Month: August 2023

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Nigerian cloud analytics platform Terragon raises $9 million in Series B round for expansion

New Investments

Nigerian cloud analytics platform Terragon raises $9 million Series B round for expansion

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Terragon, a leading data analytics company specializing in cloud-based solutions, has secured $9 million in a Series B funding round.

The funding round was led by Orange Ventures, with participation from TLcom Capital, LoftyInc, Sango Capital, VestedWorld, and Western Technology Investment (WTI).

The strong backing from these influential investors is a testament to the confidence in Terragon’s capabilities and the potential for significant growth in the cloud analytics sector.

Founded in 2009, Terragon is on a mission to revolutionize data analytics by harnessing the power of the cloud.

Over the years, the company has developed innovative solutions that help businesses extract meaningful insights from vast amounts of data, driving smarter decision-making and enhancing operational efficiency.

With the fresh infusion of capital from the Series B funding, Terragon plans to accelerate its growth and expand its reach into new markets.

The company will focus on scaling its cloud analytics platform, enhancing its data processing capabilities, and furthering its commitment to research and development.

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E-mobility firm Roam opens factory in Kenya to manufacture 50,000 electric bikes annually

Key Developments

E-Mobility firm Roam opens factory in Kenya to manufacture 50,000 electric bikes annually

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Roam, a leading electric mobility firm, has officially inaugurated its state-of-the-art factory in Nairobi.
 

The facility will manufacture 50,000 electric motorbikes annually, with the aim of reducing carbon emissions, alleviating urban congestion, and bolstering the country’s green economy.

The grand inauguration ceremony was attended by prominent government officials, industry leaders, and environmental advocates, symbolizing the importance of this milestone in Kenya’s journey towards embracing electric mobility and clean energy alternatives.

Substantial investments from both local and international partners have supported roam’s ambitious venture.

Billed as the largest in East Africa, the Roam factory is equipped with cutting-edge technology and adheres to the highest environmental standards.

In addition to production, it will enable the thousands of petrol-powered motorbike taxis to be converted to electric power.

“This plant illustrates Kenya’s potential as a leader in clean transport solutions on the continent. It is, therefore, an initiative that fits perfectly with our national objectives of reducing carbon dioxide (CO2) emissions,” said the President of the Republic, William Ruto, during the launch of the factory.

Roam’s electric motorbikes have garnered significant attention in the market due to their robust design, impressive performance, and affordable price range.

These e-motorbikes offer a viable alternative to traditional petrol-powered two-wheelers, making them particularly appealing to urban commuters and delivery service providers.

With the inauguration of Roam’s factory, Kenya is poised to take a significant stride towards building a greener and cleaner future, setting a benchmark for sustainable transportation initiatives across the continent.

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BioNTech completes $550 million acquisition of Tunisian AI startup InstaDeep to bolster AI-powered drug discovery

Key Developments

BioNTech completes $550 million acquisition of Tunisian AI startup InstaDeep to bolster AI-powered drug discovery

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BioNTech, the renowned German biotechnology company, has finalized the acquisition of Tunisia’s artificial intelligence (AI) startup, InstaDeep, in a deal worth $550 million.

This move positions BioNTech as a prominent player in the AI-powered drug discovery landscape, signaling a major leap forward in their mission to develop innovative treatments and therapies.

The acquisition represents a significant milestone for both companies, combining BioNTech’s expertise in mRNA technology and vaccine development with InstaDeep’s cutting-edge AI capabilities.

The union is expected to foster revolutionary advancements in drug discovery and accelerate the development of life-saving treatments for various diseases.

InstaDeep, headquartered in Tunis, Tunisia, is recognized as a pioneer in applying AI and machine learning algorithms to healthcare and life sciences.

The company’s AI-driven platforms have garnered international recognition for its ability to analyze vast amounts of data, identify patterns, and generate insights crucial for optimizing drug development processes.

With an increasing emphasis on personalized medicine and precision therapeutics, AI has emerged as a powerful tool to expedite drug discovery, enhance treatment efficacy, and minimize adverse effects.

The collaboration between the two firms aims to harness AI’s potential to identify new drug targets, predict drug interactions, and streamline clinical trial processes.

This integration is expected to accelerate drug development timelines, reduce costs, and improve the overall success rate of drug candidates.

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Nigeria-based merchant solution platform Traction raises $6 million seed to scale its operations

New Investments

Nigeria-based merchant solution platform Traction raises $6 million seed to scale its operations

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Nigerian-based merchant solution platform Traction has secured a $6 million seed to scale its operations.

The funding was led by Multiply Partners and Ventures Platform with participation from P1 Ventures, amongst other investors.

Traction’s platform offers a comprehensive suite of payment solutions, catering to merchants of all sizes, from small businesses to large enterprises.

By leveraging advanced technology and robust security protocols, Traction has set new standards for seamless and secure payment transactions.

The Nigerian payment industry has experienced tremendous growth in recent years, driven by the increasing adoption of digital payments and e-commerce.

As the largest economy in Africa, Nigeria presents significant opportunities for fintech companies to tap into a market with over 200 million people, most of whom remain unbanked or underbanked.

With Traction’s innovative approach to merchant acquiring and the backing of major investors, the company is well-positioned to capture a significant share of this burgeoning market.

The funds raised in the seed round will primarily be directed towards expanding the platform’s merchant network, enhancing its technology infrastructure, and investing in talent acquisition to scale operations effectively.

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Hello Tractor: How this agritech startup is fueling agricultural prosperity in Africa

StartUp Spotlight

Hello Tractor: The agri-tech startup fuelling agricultural prosperity in Africa

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Hello Tractor has emerged as a trailblazer in revolutionizing agriculture through cutting-edge technology.

Founded with a vision to address the challenges faced by smallholder farmers, Hello Tractor has become a beacon of hope, empowering the agricultural sector with innovative solutions.

Hello Tractor was launched in 2014 with a mission to empower smallholder farmers and promote sustainable agriculture through the use of technology.

Led by a team of passionate innovators, engineers, and agricultural experts, Hello Tractor aims to bridge the gap between farmers and the modern tools they need to thrive.

At the core of Hello Tractor’s mission lies a commitment to enhancing agricultural productivity, efficiency, and profitability for smallholder farmers.

Leveraging the power of IoT and AI, Hello Tractor has developed an integrated platform that transforms traditional farming practices.

The startup’s flagship offering is the Smart Tractor, a technologically advanced tractor equipped with IoT sensors.

This smart tractor can be accessed by smallholder farmers through a mobile app, allowing them to request tractor services easily and efficiently.

The platform enables farmers to connect with nearby tractor owners, creating an on-demand tractor service model that optimizes tractor utilization.

Through the Hello Tractor platform, farmers are also able to gain access to real-time data on tractor usage, fuel levels, and maintenance needs.

This data-driven approach enables farmers to make informed decisions, streamline operations, and improve overall farm efficiency.

The startup’s efforts have had a profound social impact, fostering agricultural sustainability, reducing rural unemployment, and empowering women in agriculture.

Hello Tractor’s innovative approach has earned them international recognition and numerous awards, solidifying its position as a leading force in the agritech

By empowering smallholder farmers with modern tools and knowledge, they have redefined the agricultural landscape in Nigeria, unlocking new opportunities for growth and prosperity.

As Hello Tractor continues to expand its impact and reach, its dedication to sustainable agriculture and farmer empowerment remains at the heart of its mission, inspiring hope for a thriving and resilient agricultural sector in Nigeria and beyond.

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Nigerian healthtech startup Remedial Health secures $12 million in Series A funding for expansion

New Investments

Nigerian healthtech startup Remedial Health secures $12 million in Series A funding for expansion

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Remedial Health, a leading health tech startup based in Nigeria, has raised $12 million in a Series A funding round.

The funding round was co-led by QED Investors and Ventures Platform.

Launched in 2022, Remedial Health aims to revolutionize healthcare access and delivery in Africa by leveraging cutting-edge technology.

The company is on a mission to digitize the pharmaceutical supply chain by providing software for pharmacies and hospitals to manage their inventory and sales.

The startup also helps pharmacies source pharmaceutical products for their shelves from major manufacturers and distributors, including GSK, Pfizer, AstraZeneca, Emzor, and Fidson Healthcare.

The newly secured capital will be used to further expand their platform’s capabilities and scale operations.

Remedial Health’s Series A funding comes during increased interest and investment in Africa’s health tech sector.

With a rapidly growing population and advancements in technology adoption across the continent, investors are recognizing the immense potential for innovative healthcare solutions.

As the healthcare landscape continues to evolve, startups like Remedial Health are at the forefront of driving innovation and leveraging technology to improve lives, making strides towards a healthier and more equitable future for Africa.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Kenya’s leading telco Safaricom to start investing in tech startups via new funding ventures

Kenya's leading telco Safaricom to start investing in tech startups via new funding ventures
Safaricom, Kenya’s leading telecommunications giant, has revealed its ambitious plan to bolster the tech startup ecosystem by launching two new subsidiaries.
 

This strategic move is aimed at investing in and supporting innovative tech startups in Kenya and beyond.

With a strong commitment to nurturing local talent and driving digital innovation, Safaricom seeks to play a pivotal role in propelling the growth of the technology sector and fostering entrepreneurial success in the region.

The two new subsidiaries introduced by Safaricom are:

– Safaricom Ventures: Safaricom Ventures will function as the company’s corporate venture arm, focusing on investing in early-stage tech startups.

Through this subsidiary, Safaricom aims to identify and back promising entrepreneurs with cutting-edge ideas that align with its core values of digital transformation and customer-centric innovation.

– Safaricom Innovation Lab: The Safaricom Innovation Lab is an incubation center designed to nurture startups through their initial stages of development.

The lab will offer a conducive environment for entrepreneurs to experiment, develop prototypes, and refine their business models.

The lab will have state-of-the-art facilities, expert guidance, and collaborative spaces to foster creativity and idea-sharing among budding entrepreneurs.

The introduction of Safaricom Ventures and the Safaricom Innovation Lab brings a wealth of opportunities for the startup community in Kenya and beyond.

Safaricom’s decision to invest in tech startups through Safaricom Ventures and the Safaricom Innovation Lab is a significant leap towards nurturing innovation and driving technological advancements in Kenya and beyond.

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