Tech

Egyptian VC Flat6Labs partners ITIDA to launch programme for tech startups

Published

2 days ago

November 12, 2024

Egyptian Venture Capital firm, Flat6Labs, has partnered with Egypt’s Information Technology Industry Development Agency (ITIDA) to launch an InvestIT programme which will offer tech startups in the country, particularly at the seed or pre-Series A stages, access to consultancy, tools, and investor connections to help them scale operations and enhance global competitiveness.

The programme, according to Egypt’s Minister of Communications and Information Technology, Dr Amr Talaat, will be run by the Technology Innovation and Entrepreneurship Center (TIEC), a subsidiary of ITIDA, and will support startups across various governorates, encouraging innovation and growth in Egypt’s digital economy.

“Through two phases, it will prepare startups for investment with tailored training sessions and workshops, followed by connecting them with local and international investors,” Talaat said in a statement.

“The Egyptian government remains steadfast in its dedication to cultivating a thriving tech startup ecosystem. We are rolling out diverse initiatives to equip entrepreneurs with essential skills, attract global incubators, and facilitate connections between startups and investors.

“By establishing Digital Egypt innovation hubs nationwide, we empower innovators to transform their ideas into successful ventures.

“Alongside this, we are streamlining processes and investing in advanced digital infrastructure, positioning Egypt among the top three countries in the Middle East and Africa for tech startup investments,” the Minister said.

Flat6Labs founder and chairman Hany El Sonbaty, who also spoke on the initiative, said the launch of the InvestIT programme has further expanded his company’s support for Egyptian entrepreneurs.

“This programme is not just about preparing startups for investment; it’s about equipping them with the tools and connections to scale their impact.

“Through our collaboration with ITIDA and TIEC, we’re committed to building a strong, vibrant ecosystem where startups can make a real impact on the tech landscape in Egypt,” he said.

The programme, he said, will support 12 startups over six-to-eight months with each startup receiving tailored consultancy services to enhance their investment readiness and assist with setting up data rooms and preparing for investor engagements.

Related Topics:Egypt Featured Flat6Labs Tech Venture Capital

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Tech

Bolt invests $107m in Nigeria to boost safety standards

Published

10 hours ago

November 14, 2024

Isaac Dachen

Ride-hailing platform, Bolt, has announced an investment of $107 million in its bid to boost safety and service quality in Nigeria’s ride-hailing sector, with a special technology enhancing safety standards for both drivers and passengers.

Lola Masha, Bolt’s Regional Manager for North and West Africa, who made the announcement in a statement, said the “investment will fund new safety technologies, accident prevention measures, customer support upgrades, and public safety awareness campaigns, underscoring Bolt’s commitment to providing a secure and reliable platform.”

She revealed that as part of its quality check, the company had removed more than 5,000 drivers from its platform in 2023 so as to cleanup its database cleanup effort and will continue to implementing a driver score system to maintain quality standards.

“The driver score evaluates performance by monitoring how frequently drivers accept ride requests, successfully complete trips, and respond to passenger feedback. Essentially, it rates drivers based on their performance over their last 100 trips,” she noted.

Masha emphasized that the move came as a result of complains by the Amalgamated Union of App-based Transporters of Nigeria (AUTON) which raised concerns about the potential downsides experienced by users and the psychological stress on drivers, which could negatively affect their performance.

According to her, among the upcoming features are a four-digit trip pickup code and a trip counter, both aimed at making rides more secure and dependable for all users.

Tech

Telegram faces shutdown in Kenya

Published

3 days ago

November 11, 2024

Isaac Dachen

Telegram, a cloud-based messaging app that allows users to send messages, share files, and make voice and video calls, is facing shutdown in Kenya after the Communications Authority (CA), asked telecom companies to block it temporarily, hoping to curb exam cheating.

The crackdown, according to the CA, is aimed at stopping students from sharing exam answers. This had earlier led to restrictions on Telegram across major networks.

In a circular addressed to the heads of Safaricom, Telkom Kenya, Jamii Telecom, and Airtel Kenya, the CA explained that while other social media platforms were working with authorities to prevent misuse, Telegram had been less cooperative.

The CA, therefore, moved for a temporary suspension of Telegram during exam hours from 7:00–10:00 am and 1:00–4:00 pm on weekdays until November 22

Netblocks, an Internet monitoring group, confirmed disruptions on Safaricom, saying the blocks were consistent with past Telegram restrictions following a similar ban in November 2023, which led to massive losses, reported to be around KSh 4.2 billion, while businesses faced connectivity setbacks.

Last year, Netblocks estimated that Kenya lost around KSh 537 million daily due to a similar ban.

In that incident, six Telegram group administrators were detained for alleged exam malpractice and since then, Telegram’s stance has softened a bit, with the platform updating its privacy policies in September 2024 to allow sharing IP addresses and phone numbers with law enforcement for criminal investigations. This update followed the arrest of Telegram’s founder, Pavel Durov, in France.