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Kenyan supply chain logistics startup, Leta, secures $3m seed funding

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A Kenyan supply chain and logistics startup, Leta, has successfully secured a $3m pre-seed equity funding led by several investors including 4Di Capital, Chandaria Capital, Chui Ventures, PANI, Samurai Incubate and Verdant Frontiers Fintech.

The funding round also had angel investors like Ken Njoroge, the Founder of Cellulant and Charles Murito, Google Regional Director, SSA, Government Affairs and Public Policy.

The B2B firm founded in 2021 by Nick Joshi, uses its technology to reduce the number of vehicles needed for distribution which helps to save cost and increase competitiveness in business.

Speaking on Monday on the new possibilities the funds will open for Leta, Joshi said the startup will leverage more on artificial intelligence(AI) to enable efficient and automated movement of goods for businesses.

“We are proud to be building the backend of supply chain and logistics in Africa, saving our customers 20-30% on their logistics costs.” Joshi, who had spent over a decade working in the New York startup tech ecosystem, said.

“Much like the US and Europe, the supply chain and logistics industry in Africa is highly fragmented and lacks efficiency.

“However, in Africa, the supply chain and logistics costs are typically 60-70% higher, which is then passed to the end consumer,” he added.

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Applications open for 2024 Africa’s Business Heroes competition

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Applications are now open for the 2024 cohort of the Africa’s Business Heroes (ABH) Prize Competition in continuation of its sixth annual continental search for 10 entrepreneurs who strive to make a positive impact in their local communities.

Zahra Baitie, Head of Partnerships & Programs, Africa’s Business Heroes, who made the announcement, said since its inception in 2019, ABH had spotlighted and supported some of Africa’s brightest entrepreneurial minds, noting that this year’s edition would be no different.

In a statement on Monday, Baitie noted that the ABH top 10 finalists also known as “Heroes” have, over the last five years, created 123,000 direct and indirect jobs in Africa, while serving over 37.5 million customers in Africa and beyond and have raised over $153 million.

“As ABH enters its sixth year, it is calling on entrepreneurs across Africa to pitch on the biggest entrepreneurial stage in the continent,” he said.

Applications are open to entrepreneurs from all 54 countries, from all business sectors, of all ages and genders.

“Along with invaluable benefits such as training, exposure and networking opportunities, the top 10 finalists will also compete for their share of $1.5 million in grant money.

“Over the past five years, we’ve had the privilege of witnessing the incredible growth of our Heroes. Many of our Heroes have leveraged the grant funds to expand their geographic footprint, hire talent, grow their operations and invest in new products and services.

”It’s been heart-warming to see our Heroes collaborate with each other and to tap into the ABH network of judges and experts.

“We are motivated to continue to play our part in supporting the African entrepreneurial ecosystem. We are calling on all eligible African entrepreneurs who are creating positive impact to join us in this journey!”

Baitie added that applications for the ABH 2024 are open from until May 19, with the top 50 finalists to be announced in July.

The final winners will be unveiled at the Grand Finale in November, Baitie concluded.

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MainOne lands optic submarine cable in Nigeria’s Akwa Ibom State

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Data centre and connectivity solutions provider, MainOne, has landed Africa’s first ever
optic submarine cable in Nigeria’s Akwa Ibom State.

MainOne, a subsidiary of Equinix Company, announced the feat of the first and only submarine cable system in Nigeria outside of Lagos.

According to the Regional Business Head at MainOne, Abayomi Adebanjo, the collaboration between the company and the state marks a significant “milestone in enhancing broadband connectivity and driving economic development in the South-South, South-East and North-Central regions of Nigeria.”

The optic cable known as 2Africa, Adebanjo said, spans 45,000km in length and will be one of the world’s largest subsea cable projects which will interconnect Europe, Asia, and Africa, with a design capacity of up to 180Tbps.

“The significance of 2Africa lies in its capacity to address critical internet needs and enhance reliability across vast expanses of Africa,” he said.

“Furthermore, 2Africa serves as a catalyst for the advancement of 4G, 5G and fixed broadband accessibility, extending its impact to billions of people.

“With a commitment to consistently deploy financial capital and project resources towards infrastructure investments, MainOne is dedicated to improving internet capacity and driving various aspects of development, including economic growth, digital transformation, healthcare, security, agriculture, and increased state revenue in South-South Nigeria.

“Akwa Ibom’s selection as a landing site underscores its strategic importance in Nigeria’s digital transformation journey and by offering cable diversity and resiliency, 2Africa contributes significantly to the country’s digital infrastructure resilience and MainOne’s role as the landing partner solidifies this endeavour,” he stated.

He added that MainOne will facilitate the establishment of a terrestrial metro fiber network in the state and the entire South-South Nigeria, seamlessly connecting enterprises and people in the region to the submarine cable system.

“By hosting the submarine cable system landing and the fiber cable interconnection, Akwa Ibom State, the South-South Region and Nigeria will unlock numerous economic and social benefits, fostering innovation, entrepreneurship, job creation, and improved public service delivery,” Adebanjo said.

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