Tech giant, Google, on Monday announced fifteen participants for its 2022 Google for Startups Accelerator Africa Class 7 with Cote D’Ivoire joining for the first time.
A representative of Google and Head of Startup Ecosystem, Africa, Folarin Aiyegbusi made the announcement in a statement made available to newsmen
– “We’re thrilled to be starting off our seventh cohort with such a diverse and inspiring group of companies who are harnessing technology to tackle the problems that many people on the continent face every day”.
The class, which was selected from thousands of applications, with final selection based on product stage, programme alignment and market fit is aimed at lifting African companies who are committed to providing tech solutions to challenges, particularly problems that are peculiar to Africa.
“Startups in Africa are solving some of the region’s most pressing issues -from employment to logistics, banking, healthcare, and education. This is a journey that we’re happy to be on.”
The Google for Startups Accelerator Africa programme has supported 82 startups from 17 African countries over the past four years. Collectively, they have raised $112 million and created 2800 direct jobs. In this time, Google has invested $5 million through a combination of equity free funding and product credits for Google services.
“Google is committed to Africa’s growing startup and developer ecosystem,” adds Aiyegbusi.
“Providing end-to-end support and investment to startups pays off for everyone in the long run. As these startups grow, they advance their local economies, create jobs and opportunities, and provide solutions in their communities. A stronger African economy is great for everyone, and Google is committed to helping African businesses thrive,” he concludes.
One of the selected participants, Zita Agwunobi, CEO of iVerify.ng, expressed enthusiasm towards highly coveted opportunity and thanked the tech giant for “validating our dream”
“As a digital identity onboarding platform based in Nigeria, iVerify.ng is extremely delighted to have been selected for Class 7 of Google for Startups Accelerator Africa amidst our need to deploy more robust technology infrastructure and scale our operations across Africa. We’re looking forward to the workshops, mentoring and inestimable value we’ve heard so much about” Zita Agwunobi added
Another selected Start-up, Balqis Chepkwony CEO of Kenyan Fleetsimplify says: “Fleetsimplify is thrilled to have been selected for the Google for Startups Accelerator Africa! We’re looking forward to working with the Google team to bring sustainable shared mobility solutions in Africa.”
Kenyan money transfer startup, Kyanda, makes incursion into South Africa
Foremost Kenyan money transfer startup, Kyanda, has made a bold incursion into the southern African fintech market by launching its operations in South Africa.
The launching of the money transfer app which aims at helping users make all sorts of transactions at as low a cost as possible, according to its founder, Collins Kathuli, will help “users make cheap and fast money transfers, purchase airtime, and pay bills, among other things.”
Launched in February 2020, the fintech startup has processed over three million transactions since its formation, and Kathuli says Kyanda’s its goal is to build a payment ecosystem that serves both Kenya and Africa as a whole.
“We have other markets in our pipeline. This would be achieved best once we establish the market fit for our products, and of course after we’ve built firm roots in the current locations we’re present,” said Kathuli.
With over US$10 billion being moved within South Africa each year, and over 24 million South Africans sending money to each other daily, South Africa is the first stop on a broader expansion journey, according to Disrupt Africa.
Nigerian fintech startup, CredPal, secures more funding from Cairo Angels syndicate
A Nigerian fintech startup, CredPal, has raised funding from the Cairo Angels Syndicate Fund (CASF), a micro-venture capital fund, to expand its “buy now, pay later” incentive to customers.
Launched in 2018 by the duo of Fehintolu Olaogun and Olorunfemi Jegede, CredPal has placed itself as one of Nigeria’s most preferred consumer credit platform that gives buyers the freedom to “buy now and pay later” and helps merchants acquire more customers to increase their sales.
According to Disrupt Africa, the Google-backed CredPal has over 85,000 active customers and over 4,000 onboarded merchants, with the company announcing in March it had raised US$15 million in funding to expand its consumer credit offerings in Nigeria and to scale across Africa.
While speaking on the new funding, Olaogun said:
“This support from Cairo Angels Syndicate Fund reinforces our mission to improve the quality of life of Africans through easy access to consumer credit.
“My co-founder and I are very pleased to have them as investment partners and can’t wait for how much we’ll achieve together.”
The Cairo Angels is Egypt’s first formal network of angel investors, and since its formation has been one of the most active early-stage investors in startups and high-growth businesses in the Middle East and Africa, with 31 investee companies across 18 different sectors.
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