Category: Key developments

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Digital-first and data-led distribution platform Kyosk Digital Services acquires KwikBasket to revolutionize the African fresh produce market

Key Developments

Digital-first and data-led distribution platform Kyosk Digital Services acquires KwikBasket to revolutionize the African fresh produce market

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Kyosk aims to leverage its technological prowess to streamline the supply chain, enhance convenience, and improve access to high-quality fresh produce across the continent.
 

Kyosk Digital Services, a digital-first and data-driven distribution platform known for its innovative solutions in the digital retail space, has set its sights on the untapped potential of the African fresh produce market with the acquisition of e-grocery platform KwikBasket.

KwikBasket has earned a strong reputation for its user-friendly interface, wide product selection, and efficient delivery network. By joining forces with Kyosk, KwikBasket’s platform will benefit from advanced digital capabilities and a robust infrastructure, enabling it to scale rapidly and meet the evolving needs of customers. The acquisition aligns with Kyosk’s broader vision to transform Africa’s retail landscape through digital innovation.

 

By integrating KwikBasket’s operations into its existing ecosystem, Kyosk aims to offer consumers a seamless shopping experience, bridging the gap between local farmers and urban customers. One of the key objectives of the acquisition is to empower small-scale farmers by providing them with a reliable and transparent marketplace to showcase their produce.

 

Kyosk’s technological expertise will enable farmers to access a broader customer base, reduce post-harvest losses, and improve their overall profitability. The expansion into the African fresh produce market comes at a time when e-commerce and digital solutions are gaining momentum across the continent. Kyosk recognizes this trend and aims to become a dominant player in the African e-grocery landscape.

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FAO to launch fall armyworm research Hub in Kenya to pave way for innovative solutions in crop protection

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FAO to launch fall armyworm research Hub in Kenya to pave way for innovative solutions in crop protection

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Kyosk  The Food and Agriculture Organization (FAO) has announced plans to establish a dedicated Fall Armyworm Research Hub in Kenya.
 

This initiative aims to provide a comprehensive and collaborative platform for research, knowledge sharing, and effective management strategies to mitigate the impact of this pest on agriculture. The Fall Armyworm Research Hub will be located in Kenya, a country significantly affected by the invasive pest.

Establishing this hub in the heart of East Africa reflects the region’s importance as an agricultural hub and highlights Kenya’s commitment to tackling the challenges posed by the fall armyworm.

This move by the FAO comes in response to the urgent need for targeted research and coordinated efforts to control the spread of the fall armyworm.

The pest, native to the Americas, has rapidly spread across Africa, causing substantial damage to crops such as maize, sorghum, rice, and other staple food crops.

The Research Hub will serve as a focal point for scientists, researchers, and policymakers to collaborate on understanding the biology and behavior of the fall armyworm, as well as developing effective strategies for its management.

The hub aims to facilitate knowledge exchange, develop innovative approaches, and strengthen regional capacity to combat this pest effectively by bringing together experts from different fields and countries.

Through the Fall Armyworm Research Hub, the FAO aims to support national and regional efforts in Africa by providing technical expertise, training, and access to advanced technologies.

The collaborative nature of the hub will foster partnerships between governments, research institutions, and other stakeholders, creating a united front in the battle against the fall armyworm.

This initiative aligns with the FAO’s broader commitment to sustainable agriculture, food security, and the livelihoods of smallholder farmers.

The hub is expected to strengthen Africa’s response to the fall armyworm.

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Kenya secures $21 million from AfDB to support women and youth entrepreneurs in Agriculture – Copy

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Kenya secures $21 million from AfDB to support women and youth entrepreneurs in Agriculture

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AfDB approves $21 million to support Kenyan youths and women entrepreneurs in agriculture.
 

The African Development Bank (AFDB) has approved a $21 million financing to support Kenyan youths and women entrepreneurs in agriculture. With agriculture being a crucial sector in the country, contributing to employment, food security, and economic growth, this funding is poised to make a meaningful impact. The approved financing package will provide financial resources, technical assistance, and capacity building to Kenyan youths and women involved in various agricultural value chains.

The ultimate goal is to enhance their productivity, competitiveness, and overall business operations, thus creating a more conducive environment for entrepreneurship in agriculture.

 

The AFDB aims to address critical challenges faced by young and women entrepreneurs in the agricultural sector through targeted interventions and initiatives. This includes access to finance, technical know-how, market linkages, and relevant training opportunities. By bridging these gaps, the AFDB strives to unlock the untapped potential within the agricultural industry and empower a new generation of agripreneurs. The financial support will be channeled towards diverse activities, including:

  • Providing loans and credit facilities to aspiring and existing youth and women entrepreneurs in agriculture.

  • Investing in innovative agribusiness start-ups and initiatives that have high growth potential.

  • Facilitating access to modern technologies, equipment, and machinery to enhance productivity and efficiency.

  • Delivering tailored training programs and mentorship to develop business skills and entrepreneurial acumen.

  •  Strengthening value chains and promoting market integration for agricultural products.

  • Promoting sustainable agricultural practices and climate resilience among entrepreneurs.

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SEACOM secures $207 million from IFC to boost digital connectivity in Africa

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SEACOM secures $207 million from IFC to boost digital connectivity in Africa

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SEACOM LTD, one of the leading Pan-African data services providers, has secured $207 million in funding from the International Finance Corporation (IFC) to accelerate digital connectivity in seven African countries.

The funding will be utilized to expand and upgrade its submarine and terrestrial cable infrastructure across the African continent. The funding will also support deploying new fiber-optic networks and enhancing existing infrastructure, ensuring faster, more reliable, and affordable internet connectivity for businesses and consumers.

The seven countries set to benefit from SEACOM’s infrastructure development include Kenya, Tanzania, Mozambique, South Africa, Rwanda, Uganda, and Djibouti. These countries were selected due to their strategic geographic locations and potential to significantly impact regional digital transformation efforts. The investment aligns with SEACOM’s commitment to bridging the digital divide and promoting inclusive growth in Africa.

The project aims to unlock opportunities in various sectors, including e-commerce, telecommunication services, healthcare, education, and finance, by bolstering digital connectivity. Improved internet access will enable businesses to expand operations, drive innovation, and enhance productivity.

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Senegal gets $50 million from World Bank to digitize its healthcare system

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Senegal gets $50 million from World Bank to digitize its healthcare system

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The investment aims to modernize healthcare services, improve access to quality care and foster digital transformation in the country’s healthcare sector.

Senegal has secured $50 million in funding from the World Bank to accelerate the digitization of its healthcare system.

The funding, provided through the World Bank’s International Development Association (IDA), will support Senegal’s efforts to leverage technology and innovation to enhance healthcare delivery and strengthen health information systems.

 

The digital transformation of Senegal’s healthcare system will involve adopting electronic health records, telemedicine services, digital diagnostics, and other digital solutions that improve the efficiency and effectiveness of healthcare delivery. Technology integration is expected to streamline processes, reduce administrative burdens, and enable better coordination and communication among healthcare providers. With the funding, Senegal aims to improve access to healthcare services, particularly in remote and underserved areas. By leveraging digital tools, the country seeks to bridge the gap in healthcare access and ensure that all citizens, regardless of their location, have access to quality care.

 

The investment will also enhance data management and analytics capabilities, allowing healthcare providers and policymakers to make informed decisions based on real-time data. The digitization of health records will enable better monitoring of health trends, disease surveillance, and implementation of evidence-based healthcare policies. Senegal’s efforts to digitize its healthcare system align with the country’s broader development goals, as outlined in its national digital transformation and healthcare reform strategies.

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CrossBoundary Energy Raises $50 Million to Accelerate Clean and Reliable Power for African Businesses

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CrossBoundary Energy Raises $50 Million to Accelerate Clean and Reliable Power for African Businesses

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CrossBoundary Energy, a leading provider of clean energy solutions in Africa, has secured $50 million in funding to accelerate the deployment of clean and reliable power solutions for businesses across the African continent.
 

CrossBoundary Energy specializes in developing and operating distributed solar energy projects for commercial and industrial clients. By offering solar-as-a-service, the company eliminates the upfront costs and operational complexities associated with traditional energy systems. This approach enables businesses to access clean and reliable power, reduce their carbon footprint, and lower energy costs, boosting their competitiveness and sustainability.

 

The $50 million investment will support CrossBoundary Energy’s ambitious plans to expand its project pipeline, reach new markets, and deepen its impact across the continent. With this funding, the company aims to accelerate the deployment of solar energy systems, providing businesses with a cost-effective and environmentally friendly alternative to conventional power sources. With Africa’s energy demand projected to rise significantly in the coming years, the need for scalable and sustainable power solutions has never been more critical.

CrossBoundary Energy’s $50 million funding injection will play a vital role in addressing this challenge and driving the continent towards a more sustainable and resilient energy infrastructure

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54 African investors were selected to join Dream VC’s accelerator program to drive Africa’s VC space

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54 African investors were selected to join Dream VC’s accelerator program to drive Africa’s VC space

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Dream VC, a leading global accelerator program focused on fostering entrepreneurship and venture capital growth, has selected 54 African investors for its accelerator program.
 

This milestone marks a significant step forward in shaping the future of venture capital in Africa, providing a platform for aspiring investors to gain valuable skills, knowledge, and connections. The accelerator program aims to equip these aspiring investors with the necessary tools and resources to excel in the dynamic world of venture capital, driving economic growth and innovation across the continent.

 

The selected investors will undergo an intensive program comprising mentorship, training, and networking opportunities. Seasoned venture capitalists, successful entrepreneurs, and industry experts will provide valuable insights, share their experiences, and guide participants on investment strategies, due diligence, portfolio management, and fundraising. The selected investors are expected to contribute to the growth and maturation of Africa’s venture capital ecosystem.

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Visa launches fintech accelerator program for African startups

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Visa launches fintech accelerator program for African startups

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Visa, a global leader in digital payments, has announced the launch of its highly anticipated fintech accelerator program specifically designed for startups in Africa.
 

This initiative aims to foster innovation, drive financial inclusion, and support the growth of the fintech ecosystem in the region. The fintech accelerator program, backed by Visa’s extensive industry expertise and resources, seeks to identify and nurture promising fintech startups across Africa.

The program will provide selected startups access to mentorship, networking opportunities, and tailored support to help them scale and develop innovative digital payment solutions. Africa’s fintech sector has been experiencing significant growth and attracting attention from investors and technology companies worldwide.

With its vast unbanked population and rising digital adoption, the continent presents immense opportunities for fintech innovation. Visa’s accelerator program is strategically positioned to tap into this potential and drive impactful change. The program will focus on supporting startups addressing key challenges in the financial services sector, including access to financial services, digital payments, and financial literacy.

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Google’s Black Founders Fund Invests in 25 African Startups

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Google’s Black Founders Fund Invests in 25 African Startups

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Google has announced the 25 African startups selected for the third cohort of Google for Startups’ Black Founders Fund.

Google, in its commitment to fostering entrepreneurship and supporting underrepresented communities, has unveiled the 25 selected startups for its 2023 Black Founders Fund cohort in Africa.

The program aims to empower black-led startups in the continent, providing them with funding, mentorship, and access to resources necessary for their growth and success.

 

The Black Founders Fund is part of Google’s ongoing efforts to promote diversity and inclusion.

 

Now in its third year, the Fund supports Black founders by addressing the inequality in VC funding in Africa’s tech ecosystem.

According to Google, this year, each selected startup will receive up to $150,000 in non-dilutive cash awards, $200,000 in Google Cloud credits, Google Ads support, and one-on-one mentoring from Googlers and industry experts.

 

Since its inception in 2021, participating founders have reportedly seen a 21% rise in employment, with women filling 46% of these positions, and a notable 7% increase in monthly recurring revenue to over $6.1 million.

Here are the selected startups for the 2023 cohort:

  • Akoma Health (Nigeria): Tech platform for accessible, culturally conscious mental health services in Africa.
  • BezoMoney (Ghana): Digital banking for Africa’s underbanked via mobile/web platforms.
  • Chargel (Senegal): Digital trucking platform connecting shippers/carriers in Francophone West Africa.
  • Charis UAS (Rwanda): Provides 3D geospatial data via drone technology.
  • Evolve Credit (Nigeria): SaaS for digitising and managing banking services.
  • Excel At Uni (South Africa): Supports student funders via digital services.
  • EzyAgric (Uganda): AI-powered mobile technology to enhance Africa’s farming sector.
  • Fez Delivery (Nigeria): Last-mile logistics platform for various industries.
  • Fleetsimplify (Kenya): Monetization platform connecting gig drivers & vehicle owners.
  • HealthDart (South Africa): Digital HMO providing end-to-end health services with insurance.
  • Herconomy (Nigeria): Female-focused fintech aiming to be Africa’s first women’s bank.
  • Jumba (Kenya): Improving Kenya’s construction sector supply chain via B2B platform.
  • MDaaS Global (Nigeria): Tech-powered diagnostic centres for affordable healthcare.
  • My Pocket Counsel (Nigeria): Legal tech platform for contract generation and management.
  • Orda (Nigeria): Pan-African neobank for restaurants, offering cloud-based software.
  • Periculum (Nigeria): Data company aiding in credit assessment, fraud/churn risk.
  • Raenest (Nigeria): Fintech offering global financial services to freelancers/startups in Africa.
  • Ridelink (Uganda): E-logistics platform providing shipping and real-time tracking.
  • Susu (Côte d’Ivoire): Health platform providing healthcare services/insurance funded by African diaspora.
  • Talamus Health (Ghana): Tech solutions targeting healthcare inefficiencies in Africa.
  • TruQ (Nigeria): Streamlining mid-mile logistics across Africa with third-party vehicle connectivity.
  • Tushop (Kenya): Tech platform for group buying of daily essentials in Kenya.
  • Uzapoint (Kenya): Mobile/web POS for digitising bookkeeping in Africa’s informal sector.
  • Zinacare (South Africa): Online platform for accessible, affordable healthcare services.
  • Zydii (Kenya): Localised digital training solutions for African SMEs.

 

 

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