Tech

Kenya-based venture capital firm, Enza Capital secures $58m funding

Published

2 months ago

September 30, 2023

Kenyan pan-African venture capital firm, Enza Capital, has announced securing $58 million in funding, as well as launching a Founder Partner programme which will provide leadership teams of portfolio companies adequate training aimed at making them become co-owners and share in the broader success of the firm and fellow investees.

Co-founder and Managing Partner at Enza Capital, Mike Mompi, who made the announcement on Friday, said the company was pioneering a new type of shared ownership model in Africa in which founders and leadership teams of the portfolio companies became co-owners of Enza Capital and share in the success of the firm.

“This new vehicle will enable Enza Capital to further build on the strong foundations established by visionary founders, like-minded funds, and values-aligned stakeholders across Africa,” Mompi said.

“It reaffirms our dedication to becoming a steadfast, long-term partner in one of the most dynamic, high-growth, and consequential tech ecosystems of our era.

“Our existing portfolio companies and future long-term partners are technology-driven enterprises leading the transition from offline to online, digitizing pivotal sectors, and building the rails that will help empower Africans and transform the continent.

“These companies are reshaping the very fabric of how Africans live, earn, work, do business, and thrive. The Founder Partner programme fosters alignment and collaboration, and it increases the likelihood of success across all stakeholders in the Venture Capital structure, ranging from LPs and investors to management teams, and extending to the ultimate beneficiaries of the products or services developed by these enterprises.

“We truly believe in shared ownership, and we can empathize with leadership teams – these are some of the reasons why we launched the Founder Partner programme.”

Founded in 2019, Enza Capital has prided itself as a multi-stage venture capital company that backs founders and teams using technology to solve large and meaningful problems across Africa.

The firm has so far made 48 investments into high-growth African technology companies, from first cheque at the pre-seed level to Series B, according to the Managing Partner.

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Tech

Zambian Tech authority orders Airtel to compensate subscribers over poor services

Published

23 hours ago

December 9, 2023

Akanimoh Etim

The Zambia Information and Communications Technology Authority (ZICTA) has ordered Airtel Networks Zambia PLC to commence the process of paying compensations to all its subscribers over poor and inefficient services.

According to local media reports, the mobile telecommunications giant has been experiencing network and service outages in most parts of the country which has led customers complaining about the poor services.

The agency, which has the mandate of overseeing the telecommunications industry in the country, gave the directives in a statement in Lusaka on Fruday through its Corporate Affairs Manager, Hanford Chaaba.

Chaaba said the payment of compensation to affected subscribers was in line with the approved compensation policy within five days from December 8.

“The Authority has also directed the network provider to, using all available platforms, immediately engage the public regarding the recent network outages and provide assurance of their resolution,” Chaaba said.

He added that the network provider had been further directed to urgently put in place measures that would ensure that such outages were averted, promising that the agency would increase its monitoring of the network.

In the statement, Chaaba encouraged members of the public to continue reporting any issues related to unavailability and quality of network or service.

He also urged Airtel to submit a longterm plan on how to improve it network resilience to the authorities.

“The Authority will actively monitor network performances of all services providers to ensure that the Quality of Service (QoS) guidelines are strictly adhered to,” Chaaba said.

Tech

Egyptian online auto parts startup Mtor raises $2.8m funding

Published

2 days ago

December 8, 2023

Akanimoh Etim

Egyptian online auto parts startup, Mtor, has announced raising $2.8 million in pre-seed funding to enable it expand its product portfolio to digitise local car workshops in the country.

Co-founder and CEO of the startup, Mohamed Maged, who made the announcement, explained that with the funds which were secured from Algebra Ventures with participation from the Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and a number of local and global angel investors, the firm was set to expand its offering.

“With the new funds, we aim to become the most trusted partner for our mechanics by empowering them to better cater to the car owner’s needs in terms of quality parts and fast service,” Maged said.

“It can be a car owner’s nightmare to get their car serviced. Mtor was founded to fundamentally transform this reality and make the process easier and more efficient, empowering a layer of local car workshops that are well rounded with quality parts, a suitable price position, and a good customer experience.

“The local automotive aftermarket is inefficient with a fragmented and scattered supply chain. Workshops and mechanics face many challenges, including limited product availability, inaccurate fitment data, and a lack of price transparency.

“These issues inevitably trickle down to car owners, who are also faced with limited-service quality guarantees and a complex, time-consuming spare parts procurement process.

“Mtor aims to overhaul this system through its controlled, tech-enabled marketplace, backed by its proprietary Mtor Mechanic app, where pricing, availability, and fitment data are reliably just a click away,” the CEO stated.

He added that the funds raised would be used to further grow Mtor’s product suite, digitise local car workshops, and eliminate major inefficiencies in the automotive spare parts supply chain in Egypt and the region.

Founded in 2022 by Maged, Moaz El-Megharbel, Mohamed Altaf, and Khaled Kandil, Mtor provides a unified platform for local car workshops and on-demand automotive spare parts at reasonable prices.

It has delivered over 70,000 orders, partnering with over 2,500 car workshops in the greater Cairo area, according to the company’s profile on its website.