Month: April 2023

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AstraZeneca to launch Africa Health Innovation Hub 

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AstraZeneca to launch Africa Health Innovation Hub

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Leading global pharmaceutical company AstraZeneca has announced the launch of its Africa Health Innovation Hub to increase access to healthcare on the continent.

The groundbreaking initiative will use the latest technologies to improve healthcare in Africa. AstraZeneca will roll out the project in partnership with Tricog Health in Kenya and MedSol AI Solutions in South Africa. The hub is part of the company’s A.Catalyst Network, which is made up of more than 20 health innovation hubs.

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VC firm Equator raises $40 million to back climate-tech African startups.

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VC firm Equator raises $40 million to back climate-tech African startups

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Equator, a VC firm focused on supporting innovative solutions to climate change, has raised $40 million in commitments to invest in African startups tackling climate challenge

Notable investors in the fund include British International Investment (BII), the The Global Energy Alliance for People and Planet (GEAPP), UK charity Shell Foundation and impact investor DOEN Participaties B.V. This investment represents a significant boost for the African climate tech ecosystem, providing much-needed capital to support the development and scaling of innovative solutions to the continent’s pressing environmental challenges. With climate change posing a significant threat to African economies and communities, Equator’s investment in these startups has been backed to drive real impact and create sustainable change.

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Kenya gets $378 million to electrify its public transport system

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Kenya gets $378 million to electrify its public transport system

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The European Union has provide Kenya with $378 million in funding to power the country’s electric Bus Rapid Transit (BRT) system.

The BRT system is expected to provide a faster, more efficient, and more affordable means of transport. Dubbed BRT 3, the transit line will feature zero-emission electric buses and will introduce intelligent transport system features. With the new funding, the government of Kenya will be able to further expand the BRT system, which renewable energy sources will power.

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DFC backs Novastar Ventures with $25 million to support African startups.

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DFC backs Novastar Ventures with $25 million to support African startups.

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The U.S International Development Finance Corporation (DFC) has invested $25 million in Novastar Ventures to support and invest in early stage startups in Africa

This investment will enable the Pan-African venture capital firm to continue its mission of backing innovative and impactful startups that are driving positive change in Africa. With a focus on sectors such as healthcare, education, and financial inclusion,  Novastar has already made significant investments in several African startups.

Novastar will roll out the funding under its new investment vehicle Africa People + Planet Fund. The Africa People + Planet Fund is Novastar’s third pool after the $108 million Africa Fund II, which saw it widen its geographical reach to include West Africa.

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Prosper Africa launches trade alliance to drive e-commerce in Africa

Prosper Africa launches trade alliance to drive
e-commerce in Africa

The alliance is set to bring together some of the continent’s top tech firms, entrepreneurs and investors to help accelerate the growth of e-commerce and digital trade.

With the advent of technology, e-commerce and digital trade have become increasingly crucial for businesses looking to expand their reach and tap into new markets. The Prosper Africa tech alliance is set up to help African businesses leverage these technologies to grow and succeed in today’s digital economy. 

Prosper Africa has been working to strengthen trade and investment ties between the United States and Africa since its launch in 2021. The new tech alliance was launched on the sidelines of the Africa Fintech Summit.

Google, Mastercard, DHL, UPS, FedEx, Payppal, Youredi, VTEXT, eCommerce Institute, Celo Foundation, Interswitch Group, King & Spalding, Hello Tractor, The Africa Talent Company and Nextrade Group are among the alliance’s inaugural members.

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Sourcefin Secures $8.2 Million Investment to Empower South African SMMEs

South African fintech and alternative funding provider Sourcefin has secured $8.2 million from Futuregrowth Asset Management.
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South Africa’s Tyme Group Raises $250 Million in Series D Funding to Become Africa’s Ninth Unicorn

South Africa’s digital banking innovator, Tyme Group, has secured $250 million in a Series D funding round, propelling its valuation to $1.5 billion.
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Proparco Invests $5 Million in Equator Africa Fund to Boost Climate Tech Start-ups in Sub-Saharan Africa

Proparco has announced a $5 million investment in the Equator Africa Fund through its FISEA+ facility to accelerate climate-focused innovation in sub-Saharan Africa.
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