Day: August 4, 2024

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Tsitsi Mutendi Is Leading Family Business Governance and Women’s Empowerment in Africa

Tsitsi Mutendi Is Leading Family Business Governance and Women's Empowerment in Africa

Tsitsi Mutendi is a trailblazing entrepreneur, family business expert, and advocate for women’s empowerment, whose work has significantly impacted the African business landscape.

With a career spanning various sectors, including media, education, and consultancy, Tsitsi has earned a reputation as a thought leader in family business governance, succession planning, and family office structuring.

As the co-founder of the African Family Firms (AFF), Tsitsi has been at the forefront of supporting family-owned businesses across Africa.

The AFF is a pan-African organization that provides essential education, resources, and networking opportunities to help family businesses thrive.

Under her leadership, AFF has become a pivotal platform for addressing the unique challenges faced by family businesses in Africa, such as governance, succession, and wealth preservation.

Tsitsi’s most notable achievement is the co-founding of AFF, an organization dedicated to strengthening family-owned businesses in Africa.

Through AFF, Tsitsi has played a crucial role in helping these businesses navigate complex issues related to governance, succession, and longevity.

A passionate advocate for women’s empowerment, Tsitsi has also made significant contributions to mentoring and supporting women entrepreneurs.

Her efforts to promote gender equality in business have inspired many women across Africa to pursue their entrepreneurial dreams.

Tsitsi is also a highly sought-after speaker and thought leader, frequently invited to share her insights at conferences, workshops, and panel discussions.

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50 Entrepreneurs Make Final Cut for Africa’s Business Heroes

Key Developments

50 Entrepreneurs Make Final Cut for Africa's Business Heroes

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Fifty promising entrepreneurs from across Africa have been selected as finalists for the fifth edition of the Africa’s Business Heroes (ABH) initiative.
 
The competition, backed by the Jack Ma Foundation and Alibaba Philanthropy, aims to spotlight and support exceptional African business leaders.

Since its inception in 2019, ABH has awarded a total of US$1.5 million annually to ten outstanding entrepreneurs.
 
Beyond financial support, the program offers invaluable opportunities for mentorship, networking, and professional development.

This year’s competition drew nearly 20,000 applications from all corners of the continent. The 50 finalists represent a diverse range of industries and embody the entrepreneurial spirit that is driving Africa’s economic growth.

Zahra Baitie-Boateng, Managing Director for Africa at Africa’s Business Heroes Initiative, expressed enthusiasm for the caliber of this year’s finalists. “We are thrilled to recognize the exceptional talent and potential of these 50 entrepreneurs,” she said. “Their innovative ideas and unwavering dedication to creating positive change inspire us all.”

The ABH initiative has become a platform for showcasing Africa’s entrepreneurial prowess and fostering a vibrant business ecosystem. 
 
The 50 finalists include:
 
  1. Adewale Yusuf – CEO, AltSchoolAfrica
  2. Adriaan Kruger – Co-Founder, nuvoteQ
  3. Alexander Odhiambo – Co-Founder, Solutech Limited
  4. Amir Tuodor – Co-Founder, Ted Solar
  5. Ady Coulibaly – Operations Manager, Bolingo Consult Ltd
  6. Angelo Pascal Tubibu – CEO, Congofresh
  7. Bamba Lo – Co-Founder & CEO, Paps
  8. Boubacar Biro Balde – Founder & CEO, SodiShop
  9. Clement Owusu-Donkor – Founder, Aquantuo
  10. Daniel Mukisa – CEO, Ridelink Limited
  11. Denis Karema – Co-Founder, SokoFresh
  12. Elizabeth Njuguna – Director, Risiih Investments Limited
  13. Emmanuel Tuyisenge – Temaco Builders Ltd
  14. Eric Onchonga – Co-Founder, Irri-Hub
  15. Eya Hammouda – HK Consulting
  16. Eyitayo Ogunmola – CEO, Utiva
  17. Farah Ahmed Farag –  Founder & CEO, The Baby Garage
  18. Godwin Benson – Co-Founder & CEO, Tuteria
  19. Hadeel Fayek – CEO, Joviality for Cosmetics
  20. Hadeer Soliman – Founder, The Happiness Factory
  21. Helmy Abouleish – CEO, SEKEM
  22. Henri Ousmane Gueye – Co-Founder, EYONE
  23. Ikechukwu Anoke – Founder & CEO, Zuri Health
  24. Jihan Abass – CEO, Lami
  25. Jolis Nduwimana – Founder, WEGE COMPANY
  26. Judith Marera – Founder, Lanforce Energy
  27. Laila Hassaballa – Co-Founder, Bellies En-route
  28. Lotfi Darragi – Founder, ReBootKamp
  29. Louisa Kiwana Olafuyi – Co-Founder & Director, Kunda Kids
  30. Maman Abdou – Founder, TECH-INNOV
  31. Martin Ssali – Founder, Smart Foods Limited
  32. Mathildah Amollo – Founder, GREATLAKES FEEDS LTD
  33. Matina Razafimahefa – Co-Founder & CEO, Sayna
  34. Maxima Nsimenta – CEO, LIVARA
  35. Mercy Mwende – Co-Founder, Thalia Psychotherapy
  36. Mina Shahid – CEO, Numida
  37. Mobolaji Ajayi – CEO, Purelife Health
  38. Muriuki Collins – Co-Founder, TERRA
  39. Najim Abdulrazak – CEO, Noba Africa Agro Allied Limited
  40. Olubunmi Otufowora – CEO, Boomsky Smoothies
  41. Omar Sefiani – Co-Founder, Sobrus
  42. Peter Kironji – Founder, Twiva
  43. Philippe Nkouaya – Co-Founder, PHILJOHN TECHNOLOGIES
  44. Rasha Rady – COO, Chefaa
  45. Richard Duodu – CEO, Metaschool Ltd
  46. Salma Bougarrani – Co-Founder, GREEN WATECH
  47. Samuel Munguti – Co-Founder, Shamba Pride
  48. Samuel Rigu – CEO, Safi Organics
  49. Tisya Mukuna – CEO, La Boite (La Kinoise)
  50. Victor Maina – Founder, Duhqa Ltd
 
Learn more about them here – https://www.africabusinessheroes.org/en/the-prize/finalists?year=2024&type=top50&page=1

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VC Firm HAVAÍC Secures $15 Million for Third African Innovation Fund

New Investments

VC Firm HAVAÍC Secures $15 Million for Third African Innovation Fund

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Venture Capital firm HAVAÍC has successfully raised $15 million in commitments for its third African Innovation Fund, marking the first close of the $50 million fund.

The investment comes from cornerstone investors Universum Wealth and The SA SME Fund, as well as a network of local and international family offices.

The fund aims to invest in 15 high-growth African startups in the seed, Series A, and Series B stages.

With a focus on businesses demonstrating regional and global potential, HAVAÍC seeks to expand its portfolio, which already boasts over 20 million customers worldwide.

This announcement solidifies HAVAÍC’s position as a leading investor in the African tech ecosystem.

The firm’s previous funds have yielded impressive results, including a 400% increase in annual revenue and a landmark fifth exit in 2023.

Ian Lessem, Managing Partner at HAVAÍC, expressed enthusiasm about the fund’s potential to drive economic growth and job creation in Africa.

“Our partnership with institutional investors empowers us to support more African entrepreneurs in scaling their businesses and creating positive change,” he said.

Jonathan Sieff, Managing Partner at Universum Wealth, praised HAVAÍC’s track record and investment strategy. “We are confident in HAVAÍC’s ability to deliver exceptional returns for our clients,” he stated.

Ketso Gordhan, CEO of The SA SME Fund, highlighted the fund’s alignment with the organization’s mission to support innovative solutions to social challenges. “We are excited to partner with HAVAÍC in their new fund,” she said.

HAVAÍC’s recent investments include sports data and analytics company Sportable, as well as follow-on investments in RNR, RapidDeploy, hearX Group, and AURA.

Several of its portfolio companies have achieved significant recognition, with RapidDeploy, hearX Group, FairMoney, and AURA ranking among Fast Company’s Most Innovative Companies and the Financial Times’ fastest-growing companies in 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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Egyptian Fintech MNT-Halan Expands into Turkey with Acquisition of Tam Finans

Key Developments

Egyptian Fintech MNT-Halan Expands into Turkey with Acquisition of Tam Finans

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Egyptian fintech giant MNT-Halan has announced its entry into the Turkish market through the acquisition of Tam Finans, a leading commercial finance company in the country.
 
The deal, which saw MNT-Halan acquire Tam Finans from Actera Group and the European Bank for Reconstruction and Development (EBRD), will bolster the fintech’s global expansion strategy.

Founded in 2018, MNT-Halan has rapidly grown to become a leading provider of financial services in Egypt, offering a range of products including small and micro-business lending, consumer finance, payments, and e-commerce.
 
With a user base exceeding 2.2 million and over $4.4 billion in disbursed loans, the company has solidified its position as a key player in the Egyptian fintech ecosystem.

Tam Finans has a robust loan book valued at over $300 million and a strong presence in the Turkish market.
 
The acquisition is expected to significantly enhance MNT-Halan’s capabilities and accelerate its growth trajectory.

Mounir Nakhla, Founder and CEO of MNT-Halan, expressed enthusiasm about the deal, stating, “The combination of Tam Finans’ expertise and MNT-Halan’s technology will create a powerful force in the Turkish market. We are confident in our ability to deliver innovative financial solutions to millions of businesses and consumers in Turkey.”

The acquisition follows MNT-Halan’s recent $157.5 million fundraising round, which was earmarked for international expansion.
 
The company’s rapid growth and strategic acquisitions position it as a major contender in the global fintech landscape.

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