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Nigerian fintech startup, Pivo, secures $2m seed funding to expand offerings

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Nigerian fintech startup, Pivo, has successfully secured a $2 million seed funding to expand its existing offerings for its customers as well as build new ones to improve transaction management and payment reconciliation for supply chains.

The company started in 2021 by Ijeoma Akwiwu and Nkiru Amadi-Emina is targeted at businesses that deal with import, export, manufacture, distribution and retail of FMCG, logistics and haulage, and clearing and forwarding.

Pivo which began with three main products, Pivo Capital, Pivo Finance, and Pivo Plus, offers access to insurance, corporate compliance and tax regulation support.

The company, in a statement on Friday by Amadi-Emina, said the $2 million seed funding round which comes from Precursor Ventures, Vested World, Y Combinator, FoundersX and Mercy Corp Ventures, will be used to upgrade existing products and build new ones as the company plans to establish its presence outside Nigerian to East Africa, and grow its team.

“After our pre-seed raise of US$550,000 early in Q1 of this year, we launched a new product, Pivo Business, with features that supply chain SMEs can use to achieve better cash flow,” Amadi-Emina said.

“The transaction volume of Pivo Business accounts grew by over 400 per cent between April and September. With this funding, we intend to build on existing products and develop solutions for supply chain anchors,” she added.

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Radisson Group targets 25 hotels in Morocco by 2030

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The Radisson Hotel Group says it has set a goal of setting up 25 hotels in Morocco, which will expand its current portfolio of 11 hotels in operation to 36 by 2030.

Erwan Garnier, Senior Director, Development, Africa at Radisson Hotel Group, who disclosed this in a statement, saidMorocco continues to be a crucial market for the group’s development, while also accelerating its expansion in the country which is part of its vision of redefining the group’s expansion strategy for the country.

“I am delighted to lead our expansion efforts in Morocco and take them to new heights. Leveraging our success in the country thus far, our expansion strategy will concentrate on targeting the major cities in Morocco,” Garnier said.

“Our focus will be on strengthening our presence in Casablanca and Marrakech, where we currently operate the conveniently located Radisson Blu Hotel, Casablanca City Center and the highly acclaimed Radisson Blu Hotel, Marrakech Carré Eden.

“Additionally, we plan to establish our presence in the key cities of Rabat, Tangier, Agadir, and Fez.

“In light of Radisson Hotel Group’s strategic 5-year plan and the 2030 FIFA World Cup in Morocco, we have identified significant potential within these cities to establish a diverse portfolio consisting of ideally located business hotels, efficient serviced apartments, premium mixed-use projects, and expanding our portfolio of exceptional resorts.

“The introduction of the Radisson brand with the imminent opening of the Radisson Hotel Casablanca Gauthier La Citadelle in the vibrant Gauthier district of Casablanca, marks a notable development.

“This new establishment will be the flagship of the Radisson brand in Morocco, marking the entry of a new brand for the group in the country and underlining our commitment to quality and diversified expansion,” he added.

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AgriTech4Egypt Innovation Challenge opens applications for tech-prenuers

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The 2024 edition of the AgriTech4Egypt Innovation Challenge has called for applications from tech-prenuers and purpose-driven scientists working on agri-tech solutions for a more sustainable, efficient, and climate-resilient agricultural system in Egypt.

A notice on the website of the organizers of the programme on Tuesday said the programme is designed to give participants an edge in validating and deploying agri-tech venture in Egypt

“We are looking for purpose-driven scientists and entrepreneurs working on agri-tech solutions for a more sustainable, efficient, and climate-resilient agricultural system in Egypt,” the notice said.

It added that the AgriTech4Egypt Innovation Challenge is designed specifically for early-stage agri-tech ventures in the north African country with a “minimum viable product (MVP) or proof of concept (POC), and plans to support and prepare them to build a solid go-to-market strategy through technical validation and access to the market.”

“We are looking for agri-tech innovations in priority areas such as digital agriculture and precision farming, agri-finance solutions, sustainable value chain development, capacity building tools, and efficient irrigation water management,” it said.

“Selected ventures will receive the tools and step-by-step support to build the foundations of an agri-tech venture for scalable growth in Egypt, benefitting from a fully funded, four-day immersive bootcamp, connecting with a network of partners and agribusinesses, accessing expert guidance from CGIAR scientists and industry experts, plus a sponsored six-month acceleration programme.

“They will also be able to test and validate their solution on the ground with end-users for up to six months, receive up to EGP300,000 (US$6,500) as an equity-free grant provided by ASRT, and gain exposure to investors and market opportunities.

“Applications are open until April 21, with the accelerator programme taking place between June and October, and a demo day set for November,” it added.

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