Tech

African startups secured $180m in funding in November— Report

Published

6 days ago

December 5, 2024

A report released by The Big Deal on Thursday has revealed that 32 African startups collectively secured $180 million in funding, excluding exits, in November alone, which was a remarkable achievement.

The report stated that this milestone brought the total funding for African startups in 2024 to nearly $2 billion.

Giving a breakdown of the funding, the report reveals that $122 million (68%) was secured in debt, $55.5 million (31%) in equity, and $2.5 million (1%) in grants.

“Among the standout deals of the month was the International Finance Corporation’s (IFC) $80 million debt backing of Sun King in Nigeria, which alone accounted for 44% of the total funds raised in November,” it said.

“Other notable transactions included Kenya-based internet service provider Mawingu, which secured $15 million in debt and equity to support its expansion across East Africa.

“Additionally, Ivorian fintech company Djamo raised $13 million in a Series B round, marking the seventh Series B deal of 2024, compared to 14 during the previous year.

“Together, these four major deals represented two-thirds of the total funding for November. Furthermore, startups in Kenya and Nigeria dominated the funding landscape, attracting 76% of the funds raised during the month.

“In November, notable exits in the African startup ecosystem included the acquisition of Egyptian construction tech company Elmawkaa by Saudi prop-tech firm Ayen, as well as the merger of energy-focused companies SteamaCo and Shyft Power Solutions.

“So far in 2024, African startups have collectively raised $1.86 billion, excluding exit transactions. This funding is broken down into equity ($1.2 billion, representing 64%), debt ($635 million, or 34%), and grants ($33 million, making up 2%). While there is optimism about surpassing the $2 billion mark by the end of the year, it is expected that the total will fall short of the $2.9 billion raised in 2023.”

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Tech

Huawei launches cloud service in Nigeria

Published

6 hours ago

December 11, 2024

Isaac Dachen

Global technology company, Huawei, has launched its first African hyperscale local cloud service in Nigeria, making it the first international cloud provider to offer such services in the country.

The CEO of Huawei Nigeria, Chris Lu, who unveiled the new local cloud in Lagos on Wednesday, said it was powered by Tier 3+ data centres, providing ultra-fast services with a latency of just 15 milliseconds.

According to Lu, this will ensure that data storage and computing resources remain within Nigeria, benefiting local businesses and sectors, particularly fintech companies that require strict adherence to data protection laws.

At the launch event, themed “Leap Now With A Better Cloud,” Lu emphasised the company’s dedication to supporting Nigeria’s digital economy.

He noted that the initiative was a significant milestone towards meeting the country’s data protection regulation, and alignment with the Nigeria Data Protection Commission’s objectives to limit cross-border data transfer and have data kept within the country.

“With disruptive technology, we can transform our daily lives, our industries, and our economy. Not knowing where your data is stored is terrifying,” Lu said.

“The Huawei local cloud ensures your data and that of your customers are safely protected. Our local cloud provides better latency, better services, and ensures data sovereignty for our customers.

“Huawei’s is offering enhanced data sovereignty, reduced latency, and bolstered support for local businesses.The service aims to support Nigerian startups, SMEs, and the broader tech ecosystem and aligns with Nigeria’s regulatory environment and digital transformation goals.”

Beyond cloud technology, Huawei has invested heavily in Africa’s tech ecosystem, forming partnerships with governments and private entities to drive digital transformation.

Tech

SunCulture partners Turaco to empower Kenyan farmers with affordable climate insurance

Published

1 day ago

December 10, 2024

Isaac Dachen

Kenyan solar-powered irrigation solutions startup, SunCulture, has joined forces with leading mass-market insurtech company, Turaco, to launch a platform called “SunCulture Protect”, aimed at providing enhanced protection to small holder farmers using SunCulture’s pay-as-you-go (PAYG) devices.

According to Samir Ibrahim, the CEO of SunCulture, the partnership between two leading Kenyan tech companies will address the urgent need for risk mitigation tools, such as insurance, for the most vulnerable populations, enabling and expanding access to healthcare.

“As the impact from climate change escalates, the frequency and intensity of extreme weather events are expected to rise, negatively affecting health outcomes and pushing millions of Africans into poverty,” Ibrahim said.

“At SunCulture, our mission has always been to help small holder farmers grow more food and improve their livelihoods.

“Partnering with Turaco allows us to extend our commitment by not only providing sustainable energy solutions but also offering financial security and peace of mind to our customers and their families,” he said.

He also stated that SunCulture Protect offers essential health and life coverage, safeguarding customers and their families against unforeseen medical expenses and risks that are exacerbated by extreme weather events.

Ted Pantone, CEO of Turaco, who also commented on the partnership, said he believed affordable insurance should be accessible to everyone, especially those that are the most vulnerable to the impacts of climate change.

“Our partnership with SunCulture enables us to provide essential coverage that not only protects livelihoods but also fosters long-term resilience among small holder farmers,” he said.