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Kuramo Capital Management to Invest $150 Million in Female-Led Startups Across Africa

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Kuramo Capital Management to Invest $150 Million in Female-Led Startups Across Africa

Kuramo Capital Management, a prominent investment management firm with a focus on Sub-Saharan Africa (SSA), has announced its ambitious plan to invest $150 million in supporting female-led startups throughout the African continent over the next decade.
 
 
This significant investment is set to be channeled through the firm’s “Moremi Platform,” an initiative aimed at empowering the next generation of African women entrepreneurs and promoting gender-equitable fund management.

The Moremi Platform is a multifaceted initiative structured around three core pillars: an accelerator program, a warehousing/lending facility, and a Fund of funds.
 
This comprehensive approach is designed to bolster female entrepreneurs and women fund managers by providing them with the necessary resources, mentorship, and financial support to foster the growth of women-driven enterprises.

Kuramo Capital Management has also introduced the inaugural cohort of its accelerator program, which serves a dual purpose as a mentorship and capacity-building platform.
 
It aims to assist 40 female entrepreneurs and fund managers annually.
 
Wale Adeosun, the CEO and Founder of Kuramo, highlights that the program’s primary objective is to address the funding and knowledge gap that often hinders women’s participation in the business world, a significant barrier to the inclusive and sustainable development of African nations.
 
Additionally, the program will enhance the skills of female fund managers, ultimately contributing to the advancement of women-led enterprises.

Adeosun emphasized the firm’s commitment to making a catalytic impact through their gender-focused initiative, just as they have successfully done with African general partners (fund managers) in the past.

The accelerator program offers a structured curriculum that encompasses capacity building, technical assistance, and mentoring specifically tailored to the needs of women in business, particularly female fund managers in Africa.
 
Sarah Ngamau, Managing Director of the Moremi Fund, underscores the critical timing of this initiative within Africa’s investment landscape. Despite an increased flow of capital into Africa, women remain underrepresented at all levels of the investment sector.
 
The goal is to break down these barriers and enhance the ecosystem by supporting female-led African private equity and venture capital funds.

The World Economic Forum has recognized Sub-Saharan Africa as having the highest rate of women involved in entrepreneurial activity, with women constituting 58% of Africa’s self-employed population.

Sarah, representing Kuramo Capital and Kuramo Foundation for Sustainable Development, stressed that the most effective way to unlock capital for female entrepreneurs and gender-smart businesses at scale is to invest in female-led and gender-diverse fund managers.
 
The aim is to promote inclusive economic empowerment of female-led funds across the Pan-African landscape.

Kuramo Capital was founded in 2011 and has since mobilized over $3.5 billion to support more than 200 companies and create over 50,000 jobs in Africa.
 
The firm’s primary focus is on creating long-term capital value to facilitate the sustainable growth of businesses across diverse sectors of the economy.
 

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OceanHub Africa Accelerates Six Startups on a Journey to Sustainable Growth

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OceanHub Africa Accelerates Six Startups on a Journey to Sustainable Growth

OceanHub Africa, a business accelerator for environmentally conscious startups, has concluded its fourth cohort with a boot camp for the six startups participating in the eight-month program.
 

OceanHub Africa aims to support and nurture startups that aim to combat global warming, overexploitation, and pollution of the ocean.

Its accelerator program connects such startups with a network of highly qualified stakeholders and facilitators and provides them with sustainable pathways towards stable profits and scalable growth opportunities throughout Africa.

Six startups participated in its latest program: Kenya’s Kuza Freezer, Tanzania’s Healthy Seaweed Co, Reunion’s Reef Pulse, Egypt’s ReNile, Tunisia’s Tunisia Baits, and South Africa’s Akili.

The eight-month program focused on personal, product, and business development while preparing ventures for investment opportunities.

It concluded with an in-person boot camp in Cape Town earlier this month, where the six startups underwent a week of intensive training to accelerate their journey toward investor readiness and sustainable business growth.

On the final day of the boot camp, participating startups showcased their innovations and pitched for potential investments in front of a mock-investment panel.

The startups that participated in the boot camp were also allowed to network with potential investors, mentors, and partners.

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Endeavor and FMO Launch Second Cohort of African Agritech Accelerator

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Endeavor and FMO Launch Second Cohort of African Agritech Accelerator

Endeavor and FMO, the Dutch entrepreneurial development bank, have announced the launch of the second cohort of their African Agritech Accelerator program.
 
This initiative aims to empower early-stage African agritech ventures by providing them with tailored support, mentorship, and access to a global network of investors.

The program is scheduled to commence in January 2024 and will build on the success of the first cohort, which ran from February 2022 to February 2023.
 
The program’s primary goal is to address the growth challenges faced by agritech startups across the African continent and expand the cohort’s scope to include agri-adjacent tech startups.

Leveraging Endeavor’s customized mentoring approach and extensive network, entrepreneurs will have the opportunity to connect with subject matter and industry experts, as well as potential investors.
 
This support will help these entrepreneurs become “investment-ready” and, in turn, foster the development of a thriving agritech sector on the African continent.

In addition to FMO’s support, AfricaGrow has joined as a co-funder for the program, underscoring their joint commitment to fortifying the agritech industry in Africa.
 
This partnership aims to actively grow the pipeline of investable ventures and attract more local, regional, and global investors, which is essential for achieving scale.

This project receives funding through the Entrepreneurial Ecosystem Building component of the FMO Ventures Program Technical Assistance Facility, co-funded by the Dutch Government and the European Union.  

About Endeavor

Endeavor is the world’s leading community dedicated to high-impact entrepreneurs.
 
With a presence in over 40 offices worldwide, including six in Africa, Endeavor boasts a global network comprising more than 5,000 mentors, 500 growth investors, and 2,200 high-impact entrepreneurs.  

About FMO

FMO is the Dutch entrepreneurial development bank. As a leading investor in emerging markets, FMO supports sustainable private sector growth that creates jobs and prosperity. 

About AfricaGrow

AfricaGrow is a €600 million investment fund dedicated to supporting the growth of small and medium-sized enterprises (SMEs) in Africa.
 
The fund is managed by Allianz Global Investors and advised by DEG Impact GmbH. AfricaGrow invests in a wide range of sectors.
 

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Amazon Announces Plan to Launch In South Africa to Empower Sellers

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Amazon Announces Plan to Launch In South Africa to Empower Sellers

In a groundbreaking move, e-commerce giant Amazon has disclosed its plans to launch Amazon.co.za in 2024, extending a game-changing opportunity to South African-based sellers to reach customers across the nation.
 
 

This strategic expansion promises to empower local entrepreneurs, small and medium-sized businesses, and brand owners while delivering an unmatched shopping experience to consumers.

More than 60% of Amazon’s sales emanate from independent sellers, the majority of which are small and medium-sized enterprises, rendering a vast selection of products, competitive pricing, and exceptional convenience for consumers.

This significant step is poised to bolster the South African business landscape while facilitating an enriched shopping experience.

One of the standout features accompanying this announcement is Amazon’s introduction of generative AI capabilities to aid sellers in crafting compelling and effective product listings.

This groundbreaking technology aims to assist shoppers in seamlessly discovering the products they seek while augmenting the efficiency of the selling process.

“We look forward to launching Amazon.co.za in South Africa, providing local sellers, brand owners, and entrepreneurs—small and large—the opportunity to grow their business with Amazon, and deliver great value and a convenient shopping experience for customers across South Africa,” stated Robert Koen, general manager of the Sub-Saharan Africa region for Amazon.

The impending launch of Amazon.co.za in 2024 holds the promise of enabling independent sellers across South Africa to swiftly launch, grow, and scale their businesses while harnessing the innovative capabilities provided by Amazon.

The announcement sets the stage for a transformative phase in South Africa’s e-commerce landscape, opening doors to limitless opportunities for local businesses and customers alike.

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Andela Launches Talent Cloud to Transform Tech Hiring

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Andela Launches Talent Cloud to Transform Tech Hiring

Andela, an Africa-focused talent outsourcing startup, has launched Andela Talent Cloud, an integrated end-to-end platform that connects skilled individuals with businesses, transforming the hiring process for tech companies and talents.
 

The all-in-one, AI-powered platform gives IT executives total transparency over talent profiles and skills assessment results, enabling them to make secure and informed hiring decisions.

Andela Talent Cloud provides clients with more speed, flexibility, performance, and trust than other hiring methods such as internal recruiting, consulting firms, and outsourcing.

“Andela offers a seamless approach. By combining the world’s preeminent private talent marketplace with an AI-driven platform, Andela helps companies scale their teams and deliver projects faster,” said Jeremy Johnson, Andela CEO and Co-Founder.

The platform, billed as the Talent Decision Engine (TDE), analyzes thousands of data points during the hiring process to evaluate several factors for each job position, including hard and soft skills, experience, title, location, work preferences, language proficiency, and client feedback.

Due to its hiring lifecycle optimization, businesses can locate, assess, hire, manage, and pay foreign technologists within the integrated platform.

In March 2023, the startup acquired Qualified, a technical skills assessment platform. Thus, Andela claims it has integrated developer assessment capabilities into TDE to more precisely determine the performance of the recommended talent on the job before selection.

Andela Pay manages every facet of foreign payouts, currency conversion, and compliance in more than 100 nations to ensure that talents receive funds effectively and economically.

In compliance with relevant regulations, the Andela Pay partner ecosystem also conducts Know-Your-Customer and Office of Foreign Assets Control (OFAC) reviews on contracted technologists to ensure compliance by all remote workers.

Andela Talent Cloud is a game-changer for the tech industry, providing companies with a faster, more efficient, and more reliable way to hire top talent.

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Flutterwave and Microsoft Partner to Accelerate Payment Innovation and Small Business Growth in Africa

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Flutterwave and Microsoft Partner to Accelerate Payment Innovation and Small Business Growth in Africa

Flutterwave, a leading African payments company, has entered into a five-year technology collaboration with Microsoft to build an upgraded platform on Microsoft Azure.
 

The goal of the partnership is to accelerate payment innovation and small business growth across Africa.

Small and medium enterprises (SMEs) are crucial for Africa’s development, employing around 90% of people.

However, African SMEs face steep challenges, including limited access to financial services and seamless local payment methods.

Flutterwave has advanced the democratization of payments in Africa by enabling multiple modes of payment, such as cards and mobile wallets.

By partnering with Microsoft, Flutterwave aims to revolutionize business payments across the continent further.

By transitioning to Azure, Flutterwave can securely process large-scale, high-volume payments for smoother customer experiences.

Azure OpenAI also enables Flutterwave to expand its offerings to millions of global merchants.

For Flutterwave, this collaboration is about more than transactions – it’s about transformation.

Flutterwave Founder and CEO GB Agboola expressed excitement that Microsoft believes in Flutterwave’s capability to create an inclusive digital Africa.

As part of the partnership, Flutterwave will also launch solutions on Azure Marketplace, extending its reach.

Microsoft Africa President Lillian Barnard said increased technology access and innovation hold the key to thriving local businesses and stronger African economies.

Building the next-generation platform on Azure solidifies the shared vision of boosting financial inclusion and prosperity through technology.

The collaboration unites Microsoft’s and Flutterwave’s goals of digitally empowering SMEs.

By leveraging Azure’s capabilities, Flutterwave seeks to unlock the full potential of digital payments for African businesses to drive economic growth.

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TymeBank: South Africa’s Financial Disruptor, Reaches 8 Million Customer Milestone

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TymeBank: South Africa's Financial Disruptor, Reaches 8 Million Customer Milestone

TymeBank, a South African digital bank, has reached the 8 million customer milestone in just four years, a significant achievement for the rapidly growing financial institution.

This milestone highlights that TymeBank now serves one in every five eligible South Africans.

TymeBank’s success is attributed to a number of factors, including its innovative “phygital” model, which integrates digital banking into physical retail environments.

TymeBank also has partnerships with major retailers such as Pick n Pay, Boxer, and TFG, which have helped to expand its distribution network.

In addition, TymeBank offers a range of affordable and accessible banking products and services, including free ATM withdrawals, low bank fees, and competitive interest rates.

This has made TymeBank an attractive option for many South Africans who are looking for a more affordable and convenient banking experience.

TymeBank’s CEO, Coen Jonker, commented on the milestone: “We are pleased to have acquired eight million customers since our launch in February 2019. This reinforces our position as a rapidly growing digital bank and a credible alternative to traditional banks in South Africa.”

“Our growth aligns with our goal of becoming one of the top three retail banks in the country,” Jonker added.

TymeBank’s success is a testament to the growing demand for digital banking in South Africa.

As more and more South Africans gain access to smartphones and the internet, digital banks like TymeBank are well-positioned to meet their needs.

TymeBank is also helping to promote financial inclusion in South Africa.

By offering affordable and accessible banking products and services, TymeBank is making it easier for more South Africans to participate in the formal economy.

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Nigeria’s ThriveAgric Partners With Heifer International to Financially Empower 125,000 Farmers

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Nigeria's ThriveAgric Partners With Heifer International to Financially Empower 125,000 Farmers

ThriveAgric, a Nigerian agritech company, has announced a new initiative to empower 125,000 farmers across the country financially.
 

The initiative, which is called the AYuTe (Agriculture, Youth and Technology) Project, is being implemented in partnership with Heifer International, a global nonprofit organization.

The AYuTe Project will provide farmers access to financial services, including bank accounts, debit cards, and loans.

The project will also provide farmers with training in financial literacy and business management.

The AYuTe Project targets smallholder farmers in eight northern Nigerian states: Adamawa, Gombe, Yobe, Jigawa, Kaduna, Kano, Katsina, and Bauchi.

These states are home to many farmers, but they are also some of the poorest states in Nigeria.

ThriveAgric’s CEO, Ayodeji Arikawe, said that the AYuTe Project is designed to help farmers break the cycle of poverty.

Heifer International’s Country Director for Nigeria, Rufus Idris, said that the AYuTe Project is a unique initiative that will significantly impact Nigerian farmers’ lives.

The AYuTe Project is expected to be completed within the next twelve months.

ThriveAgric and Heifer International are working with a number of partners, including banks, mobile money operators, and government agencies, to implement the project.

The AYuTe Project is a significant development for the Nigerian agricultural sector.

It is one of the first initiatives to give smallholder farmers access to financial services at scale.

The project is expected to positively impact the lives of thousands of farmers and their families.

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Koree, a Fintech Startup from Cameroon, Wins the Ecobank Fintech Challenge

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Koree, a Fintech Startup from Cameroon, Wins the Ecobank Fintech Challenge

Koree, a Cameroonian fintech company, has been crowned the winner of the 2023 Ecobank Fintech Challenge.
 

The announcement was made at the Grand Finale of the competition, which was held at the Ecobank Group headquarters in Lomé, Togo.

Koree is a card wallet payment solution that digitizes merchant payments.

The startup allows consumers to digitally collect their spare change from cash retail payment roundups, and earn cashback from stores and brands across multiple categories.

Koree beat out eight other finalists to win the top prize of US$50,000.

Koree’s victory is a significant achievement for the Cameroonian fintech ecosystem. It is the first time that a Cameroonian fintech company has won the Ecobank Fintech Challenge.

The Ecobank Fintech Challenge is an annual competition that is organized by Ecobank Group, one of Africa’s largest banks.

The competition aims to identify and support innovative fintech startups that are developing solutions to address the challenges facing the African financial sector.

The 2023 Ecobank Fintech Challenge received over 1,400 applications from fintech startups.

The finalists were selected by a panel of judges who are experts in the fintech and financial services sectors.

The winner of the Ecobank Fintech Challenge receives a cash prize, as well as access to mentorship and support from the Ecobank Group.

This support can help the winning startup to scale its business and reach more customers.

Koree’s victory in the Ecobank Fintech Challenge is a testament to the innovation and creativity of the Cameroonian fintech ecosystem.

The startup’s solution is addressing a real need in the African market, poised to make a significant impact on the lives of millions of people.

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