Kenya’s accelerator platform The Baobab Network funds 5 new African startups

KENYA – The Baobab Network, a Nairobi-based accelerator that invests in early-stage tech companies across Africa, has announced its latest cohort of five investees, each of which secures US$25,000 in funding. The Baobab Network has been accelerating startups with capacity building and fundraising since 2019, and now supports 25 startups in 11 countries after making five further investments as part…

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KoTDA signs MoU with ASSEK to enhance innovation and support startups in Kenya

KENYA – Konza Technopolis Development Authority (KoTDA) and Association of Startups and SME Enablers in Kenya (ASSEK) have signed a Memorandum of Understanding (MoU) to enhance innovation and support startups in Kenya. The two parties agreed to achieve this by utilizing existing innovation platforms, conducting joint innovation initiatives and jointly lobbying for innovation policies development starting with the Startup Bill…

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Early-stage investor Antler closes US$13m fund to invest in early-stage tech startups

KENYA – Antler East Africa, an early-stage investor, has closed a US$13.5 million fund to invest in early-stage tech startups. Intending to raise US$10 million at the initial stage, Antler East Africa received an oversubscribed round with an additional US$3.5 million. Investors in the round included Baillie Gifford, an independent investment manager and well-known Tesla backer; Canica, a privately owned…

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Sary expands into Africa with acquisition of Egyptian B2B platform Mowarrid

EGYPT – Saudi Arabia-based B2B e-commerce platform Sary has acquired Egypt’s B2B marketplace, Mowarrid as it expands across the MENA region. Founded by Ahmed Essam, Mowarrid focuses on B2B food and grocery, allowing retailers to digitally procure their needs across its platform. The company has so far enabled more than 10,000 retailers to connect to more than 1000 products on…

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Egypt’s software provider Milango acquires local rival Circle

EGYPT – Milango, a community management software provider, backed by A15, has acquired local rival Circle, a 500 Startups-backed company. The acquisition will help Milango increase its market share and further solidify its position as the premium community management solution in the region. The acquisition grows Milango’s contracted user base to more than 100,000 residential units and the startup aims…

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Microsoft announces new initiatives to support 10,000 African startups

AFRICA – Microsoft, a technology corporation, has announced new initiatives to accelerate the growth of 10,000 African startups. The initiatives will be run under its recently established Africa Transformation Office (ATO) and will also see the tech giant fast-track investment in Africa’s startup ecosystem over the next five years. Microsoft’s recently launched global Founders Hub will now be available to…

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African start-ups raise over US$500M in the month of February

AFRICA – African start-ups have raised over US$500 million in funding in the month of February shadowing the amount raised in January. February’s fundraising saw 16 start-ups secure funds from the North African region, 5 start-ups from the South African region, 9 from East Africa, and 16 from the West Africa region. Out of the 47 startups, 8 announced undisclosed…

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Atlantica Ventures secures US$50M to invest in African start-ups

AFRICA – Atlantic Venture, an African impact-focused Venture Capital fund investing in tech and tech-enabled start-ups, has secured US$50M to expand its operations. The latest funding in pledge was led by the European Investment Bank (EIB) and Boost Africa. Atlantica Ventures becomes the newest African investment partner to gain from the Boost Africa program, which will help to accelerate its…

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Three Kenyan startups selected for Catalyst Fund’s latest cohort

KENYA – Kenya’s Topup Mama, Tulix, AquaRech and Nigeria’s ColdHubs have been selected into Catalyst Fund’s latest cohort joining an existing portfolio of 55 companies. They will receive will catalytic capital, venture building support, and direct connections with investors, corporate innovators and talent networks that can help them scale. Kenya’s AquaRech is a platform for fish farmers to source quality…

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Google for South Africa launches support for startups SMMEs and non-profits

SOUTH AFRICA – Google for South Africa has launched its support for startups SMMEs and non-profits in a bid to accelerate digital transformation and help South Africa’s economy. This follows announcements made in October last year where Google and Alphabet CEO Sundar Pichai, announced a plan to invest US$1 billion over five years to support Africa’s digital transformation. These investments…

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