Startup Mecho Autotech secures funding to improve its business

NIGERIA – Mecho Autotech, an on-demand auto repair and maintenance platform for individuals and businesses has secured an undisclosed amount of funding from VC firm Ingressive Capital as it bids to improve the quality and reliability of auto care services. The funding also saw participation from Tekedia Capital Investment, and Mono’s CEO Abdul Hassan. The investment from Ingressive Capital, a Nigeria-based seed-stage investment firm, will help introduce the startup to large organisations and fast-track its growth. Mecho Autotech was co-founded by Olusegun Owoade and Ayoola Akinkunmi, and it was officially…

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Mobilty startup Treepz closes seed round, acquires Uganda’s Ugabus

NIGERIA – Treepz, a Nigerian shared mobility startup, has closed out its seed round at US$2.8 million and expanded to Uganda with the acquisition of bus company Ugabus. The startup raised a further US$1.6 million in funding, closing its seed round at US$2.8 million, with additional funding coming from the Google for Startups Black Founders Fund Africa, Japanese VC firm Uncovered Fund and Dubai-based VCs including Blanford Capital and Jonomi Capital. Egypt-based fund Jedar Capital also participated in the round with follow-on investments from previous investors. The startup earlier this…

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AfDB grants US$70m to DRC for agro-industrial development

DRC – The Board of Directors of the African Development Bank Group has granted a loan from the African Development Fund (ADF) of US$70.76 million to the Democratic Republic of the Congo (DRC), to implement the Program of support for agro-industrial development in Ngandajika (PRODAN), in the center of the country. This is financing from the Bank’s concessional window. The Congolese government will provide about US$22.37 million in counterpart for the execution of the program over a period of five years, in the province of Lomami, in the center of…

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Amethis acquires minority stake in technology & services provider Tarjama

MENA – Amethis, through its newly launched fund, Amethis MENA Fund II (AMF2), has completed its second transaction, acquiring a minority stake in Tarjama. Founded in 2008 by Jordanian entrepreneur Nour Al Hassan, Tarjama is a language technology & services provider in the MENA region. The company has developed proprietary language technology products including a best-in-class Arabic-focused machine translation engine as well as Cleverso, its high-performing translation management system. “Our investment in Tarjama exemplifies our strategy of backing exceptional and growth-focused entrepreneurs operating successfully in fast-growing sectors. We are excited…

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AfDB grants US$70m to DRC for agro-industrial development

DRC – The Board of Directors of the African Development Bank Group has granted a loan from the African Development Fund (ADF) of US$70.76 million to the Democratic Republic of the Congo (DRC), to implement the Program of support for agro-industrial development in Ngandajika (PRODAN), in the center of the country. This is financing from the Bank’s concessional window. The Congolese government will provide about US$22.37 million in counterpart for the execution of the program over a period of five years, in the province of Lomami, in the center of…

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Denny Marandure appointed as CEO for Liquid Intelligent Technologies’ Raha Limited

TANZANIA – Liquid Intelligent Technologies has announced the appointment of Mr. Denny Marandure as the Chief Executive Officer (CEO) for Raha Limited, Tanzania. Denny Marandure joined Liquid in 2014 as the CEO of ZOL Zimbabwe until 2019 when he moved to Liquid South Africa as Group Executive Cloud and Digital Sales and then subsequently as Group Executive Enterprise Sales. “Denny is a proven senior executive who has the vision, strategic thinking, leadership and energy to successfully drive our Tanzania operations to newer heights of excellence,” Adil El Youssefi, Regional CEO…

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Blockchain startup NFTfi raises US$5m seed round to expand its platform

SOUTH AFRICA – NFTfi, a blockchain startup, has raised US$5 million in a seed round to continue pioneering the financialization of NFTs. The round was headed by 1kx, with participation from Ashton Kutcher’s Sound Ventures, Maven 11, Scalar Capital, Kleiner Perkins, and others. NFTfi intends to use the new funding to expand its workforce, introduce new product features, expand the platform to other blockchains, invest in its community, and fund its decentralization. “Our main focus is that we want to do for NFTs what DeFi did for cryptocurrencies. As soon…

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Salpha Energy Nigeria secures US$1m from All On to scale its distribution business

NIGERIA – All On, a Shell-funded impact investment firm, has announced a US$1 million investment in Salpha Energy Nigeria to scale the company’s solar home systems distribution business. Salpha energy is focused on bottom-of-the-pyramid customers in rural and remote areas, peri-urban areas, including the Niger Delta. The investment will be used to increase Salpha’s inventory and product range, Expand sales channels and customer service infrastructure and test more flexible Pricing models to sustainably manage rural customers in states across Nigeria including in Niger Delta. Goziem Okubor, senior investment associate, All-on…

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