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Venture capital

  • 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...

  • Egyptian startup HitchHiker secures $200k round from Dubai-based angels

    Cairo-based peer-to-peer international shipping startup HitchHiker has announced that it has secured $200 000 in a round of funding led by Dubai based angel investors. The startup made the announcement last Friday (19 October) in a post on Facebook. "We Couldn't Be More Proud We Raised $200,000 in our first Seed Round of Investment. Thanks to our users who trusted us and used our app as Shoppers or Travelers ," the company posted. HitcHiker was founded last year by CEO Hussein El-Terawy (pictured above, left) CTO Hassan Selim (pictured above, right). The startup connects shoppers with travellers from around the world through its...

  • German-based VC GreenTec Capital Partners to open office in Lagos

    Frankfurt-based venture capital (VC) firm GreenTec Capital Partners has announced that it will expand its footprint in West Africa by opening an office in Lagos, Nigeria. In a post on its website last Wednesday (17 October), Greentec Capital Partners said the opening of the Lagos office -- which the firm said represents its second step in the VC's African expansion strategy -- will give it better access to West Africa, and particularly Nigeria. The firm stated that the Lagos office will be run by newly appointed members David Ogundeko and Eniola Lawal. The VC firm already has two offices in Africa --...

  • Sonic Ventures launches R1.5-billion fund to back high-growth tech companies

    Sonic Ventures, a Cape Town based investment company that plans to target early-stage tech companies, yesterday (19 October) launched a R1.5-billion fund that plans to back high-growth tech ventures -- largely in SA, US and UK. Speaking during a presentation yesterday at the Pepperclub Hotel and Spa in Cape Town, Sonic Ventures' US-born CEO Joseph Gough (pictured above) said the firm plans to list 35-million shares at R45-per share on SA online shareholder administration platform Equity Express Securities Exchange (EESE). The expected listing date is 29 November. Sonic Ventures' R1.5-billion fund will target an internal rate of return (IRR) of more than 25% Gough said he...

  • Hardware technology incubator Savant looking at setting up venture fund

    Cape Town based hardware tech incubator Savant is considering setting up a venture fund which will likely be launched next year in the first quarter, says the incubator's CEO Nick Allen. Allen (pictured above) revealed the plans on the sidelines of the incubator's Demo Day on Tuesday (17 October). "We are, from a Savant perspective, looking at building our own venture fund, and we are getting some interest and traction and that," he said. He pointed to how there is a particular "real need and a real opportunity" to fund hardware tech ventures immediately after they receive technology development funding from the Department...

  • Yellowwoods funding will gives us at least three years of runway – Simply founder

    The recent investment into insurtech Simply Financial Services by investment group Yellowwoods will give the startup "at least three years of runway" says the startup's CEO Anthony Miller. Cape Town based Simply Financial Services, which Miller (pictured above, right) along with Simon Nicholson (pictured above, left) and Shaun Dippnall founded in 2016, announced on Tuesday (16 October) that it had secured a "significant multi-year funding commitment" from Yellowwoods. Responding to Ventureburn questions yesterday (17 October), Miller would not disclose the size of the investment and the equity share that Yellowwoods will take. He however hinted that the deal is worth "tens of millions of...

  • Nigerian rewards platform Thank U Cash secures funding from Ventures Platform

    Lagos-based venture capital (VC) firm Ventures Platform has invested an undisclosed amount in Nigerian rewards platform Thank U Cash. Ventures Platform founding partner Kola Aina announced the investment in a statement on blogging site Medium last Thursday (11 October). Aina said his firm saw the "huge but fragmented and largely unstructured" retail economy in African countries -- where small businesses do not have the resources or expertise to build robust loyalty programmes or data analytics -- as an opportunity. So far this year, Thank U Cash has secured funding from Nigerian VCs Ventures Platform and Microtraction Thank U Cash was founded earlier this year by CEO Madonna Ononobi, CTO...

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