Tech

Kuramo Capital to invest $150 million in women-led startups in Africa

Published

1 year ago

October 17, 2023

Pan-African investment management firm, Kuramo Capital Management has earmarked $150 million for female-led enterprises in the continent over the next 10 years.

The investment, according to the company, will be done under the Moremi Platform, an initiative to empower the next generation of African women enterprises and promote gender-equitable fund management.

According to Kuramo CEO and founder, Wale Adeosun, the programme is aimed at addressing the “huge funding and knowledge gap for women in business,” which he says is a “major barrier to inclusive, sustainable economic and social development of countries in Africa.”

“We believe that, just as we were able to address gaps with African GPs (fund managers) in the past, we can achieve a similarly catalytic impact with our gender lens initiative,” Adeosun explained in a statement.

“The accelerator program offers a structured curriculum for capacity building, technical assistance, and mentoring for women in business, addressing the knowledge gap, particularly for female fund managers in Africa,” he said.

He added that the programme would include sharpening the skills of women fund managers who would in turn help promote the growth of women-driven enterprises.

Adeosun said the firm had unveiled the first cohort of the accelerator programme, which also serves as a mentorship, capacity building and technical assistance platform, targeting 40 female entrepreneurs and fund managers annually.

“The Accelerator Program is being launched at such a critical time in Africa’s investing story and we are excited by the traction. Despite an increased flow of capital to Africa, women have still been underrepresented at all levels of the investment landscape. Our goal is to address this barrier and improve the ecosystem by supporting female-led African private equity and venture capital funds, Sarah Ngamau, Managing Director, Moremi Fund, said.

“With the Moremi Accelerator Program, we will be addressing challenges facing African female entrepreneurs and fund managers owing to such perceptions,” she said.

“At Kuramo Capital and Kuramo Foundation for Sustainable Development, we firmly believe that the fastest way to unlock capital for female entrepreneurs and gender-smart businesses at scale is to invest in female-led and gender-diverse fund managers. We are very delighted to promote inclusive economic empowerment of female-led funds in Pan-Africa,” said Sarah.

Related Topics:Featured Investment Kuramo Capital Moremi Capital

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Tech

20 African tech-preneurs embark on Korean innovation tour

Published

1 day ago

December 22, 2024

Isaac Dachen

The African Development Bank Group’s Innovation and Entrepreneurship Lab has selected 20 promising tech entrepreneurs from various African technology ventures and enterprise support organisations to embark on a two-week study tour of the Republic of Korea, with the aim of seeking investment and insights from the country’s innovative tech ecosystem.

The selected entrepreneurs are from 133 ventures that participated in last month’s Africa Tech Startup Forum.

The forum which will hold under the auspices of the lab’s “Leveraging the Entrepreneurial and Innovation Success of Korea to Strengthen African Enterprise Support” project, had selected entrepreneurs who pitched the best business models during the week-long virtual market access and acceleration programme preparing, training, and connecting technology ventures with opportunities.

The 20 young tech-preneurs were selected from eight African countries including Nigeria, Egypt, Ghana, Kenya, Morocco, Rwanda, South Africa, and Uganda, with the delegates spanning various sectors in the technology space.

While in Korea, the African delegates will pay visits to prestigious institutions such as Global Startup Centre, LG Science Park, the Korea Software Technology Association, and the Global Digital Innovation Network.

Speaking on behalf of the delegates, founder of Kenya-based health technology venture Zuri Health, Uche Ezadinachi said:

“I am excited to go to Korea because the country has made serious technological developments. The country is a technology-driven society, and this tour is an opportunity for me to see how we can bring such technology to Africa.

“We will share experiences with our Korean counterparts; they will learn from us as much as we learn from them,” he added.

Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

4 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.