Nigeria launches $672 million tech fund

Contents

Read this e-mail in French.

TC Daily Logo

TechCabal Logo

Editor’s Note

Week 11, 2023
Check out time: 5 minutes

Another week, another lineup of intriguing, informative, and in some cases questionable tech stories from around the continent. Invite to another edition of TC Weekender.

Delight in!

Pamela Tetteh Editor, TechCabal.

Editor’s Picks

=”” a=””>>	Nigeria’s $672 million fund Nigeria has actually released a $672 million fund for 18 to 35– years of age in its tech and innovative sectors. The fund, called The Investment in Digital and Creative Enterprises (i-DICE), will see financial investments throughout 200 tech and imaginative start-ups, and 450 tech-powered SMEs. =”” a=””>> Learn more.=”” a=””>>
	Rain discovers its voice Data-only telecom Rain has actually broadened into the mobile voice market months after merger talks with mobile network operator Telkom collapsed. This makes Rain the most recent in the South African telecoms market, which is presently being controlled by the duopoly of MTN and Vodacom. Discover more.
	Flutterwave obtains licences in Rwanda A month after getting 2 licences in Egypt, Flutterwave has actually acquired its Electronic Money Issuer and Remittance Licences from the National Bank of Rwanda. Discover more.
	Nigeria invites back old notes Nigeria’s money crisis is over. 10 days after Nigeria’s Supreme Court ruled that the 200, 500 and 1,000 notes will stay legal tender up until December 31, 2023, the nation’s pinnacle bank acknowledged the court’s judgment. Find out more.
	SA’s biggest VC fund closes down Africa’s many important business by market capitalisation, Naspers, has actually closed down its $100 million equity capital fund, Naspers Foundry, in an effort to reduce its operations. Find out more.
	Y Combinator lays off personnel Y Combinator is cutting 17 employee, practically 20% of its headcount. It will likewise compose less cheques for late-stage business and concentrate on early-stage start-ups Find out more.

Occasion: TechCabal At 10

Here’s a list of all the Twitter Spaces we’ll be holding to commemorate our 10th-year anniversary.

March 14–Beyond Funding: Fulfill the group leading TechCabal’s newsroom. Why is TechCabal informing the sort of stories we are informing now, and how this thinking has affected our growth drive? How is TechCabal’s editorial management driving this?

March 16–Structure newsletters readers desireHow has TechCabal grown to develop 7 newsletter items, and what drove this development? How does TechCabal determine success when it pertains to its newsletter items, and what are its strategies?

March 21– Meet the group informing African tech stories that matter. TechCabal records the gamers, human effect and service of tech in Africa. We offer the material, reporting, information, and context to assist the world comprehend how tech is altering Africa. Who are the reporters doing all of this essential work?

March 23–What is the future of tech in Africa? In the last 10 years, the African tech environment has actually progressed rapidly. We understand this firsthand at TechCabal. What does the future appear like? Join us for an informative discussion with Ola Brown, Stephen Deng, Hope Ditlhakanyane, and Ngozi Dozie where we respond to these concerns.

March 30–The function of the media in covering African techHow can the media aid Africa’s establishing tech community? What duty does the media owe the environment, and what can the media anticipate in return? Should the media just cover great stories?

=”” a=””>>	MTN Nigeria raises $271 million MTN is attempting to raise cash to money its industrial paper issuance. Recently, MTN Nigeria revealed that it had actually raised 125 billion ($271 million). Now it is divesting its properties too as part of its fundraising efforts. Discover more.
	HSBC purchases SVB for $1 The UK arm of Silicon Valley Bank (SVB) has actually discovered a brand-new house. HSBC UK Bank, a subsidiary of HSBC Holdings, has actually gotten Silicon Valley Bank UK for ₤ 1 ($1.21) after the bank was shut down by regulators due to stress withdrawals. Find out more.
	Chipper Cash is thinking about a sale African unicorn Chipper Cash is supposedly thinking about offering the business or looking for brand-new financiers. This news follows TechCabal reported that Flutterwave, another fintech unicorn, might need to raise cash listed below its $3 billion evaluation this year. Find out more.
	Are African financiers sticking to SVB? Regardless of the crash, some African financiers stay positive in Silicon Valley Bank (SVB) or its brand-new entity, Silicon Valley Bridge Bank. Some have actually even asked their portfolio business to return any deposits they wired out of SVB. Find out more

Who brought the cash today?

Today, Nuru, an energy business based in the Democratic Republic of Congo (DRC), protected $1.5 million in a Series B financing round. The business is on track to develop 13.7 MWp of separated solar-hybrid grids by mid-2024 and intends to offer first-rate connection to 5 million customers in the DRC.

The Renewable Energy Performance Platform (REPP), Proparco, and E3 Capital each invested $500,000 in Nuru, bridging the funding space for its $25 million Series B equity fundraising.