Endeavor raises US$8m for its Harvest Fund to fund startups in South Africa

SOUTH AFRICA – Endeavor South Africa, a community of high-impact entrepreneurs, has raised R130 million (US$8.19m) to date in its Harvest Fund II, doubling the fund size since its first close in late February. The firm says the fund is on track to be fully invested by 2022, a year ahead of plan, and has invested in six technology companies to date, with a further four in the immediate pipeline. Harvest Fund II is a founder-aligned, rules-based fund, investing in a vetted pipeline of medium-sized, high-growth Endeavor Entrepreneurs. The fund…

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Venture studio Adanian Labs partners EMURGO to scale tech startups in Africa

AFRICA – Adanian Labs, a pan African venture studio, has announced its partnership with EMURGO, the official investment arm of Cardano, blockchain to scale tech startups in Africa and grow the Cardano ecosystem.  EMURGO has invested a seven-figure undisclosed amount as a seed investment to Adanian Labs through its newly launched EMURGO Africa investment entity.  This investment is focused on achieving one of the goals of Cardano which is to bring financial and educational empowerment via its blockchain platform to the billions who lack these opportunities.  “We are extremely encouraged by the partnership with EMURGO Africa as…

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French government commits additional US$150m funding for African tech start-ups

AFRICA – French President Emmanuel Macron has made a new EUR130 million (US$150 million) commitment to support 500 African startups as part of a rejigged Digital Africa initiative. Launched in 2018 with the mission to equip African tech entrepreneurs with capabilities to design and scale-up ground-breaking innovations for the real economy, Digital Africa brings together startups, academia, incubators, institutional financiers, venture capitalists and technology clusters to help develop the African startup space. President Macron’s renewed financial commitment of EUR130 million, made at the New Africa-France Summit last week, covers the…

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Absa Kenya partners with Melanin Kapital to support startups

KENYA – Absa Bank Kenya has joined hands with Pan African impact investment platform Melanin Kapital, to launch an investor readiness program for startups, reports The Star. The initiative places startups driving social impact on the path to accessing up to Sh3 million (US$27,181) in unsecured lending. Dubbed Tuungane2x to See Her Empowered, it is expected to reach 1,000 women-focused startups and enhance financial inclusion by providing them with financial training, investment-readiness capacity building, structured mentorship, structured networking, and access to finance.  The partnership leverages Absa Bank’s expertise as a holistic…

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Global Innovation Initiative Group launches US$100m fund to fuel African tech investments

AFRICA – The Global Innovation Initiative Group (GIIG), has announced the launch of GIIG Africa Fund, a Curaçao-based private investment fund aimed at investing in early-stage tech innovation start-ups across Africa. The GIIG Africa Fund will invest annually in the winners’ pool of start-up participants from the African region of the Global Start-up Awards (GSA), an independent start-up ecosystem competition. Through its multi-platform venture-builders, GIIG says it seeks to develop the largest relationship infrastructure of mission-aligned African innovation stakeholders to accelerate the co-creation of disruptive African solutions. According to a statement, the…

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LG Electronics unveils a US$20m global competition for tech startups

WORLD – LG Electronics has launched Mission for the Future, a global contest for startups to unlock innovative technologies and business ideas into the future. The inaugural competition will be hosted by the company’s new Silicon Valley-based innovation center, LG NOVA, a strategic team within LG working with startups and entrepreneur communities to build new businesses and tap innovation from outside LG. The contest will be a nine-month annual challenge seeking the best ideas, concepts, and businesses for a greener, smarter, healthier, more connected future. The selected startups will begin working with the…

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LoftyInc Capital launches third fund at US$10m support for African startups

AFRICA – LoftyInc Capital, a pan-African Venture Capitalist firm,  has announced the launching of its  LoftyInc Afropreneurs Fund Three, at US$10 million for tech startups in Africa.This is according to a statement by Founding Partner, LoftyInc Capital Management, Idris Bello.The firm has reached the first close of US$5.5 million with some of the limited partners in the vehicle including those from its second fund, FBNQuest Funds, syndicates from The Green Investment Club, HNIs from multinationals like Google, Facebook and ExxonMobil; and Andela CEO Jeremy Johnson, among others. According to Bello, LoftyInc…

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Eight fintech startups selected to participate in 2021 GreenHouse Lab Accelerator

NIGERIA – Eight innovative African startups have been selected been accepted into the 2021 GreenHouse Lab Fintech Accelerator, securing access to funding and mentorship. GreenHouse Lab is the flagship accelerator programme run by GreenHouse Capital, a Lagos-based fintech investment fund and platform focused on supporting early-stage companies and world-class emerging market entrepreneurs building the next wave of innovative technology companies. Six of the selected startups are from Nigeria, namely real estate investments platform MyInvest, payment collection platform Collect Africa, payments API Payhive, P2P crypto exchange ScaleX, customer data aggregator Dojah,…

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Fintech startup Kwara selected for Mastercard Start Path program

KENYA – Fintech startup Kwara is among the 11 start-ups that have been selected to join the Mastercard Start Path program. The program is a springboard to help the best and brightest fintech start-ups maximize their opportunity for success.  During the six-month program, the start-ups will learn from Mastercard experts and explore co-innovation opportunities.  “We are honored to join forces with Mastercard and work on our shared vision to create financial inclusion for 1 billion people. We have seen how companies such as Flutterwave and Revolut have expanded their services…

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Fintech Uncap launches funding for early-stage founders

SSA – Uncap, a fintech that uses a digital solution to make funding accessible to every good entrepreneur across Sub-Saharan Africa has launched an innovative financing and growth platform to give early-stage entrepreneurs access to capital. The funding is open to registered limited companies in Kenya, Uganda, Rwanda, and Nigeria. Businesses seeking funding between US$10,000 and US$50,000 should be operational for more than 12 months and up to 4 years. The start-ups must have a product or service in the market with a track record of revenues for at least…

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