London and Nairobi-based venture firm TLcom Capital has raised $40 million for its new Africa fund. The target is $100 million. TIDE Africa Fund will focus on tech startups in Sub-Saharan Africa. TIDE Africa Fund will make investments between $500,000 and $10 million per company. TLcom Capital, the VC fund started in London two decades ago with more than $300 million under management and tech investments announced that commitments to the TIDE Africa Fund have hit US$40 million.
Entrepreneurship: Latest News
Staff, 11:14 am
African startups can now score capital commitments real time―so long as they convince a venture capitalist to give it to them in front of a live audience. That’s the format for “Face The Gorillas,” a Rwandan IT pitch series that runs several times a year on local TV, YouTube, and at events. The competition was originally conceived in 2013 by Yariv Cohen and wife Angela Homsi―who became engaged in Rwanda’s tech scene through impact investment firm Kaenaat and the Ignite Power Solar initiative.
Peter Pedroncelli, 6:38 pm AFKI Original
Africa is a continent of great opportunity and potential, but as a whole, the continent needs to work to become more globally competitive for the benefit of industries such as tech to truly thrive. Africa competes for foreign direct investment with other emerging markets such as Asia, Latin America, and the Caribbean. Africa needs to address a number of key issues in order to rival their main competitors in the market and carve out a competitive landscape that will attract foreign direct investment. Africa’s average competitiveness ranking is 21 percent compared to Latin America and The Caribbean’s average ranking of 40 percent, and Asia’s average ranking of 57 percent.
Peter Pedroncelli, 5:08 am
Nigerian fintech startup NetPlus has worked in partnership with global payments giant Mastercard to develop an e-commerce solution that provides the Nigerian and wider African markets with more cashless payment options. The e-commerce sector in Nigeria and most of Africa is held back by the fact that cash is still widely used, but this partnership aims to address that and make a cashless consumer culture more attainable in the region.
Peter Pedroncelli, 9:26 am
The winners of the Facebook First Bots for Messenger Developer Challenge were announced this week, with submissions from Egypt doing very well. Egyptians featured prominently among the winners and runners-up of the three categories, as did Morocco. A total of 60 finalists from 64 countries in the Middle East and North Africa region were considered for the eventual winner’s prize, which included $20,000 in addition to three months of Facebook mentorship.
Peter Pedroncelli, 3:00 am AFKI Original
African tech innovators create jobs while finding solutions to modern African problems, and they deserve to be celebrated for the important role they play in society. Twitter has become a popular short-message platform in which to connect with the masses, and African innovators, along with the wider audience on the continent, have adopted the social media platform via mobile and desktop. Here are 12 African tech innovators who are worth following on Twitter.
Kurt Davis Jr., 12:06 pm AFKI Original
The African continent will continue to experience major urban development in the coming decades. Such urban development requires improved mass transport and freight-moving systems to support the population growth. Some urban planners even argue that mass transport networks are central to cities’ ability to control the expansion and better manage property development, while reducing travel times and boosting land values.
Tom Jackson, 1:41 am AFKI Original
Microsoft has partnered with the Nigerian government to digitally transform service delivery to the country’s investor community. It’s important to look at this in the wider context of Microsoft’s growing involvement in the region. Promoting business and supporting the growth of cloud services are key to Microsoft’s strategy in Africa, as the company eyes the last unsaturated market on earth. Just as Google and Facebook are increasingly involved on the continent, Microsoft too is making a play to establish a long-term customer base there.
Staff, 8:13 pm
In Mali, where skin conditions are widespread and skin doctors are scarce, physicians have turned to a new app to treat patients remotely. From his Bamako office, Professor Ousmane Faye, one of a small number of dermatologists in Mali, examines photos of an arm and a torso afflicted by a skin disorder. The photos arrived the same day the patient visited his doctor in Koulikoro, 35 miles away. Faye’s program lets general practitioners in even the most remote areas to consult with a specialist.
Staff, 5:26 pm
Silicon Valley’s days leading the tech revolution may be coming to an end, according to one optimistic observer who believes the future of technology lies much further abroad. The future of tech “will be written in Legos, Nairobi, Kampala, and cities across Africa,” Jeremy Johnson, CEO/ founder of Andela. “We believe that Africa is going to emerge as a significant player in the global tech scene,” he said. Andela connects Africa’s top 2 percent of developers with jobs at companies globally.
Staff, 7:25 am
Angolan entrepreneurs will get access to regular entrepreneurship talks and information when global entrepreneurship meetup group Startup Grind kicks off its first event in Luanda. The event, on July 5th at the Belas conference center in Luanda, will feature agribusiness specialist Marcia Gomes, who will talk on soil quality and the tech behind agriculture. Founder of entrepreneurship news site Acelera Angola and the head of Startup Grind Luanda Jose Carlos dos Santos expects about 50 people.
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