Nigerian startup Chowdeck, a rising star in the on-demand delivery sector, has successfully closed a $2.5 million seed funding round. The investment, sourced from a diverse group of backers including YCombinator, Goodwater Capital, and FounderX Ventures, signals a significant boost for the company’s ambitious growth plans. Since its launch in October 2021, Chowdeck has rapidly […]

Saudi Arabia’s commitment to fostering African development has reached a significant milestone with the Saudi Fund for Development (SFD) announcing an investment exceeding $11 billion across the continent. This substantial injection of capital aims to bolster various sectors crucial for sustainable growth, including infrastructure, industrialization, and economic diversification. The financing, supporting 433 development projects and […]

Grindstone, in collaboration with Usaid Southern Africa Mobilizing Investment, has unveiled an innovative two-year program designed to fuel the growth of startups in South Africa. Named “Grindstone Boost,” this initiative aims to support 40 startups annually, carefully selected from Grindstone’s alumni and other key players in the entrepreneurial ecosystem. Kicking off in July 2024, the […]

Ethiopian eco-startup Kubik has successfully closed its seed funding round, raising an impressive $5.2 million. Leading the investment effort are African Renaissance Partners, alongside prominent backers such as Endgame Capital, Ethiopian Pharo Ventures, and King Philanthropies. Founded in 2021 by Kidus Asfaw and Penda Marre, Kubik operates from its recently established factory at the Adama […]

Glencore, a leading mining and trading entity, has set its sights on Nigeria’s promising mining landscape. CEO Gary Nagle’s visit to Nigeria’s Minister of Solid Minerals signals the company’s intent to explore investment opportunities, particularly in nickel, cobalt, and zinc. Nigeria, eager to attract foreign investment, is actively courting global players like Glencore. Minister Dele […]

TLcom Capital, a prominent Africa-focused venture capital firm, recently closed its TIDE Africa Fund II, securing $154 million in funding. The fund, oversubscribed and supported by a diverse group of investors including the European Investment Bank (EIB), Allianz, DEG Impact’s AfricaGrow, Visa Foundation, and Bertelsmann, underscores growing confidence in Africa’s tech potential. Expanding its mandate […]

Madica, an African-focused pre-seed investment program, has disclosed its initial investments in three promising African startups: Kola Market, GoBEBA, and NewForm Foods. This news arrives at a time when funding for African startups experienced a decline, dropping from $6.5 billion in 2022 to $3.5 billion in 2023. The selected startups, each granted up to $200,000 […]

Africa Tech Summit (ATS) London is gearing up for its eighth edition, poised to unite key players in the tech industry at the prestigious London Stock Exchange on June 7th. This summit, renowned for fostering business and investment opportunities across Africa, serves as a pivotal platform for collaboration and growth. Central to the ATS London […]

Volkswagen Group Africa (VWA) has confirmed a substantial R6 billion investment in its Kariega assembly plant, signaling a firm commitment to its African strategy. Despite past speculation, this move underscores VWA’s determination to strengthen its presence in the region. The investment will facilitate the assembly of a new compact sports utility vehicle (SUV) alongside existing […]

In a landmark move poised to reshape Africa’s retail landscape, Nigerian retail-tech trailblazer OmniRetail has commenced its Series A fundraising drive with a significant injection from Goodwell Investments, a renowned impact investor championing transformative ventures across emerging markets. Since its inception in 2019, OmniRetail has carved a niche as a B2B enablement powerhouse, spearheading the […]