Week of July 15th: Product Launches, Spotlight & Tech Digest.
This week: Mira launches game-changing POS, Microsoft pivots to Kenya, Grey expands globally. Plus: EV infrastructure in Kenya, top African fintechs recognized, and new opportunities for MSMEs.
šš¾ Hello people!
Welcome to the latest edition of our weekly African tech digest.
How was your week? I've been trying to carve out more time for learning and rest lately, which got me thinking: how do you guys balance the busyness of work and life with taking care of yourself? If you have any tips, please share it in the comment section. Iād really love to know.
Now, I've got some exciting news to share. We at Vizible have just launched version 2.0 of our platform, and it's all about you. Remember our mission to improve the lives of Africans by connecting them to technology that matters? Well, we're taking a big step towards that vision with this update.
Vizible is evolving from a database to a community-driven space. Now you can create an account, upvote products you like, leave comments on those you've used, and even submit your own products for listing.
You can also search and filter products by criteria like origin, funding stage, and active countries. Every product and user profile has a unique link you can share with your community.
Vizible 2.0 is made for African makers, by African makers, and we invite you to join us in this exciting new chapter. Check out the platform and sign up today!
Now, to the matter at hand: the digest. In this issue, we cover everything from Mira's new POS system to Flutterwave making CNBC's top fintech list. We also spotlight Endowd's efforts to help international students and highlight new initiatives across the continent.
Additionally, we have a selection of exciting opportunities for entrepreneurs and innovators.
As always, we have a lot to cover, so let's get to it.
This week in fundraising:
Latest Product Launches:
Mira's new POS system offers hardware and software for food and retail businesses in Africa. Priced at ā¦360,000 with a 12-month instalment plan, it aims to streamline operations for small to medium enterprises.
Norrsken-backed Startbutton facilitates global expansion for startups. It manages product sales, payments, and tax obligations without local entities. Having processed over $3 million, it charges a small fee for its services.
ERCAS is launching ERCASPay, an omnichannel, multi-currency payment platform. It will support cross-border transactions in over eight currencies, offering payment links and a reconciliation dashboard for international payments.
Talenvo provides a platform for young Africans to gain practical work experience. Through projects and internships, it aims to enhance employability and bridge the gap to tech industry roles for emerging talent.
Nigerian food delivery service Chowdeck has introduced an in-app advertising product. This new feature helps brands reach a broader audience while diversifying Chowdeck's revenue streams beyond food delivery.
Product Find: Endowd Africa
Who they are: Endowd is a Nigerian startup focused on providing financial solutions for international students.
The problem they're solving: International students often face significant financial challenges due to their non-resident status, including difficulties in paying tuition fees, securing housing, and obtaining credit. These barriers can impede their educational and personal growth abroad.
How they're solving it: Endowd offers an instant fee payment service for over 20 UK universities, charging a 3% transaction fee (capped at Ā£100). They plan to expand to more countries and introduce credit facilities to help students manage expenses, though not initially covering full tuition.
Whatās happening in the ecosystem:
Flutterwave, Kuda, Piggyvest among CNBCās Top 250 Fintech Companies.
Seven African fintech companies have been listed among CNBC and Statista's 2024 Top 250 Fintech Companies. Flutterwave, Piggyvest, Kuda, MTN, Bank Zero, Palmpay, and Yoco were selected from 2,000 global contenders.
The unranked list, which includes global giants like Mastercard and Klarna, was based on 2023 revenues, growth rates, and headcount. Flutterwave, Palmpay, Yoco, and MTN MoMo were recognized in payments, Kuda and Bank Zero in neobanking, and Piggyvest in financial planning.
LULA Acquires Zeelo's South African Subsidiary in Strategic Expansion
LULA, a South African ride-sharing platform for office workers, has acquired Zeelo's South African subsidiary. Zeelo, a US-based staff bus-sharing startup, is exiting South Africa to focus on operations in the US, UK, and Ireland. LULA aims to leverage Zeelo's 18,000+ rider base to expand across South Africa.Ā
Founded in 2018, LULA operates in five South African cities, having completed 700,000 rides for over 380 companies. The acquisition is expected to make LULA cashflow positive. This move addresses South Africa's high transportation costs, with workers spending an average of R2,180 ($121) on cars and R960 ($53) on taxis month.
In Kenya: Growing Electric Vehicles Infrastructure, Rideshare Drivers Protests & Funding Announcements
Kenya is making significant strides in sustainable technology, with a focus on electric vehicle (EV) infrastructure. The government and private sector are collaborating to establish a network of charging stations, supporting the transition to cleaner energy and reducing carbon emissions. This initiative is crucial for promoting sustainable transportation options and reducing reliance on fossil fuels.
While progress is being made in sustainable tech, challenges persist in the gig economy. Rideshare drivers recently staged a five-day protest against Uber and Bolt, citing the companies' failure to implement an 18% commission cap mandated by the government. This highlights ongoing tensions between platform operators and drivers over fair compensation and regulatory compliance.
Despite these challenges, Kenya's tech sector continues to attract significant funding. Climate Bio, a climate-tech startup, secured $5 million to develop bio-logical solutions for mitigating climate impacts. In the health sector, Uncover raised $1 million to expand its women's health and wellness platform across Africa, leveraging technology to offer personalized health insights and products tailored to African women's needs.
Government, Access Bank and Swedfundās plans to empower startups & MSMEs in Nigeria
The Nigerian Federal Government, Access Bank, and Swedfund are launching initiatives to support startups and MSMEs. The Federal government announced the National Cleantech Innovation Entrepreneurship Ecosystem (NCIEE) initiative, which aims to bridge the commercialization gap for cleantech startups through institutional support, global collaborations, and policy development.
On the other hand, Access Bank and Swedfund are partnering to enhance financial accessibility for MSMEs. This partnership is set to address the critical financing needs of these small and medium enterprises, providing them with the necessary resources to scale their operations and drive innovation.
Grey joins band of African Startups expanding their Presence And Services To LATAM, SEA Markets
Grey, a Nigerian fintech startup, is expanding its services to Latin America (LATAM) and Southeast Asia (SEA) markets. The company offers multi-currency accounts and facilitates cross-border payments, addressing challenges like high fees and slow processing times in international transactions.Ā
Grey's platform allows users to open foreign bank accounts in USD, GBP, and EUR, benefiting freelancers, remote workers, and small businesses operating globally. This expansion aims to replicate Grey's successful model in new markets, providing cost-effective solutions for international payments and strengthening its position as a leading fintech company.
Microsoft's Reduction in Nigerian Operations and Shift to Kenya
Microsoft is downsizing its Nigerian operations, reducing office space in Ikoyi from six floors to two. The company laid off half its Nigerian workforce in May and July 2024, primarily affecting the engineering team after closing the African Development Centre in Lagos. Remaining engineers are being asked to relocate to Kenya. Despite these changes, Microsoft asserts its continued commitment to Nigeria and Africa's growth. The shift raises concerns in Nigeria, especially given Microsoft's recent $1 billion investment in Kenyan data centres.Ā
Opportunities:
The Brandtech Group and One Young World are accepting applications for the ImpactAI Scholarship. This scholarship supports young leaders with social/environmental projects using generative AI. Recipients attend the One Young World Summit 2024 in MontrƩal with full funding. Apply by July 31, 2024.
The WSA Young Innovators Award is open for applications to entrepreneurs, companies, and student groups under 26, from all UN member states. Eligible projects include mobile and web-based solutions that are launched products. Apply now to join a global community of innovators. Apply by October 15, 2024.
Commonwealth Professional Fellowships are open for mid-career professionals from low and middle-income Commonwealth countries. This program offers professional development in the UK for 6 weeks to 3 months starting February 2025. Applicants need 5 years of relevant work experience and must be employed. Apply by August 5, 2024.
The PLAI Accelerator Program by Mondadori Group offers AI startups ā¬100k investment, mentorship, and a startup visa for a 7% equity stake. Open to global applicants, it targets sectors like publishing, retail, media, and education. Apply to join the 4-month hybrid program with potential follow-up funding of ā¬500k.
On an unrelated note:
Here are some of my favourite listens of the week:
How To Make The World Obsessed With Your Products with Cult Gaia Founder; Jasmin Larian Hekmat
How to Achieve Your Most Ambitious Goals | Stephen Duneier | TEDxTucson
Signing Out:
Alright, folks! Weāve come to the end of this issue.
As we wrap up, if you feel like we missed any big news or insights this week, please let us know what they are in the comments. Iām sure the community would benefit a lot from it!
Remember, rest isn't just important, it's essential. I hope you find some time to rest and recharge this week.
See you next week āš¾
Hi Vizible, I don't think I really have helpful tips on how to balance the busyness of work and life with taking care of one's self as I'm new to the workspace, I'm just a fresh graduate in my service year but I feel like you're already doing a great job in that regard coz admist all of that busyness you still find time to write these value-packed and informative newsletters and still source for opportunities and great listens. You're a genius, weldone and keep the good work coming. Please don't let the littlle engagements you get discourage you coz you're doing a great job. I really love your newsletters. My fave from this one are the listens you recommended. I feel sooo informed with your works and I just thought to drop some words of encouragement here.