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Nigerian fintech, Moove, secures $20 million credit from British International Investment

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Nigerian mobility fintech startup, Moove has made significant moves with its capital as it has secured a $20 million four-year structured credit.

The tech company received the credit from the British International Investment (BII), the UK government’s development finance institution.

The investment was announced at a business reception in Lagos co-hosted by the British high commissioner in Nigeria.

“BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth. The launch of BII marks a continuation of this partnership, and we look forward to seeing BII’s support expand and diversify in Nigeria.”  Catriona Laing said.

BII’s Chief Executive Officer, Nick O’Donohoe, while speaking on the rationale behind the move said “in Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.”

“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.” O’Donohoe concluded.

Moove, according to information on its official website, was founded in response to the challenge faced by over 2 million African mobility entrepreneurs – the lack of access to vehicle financing. It was initially built to solve this problem in Lagos and has since expanded to 6 cities across Africa.

Moove raised $23 million in 2021 to scale rapidly across the continent.

The tech company is raising its revenue-based financing model globally to serve the millions of mobility entrepreneurs in emerging markets around the world who have limited or no access to a vehicle or vehicle financing.

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Kenyan digital assets startup, Crypsense, selected for Draper VeChain Accelerator programme

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A Kenyan digital assets startup, Crypsense Digital Group, has been selected for the 2022 Draper VeChain Web 3 Accelerator Programme which will grant it access to mentorship and support.

The 12-week Web 3 Accelerator Programme which is designed to deliver high-growth blockchain companies, is run by Draper University, a leading pre-accelerator and incubator in Silicon Valley, California, USA, and fosters growth of high potential technology startups.

The programme was founded by Timothy Cook Draper, a top tier venture capital investor with the likes of Tesla, SpaceX, Twitter, Coinbase, Skype, and Baidu among his investments.

The Nairobi-based digital assets capacity building and management platform, a brainchild of The Africa Blockchain Centre, and one of the startups at Adanian Labs, a venture studio, was established to nurture, and scale 300 impact-driven tech startups across Africa, according to Disrupt Africa.

“This is an amazing opportunity to accelerate Web 3 adoption in Africa through the programme and partnerships.

“We have so much untapped talent and potential within our continent in blockchain and Web 3.

“I am excited for Africa and I can’t wait to see where this opportunity takes us,” Alice Anangi, co-founder and CEO of Crypsense Digital Group, said on Friday.

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Egyptian food-tech startup, Bonbell, secures $350k in initial funding round

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Egyptian food-tech startup, Bonbell, has secured $350,000 in an initial funding round through a Canadian angel investor for the App services development.

Bonbell, a food ordering technology startup, according to the Chief Business Officer of the company, Doaa Abdel-Hameed, is seeking to increase the number of restaurants it covers to 750 by the end of 2022 across Egypt and other North African country.

She added that the startup is negotiating with two other venture capital funds in Europe and the GCC to raise $10 million in seed funding by the end of the year.

“We aim to help restaurants in offering an easier food ordering experience to their customers, either through food delivery or reserving a table in the restaurant, as well as take away orders and also the special orders made by customers in their restaurants.

“We pursue a better experience for the Egyptian user in food ordering; we see a lot of potential and opportunities to do that through developing the App constantly based on the user reviews, and adding more restaurants in all of the Egyptian governorates,” Abdel-Hameed said on Thursday.

Abdel-Hameed emphasized that the Bonbell has, in the past six months, earned the trust of more than 12,000 customers who used the app in food ordering in all ways offered.

She added that the success of the
Bonbell App, in offering the best experience to its users can only be done through strategic partnerships with many more restaurants, in addition to the constant development of the technology used in the App, as well as relying on offering inventive solutions to the Egyptian user such as Robotic Stations service.

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