LA NEWS: November 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 October 2024!
Moniepoint has raised $110 million in equity financing, achieving unicorn status in the process. Its series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. Other new investors include Google’s Africa Investment Fund and Verod Capital. Global impact firm, Lightrock, an existing investor, also participated in the funding round.
Lagos-based Earthbond, a climate tech startup focused on providing affordable and reliable solar energy to Nigerian small and medium-sized enterprises (SMEs), has received an undisclosed investment from Madica. Affiliated with Flourish Ventures, Madica provides up to USD 200K in funding to selected startups.
The Federal Ministry of Communications, Innovation, and Digital Economy (FMCIDE) has announced a ₦2.8 billion Google grant to promote AI talent development in Nigeria. This Google grant to Data Science Nigeria will support the Ministry’s AI initiatives to upskill youth and unemployed Nigerians, aligning with Google's $5.8 million commitment to digital skills programs across Sub-Saharan Africa.
Gebeya, a Pan-African talent cloud technology company, has partnered with NVIDIA, one of the world’s largest companies by market cap, to launch an ecosystem of 50,000 NVIDIA-certified developers across Africa. The collaboration will take a phased approach, starting with a proof-of-concept phase in the first year and expanding to all African countries by the third.
ZEP-RE PTA Reinsurance has welcomed Pay-U Technologies, alongside 18 other innovative startups, into the second cohort of its Insurtech Innovation Africa Program. Pay-U, a Nigerian insurtech, is transforming motor insurance by offering vehicle owners comprehensive, pay-per-minute coverage, making insurance more accessible and affordable for daily commuters.
OmniRetail Africa has acquired Traction Apps, a Nigerian-based merchant solution platform which raised $6million last year. The combined entity will now process about ₦2 trillion and facilitate loans worth ₦200 billion annually while serving 180,000 customers across wholesale and retail sectors, positioning itself as a leader in the FMCG space.
The National Information Technology Development Agency (NITDA) has issued a public advisory warning about a newly discovered malware called “CovertCatch.”
The agency alerted the public that the malware, spread by cyber threat actors through LinkedIn, poses significant risks to individuals and organizations across various sectors, including defense, media, technology, and academia.
The Federal Ministry of Communications, Innovation, and Digital Economy and Google have unveiled the 10 startups selected as the beneficiaries of the recently announced N100 million AI Fund. The Fund established by the National Centre for Artificial Intelligence and Robotics (NCAIR) in collaboration with Google will see each selected startup receive N10 million in funding and up to $3.5 million in Google Cloud Credits to help scale their solutions.
Okra , a Nigerian fintech startup, has launched Nebula, a new cloud service designed to support local innovation and reduce reliance on foreign solutions. CEO Fara Ashiru ru highlighted in a recent Linkedin post, the critical need for supporting local innovation. “For too long, Africa has leaned on imported solutions, paying premiums for software and services,” she noted, emphasising Nebula’s unique ability to accept payments in naira.
The Competition Authority of Kenya (CAK) has approved Access Bank Plc 's acquisition of the National Bank of Kenya (NBK) from KCB Group providing it retains 80% of the staff for one year. The deal will now need the approval of the Central Bank of Kenya (CBK).
ETAP, a Nigerian insurtech startup that raised a $1.5 million pre-seed in 2022, has expanded into Ghana, after securing an operational license from the country’s National Insurance Commission (NIC).ETAP is expanding into Ghana through a joint partnership with Ghana’s leading insurance firm, Hollard Insurance Ghana. The partnership will allow Hollard Insurance to underwrite the insurance while ETAP will provide the tech platform and run the operations.
Jumia Group a, Africa's leading e-commerce platform, will close its operations in South Africa and Tunisia by the end of the year. This decision is part of the company's strategy to focus on high-growth markets with strong potential for profitability that has long proved elusive.
At the 2024 European Angel Investor Summit held in Brussels, renowned angel investor and advocate Harry 'Tomi Davies was honored with the EBAN - European Business Angel Network work (EBAN) Lifetime Achievement Award. Presented at EBAN’s 25th Anniversary Gala, the award celebrated Davies’ enduring impact on the angel investing community and his pivotal role in fostering entrepreneurial growth across Africa and globally.
Kigali-based IZI Electric has secured a $220K grant from the @Rwanda Green Fund to expand its fleet with five more electric buses in Kigali. These new buses will include advanced features such as an independent intelligent driver’s cabin, air suspension balanced seats, full LCD dashboards, one-step entry, and a flat-floor design for enhanced passenger comfort.
Ghanaian agritech company Oyster Agribusiness has raised $2M in funding from RDF GHANA LBG, SahelCapital's Social Enterprise Fund for Agriculture in Africa (SEFAA Fund), and Root Capital. Founded in 2018 by Edmond Kombat, Oyster Agribusiness is a vertically integrated company that produces, processes, distributes, and retails agricultural products across Africa.
Moroccan cross-border logistics startup Colis.ma has raised $300K in pre-seed funding from Witamax, a venture capital firm. The funds will support Colis.ma’s expansion in Morocco’s five largest regions, six European countries, and West Africa, marking its first steps into the broader African market.
OUR ED REFLECTS
In this month’s #OurEDReflects, Adeolu Adewumi-Zer shares a powerful perspective on how events like conferences, mixers, and panels are transforming our startup ecosystem and the entire African investment landscape! 💼✨These aren’t just gatherings—they’re where ideas spark, partnerships form and businesses grow. Whether you’re a founder, investor, or supporter, your engagement fuels this journey! 🌍💡Catch the full article to see how your participation is shaping the future!
DON'T MISS THIS
Open for women that want to take their businesses to the next level. Get expert mentoring, networking, and access to alternative financing options for your SMB.
Deadline: Rolling basis
Applications are open for the 2025 Acumen West Africa Fellows Programme, a fully funded opportunity for emerging leaders in West Africa. This six-month hybrid program supports individuals who are committed to solving poverty through entrepreneurship in sectors like education, agriculture, energy, and healthcare. Participants remain in their jobs while engaging in virtual and in-person learning experiences designed to build their leadership skills.
Deadline: November 25
Applications are open for the 2025 Google for Startups Growth Academy: AI for Cybersecurity, a three-month hybrid program for Seed to Series A startups using AI to tackle cybersecurity challenges. Selected startups will receive equity-free support, mentoring from Google experts, and tools to scale internationally.
Deadline: December 3
RAPID FIRE WITH LAN ANGELS
For our November Member Spotlight, we are pleased to introduce Ayo G. Sopitan , founder of Metalex Commodities Inc, a US-based producer, processor and trader of metal commodities with operations in Zambia, Nigeria and Mauritania.
What's the most valuable entrepreneurial/investment lesson you've learned in the past six months?
"I've learned that integrating sustainability into our business model is not just an ethical choice; it's a smart investment for the future. Understanding market needs is essential—if you can identify gaps and create solutions that truly resonate with consumers, you're on the right path. Building strong networks and collaborating with others can open doors to invaluable resources and opportunities. Resilience is key; setbacks are part of the journey, and learning from them is what drives growth. Finally, leveraging technology is crucial in today’s landscape—embracing digital tools can enhance efficiency and keep you competitive."
What is your Investment Thesis?
"As an angel investor I invest in startups that create meaningful social and environmental impact while prioritizing strong founding teams. I focus on early-stage companies with a minimum viable product, capital efficiency, and unique innovations that differentiate them in the market."
TALENT MARKETPLACE
Calling all member angels! Showcase open roles in your funds and startups to elevate opportunities and connect with top talent!
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 this November. 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!