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SA’s venture capital startup E4E Africa announces closure of $30m fund

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South African entrepreneur-driven venture capital fund startup, E4E Africa, has announced the first close of its $30 million E4E Africa Fund II.

E4E Africa Managing Partner, Bas Hochstenbach, who made the announcement, said the fund would enable the firm to invest in best-in-class entrepreneurial teams that build highly scalable and impactful businesses across key sectors of Sub-Saharan African economies.

“With a focus on fintech, education and job tech, e-health, and energy solutions, the fund will prioritise founder-centric support, providing value through its network of experienced entrepreneurs,” he said.

According to Hochstenbach, E4E Africa, which was launched in July 2020 with backing from the SA SME Fund, has made 11 investments in startups such as Insurtech Pineapple, home-services platform, SweepSouth, and digital marketplace, Qwili.

The Managing Partner said with the second fund which had a target size of $30 million and had now reached first close, showed that the company was now “actively attracting interest” from additional investors, both local and international, enabling it to further expand its reach and impact.

“Our strong relationships with founders and seasoned African entrepreneurs has led to a surge in outstanding investment opportunities,” Hochstenbach said.

“This first close enables us to back the exceptional founders we see before us.

E4E Africa Fund II has already invested in three companies, including Kenyan core banking platform provider Kwara, South African tech-enabled export shipping provider TUNL, and a fast-growing business disrupting the traditional embedded finance landscape in Kenya.

“We are thrilled with the performance of our Fund II portfolio so far. Our Fund II portfolio companies are thriving, and we are excited to announce a follow-on investment in the coming weeks,” he added.

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

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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.

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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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