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Toro Orero walks away from his CEO role at Nigeria’s Zone Tech Park

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Toro Orero quietly walked away as CEO of Zone Tech Park, a new venture builder for start-ups in Nigeria which was officially opened for business in Lagos last month to turn great ideas into products and services quickly, efficiently – and profitably.

Orero tweeted,”FYI: Last week I stepped down as CEO of ZoneTechPark. On SpeedUPAfrica acquisition I joined the Board of Directors and became CEO-but it became clearer as I worked there that I and the Board were fundamentally misaligned on the direction of the company. Yeah I know this happened fast (spending 2.5 months there…) but this decision although unfortunate was necessary. I had to stay true to myself and my beliefs. I’ll continue with the cool stuff we’re doing at DDF plus more time to focus on a new (stealth) startup I have been working on.”

Orero is the Managing Partner, DDF – a Silicon Valley Venture Capital fund (backed by Tim Draper, Founder, DFJ) investing in Africa’s most promising early stage technology startups such as SweepSouth, Paystack, Tizeti, Spreebie, VugaPay, Swiftly, TuseApp, Zagace, SliideAirtime and Startup Studio.

Read also: Huawei overtakes Apple as second biggest smartphone seller

Though nothing has been said about Orero’s departure and or his replacement, Zone Tech Park is still open for startups and entrepreneurs to give them access to the tech hub’s multitude of services and advisers, a network of more than 400 corporations, market for their products as well as helping them to scale faster and raise more funding for growth.

Prior to its official launch, Zone Tech ran a small pilot program and has built Peerless, a learning management system that already has 10,000+ users and revenues of 100,000 USD and Outwork, a staff on-demand solution with 7,000+ users.

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Egyptian supply chain startup, OneOrder, secures $3 million funding to scale up expansion plans

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An Egyptian supply chain solutions startup, OneOrder, has successfully raised $3 million in seed to enable it achieve its aim of expanding beyond the MENA region, the company’s cofounder and CEO, Tamer Amer, announced on Tuesday.

According to Amer, the funding was led by angel investor, Nclude with participation from Delivery Hero Venture and A15.

The company which was in 2021, enables restaurants to order food supplies directly on its platform, thereby helping to tackle shortages, price fluctuations, product consistency and accurate delivery.

“As a startup, OneOrder is able to improve such efficiencies across the supply chain by using its proprietary technology, which helps ensure product availability, as well as fast and accurate fulfillment,” Amer said.

“By using the platform, restaurants can order supplies for next-day delivery, eliminating the need to pay for additional storage and warehousing costs, as well as cutting costs by leveraging OneOrder’s economies of scale,” he added.

The company has so far raised $7.5 million since its launch last year. The latest round of funding, according to Amer, will also be used to “expand the team, invest in its proprietary technology, and grow the startup’s warehouse footprint across Egypt and the MENA region.”

“As a restaurateur myself, I have witnessed first hand the avoidable overheads and hassles HoReCa businesses go through in serving their customers.

“We are delighted by the level of adoption and growth we have recorded over the past year which is a testament to the fact that we are addressing a huge unmet demand in our region,” he added.

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Kenyan asset recovery agency drops fraud charges against Nigerian fintech startup, Kora

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Kenyan Asset Recovery Agency (ARA), on Monday, withdrew fraud and money laundering charges it had filed against against Nigerian fintech startup, Kora.

The charges against the Nigerian startup by the Kenyan agency were filed in July following accusations of money laundering and card fraud in the eastern African country, with the ARA going further to freeze the accounts of the company.

However, new court documents released on Monday show that the ARA has filed a notice of withdrawal of the charges at the High Court of Kenya at Nairobi Anti-Corruption and Economic Crimes Division.

In the document which was filed by state counsel, Stephen Githinji, on behalf of ARA director, the agency said that it had withdrawn its suit in its entirety.

Another document issued by the Kenyan Directorate of Criminal Investigation (DCIA), also confirmed that the agency has cleared Kora of any wrongdoing.

“Please note that investigations are now finalised. I would like to confirm that allegations of money laundering and card fraud against [Kora] were not established. Please treat this communication as final,” the DCI report said.

Kora’s Chief Operations Officer, Gideon Orovwiroro, in a statement, also confirmed the development.

“Kora has always maintained its innocence in this matter and we are glad that finally the ARA and the DCI have dropped all charges and ratified Kora.

“We’d also like to commend both agencies for their professionalism and thoroughness in seeing this investigation to the conclusive end,” says

“We are delighted to get back to building the most robust payment product on the African continent. We have some exciting announcements coming soon, including multi-currency bank account products for African businesses.

“This will empower merchants to have bank accounts in GBP, EUR, USD and other in-demand currencies. Kora is excited about this development as it is further proof of its commitment to enrich the quality of merchants’ payments and build more meaningful financial products.”

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