Tech

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

Published

8 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

Google relaunches Hustle Academy with AI focus to empower African SMBs

Published

11 hours ago

May 16, 2024

Akanimoh Etim

Google has relaunched the 2024 cohort of its Hustle Academy, a programme dedicated to accelerating the growth of small and medium-sized businesses (SMBs) in Sub-Saharan Africa.

Making the announcement on Thursday, Google said it is opening of applications for the Hustle Academy with a special focus on using Artificial Intelligence (AI) to provide comprehensive business education, mentorship, and networking opportunities to SMBs.

According to Kristy Grant, Head of B2B marketing for Sub-Saharan Africa at Google, the 2024 cohort of the programme introduces a significant upgrade – business-focused AI training integrated directly into the curriculum.

“This year, the new AI modules focus on data-driven decisions, optimising operations, and building AI-powered marketing strategies,” Grant said.

“AI holds immense potential for African small and medium-sized businesses SMBs, enabling them to drive innovation, increase efficiency, and unlock new levels of economic growth.

“The Hustle Academy has supported over 10,000 businesses who have gone ahead to raise funding and create jobs since inception.

“By incorporating AI into our curriculum, we aim to further amplify this impact, equipping SMBs to harness AI technologies for improved business performance and economic progress,” Grant emphasized.

She added that applications for the 2024 Hustle Academy cohort are open to SMBs in Kenya, Nigeria, and South Africa.

Tech

Latin America’s biggest payment processor PayRetailers expands into Africa

Published

2 days ago

May 15, 2024

Akanimoh Etim

Latin America’s biggest payment processor, PayRetailers, has announced its expansion into Africa with coverage across four countries, Rwanda, Zambia, Uganda, and Tanzania.

A statement by its Chief Operating & Digital Officer, Lorenzo Pellegrino, said by expanding into Africa will offer customers a unified payment solution that will be a game changer for cross-border online merchants looking at Africa as their next move for strategic growth.

He said to strengthen its presence in the continent, PayRetailers is activating its payment processing functions that will “offer a simple, user-friendly, and scalable experience to businesses looking to grow their regional operations and give them access to major local methods like SPENN, Airtel, and MTN.”

“This market is increasingly connected and mobile and destined for strong growth, which is why PayRetailers, in its mission to increase financial inclusion and continue supporting business growth in emerging markets, has decided to activate its networks in the region and drive this exciting era of prosperity,” Pellegrino said.

“As a part of our strategic expansion, we are extending our coverage to four markets in Africa, at least to start with. Over the coming months, we plan to steadily expand our operation in the continent, which is experiencing incredible growth in the payments industry and has massive potential for merchants looking to diversify and broaden their consumer base.

“Using the stellar and continuous growth we have experienced in LATAM as our guide, we are well-poised to help businesses thrive faster and more sustainably.

“We recognize the immense potential and significance of venturing into these dynamic markets.

“Each new addition to our market coverage is a gateway into untapped opportunities and strengthened partnerships, ensuring our sustained growth and global relevance.

“Our imminent expansion into additional countries across West, North, and Southern Africa underscores our commitment to empowering our clients and connecting them with diverse consumer bases across the continent.

“From May onward, businesses will be able to operate in the region using PayRetailers for their online users, representing a major milestone for its client portfolio and its innovation strategy for 2024,” the statement said.