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Nigerian blockchain startup, EchoVC, launches $8m pilot seed fund

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Nigerian blockchain startup, EchoVC, a technology-focused early-stage firm which is focused on investing in underrepresented founders and underserved markets, has announced the launch of a $8 million pilot blockchain-focused seed fund.

The fund tagged EchoVC Chain, according to Eghosa Omoigui, the CEO of the firm, is part of its mission to be “the Sequoia Capital for underestimated founders and markets.”

Omogui said the company had so far invested in almost 40 companies across various markets worldwide, and made its first investment in the blockchain segment in 2021.

“Over the past few years at EchoVC, we have become intrigued with blockchains. The more we explored, and learned, the more excited we’ve become about the applications of blockchain and its functions in Africa,” said Omoigui in a blog post.

“For African markets, we believe blockchain functionality is more of a need, rather than a want, and our thesis is to leverage these functions to enable new leapfrogs, or unlock novel market opportunities, across the continent.”

“The EchoVC Chain pilot seed fund is focused on making investments in founders and startups that span EchoVC’s specific areas of interest.”

“Looking beyond this, we continue to explore other emerging blockchain aspects ranging from digital identity, privacy, decentralised infrastructure edge nodes and agile supply chains to a possible future intersection between AI/ML and DAOs,” he added.

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DR Congo sues tech giant Apple over illegal mineral exploitation

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The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation

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Moroccan retail-tech startup Z raises $1.5m to drive intense growth

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Morocco-based B2B retail-tech marketplace, ZSystems, has announced closing a $1.5 million seed funding round which will see it carry out its ambitious expansion dreams.

In a statement by co-founder and CEO, Meriem Benabad, the funding round was led by Morocco-based Venture Capital firms, MNF Ventures (through its MNF II fund), Witamax (through Fund II and III), Cash Plus Ventures, and Kalys Ventures.

“This funding marks a pivotal moment for Z, as we aim to scale operations and bring cutting-edge solutions to traditional retail.

“Our vision is to empower small businesses and unlock growth across Morocco and Africa,” Benabad said.

According to Benabad, the newly acquired capital will support Z’s technology development, product catalogue expansion, and preparation for its next growth phase.

“Z is reshaping the retail landscape by integrating technology and innovation across the value chain. Its scalable platform empowers traditional retailers and brands with direct access to consumers, reviving competitiveness in traditional trade (hanouts), which accounts for 85% of the FMCG market,” he added.

Founded in 2022 by the trio of Benabad, Samer Choumar and Youssef Ait-Haddouch, Z’s platform empowers traditional retailers and brands with direct access to consumers, reviving competitiveness in traditional trade (hanouts), which accounts for 85% of the FMCG market.

Since launch, the startup has helped over 15,000 active retailers, and seen more than 800,000 orders placed.

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