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  • Tony Elumelu Foundation selects 1000 African entrepreneurs for programme

    The Tony Elumelu Foundation (TEF), has announced the selection of 1000 African entrepreneurs to join the third cohort of the foundation's USD$100-million TEF Entrepreneurship Programme. According to TEF, the programme saw over 93 000 entrepreneurs from over 55 countries applying, which was double the amount of applicants in 2016 and four times the amount of applicants in 2015. The selected entrepreneurs will be trained and mentored over the next nine months to develop a solid business plan. Following their training, the cohort will be eligible to receive seed capital of up to US$10 000. The TEF will aim to facilitate the development of...

  • Company Office

    Peach Payments and Callpay announce EFT system partnership

    Peach Payments, a leading and one of Africa's fastest growing payment service providers and Callpay, an innovative provider of secure payment solutions announce collaboration to provide automated Electronic Fund Transfers (EFT) as well as secure telephonic payment acceptance solutions. The innovative products will enable millions of South Africans to make instant and secure payments when shopping online or during payment processes over the phone and via call centres. Through this exciting collaboration announced at the 3rd eCommerce Africa Conference, customers will now be able to pay online using their cheque, savings or credit card accounts. Merchants that sign up through...

  • Why did 22seven founder leave Old Mutual? [Exclusive]

    News broke earlier this week that 22seven would finally be absorbed into Old Mutual, following the app's acquisition in 2013. It was also confirmed that co-founders Christo Davel and Kenny Inngs would be leaving the business as a result. Now, Davel has explained the reason for his departure in an interview with Ventureburn. "It was just a differing of long-term strategies, mostly..." Davel explained in a telephonic interview, confirming that it was a mutual agreement. "Oh yes, it was a very amicable agreement between us and Old Mutual." Davel confirmed that 22seven was looking for buyers last year, elaborating on the process. 22seven co-founder Christo...

  • Fincluders Startup Challenge heads to Amman

    The very first SANAD Fincluders Startup Challenge to take place outside of Europe is headed toward Amman, Jordan to find innovative SMEs spreading financial inclusion in MENA. SANAD, an SME fund serving MENA, has modelled their challenge after the European Fund for South East Europe (EFSE) Fincluders which was held in Berlin last year. The Amman instalment of the challenge is scheduled for 3 to 4 May 2017 with a cash prize of up to USD$15 000 with SANAD securing the support of Oasis 500, a local fintech accelerator. SANAD's technical assistance facility are offering finalists a trip to Jordan as well as accommodation for the duration...

  • Old Mutual brings 22seven in-house, founders leave

    Old Mutual made headlines back in 2013 when it acquired personal finance app 22seven for an undisclosed sum. At the time of the deal, both companies said that 22seven would be absorbed into Old Mutual's plans to deliver digital support for customers. Now, the parent company has announced that it will be "bringing its wholly-owned 22seven operation closer to its in-house digital strategy without interrupting the current online offering to customers". However, the move will also see co-founders Christo Davel and Kenny Inggs departing the business. In a press release to Ventureburn, Raymond Berelowitz, Director of Customer Solutions at Old Mutual, elaborated on the news. "We are...

  • Why we rejected $100k in funding when we had next to nothing in the bank

    I started my first business at the age of 16, selling products door to door. Since then, I have acquired over 10+ years of experience in entrepreneurship, marketing, and businesses dev across industries like EdTech, E-commerce, and many others. And now, in 2016, with a renewed focus, me and my team have founded a fashion tech startup, GetNatty, that provides an online platform to represent the creative and hidden talent of young and emerging fashion designers so we can make designer fashion affordable for the masses.Earlier this year, my team was offered US$100 000 (or INR 6 million) in funding...

  • Innovate For Life announces three winning startups

    The Innovate For Life campaign held by AMREF Health Africa in partnership with Takeda Pharmaceuticals and Nailab has found three winning SMEs. The programme called for SMEs offering unique solutions to address the issue of maternal mortality and infant loss (in Africa and also across the globe). It received 117 applications which were narrowed down to just 15 -- these company founders then attended a two-day hackathon. It's from this hackathon these winners emerged: HelpMum -- A social SME that focuses on preventative measures, using mobile technology to reduce infant mortality. Chanjo Plus -- A mobile service which offers a platform for users to manage their vaccinations...

  • SA ranked as a top entrepreneurial nation [report]

    According to the newly issued Entrepreneurial Ecosystem of South Africa: A Strategy for Global Leadership Report, SA is one of the top countries in Africa for entrepreneurship. SA was ranked number two out of 30 countries in the sub-Saharan African region. It was also ranked 55 out of 137 countries surveyed globally, which was followed by Namibia, Gabon, and Ghana. The report was created by the Global Entrepreneurship and Development Institute (GEDI) and SEA Africa. It was commissioned by the Allan Gray Orbis Foundation and the South African Breweries (SAB) Foundation. According to the press release, the report was not only issued in...

  • Pargo secures over R15m investment, adds new board member

    Logistics and fulfilment company Pargo, announced it has secured an R15-million round of funding for expansion and development purposes. The round was led by SAAD Investment Holdings, along with Beijing-based VC firm, Tsing Capital, and co-founder of Pay-U, Johan Dekker. "We are very pleased with the quality and endorsement of our new shareholders, and the possibilities of accelerating our expansion, as well as adding new services that these new funds open up for us," write directors and co-founders Lars Veul and Derk Hoekert (both pictured above), in a press release to Ventureburn. Along with the investment announcement, the CEO of SAAD Investment Holdings, Johan...

  • Events platform Eventerprise welcomes new investors for expansion

    Events platform, Eventerprise, which has an operational hub in Cape Town, has signed on three more international business leaders to their existing group of early-stage investors. This addition will aid in its plans for global expansion. "This shows that there’s a definite groundswell of support from the international events and business community for what we are trying to achieve, which is making the global events industry a more transparent and easier place to do business in," said the Eventerprise co-founder, Charlie Wright, in a press release. "It is especially gratifying to receive this level of endorsement from individuals with great insight into...

  • Game-changing lessons African startups can learn from Snapchat’s IPO

    On March 2, Snap Inc, the company that owns messaging app Snapchat, was officially listed on the US stock market for US$17 per share – a feat that was described as the biggest since Facebook went public. With the initial public offering (IPO), the company was valued at US$24-billion while founders Evan Spiegel and Bobby Murphy became multi-billionaires. Not many knew one tiny but crucial piece of information about the achievement: the company has yet to make profit. It also had an arguably bigger problem in that its young users are unhappy and are switching to other apps, such as...