- Annual investments in African start-ups are expected to touch $1.2bn in 2020 against $2 bn in 2019 according to data released by AfricArena, the African Tech Accelerator
Annual investments in African start-ups is expected to touch $1.2bn in 2020 against $2 bn in 2019 according to data released by AfricArena, the African Tech Accelerator that runs corporate Open innovation challenges in the continent.
According to media reports, Venture capital firms are collaborating with Nigerian start-ups. Nigeria-based Ventures Platform is collaborating with New York impact investor Acumen and LoftyInc, a Lagos-based investment firm to create a start-up relief program to pump in cash support in the form of emergency non-equity grants of up to $20,000 to needy, high-growth stage start-ups. These grants could be a lifeline for young start-ups to survive the pandemic.
It is also reported that WorldRemit, the UK remittances company plans to acquire Africa-focused remittances start-up Sendwave. The $ 500 million deal is expected to be implemented in the fourth quarter of the year. Sendwave however is expected to retain its independent business and also its management and employees.
Standard Bank of South Africa has taken 35% stake in TradeSafe, a South African online escrow platform. Launched in 2013, TradeSafe has offered a bridge-of-trust service in e-commerce transactions by ensuring that sellers get paid only after buyers confirm receipt of orders or services. London-based venture fund Digital Horizon, led a $ 2.4 mn investment round in Nigerian healthtech startup Healthlan.
DataProphet, a Cape Town-based artificial intelligence start up has bagged $6 million in a new funding round led by Knife Capital. The round also saw participation from Industrial Development Corporation and Norican Group.
