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Google Names Alex Okosi as Managing Director for Africa

Key Developments

Google Names Alex Okosi as Managing Director for Africa

Google has announced the appointment of Alex Okosi as Managing Director for Africa.
 
 

Okosi will lead Google’s business globally, including its advertising, cloud, and hardware products and services.

He is a seasoned media and entertainment executive with over 20 years of experience.

He joins Google from MultiChoice Group, where he was the Managing Director for Nigeria and West Africa. In this role, he was responsible for the company’s pay-TV, video-on-demand, and digital businesses.

Prior to MultiChoice, Okosi held senior positions at MTV Networks Africa, Sony Pictures Television, and the International Broadcasting Trust. He is a graduate of the University of Lagos and holds an MBA from the Lagos Business School.

“I am excited to join Google and to be part of the team that is making a difference in the lives of Africans,” said Okosi. “I look forward to working with our partners and customers to bring the power of technology to everyone on the continent.”

Okosi’s appointment is a significant move for Google as it seeks to expand its presence in Africa.

The continent is home to over 1.2 billion people, and Google is committed to making its products and services available to everyone.

In addition to his experience in the media and entertainment industry, Okosi is also a strong advocate for developing the African tech ecosystem.

He is a member of the board of directors of the Lagos Business School and the African Business Roundtable.

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Catalyst Fund Closes $40 Million Fund to Back Next Generation of African Climate-Tech Startups

New Investments

Catalyst Fund Closes $40 Million Fund to Back Next Generation of African Climate-Tech Startups

The Catalyst Fund, a pre-seed venture capital fund and accelerator focused on driving climate resilience innovation in Africa, today announced the successful first closing of its $40 million fund.
 
 

The first close was oversubscribed, with commitments from FSD Africa Investments (FSDAi), Cisco Foundation, USAID Prosper Africa, and Andrew Bredenkamp.

With the backing of JPMorgan Chase & Co and the Global Environmental Facility, Catalyst Fund also strives to deliver dedicated support for measuring and researching the impact on climate innovators.

Additionally, it aims to disseminate valuable insights and knowledge while facilitating partnerships through its Ecosystem Hub.

Focusing strategically on solutions within agri-tech, fishery management, food systems, insurtech, climate fintech, cold chain, waste management, and water management, Catalyst Fund is expediting sustainable green growth.

The primary emphasis is on solutions that empower communities to enhance their preparedness and management of shocks, adapt their livelihoods to climate impacts, and foster long-term resilience.

The $40m fund is set to back 40 pre-seed startups, with a particular focus on supporting mission-driven local and women founders.

It will provide crucial early-stage capital while offering tailored venture-building support to accelerate the growth of these startups.

Importantly, Catalyst Fund’s commitment extends beyond the initial stage, as it pledges to offer follow-on capital during the seed and Series A rounds.

By bridging this critical funding gap, Catalyst Fund addresses a significant hurdle for climate-focused ventures in Africa, positioning them for further funding at the growth stage, specifically Series B.

The Catalyst Fund is expected to have a major impact on the development of climate tech in Africa.

The fund will help to accelerate the growth of the climate tech ecosystem in Africa and create new opportunities for job creation and economic growth.

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Nigerian Embedded Finance Platform Anchor Raises $2.4 Million in Seed Funding for Expansion

New Investments

Nigerian Embedded Finance Platform Anchor Raises $2.4 Million in Seed Funding for Expansion

Nigerian fintech startup Anchor has successfully secured $2.4 million in seed funding to further its mission of transforming the financial landscape in Nigeria.
 
 

The investment round was led by prominent venture capital firms, including Goat Capital.

Founded in 2022, Anchor has quickly emerged as a prominent player in Nigeria’s burgeoning fintech sector.

The company specializes in providing embedded finance solutions to businesses, enabling them to integrate financial services into their platforms seamlessly.

These services include payment processing, lending, savings, and insurance, all aimed at empowering businesses to enhance their customer offerings.

“We are thrilled to have gathered such strong support from investors who share our vision of expanding access to financial choices through BaaS and embedded finance. This has been a significant journey for the Anchor team after our pre-seed raise last year. We have grown tremendously and increased our impact across various clients and customer segments in Africa,” said Segun Adeyemi, CEO and co-founder of Anchor after the raise.

The Nigerian fintech ecosystem has been rapidly evolving, driven by increasing smartphone penetration, a young and tech-savvy population, and a growing demand for digital financial services.

Anchor is well-positioned to tap into this demand by providing businesses with the tools they need to offer sophisticated financial solutions to their customers.

As part of its expansion plan, Anchor aims to launch new products, invest in its licensing and compliance infrastructure, and evaluate expansion markets.

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Ugandan Fintech Asaak Acquires Mexican Startup FlexClub to Expand into Latin America

Key Developments

Ugandan Fintech Asaak Acquires Mexican Startup FlexClub to Expand into Latin America

Asaak, a leading Ugandan fintech company, has acquired FlexClub, a Mexican startup that provides car financing for Uber drivers.
 
 

The acquisition will allow Asaak to expand its operations into Latin America and offer its innovative financial solutions to a wider range of customers.

Founded in 2017, Asaak has been providing motorcycle and smartphone loans to Ugandans.

The company is on a mission to unlock the economic potential of marginalized small and medium business owners.

By bringing together a team of individuals with a wide range of backgrounds and a passion for fintech, Asaak is equipping business owners and journeying with them to their bigger dreams.

FlexClub, meanwhile, provides a software platform that allows car rental companies to offer vehicle “subscriptions” to drivers.

The acquisition of FlexClub will allow Asaak to offer a wider range of financial products and services to its customers in Latin America.

The company will also be able to leverage FlexClub’s technology and expertise to expand its operations into other countries in the region.

“The vehicle is the entry point into our credit ecosystem, from which drivers can eventually access additional credit for fuel, repairs, smartphones or other needs they may have. We’ve proven this can be done profitably at scale for our clients , both online and in person,” said Kaivan Khalid Sattar, CEO and founder of Asaak.

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Uber Launches Its First Electric Motorbikes in Africa in Nairobi, Kenya

Key Developments

Uber Launches Its First Electric Motorbikes in Africa in Nairobi, Kenya

Ride-hailing giant Uber has launched an electric motorbike service in Kenya, its first in Africa.
 

The move is part of the company’s commitment to making its global platform emissions-free by 2040.

The new service, called Electric Boda, will initially consist of 3,000 bikes in Nairobi, with plans underway to expand the service to other cities.

The electric bikes are powered by lithium-ion batteries and have a range of up to 60 kilometers. They are also equipped with safety features such as headlights, taillights, and mirrors.

Uber drivers who use electric bikes will benefit from lower running costs and reduced emissions. The company estimates that the electric bikes will save drivers up to 30-35% on fuel costs.

The launch of Electric Boda is a major step forward for Uber in its efforts to make its platform more sustainable. The company has also committed to investing in electric vehicle charging infrastructure in Kenya.

The launch of Electric Boda is also seen as a boost to Kenya’s green economy.

“We are doing our part to aid the transition to eco-friendly mobility products and to support national sustainability objectives. The launch of Electric Boda will provide Kenyans with one of the most affordable ways to move from one place to another, with prices 15-20% below the price of our existing product,” Imran Manji, Uber’s head of East Africa, said during the launch.

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Black Ostrich Ventures Launches $20M Fund to Back African Startups Outside of the ‘Big Four’

Key Developments

Black Ostrich Ventures Launches $20M Fund to Back African Startups Outside of the ‘Big Four’

Black Ostrich Ventures, a US-based venture capital firm, has launched a $20 million fund to invest in startups outside of the four major African markets: Nigeria, South Africa, Egypt, and Kenya.
 

The fund will focus on startups in a number of sectors, including fintech, agritech and edtech.

The fund will be managed by Black Ostrich Ventures’ team of experienced investors, who have a proven track record of investing in and supporting early-stage startups in Africa.

“If you look at the capital inflows into VC in Africa, the Big Four countries—Nigeria, South Africa, Egypt, and Kenya—attract all the capital. But most exits do not happen in these markets,” says Ajani Windsor-Areago, General Partner of Black Ostrich Ventures.

The Black Ostrich Ventures Africa Fund is part of a growing trend of venture capital investment in Africa.

In recent years, there has been a surge of interest in African startups from investors around the world.

The launch of the Black Ostrich Ventures Africa Fund is a positive sign for the African startup ecosystem.

The fund will provide much-needed capital to early-stage startups, and it will help to accelerate the growth of the ecosystem.

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Moroccan Edtech Startup Smartprof Secures Funding Boost to Expand Operations

New Investments

Moroccan Edtech Startup Smartprof Secures Funding Boost to Expand Operations

Smartprof, a Moroccan Edtech startup that has developed an online platform for connecting students with tutors, has received a new funding boost to accelerate its growth.
 
 

The round was led by Fuze, a prominent player in funding Francophone African startups.

The company’s platform allows students to find tutors for a variety of subjects, including math, science, languages, and more.

Smartprof’s platform also provides students with access to learning resources, such as practice problems and study guides.

The funding will be used to expand Smartprof’s operations in Morocco and to grow its team.

The funding for Smartprof is a sign of the growing interest in Edtech in Africa.

The continent is home to a young and growing population, and there is a growing demand for quality education. Edtech has the potential to help African students access high-quality education, regardless of their location or socioeconomic status.

Smartprof’s latest round of investment is expected to help the startup make a significant impact on the education sector in Morocco and help African students achieve their educational goals.

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South African Insurtech Startup LeaseSurance Raises Seed Funding to Drive Growth

New Investments

South African Insurtech Startup LeaseSurance Raises Seed Funding to Drive Growth

LeaseSurance, a South African insurtech startup that has developed a platform to replace security deposits in rental real estate, has raised $161,000 in seed funding.
 
 

The round was led by Fedgroup Private Capital, with participation from angel investors.

Founded in 2022, LeaseSurance’s platform uses data and machine learning to assess the risk of a tenant defaulting on their lease. If the risk is low, LeaseSurance will provide the landlord with a guarantee, which will cover the cost of the security deposit.

The startup’s latest funding will be used to expand LeaseSurance’s operations in South Africa and to grow its team.

The company also plans to develop new features for its platform, such as a payment system and a dispute resolution mechanism.

LeaseSurance is well-positioned to make a significant impact on the rental real estate market in South Africa and to help make it more accessible and affordable.

The funding for LeaseSurance is a sign of the growing interest in insurtech in Africa.

The continent is home to a young and growing population, and there is a growing demand for innovative insurance solutions. Insurtech has the potential to make insurance more accessible and affordable and to improve the customer experience.

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USAID Launches $49 Milion Healthcare Project in Ethiopia

Key Developments

USAID Launches $49 Milion Healthcare Project in Ethiopia

The United States Agency for International Development (USAID) has launched a $49 million healthcare project in Ethiopia.
 

The project, called the “Quality Healthcare Activity,” will focus on improving the quality of maternal and child health services, as well as the prevention and control of HIV/AIDS and malaria.

The project will be implemented in 67 woredas (districts) in the Sidama, Amhara, Oromia, Central Ethiopia, South Ethiopia, and Southwest Ethiopia Peoples’ Regions.

It will work with local governments, health facilities, and community-based organizations to improve the quality of care, strengthen health systems, and increase access to services.

The project will reach over 10 million people over the next five years. It is part of USAID’s broader commitment to improving health in Ethiopia.

Here are some other details about the project:

– The project will work to improve the quality of care in health facilities by providing training for health workers, upgrading equipment, and improving infrastructure.

– The project will also work to strengthen health systems by providing support for planning and management, and by enhancing the capacity of local governments to deliver health services.

– The project will increase access to services by providing transportation to health facilities, and by providing financial assistance to people who cannot afford to pay for care.

The project is expected to significantly contribute to improving the quality of care, strengthening health systems, and increasing access to services.

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