TeamApt Raises $5OM From QED Ventures, Kenya Approves Africa's First Coding Curriculum for Children, U.S. Rolls Out New Strategy for Africa, and more
Africa Fintech Summit
The global initiative dedicated to building an ecosystem of investors, pioneers, industry leaders in African Fintech.
What's inside?
• Nigeria's TeamApt raises $50M USD in QED Ventures' first Africa investment
• US State Dept. announces new strategy for Sub-Saharan Africa
• Kenya becomes first country to teach coding in primary & secondary schools
• Egyptian Web3 venture studio, Quorious Labs, raises funding
AND MORE!
Making the news
Kenya becomes first country in Africa to teach coding in public schools
Primary and secondary students in Kenya will begin learning coding in their school curricula. This announcement comes in line with President Kenyatta's digital strategy in the East African country, which will witness a variety of initiatives, including the establishment of 20,000 digital hubs and much more. Learn more.
Thunes is in advanced conversations with Standard Bank about expanding the company's payments infrastructure across Africa
While the Singapore-based Thunes already operates in 35 countries across Sub-Saharan Africa, the discussed partnership would enable the company to grow its customer base in existing markets and expand into new countries. Learn more.
African Development Bank (AfDB) appoints Dr. Alex Mubiru as Director General
Dr. Mubiru is a Ugandan economist with over 20 years of experience, having held various positions with AfDB and spearheaded a wide variety of different projects and initiatives with the bank. Learn more.
Startup & Funding Activity
Egypt - Web3-focused venture studio, Qurious Labs, raises funding to help support Web3 entrepreneurs across MENA.
Egypt - Restaurant tech startup, OneOrder, raises $6.5M USD to scale network of restaurant supply chain to more companies and cities across Egypt.
Egypt - eCommerce startup, ConvertedIn, raises $3M USD to focus on MENA and Latin American eCommerce marketing operations.
Kenya - eCommerce startup, Elloe, acquires Flo by Saada to help the company expand its market and scale operations.
Kenya - HR & payroll startup, FaidiHR, raises undisclosed funding round as the company looks toward automating SME HR processes.
Kenya - Fintech startup, FinAccess, raises $500K USD to assist the company with various new market launches across East Africa.
Nigeria - Fintech startup, TeamApt, raises estimated $50M USD pre-Series C funding round in QED Ventures' first Africa tech investment.
Nigeria - KYC startup, Youverify, extends seed round to $2.5M USD after raising $1M USD seed extension.
Nigeria - Software company, Bluechip, is expanding into Europe as the company has established itself as one of the forefront data warehousing companies in Africa.
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South Africa - Gaming startup, Skrmiish, raises $2.5M USD seed round to globally scale 'play-to-earn' model.
South Africa - Metaverse venue, SodaWorld, raises initial investment from Swiss CV VC to build a blockchain platform for artists and enable them to monetize 'fandom.'
Investor Activity
Featured Articles
"The African tech ecosystem will remain unshaken in this economic downturn," founders and investors say - Daniel Adeyemi in TechCabal
"African startups are positioned to fare better in this economic climate as most businesses and business models are built with frugality in mind because of the continent’s unstable macroeconomic conditions such as inflation and the unstable political climate." Continue reading.
Quote of the Week
"So the best way to bring digital solutions to Africa is to have a strategy that acknowledges that more people are transitioning online and will do so in the next couple of years and includes offline and word-of-mouth tactics to create a hybrid model. All your operations may be digital; your product could be digital and have all the buzzwords (AIs, IOTs, crypto, etc.), but if you want to sell it, you need an offline component."
TOSIN ENIOLORUNDA (Founder & CEO, TeamApt)
AFTS partners in the news
United States Department of State announces strategy for Sub-Saharan Africa
"We believe in the nations of Africa, in the continent-wide spirit of entrepreneurship and innovation. And through the challenges ahead, although they are great, there is no doubt that our nations, our people, the African Union — we’re up to this task." President Joseph Biden. Learn more.
AFTS in the headlines
Thank you to Westerwelle Startup Haus in Kigali for welcoming our team and allowing us to work from your offices this week!
Westerwelle is a beautiful and well-equipped co-working space in Kigali near the convention center. One of the unique aspects of Westerwelle is that it has a well-stocked and resourced 'Maker Space' for entrepreneurs and inventors.
AFTS signs partnership with Fintech Association of South Africa for upcoming Cape Town summit
We are pleased to partner with FINASA which is working towards an inclusive next fintech generation and is standing as a unified voice for Africa’s most advanced ecosystem. Continue reading.