Tech

South African venture capital firm, Secha Capital closes first tranche of $15.7m funding

Published

1 year ago

October 1, 2023

South African venture capital firm, Sencha Capital, has closed an initial funding round of $15.7 millon from a targeted fund of $34 million from a group of investors including RMB Ventures, 27four Investment Managers, the SA SME Fund, and Caleo Capital.

Founding partner, Nombuso Nkambule who made the announcement on Saturday, said the fund was targeting wider investments in traditional companies across different sectors in the southern Africa region making the tech-enabled transition into the green economy.

“The new fund has already made four investments in iG3N, Cultura Fresh, Herbivore and FarmTrace, and plans to make 10 more investments within the next five years,” Nkambule said.

He added that Secha Capital, which runs an operator-investor model, placed highly-skilled human capital resources into its portfolio companies to work on high impact value creation projects that deliver exponential growth for its entrepreneurs.

“We invest in companies at an inflection point in their growth trajectory. Most capital in Southern Africa is invested in either extremes – early-stage startups or mature companies,” Nkambule said.

“We’ve identified a gap in the market where we can find a unique proprietary pipeline and bring in our team of operator investors to achieve outsized returns,” he added.

According to information from the company, Secha Capital, which was founded in 2017 by Nkambule, Brendan Mullen and Rushil Vallabh, is an operator-investor firm that runs a model that places highly-skilled human capital resources into its portfolio companies to work on high impact value creation projects that deliver exponential growth for its entrepreneurs.

According to tech experts, the first tranche of fund has proven that the combination of equity investments and human capital for growth-stage businesses is a replicable model for generating financial returns and social impact, particularly in women-founded businesses in South Africa.

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Tech

20 African tech-preneurs embark on Korean innovation tour

Published

56 minutes 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

3 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.