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Venture capital

  • French funder Investisseurs & Partenaires reveals stake it took in CoinAfrique, AMI

    French impact investor group Investisseurs & Partenaires (I&P) -- which last month announced the first investments in a new fund -- has revealed the equity stakes it has taken in three African startups -- including two tech firms. Earlier last month I&P announced in a statement that its Afrique Entrepreneurs 2 (IPAE 2) fund had invested in Senegalese classifieds platform CoinAfrique, Nairobi-based social enterprise The African Management Initiative (AMI) and food flavour producer Afribon Group to its portfolio. Although it did not disclose just how much it had invested in each of the three companies, I&P stated that the IPAE 2 fund's investment ticket sizes can reach up to €3-million. On Tuesday (30 October) I&P fundraising and...

  • AfricArena predicts funding raised by African startups in 2018 will crack $1bn

    The amount of venture capital (VC) funding raised by African startups this year could for the first time exceed the $1-billion mark. So, predict the organisers of AfricArena, which runs an annual tech startup conference. Ahead of this year's conference, which takes place on 15 and 16 November in Cape Town, AfricArena said in a statement yesterday (30 October) that its prediction is based on internal research the organisation conducted earlier this year with Silicon Cape and Wesgro. Like this, it expects the funding raised by African startups to increase by over 100%. Commenting today (31 October) on the prediction, AfricArena CEO Christophe Viarnaud (pictured above) said he was...

  • MFS Africa secures follow-on funding, bringing Series-B round to $14m

    Johannesburg-based fintech company MFS Africa has closed a Series-B funding round led by China-based VC firm LUN Partners Group. The raise is an extension round to a $4.5-million round the company closed earlier this year, and brings the total round of funding to $14-million (see this earlier story). The mobile payments services provider's current shareholder Goodwell Investments -- an Amsterdam-based investment firm -- also participated in the extension round, as did ShoreCap III, an LP managed by US-based Equator Capital Partners and UK-based FSD Africa. MFS Africa was founded in 2009 by Dare Okoudjou (pictured above). In April Okoudjou declined to disclose to Ventureburn the equity stake that was offered up in return for...

  • Nigeria’s Microtraction announces investment into Lagos-based fintech Riby

    Nigerian investment platform Microtraction has announced its seventh deal, with an undisclosed investment in Lagos-based fintech Riby. Microtraction's principal investment officer Dayo Koleowo made the announcement on the investment platform's Medium profile yesterday (29 October). Riby's smart finance management platform provides co-operatives, company groups, associations and financial development institutions with tools that help them manage their members savings and contributions, lending and investments. The startup was founded in 2016 by CEO Salami Abolore (pictured above). Riby was founded in 2016 by CEO Salami Abolore Although Microtraction did not reveal the terms of the deal, the platform states on its website that it ordinarily invests $65 000 in two stages....

  • Local venture capitalist blames Silicon Valley for over valuation of SA startups

    Over valuations are becoming increasingly prevalent among early-stage entrepreneurs in South Africa and Silicon Valley is to blame. So, says venture capitalist Clive Butkow of Kalon Venture Partners, who -- when asked last week by Ventureburn on what drives over valuations of local startups -- blamed the unrealistic perceptions on local startup founders who spend too much time in Silicon Valley where venture capitalists are quick to throw out large valuations without writing out a cheque. "Often we do find the entrepreneurs coming back to reality and revising down their ask," he said, adding that over valuations are also driven by founders who raise smaller amounts from...

  • Naspers to launch R1.4bn fund to back SA tech startups

    SA investor Naspers has announced that it plans to next year launch a R1.4-billion (about $96-million) startup fund to boost the SA tech firms. The initiative – called Naspers Foundry – was announced at the inaugural South Africa Investment Conference 2018 in Johannesburg on Friday (26 October). In a statement released on the same day, Naspers said it aims to fund and support SA tech startups that seek to address "big societal needs". The company said further announcements will be made in due course. Commenting in the statement, Naspers chief executive Bob van Dijk said the fund aims to both encourage and back SA entrepreneurs to create businesses...

  • Bank, local hub launch $1-million fund for Somalian startups

    Mogadishu-based Premier Bank and Somalian business support organisation iRise Hub yesterday launched a $1-million fund aimed at backing the country’s startups. Premier Bank chairman Jibril Mohamed (pictured above) announced the launch of the fund yesterday (25 October) during the closing ceremony of the 2018 Mogadishu Tech Summit which kicked off on Tuesday (23 October). We are happy to announce a one million Dollar fund for financing the startups in #Somalia in collaboration with Irisehub#MTS2018. Our Chairman, Jibril Mohamed has announced this at the Mogadishu Tech Summit closing ceremony. pic.twitter.com/V5xJd60pmc — Premier Bank (@premierbankSO) October 25, 2018 It was not immediately clear whether the fund...

  • GreenTec Capital Partners invests in Namibian computer manufacturer PEBL

    Frankfurt-based venture capital (VC) firm GreenTec Capital Partners has invested an undisclosed amount in PEBL, a Windhoek-based startup that manufactures computer hardware. GreenTec Capital Partners announced the investment on Tuesday (23 October) in a statement on its website as well as on Twitter. PEBL was founded in 2015 by CEO and lead product designer Vincent Van Wyk. PEBL was founded in 2015 by CEO Vincent Van Wyk The startup's flagship product is the PEBL iD, a high-performance small form-factor (11.8cm x 11.8cm) computer that can be configured to customers' tastes. The PEBL iD is manufactured in Namibia, with its glass-top panels crafted from African sand. @GreenTecCapital...

  • Eight important lessons when raising venture capital [Opinion]

    It is important for every entrepreneur to recognise that to raise venture capital (VC) is only one way to build and scale a business and the most important question every entrepreneur needs to ask is not "How do I raise venture capital?" -- it is rather "Do I need to raise venture capital?". The following eight lessons are for the entrepreneur who has answered yes to the second question and now wants to tread through the often-intimidating water of raising venture capital, told through the lens of a venture capitalist. 1. Do I need to raise venture capital? Bootstrap your company before you...

  • Uprise.Africa crowdfunding platform nets investment from Silicon Valley VC

    SA equity crowdfunding platform Uprise.Africa has secured an undisclosed investment from Silicon Valley based venture capital (VC) firm Nexxus Ventures. In a statement yesterday (23 October), Uprise.Africa said the investment round was concluded on a R60-million evaluation. Uprise.Africa added that the investment will enable it to launch new deals on its platform in the coming months. The investment, Uprise.Africa said, was attributed to the platform being the only regulated equity crowdfunding platform in South Africa and to the "significant experience" of the platform's CEO Tabassum Qadir (pictured above). Uprise.Africa chief marketing officer Inge Prins told Ventureburn today (24 October) that the funding will be invested across...

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