have shut down in 2023. While the companies shut down under different circumstances, venture capitalists argue that many of the failed startups received funding without sufficient due diligence.
Rwanda’s Ampersand Secures $19.5M Investment to Scale Operations
Ampersand, Africa’s pioneering electric transport energy company, has secured a total of $19.5 million in funding, with a significant portion, $7.5 million, obtained as new debt from the Africa Go Green Fund (AGG) managed by Cygnum Capital.
Tingo Mobile: Nigerian Tycoon’s Business Empire Crumbles In Alleged ‘Staggering’ Fraud
The 45-year-old entrepreneur, who gained attention for his tech ventures and aspirations to buy the Premier League football club Sheffield United, now faces startling accusations from American regulators.
Ojoma Ochai replaces Bosun Tijani as Managing Director of Co-creation Hub (CcHub)
Africa’s largest innovation centre, Co-creation Hub (CcHUB), has appointed Ojoma Ochai as its new Managing Director. This decision comes as former CEO Bosun Tijani transitions to serve as Nigeria’s Minister of Communications, Innovation, and Digital Economy.
Ex-Metaswitch CEO John Lazar joins Copia’s board as the Kenyan e-commerce outfit rakes in $20M to push toward profitability
Kenyan e-commerce and fintech platform for mass market consumers Copia Global has appointed John Lazar, the ex-CEO of Metaswitch, a Microsoft subsidiary, to its board off the back of $20 million in new funding.
Urban Housing Gets a Boost in South Africa as Divercity Secures $28.7 Million for Expansion
Proparco, the French development finance institution, in collaboration with 27four, a South African investment manager, has led a substantial investment of R550 million (28.7 Million USD) into the Divercity Urban Property Group.
SA’s Sportable raises $15 million Series A investment from HAVAÍC, Ryan Sports Ventures and XV Capital
Sportable, a South African sports data company for teams and audiences has raised $15 million Series A investment to further expand its successful partnerships with leading international tournaments, including the Six Nations Rugby Championship, as well as global ball manufacturers, media companies, and sporting leagues.
Former Citibank MD Joyce-Ann Wainaina Secures $9 Million Commitment from Mastercard for Chui Ventures
Chui Ventures, a Pan-African Seed fund led by Managing Partner Joyce-Ann Wainaina, has secured a $9 million commitment from the Mastercard Foundation Africa Growth Fund. In a statement, Mastercard said the investment aims to catalyze Chui Ventures’ efforts to reach its target to support inclusive innovation across Africa.
Kenyan insurtech Lami’s bid to acquire Bluewave collapses
Kenyan insurtech Lami Technologies in February last year announced its acquisition of Bluewave, another startup within the insurance space, to expand its product offerings and enable it to scale into new markets in Africa — but it has now emerged that the deal fell through months later.
Nigerian regulator clamps down on unlicensed deposit-taking fintechs as fraud concerns mount
The Nigeria Inter-Bank Settlement System (NIBSS) has raised concerns over unlicensed financial services companies posing as deposit-taking institutions, in a sign that the industry is looking to step up regulatory enforcement following outcry over fraud and lapses in customer verification processes by payment providers.
Co-founder conflict forces YC-backed fintech, Pivo to shut down
A year after raising a $2 million seed round, Nigerian fintech startup, Pivo is shutting down due to a co-founder conflict, according to sources familiar with the matter.
Recommended by LinkedIn
Waspito raises a $2.5 million seed extension to connect Francophone Africa’s healthcare ecosystem online
Cameroonian e-health startup Waspito has secured an additional $2.5 million, bringing its total seed funding to $5.2 million in one year. The company aims to accelerate its growth in Cameroon and Côte d’Ivoire and has plans to expand into Senegal and Gabon, reinforcing its position in Francophone markets.
Our ED Reflects
Government Outlook for 2024: The Nigeria Startup Act
Read a high-level overview of the Nigerian Startup Act, and ensure that your Nigerian startups, venture capital companies, hubs and innovation centers are registered in the Startup Support and Engagement Portal.
Don’t Miss This
Apply for the 100x Impact Accelerator
100x is looking for the next generation of social unicorns - organizations affecting positive change on the scale of billions. To find more details about the program, please visit here. The application deadline is January 29, 2024.
FbX is currently accepting applications from startups in Nigeria.
Rapid Fire with LAN Angels
Our regular “rapid fire” will return next month. However, for our January Member Spotlight, we have not one, not two, but THREE of our very own board members in the hot seat with special interviews held last month.
Kola Aina, Chair, Board of Governors / Founding Partner, Ventures Platform
Biola Alabi, Deputy Chair, Board of Governors / General Partner, Acacia
Olumide Soyombo, Member, Board of Governors / Co-Founder, Bluechip Technologies
Talent Marketplace
Calling all member angels! Showcase open roles in your funds and startups to elevate opportunities and connect with top talent!
Join the Community!
Interested to join our community? Then join the waitlist here!
What do you get with membership?
Community!
We plan to hold our next member-only community event this month (date TBA). As usual, this will be an opportunity to meet your favorite ecosystem leaders, founders and investors to educate us more on the ecosystem, discuss new ideas and meet other members.
Deals!
Our next set of deals will be released in February. If you are interested in accessing investment opportunities, then join the waitlist.
And the best thing is that it’s free!
That’s right–as a new member, you will not be required to pay a membership fee for your first three months.
So, what are you waiting for? Join the waitlist!
Of course, if you would like to discuss further, please don’t hesitate to reach out by booking a meeting.
We look forward to welcoming you!