The initiative aims to foster collaboration between South African entrepreneurs and Irish tech experts.

Over 350 tech startups applied for this year’s challenge, with the selected companies focusing on innovative solutions aligned with the United Nations’ Sustainable Development Goals (SDGs).

The winners will receive comprehensive support, including €10,000 in funding, a sponsored trip to Ireland for networking opportunities, and mentorship from industry leaders.

The participating startups are SmartView Technology, Momint, The Awareness Company, Athena, Adbot, Samanjalo, and Credipple.

Their solutions range from utility management and renewable energy to healthcare, advertising, and talent marketplaces.

“This initiative highlights the strong partnership between Ireland and South Africa in technology and innovation,” said Ambassador Austin Gormley.

“We are excited to support these entrepreneurs as they embark on their journey to create positive impact.”

The startups will undergo a rigorous pre-acceleration program before traveling to Ireland to connect with the country’s thriving tech ecosystem.

The Irish Tech Challenge is a joint venture between the Embassy of Ireland in South Africa, Wits University’s Tshimologong Digital Innovation Precinct, the Department of Science and Innovation, the Technology Innovation Agency, and Dogpatch Labs Ireland.

The new entity will operate as a venture capital (VC) firm, equipped with a $40 million fund dedicated to supporting early-stage African startups across various sectors.

54 Collective aims to bridge the growing funding gap in Africa’s startup ecosystem.

Over the next five years, the firm plans to invest in 105 venture-bankable startups, injecting a much-needed boost into the continent’s entrepreneurial landscape.

“Today, we are a VC firm with a $40 million fund, and when combined with our $107 million venture success platform, we’re managing nearly $150 million to support startups and make investments,” said Bongani Sithole, Co-founder and CEO of 54 Collective.

The rebranding comes amid a challenging investment climate for African startups.

Venture capital inflows to the continent plummeted by 31% to $4.5 billion in 2023, according to data from the African Private Capital Association.

54 Collective seeks to counter this trend by providing early-stage startups with both capital and strategic support.

The firm will take board seats in its portfolio companies to help manage operational risks and enable founders to focus on product development and customer growth.

In addition to the $40 million VC fund, 54 Collective boasts a $114 million war chest raised in 2023 to provide operational support to its investments and address gender disparities in the VC ecosystem.

This funding round was backed by prominent investors including the Mastercard Foundation and Johnson & Johnson Impact Ventures.

With its expanded mandate, 54 Collective is poised to become a leading player in Africa’s startup ecosystem, offering a comprehensive suite of support services to entrepreneurs.

The investment, secured from existing backers Lorax Capital Partners, KEM, and DisrupTech Ventures, will fuel the company’s expansion plans and accelerate its path to profitability.

Founded in 2019 by Ayman Essawy, Momtaz Moussa, and Marwan Kenawy, Lucky ONE has rapidly grown to serve over 13 million registered users with its suite of credit, discount, and cashback offerings.

The fintech has built a strong presence in the Egyptian market, partnering with over 20,000 local and international stores.

The fresh capital will be used to enhance Lucky ONE’s credit platform and facilitate its entry into new regional markets within the next two years. The company aims to achieve profitability by the first quarter of 2025.

This development aligns with Egypt’s broader push for financial inclusion, as the government seeks to expand access to credit for the underbanked population through initiatives such as a new digital payment system and a national financial literacy campaign.

“This funding is a testament to Lucky ONE’s strong performance and growth potential,” said Ayman Essawy, Chairman of Lucky ONE. “We are committed to becoming a major player in the Egyptian fintech sector and expanding our reach across the region.”

Momtaz Moussa, CEO of Lucky ONE, added, “We are excited to leverage this investment to further our mission of providing accessible and affordable credit solutions to the underbanked population. Our proven track record in collections and low default rates will be instrumental in scaling our consumer credit offerings efficiently.”

Mohamed Sayed, General Manager of Lucky ONE, expressed confidence in the company’s ability to offer a comprehensive range of financial services, building on its success over the past five years.

With a total of $50 million raised to date and operations in Morocco, Lucky ONE is well-positioned to capitalize on the growing demand for financial services in the region.

The fund exceeded its target by 50%, attracting investments from a diverse global investor base.

AIIF4 will focus on addressing Africa’s infrastructure gap by investing in market-leading companies operating in digital infrastructure, energy transition, and transport, ports, and logistics sectors.The fund aims to capitalize on the continent’s growing demand for these services, driven by rapid urbanization and economic growth.

“We are thrilled to have surpassed our target fund size, especially given the challenging global fundraising environment,” said Paul Frankish, AIIM’s Head of Strategic Initiatives.“The strong support from our existing investors and the influx of new capital demonstrate the growing confidence in Africa’s infrastructure sector.”

A key highlight of AIIF4 is its commitment to sustainability and gender equality. The fund has set decarbonization and energy efficiency goals for its investments and is aligned with the 2X Challenge, which promotes gender diversity within portfolio companies.

“Africa presents a significant opportunity for sustainable infrastructure investment,” said Olusola Lawson, AIIM’s Managing Director and Co-CEO.“By focusing on key thematic areas and leveraging our deep local expertise, we are confident in AIIF4’s ability to deliver strong returns for our investors while contributing to Africa’s development.”

With a strong investment track record and a deep understanding of the African market, AIIM is well-positioned to drive sustainable infrastructure development across the continent.

The funding will be used to expand the platform that provides loans to micro, small, and medium-sized enterprises (MSMEs).

Founded in 2022, Qardy has rapidly gained traction, establishing itself as a trusted partner for both MSMEs and financial institutions.

With over 1,000 corporate clients and a loan transaction volume exceeding EGP 550 million (USD 12 million), the startup has demonstrated strong growth potential.

500 Global, White Field Ventures, and Vastly Valuable Ventures led the investment round, which also included several angel investors.

This capital influx will enable Qardy to enhance its platform features, expand its services, and accelerate its expansion plans into Saudi Arabia and the wider region.

Qardy aims to revolutionize the lending process for MSMEs by reducing loan approval times from an average of nine months to just 18 days.

The platform’s digital approach contrasts sharply with the traditional, manual system that often relies on personal connections.

“We are excited to support Qardy’s mission to democratize access to financial services,” said Amal Dokhan, Managing Partner at 500 Global. “Their innovative solution has the potential to significantly impact the lives of countless businesses.”