Since 2019, the African funding landscape has witnessed positive growth, with disclosed exits surpassing USD$2.3 billion (approx. UGX8.53 trillion) — representing a significant 13.4% of the total USD$17.2 billion (approx. UGX63.8 trillion) raised by African startups. Despite this growth, early-stage founders face challenges navigating the path from ideation to market fit. The persistent lack of early-stage funding further compounds these difficulties, hindering many startups from reaching their full potential and contributing to the continent’s economic growth.

SEE ALSO: AFRICAN TECH STARTUP INVESTMENT FELL BY 28% TO $2.4BN IN 2023 AS GLOBAL “FUNDING WINTER” BEGINS TO BITE

With a mission to empower startups to thrive in Africa’s ever-evolving tech landscape, Innovate Africa Fund will provide insight-driven capital that helps founders accelerate the journey from Minimum Viable Product (MVP) to Product-Market Fit (PMF). The goal is to facilitate the infrastructure that enables founders to unlock growth through audacious problem-solving, supported by access to a comprehensive ecosystem of resources.

With an average investment of USD$50,000 (approx. UGX185,441,250), the venture fund offers a comprehensive support package to propel promising startups toward success. The robust suite of critical advisory resources includes expert guidance in finance, governance, public relations, and strategy, ensuring a solid foundation for growth.

Through its Product Leadership Accelerator, the fund delivers crucial product development support, helping startups refine their offerings and achieve product-market fit. It also facilitates talent resourcing via an extensive partner network, connecting startups with skilled professionals across various domains.

The fund’s portfolio strategy encompasses first cheque funding, a refined product operating model, valuable network and partnerships, assistance with revenue model iterations, and comprehensive operations and governance advisory. This holistic approach aims to accelerate startups’ path to success, providing them with the tools, resources, and connections needed to navigate early-stage challenges and achieve sustainable growth.

Innovate Africa Fund is anchored by a network of experienced operators and product specialists across Africa, providing a vigorous foundation of knowledge and experience to guide early-stage founders towards success.

Speaking about the launch of the fund, Kristin Wilson, Managing Partner of Innovate Africa Fund said they have witnessed the struggles that early-stage African founders face up close. “We know that brilliant ideas often lack the resources they need to truly thrive,” she said. “It’s not just about funding, it’s about deep expertise and strong connections–and our investment strategy breaks the cycle of innovators being at the mercy of those with too much leverage and too little knowledge.”

She adds “As a founder-first catalyst fund, we provide insight-driven capital to help founders accelerate their journey from MVP to PMF. By providing this support and funding, innovators can focus their efforts on building sustainable, transformative businesses that solve wicked problems and return value to investors.”

Christian Idiodi, Founder of Innovate Africa Foundation said through the Innovate ecosystem, they connect their portfolio companies with seasoned operators and advisors, both in Africa and globally, to ensure they get the expertise they need.

“The African diaspora has sent over USD$150 billion (approx. UGX556.3 trillion) back to the continent in the past three years, but financial support alone isn’t enough,” explained Idiodi. “Many are eager to contribute their talent and expertise to impactful ventures, and that’s where we come in. It takes an ecosystem to build a startup.”

Idiodi says by reaching founders at a very early stage, they can connect startups to key partners and help foster their success. “Ultimately, our decisions today will shape who builds, owns, and benefits from the next wave of disruptive technology in emerging markets,” he said.

Also read:

• • Madica invests $600,000 in three African startups that showcase remarkable solutions
  • Seed, Grants, and Funding Rounds: What’s the difference?
  • The challenges faced by female founders in the startup world
  • OP-ED: Startups should adopt a go-to-market strategy

Innovate Africa Fund is part of an ecosystem of companies, working together to empower Africa with meaningful technology. Through the fund, Innovate Founders will have access to the Product Leadership Accelerator, Pan-African Product Tours, InspireAfrica Gatherings, and Silicon Valley Product Group Coaching Programs.

Applications are open (APPLY HERE IF YOU MEET CRITERIA) for founders across Africa who meet the six criteria for screening: Character, Credibility, Capacity, Courage, Competence, and Context.

ALSO READ: RAE CALLS FOR APPLICATIONS FOR THE 2025 AFRICA PRIZE FOR ENGINEERING INNOVATION

The post Innovate Africa Launches With $2.5M Angel Fund to Back 20 Startups appeared first on PC Tech Magazine.

Simultaneously, RAE also announced the three runners-up Kevin Maina (Kenya), Rory Assandey (Cote d’Ivoire), and Martin Tumusiime (Uganda) — Yo-Waste who each received a cash prize of 15,000 Pounds (approx. USD$19,000, UGX70.5 million) to support the development and scaling of their products, bringing benefits to a wider audience.

Yo-Waste in particular was developed by Martin Tumusiime, a Ugandan digital entrepreneur, to address challenges with official waste management capacity. Dubbed the ‘Uber for Waste’ Yo-Waste stands out for its solution that simplifies recycling and waste collection for residences and businesses in urban areas —contributing to cleaner communities.

“With Yo-Waste we have developed a unique service that can contribute to the economy and build cleaner, healthier, and more sustainable urban environments,” says Tumusiime. “We want to revolutionize waste management with technology solutions.”

The downloadable mobile and unstructured supplementary service data-based app uses routing and scheduling algorithms to optimize waste collection routes, which reduces costs and improves efficiency. It has GPS location technology to pinpoint collection points, which overcomes the challenge of people not having official addresses in informal residential areas. In addition, the app also has a calendar showing collection days and sends reminders to customers. Collections can be regular or one-off.

Customers pay USD$3 (approx. UGX12,000) for weekly collections of a single bag, and up to USD$8 (approx. UGX30,000) for three bags.

How does Yo-Waste work?

Yo-Waste works with freelance garbage collectors. Through their app which is available for download on PlayStore and Google Play, users can schedule where and when they want their trash picked up. On D-day, the app finds someone nearby to pick up your trash. The freelance garbage collectors use their trucks/vehicles or other means of transportation to collect the trash. Once they’ve collected it, they take it to the right place and dispose of it safely.

According to the startup’s website, Yo-Waste has 40 waste collectors serving up to 1,000 subscribers —97% of them being households (10,000), collecting up to 10.5 tonnes of waste in a day and recycling up to 50 tonnes of plastic waste.

Yo-Waste aims to expand to 5,000 users this year and reach up to 20,000 in 2026. Tumusiime also hopes to develop his product with further data analytics to better account for traffic, weather, and distance. With the new funding from the Royal Academy of Engineering, Tumusiime and his team will try to make this possible.

It is reported that 40% of waste is disposed of properly, with more than 60% going to open dumpsites leading to environmental and health risks. With Yo-Waste, Tumusiime believes it will revolutionize waste management with technology solutions.

The post Martin Tumusiime’s ‘Uber for Waste’ app Receives $19K Grant From RAE appeared first on PC Tech Magazine.

This initiative underpins the company’s ambition of leading digital solutions for Uganda’s progress based on the belief that everyone deserves the benefits of a modern connected life. The three-year initiative, with an investment worth UGX4.5 billion, aims to create 150 startups and equip 8,000 youths with digital skills transforming Uganda’s population into a digitally skilled workforce as the country positions itself to reap its dividend from the ongoing Fourth Industrial Revolution (4IR).

For this second phase, the telco collaborates with the Ministry of ICT & National Guidance, the National ICT Innovation Hub, Centenary Technology Services, MUBS Entrepreneurship Innovation & Incubation Centre, and Engage Consult to ensure the program’s success and sustainability.

The second phase of the MTN ACE Program was launched at the National ICT Innovation Hub in Nakawa with the State Minister for ICT and National Guidance, Hon. Joyce Nabbosa Ssebugwawo, Ps. for the Ministry of ICT & National Guidance, Dr. Aminah Zawedde, CTO at Centenary Technology Service, Peter Kahiigi, and Steven Kirenga, Head of Product & Business Development at Centenary Technology Service, among others in attendance.

While speaking at the launch event, MTN Uganda CEO, Ms. Sylvia Mulinge remarked that as the second phase of the MTN ACE program takes shape, the telco is more committed than ever to empowering the youth to become innovators, entrepreneurs, and leaders in the digital age.

“The MTN ACE program seamlessly aligns with MTN’s Ambition 2025 of leading digital solutions for Uganda’s progress and supporting the government’s development goals in the National Development Plan III and Vision 2040, especially in addressing the high youth unemployment rate—a challenge projected to grow as the population expands,” explained Mulinge.

Hon. Joyce Nabbosa Ssebugwawo appreciated the partners’ effort in developing a digitally experienced and empowered generation. She encouraged innovation and productivity across people, organizations, businesses, and government.

The first phase of the MTN ACE program which has been running since December 2022, saw 185 youths graduate across three distinct programs; MTN ACE Tech, MTN ACE Career program, and MTN ACE Skills program. Additionally, 20 enterprises were selected for ACE Tech acceleration, and 15 for incubation, demonstrating the program’s significant impact on nurturing youth skills and enterprises.

Also read:

• • MTN Uganda unveils 118 women suppliers under the AWE Program
  • MTN Foundation celebrates the graduation of 70 girls under the MTN Girls in Tech program
  • MTN Uganda unveils the ‘AWE Project’ to pave the way for women entrepreneurs

MTN Uganda has sunk UGX1.5 billion in the first phase of the program.

With UGX4.5 billion earmarked for the second phase, a bigger reach is promised. MTN will set up four regional ICT and innovation hubs in the main national public universities; Makerere University (Central), Gulu University (North), Kabale University (West), and Busitema University (East). These hubs will be established in close collaboration with the program partners.

The hubs will create an environment for ICT innovators who face challenges with workspace, limited internet connectivity, and the need for creative spaces that spur innovative thinking. The construction of these hubs in these regions is to showcase that the program is national, ensuring that youth from all regions of the country can participate and benefit from the program.

The MTN ACE program continues to focus on three key areas (1); the MTN ACE Tech which upskills youth interested in tech-related innovations, (2); the MTN ACE Career empowers fresh graduates with workplace skills and internship placements, and lastly (3) the MTN ACE Skills is tailored for youths in or out of school, equipping them with entrepreneurial skills to start businesses. You can join any of the programs here.

Beyond the MTN ACE program, the MTN Foundation is involved in several other youth empowerment initiatives, including MTN Skills Academy and MTN Internet Bus —providing the youth with digital skills, and enhancing their employability and entrepreneurial capabilities in Uganda and beyond.

MTN Uganda remains dedicated to fostering digital literacy and innovation to drive economic growth and development.

The second phase of the MTN ACE program is a testament to the telco’s commitment to empowering the youth and transforming Uganda’s digital and subsequently, economic landscape.

ALSO READ: MTN UGANDA BOOSTS DIGITAL LITERACY AND PROMOTES EDUCATION IN KARAMOJA

The post MTN Invests UGX4.5bn in the Second Phase of MTN ACE Program appeared first on PC Tech Magazine.

You could ask, why do they do it?

It’s similar to stock market trading but with a unique twist. Investing in commodities allows traders to surf the waves of price fluctuations, protect themselves from risk, and add a little diversity to their portfolios. It resembles a crowded market, full of chances for those brave enough to take them.

Leveraging the pip calculator for precise trading

Alright, let’s speak about accuracy. Hitting the bullseye is crucial in the world of commodities trading, and your reliable bow and arrow is the pip calculator. You may wonder what a pip is. Consider it as the cherry on top of your trading sundae—the smallest measurement of change in currency value.

Traders can now easily determine the value of each pip in their local currency thanks to the pip calculator. Traders may quickly calculate the possible gains or losses on their transactions by entering specifics like the currency pair, trade size, and account currency with a few clicks and clacks.

It supports your trading approach by providing you with the necessary knowledge to make smart moves and stay ahead of the curve.

Exploring the stochastic indicator for market analysis

Imagine traders searching the market for hints and information that would help them decide what to do next, just like astute detectives might. Presenting the reliable companion in their collection of technical indicators: the stochastic indicator.

This bad boy gives traders a glimpse into whether the market is feeling a little overly optimistic or bearish by comparing a commodity’s closing price to its price range over a predetermined period, generally 14 days.

It functions as a kind of mood ring for commodities trading, allowing traders to determine if an asset is overbought or oversold with values ranging from 0 to 100. Equipped with this understanding, traders may confidently traverse the turbulent waters of the market and make well-informed judgments.

Diving into different types of commodities

Shall we take it apart, please? There are four primary categories of commodities: livestock, energy, agriculture, and metals. Imagine yourself in a gleaming metal wonderland where hardy industrial metals like copper and aluminum coexist with sparkling gold, silver, and platinum at every turn.

Then go to the energy industry, where natural gas, heating oil, and crude oil are used to keep the globe going. The agricultural sector comes next, where the dominant crops that power our breakfasts and other meals include wheat, corn, soybeans, and coffee.

Finally, but just as importantly, welcome to the livestock gang: feeder cattle, lean pigs, and live cattle that keep our markets bustling and our meals full. Every kind of commodity has its distinct price drivers, trading vibes, and peculiarities in supply and demand.

Managing risks in commodities trading

Trading commodities comes with a set of hazards, just like any other trade job; consider price fluctuations, geopolitical unrest, and supply chain mishaps. In this journey, risk management is your reliable companion.

You have a diverse portfolio to spread your bets like a shrewd card shark, stop-loss orders to halt any losses, and leverage to magnify your returns when employed skillfully. Not to be overlooked is the power of information.

Your hidden weapons for navigating the rough waters of the commodities market like a seasoned captain include being abreast of market rumors, completing your study, and adhering to a well-thought-out game plan.

Having these resources under your belt will prepare you to handle any curveballs the market may present.

Also read:

• • Broker Review: I’m happy to continue trading with ADSS
  • What is stock trading software, and how can it help you make smart trading and investment decisions
  • Why now is the time to start forex trading

Embracing technological advancements

Thanks to technological developments, the world of commodities trading has experienced a significant transformation, becoming a playground of efficiency and accessibility unlike anything seen before.

Imagine this: traders of all stripes can now participate in the commodities market frenzy from anywhere in the world, due to sophisticated algorithmic trading systems, smartphone applications, and internet trading platforms.

There are no longer any hurdles to overcome.

Blockchain technology is making a splash, with its efficiency and transparency threatening to upend commodity supply networks. Traders that jump on these technologically astute bandwagons might maintain an advantage over their competitors by stylishly riding the waves of market chances.

In summary, traders and investors looking to add some spice to their portfolios and experience the ups and downs of the market may find a plethora of options in commodities trading. You may navigate this dynamic market with the delicacy of an experienced captain and realize your financial goals by learning the ins and outs of commodities trading, becoming an expert with technical indicators, and managing risk.

A combination of perseverance, self-control, and commitment is necessary for success in commodities trading, regardless of experience level. Equipped with the necessary knowledge and resources, you’ll be ready to take on the thrilling world of commodities trading head-on and forge your path to financial success.

ALSO READ: LEARNING HOW TO GET INTO TRADING

The post An Essential Guide: Mastering the Art of Commodities Trading appeared first on PC Tech Magazine.

In the Budget reading speech that was held at the Kololo Independence Grounds on Thursday, June 13, the Minister of Finance, Planning, and Economic Development, Hon. Matia Kasaija remarked that at the end of the financial year 2023/24, building on investments made the government record significant achievements. Among the achievements was Kiira Motors Corporation (KMC), a state enterprise established to champion the development of the Domestic Automotive Value Chain for job and wealth creation and to commercialize the electric vehicle project.

The government has supported KMC in building 2,500 vehicles capacity per year. The facility has capabilities for bus and truck body manufacture, vehicle painting, powertrain manufacture, electrical & electronic systems, trim integration, production quality inspection, and testing. The government has pledged UGX32.5 billion to KMC in the next financial year to complete their state-of-the-art plant in Jinja Industrial Park.

The complex has so far manufactured 39 buses (Kayoola Coach and Kayoola EVS) of which 27 are electric and 12 are low-emission diesel. The company has managed to receive orders for more than 100 buses from Tanzania, South Africa, Eswatini, and Nigeria. This demonstrates the huge market potential for the vehicles.

KMC currently employs 168 people in engineering, production, marketing and sales, and finance and administration. “This employment number will increase to 600 once the plant in Jinja is fully operational,” Kasaija said during the budget reading yesterday.

KMC is also onboarding several partners to support the deployment and distribution of fast-charging infrastructure, ensuring a seamless electric vehicle ownership experience is aligned with the National E-Mobility Strategy.

While speaking at the launch of eight 8-meter Kayoola EVS buses produced at Luweero Industries Limited in Nakasongola, Prof. Sandy Stevens Tickodri-Togboa, Kiira Motors’ Executive Chairman, said, “Uganda’s push towards becoming a net source of e-Mobility Solutions in Africa is steadily getting closer, and we are proud to contribute to this agenda. This progress is due to our strategic partnership with National Enterprise Corporation and its Luwero Industries Limited subsidiary.”

Tickodri-Togboa emphasized the need for Ugandans in both the private and public sectors to adopt environmentally sustainable mass transport solutions that offer quality and value for money, especially since Kampala’s air is nine times more polluted than the WHO’s recommended limit.

Also read:

• • Uganda’s electric vehicle revolution: Driving towards a sustainable future
  • SPIRO, gov’t sign MoU to deploy electric motorbikes to reduce harmful emissions
  • SPIRO secures $50M from Afreximbank to boost sustainable transportation in Africa

On another matter, Kasaija highlighted the government’s support towards the rapid human capital development of the Aerospace Programme which is training Ugandan engineers in Japan, China, and Egypt.

The government has partially refurbished the headquarters of the Space Programme, the Mpoma Satellite Earth Station to enhance weather prediction and monitoring of landslides and the environment.

“Government will support completion of these initiatives including the establishment of a satellite development laboratory and a modern Geospatial Centre to be able to obtain data from a broad spectrum of satellites from partner Nations,” said Kasaija.

This year’s National Budget reading was themed “Full Monetization of Uganda’s Economy through Commercial Agriculture, Industrialization, Expanding and Broadening Services, Digital Transformation, and Market Access”.

ALSO READ: OP-ED: TRANSPORTATION GRADUALLY GETTING ELECTRIC AND MORE DIGITALIZED IN UGANDA

The post Government Pledges UGX32.5bn for Completion of Kiira Motors’ Industrial Plant appeared first on PC Tech Magazine.

Supported by MEDA, the Obuntu Launchpad Program which is a 12-month program will provide tailored training, LP engagement opportunities, and a collaborative network for knowledge sharing and deal flow to candidates enrolled in the program.

The call for nominations to the third cohort is open until June 9th. African-focused fund managers are invited to apply so they can have the opportunity to advance their investment approach, optimize fund outcomes, and expand their impact.

“We are excited to join forces with MEDA, an organization that shares our passion for empowering African entrepreneurs and driving economic development,” Wambui Kinya, Co-Founder of the Obuntu Foundation said in a press statement. “This partnership serves as a validation of our successes to date and will significantly enhance our Launchpad Fellowship, providing our fellows with unparalleled access to MEDA’s vast network, resources, and expertise.”

Dr. Dorothy Nyambi, President and CEO of MEDA said the company is thrilled to partner with the Obuntu Foundation to build a continent with shared prosperity and sustainable, inclusive growth.

“This partnership is critical and represents our shared commitment to strengthening the impact investment ecosystem in Africa by enabling more women to lead investment vehicles thereby unlocking the full potential of African entrepreneurship to job creation for women and youth via investments in small and medium-sized enterprises,” said Nyambi.

The partnership with MEDA will strengthen the Obuntu Foundation’s mission of empowering a thriving ecosystem of African fund managers. By attracting significant investments from both local and international backers, this collaboration injects vital capital into a continent where startups remain underfunded yet abound with potential.

Since its launch in 2022, the Obuntu Launchpad Fellowship has successfully run two cohorts, supporting 24 fellows representing 21 funds with a combined target Assets Under Management (AUM) of USD$281 million (approx. UGX1.069 trillion). The program’s commitment to nurturing a vibrant ecosystem of skilled, innovative fund managers continues to contribute significantly to the entrepreneurial landscape across Africa, highlighted by its alumni achievements:

• 58% of the fellows are female.
• Alumni are based across 8 African countries in Anglophone, Francophone, and Arabic-speaking Africa.
• Actively investing across Africa, including Egypt, Morocco, Nigeria, Kenya, Tanzania, Uganda, Namibia, Botswana, South Africa, Zambia, Mauritius, Côte d’Ivoire, and Senegal.

By catalyzing the energy of the venture capital ecosystem on hand to support first-time fund managers investing in belief capital, MEDA, and Obuntu ensure that successful participants will receive ongoing support; this includes mentorship, fundraising assistance, and promoting innovative fund models tailored to the unique needs of African startups.

The fellowship features practitioner-led sessions by industry experts like Lewam Kefela (Partech), Andreata Muforo (TLcom Capital), and Fope Adelowo (Helios).

Nominations are open (LINK FOR SUBMISSION) until June 9th for active Africa-focused VC Fund Managers who meet the following criteria:

1. Diverse profiles ranging from local startup and corporate operators to experienced senior roles within a VC fund.
2. Prior experience investing in Africa, and active pursuit of building their new fund.

ALSO READ: OPENSEEDVC LAUNCHES $10M FUND FOR STARTUP FOUNDERS IN AFRICA AND EUROPE

The post Obuntu Foundation, MEDA to Empower Emerging African Fund Managers appeared first on PC Tech Magazine.

The fund, backed by LPs such as founders, operators, and HNIs across Africa, Europe, and the US, will offer up to USD$150,000 (approx. UGX563.6 million) starter cheques, along with access to its robust network of over 50+ seasoned industrial experts to support founders just starting their tech startups from scratch.

In addition, OpenseedVC will also invest mainly in the Future of Commerce i.e. B2B Software, Artificial Intelligence (AI), Fintech, and the Future of Health & Work to align the inherent impact of the portfolio with the UN Sustainable Development Goals (UN SDGs).

The fund will primarily invest in founders in Africa and Europe and aims to invest in at least sixty (60) startups over the next five (5) years.

OpenseedVC is the brainchild of General Partner, Ms. Maria Rotilu, whose vision is to invest early in the growing number of experienced founders who aspire to launch their tech startups. Maria believes that OpenseedVC founders at the earliest stages get much-needed capital & conviction, and the added benefit of a community of experienced operators to support from start to launch.

The fund has made its first two investments in the Future of Commerce and Health —the first is an AI-enabled supplier dispute resolution software in the UK and the second is a foundational speech-to-text transcription model for underserved accents, starting with Africa.

ALSO READ: TRANSFORMING EDUCATION WITH AI TRANSCRIPTION

Speaking on the launch of OpenseedVC Fund, Ms. Maria Rotilu said, “As an investor, I have encountered incredibly talented and experienced founders, and the challenges faced as they try to launch their startups. They have the advantage of domain expertise and unique insight into large problems that can be tackled with innovative technology.”

Rotilu further stated, “Those who are visionaries coupled with the ability to execute, scale, build teams, and have the grit required to solve difficult problems — these skills, especially in the current market, are highly relevant to building technology startups that solve real problems, and creating scalable value for the global economy and our investors.”

Rotilu emphasized that the experience seasoned startup founders bring in terms of business building, combined with the dynamism and hustle that founders possess, is the focus for OpenseedVC.

“The current difficult fundraising climate is especially harsh for early-stage founders, but we believe incredible companies are born in the most difficult macroeconomic climates,” said Rotilu. “We want to be first believers in these experienced founders to give a great head start, with capital and an extensive operator network that support from start to launch of their technology companies.”

Also read:

• • Madica invests USD$600,000 in three African startups that showcase remarkable solutions
  • Why some startups fail
  • African tech startup investment fell by 28% to $2.4bn in 2023 as global “funding winter” begins to bite
  • The challenges faced by female founders in the startup world

Maria Zubeldia, Director of the Entrepreneurship Centre at Saïd Business School, University of Oxford adding to Rotilu’s remarks said, “Our goal is to foster a supportive ecosystem for exciting early-stage startups in which to develop and scale, and it is gratifying to see Rotilu carry this ethos forward with the launch of OpenseedVC.”

“I look forward to following the development of the fund,” added Zubeldia.

Global ecosystem data reveals that up to 9 out of 10 startups fail, with the lack of necessary expertise and business acumen of founders identified as a major contributing factor. This has in part led to a 45% failure rate for VC investments.

OpenseedVC operates at a sweet spot where startups with strong potential for success, partly based on the founder’s relevant execution ability, receive support. This approach ensures that capital is directed towards businesses more likely to solve real, scalable, and impactful problems effectively.

The fund is open to:

1. Domain experts / Seasoned founders at high-growth technology companies, including first-time founders
2. Second-time founders who’ve built and exited a previous startup

All applications to OpenseedVC will undergo the same evaluation process, and investments will be made on a rolling basis throughout the year (CLICK HERE TO APPLY FOR THE FUND).

According to the Global Startup Ecosystem Report by Startup Genome, the number of tech startups globally has been steadily increasing year over year, with the report accounting for 3.5 million startups in 2023. Figures show that in 2020 there were over 300,000 new tech startups established globally, underscoring the development of a critical mass of strong operator talent pipeline emerging from within the tech startup ecosystem.

With global early-stage equity funding experiencing a significant contraction of as much as – 54% YoY (-33% YoY in Africa), the OpenseedVC fund offers a much-needed opportunity for operator talent to access the support they need.

Furthermore, with just 8% of VC firms in Europe and Africa being led by former operators, compared to nearly half of US VCs, the OpenseedVC operator-led fund represents a positive development. Founders have an opportunity to collaborate with investors who possess a profound understanding of product and company development and can empathize with them throughout their journey.

The unique Africa and Europe-focused fund also allows for the exploration of synergies between Afro-European VC ecosystems, similar to what is more prevalent in the US-Africa VC space.

ALSO READ: SEED, GRANTS, AND FUNDING ROUNDS: WHAT’S THE DIFFERENCE?

The post OpenseedVC Launches $10M Fund For Startup Founders in Africa and Europe appeared first on PC Tech Magazine.

During the signing, Spiro’s CEO, Kaushik Burman stated that the partnership with Afreximbank is a pivotal development for Spiro. “The USD$50 million debt facility will significantly enhance our operational capabilities and help us expand our footprint to more African countries.” He added, “It’s a testament to the confidence in our business model and contribution to sustainable development in Africa.”

The funds will be utilized further to expand Spiro’s network of automated swap stations and introduce new electric bike models, enhancing the accessibility, and convenience of green mobility solutions. As Spiro continues to lead the charge in transforming Africa’s transport ecosystem, this partnership with Afreximbank marks a significant milestone in the journey towards a greener future.

Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development Bank at Afreximbank expressed enthusiasm about the partnership. In her remarks, she said the partnership affirms their commitment to fostering sustainable innovation and green technologies in Africa.

“We are happy to support Spiro through this facility which will accelerate the adoption of electric vehicles and enhance transportation across Africa,” said Awani. “This collaboration reaffirms our belief in the power of innovation to create a better world for future generations.”

Spiro is one of the largest electric vehicle companies in Africa, with over 14,000 electric bikes, and over 9 million swaps in five countries. Operating across multiple African nations, Spiro’s mission is to reduce environmental impact and enhance urban mobility, build an integrated EV ecosystem in Africa with a multitude of partners, and establish a wide range of charging infrastructure which includes battery swapping and direct charging.

Anish Jain, Group CEO of Equitane also expressed his support for this new venture, stating, “As part of the Equitane Group, Spiro embodies our commitment to pioneering solutions that promote sustainability and economic growth. We are proud to see Spiro take this remarkable step forward, paving the way for a cleaner, more sustainable future in African transportation.”

Afreximbank has been instrumental in fostering economic development across Africa. The bank’s support for Spiro not only highlights the potential of green technologies in Africa but also aligns with its broader strategy to facilitate environmental sustainability and economic resilience.

The official signing ceremony featured Spiro’s CEO; Mr. Kaushik Burman, and Ms. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development Bank at Afreximbank.

ALSO READ: SPIRO, GOV’T SIGN MOU TO DEPLOY ELECTRIC MOTORBIKES TO REDUCE HARMFUL EMISSIONS

The post SPIRO Secures $50M From Afreximbank to Boost Sustainable Transportation in Africa appeared first on PC Tech Magazine.

In recent years, as concerns over urban air pollution and the sustainability of traditional transportation methods have grown, the spotlight has turned to electric vehicles (EVs) as a promising solution. While four-wheeler EVs have garnered much attention globally, it’s the electric motorcycles that are quietly reshaping the transportation landscape in Uganda.

The economics of electric bodas

At first glance, the switch to electric may seem daunting for “boda boda” riders, given the higher upfront cost of electric motorcycles compared to their traditional counterparts. However, a closer look reveals a different story. Despite the initial investment, the long-term benefits of electric motorcycles far outweigh the costs.

One of the most significant advantages is the reduced operational expenses. Riders utilizing lithium-ion batteries in their electric boda bodas can save approximately 30% compared to fuel costs. This translates to a substantial increase in daily earnings, with riders pocketing up to UGX70,000 to UGX90,000, thanks to these savings.

Moreover, the convenience and affordability of battery swaps further contribute to the appeal of electric motorcycles. With a swap costing only UGX5,000 compared to UGX15,000 for fuel, riders typically need just one swap per day, significantly reducing their operational costs and maximizing their income potential.

Key players driving the EV wave in Uganda

Behind Uganda’s electric revolution are several key players driving innovation and sustainability in the transportation sector.

Spiro

At the forefront of this movement is Spiro, an electric mobility company dedicated to transforming the transportation landscape across Africa. With an ambitious plan to deploy 140,000 electric bikes in Uganda over the next 5 years, Spiro is poised to make a significant impact on urban mobility in the region.

GOGO Electric

Formerly known as BODAWERK, GOGO Electric specializes in advanced lithium-ion battery technology. Their battery swap network enhances the practicality of electric vehicles, making recharging a seamless experience for riders. By championing sustainable transportation solutions, GOGO Electric is paving the way for a greener future in East Africa.

Zembo

Zembo Motors is another key player in Uganda’s electric motorcycle market, providing electric “boda boda” motorcycle taxis to riders in Kampala. Through their innovative lease-to-own model and battery swap stations, Zembo is making electric mobility accessible and affordable for drivers while also fostering economic growth in the region.

Green Hub

Co-founded by Kjaer Group/Motorcare and Nexus Green Ltd, Green Hub is a Ugandan e-mobility start-up with a vision to transform the country’s transport sector. By offering affordable e-bikes and establishing charging points in Kampala, Green Hub is playing a crucial role in promoting sustainable transportation solutions.

Watu

Watu is an asset financing company that is making electric boda bodas accessible to a broader range of riders through innovative financing solutions. By offering flexible payment plans and low down payments, Watu is empowering Ugandan riders to embrace electric mobility while also contributing to a cleaner environment.

MOGO Uganda

Part of the Eleving Group, MOGO Uganda is a FinTech company that provides financing for motor-based assets, including electric motorcycles. Through their sustainable financing solutions and low-maintenance electric bikes, MOGO Uganda is driving the adoption of electric vehicles and paving the way for a greener, more sustainable future.

SafeBoda

SafeBoda earlier today introduced Electric Bodas as part of their commitment to promoting sustainable transportation options. By collaborating with leading EV manufacturers and providing riders with access to electric bikes, SafeBoda is leading the charge toward a greener, more sustainable future for Uganda’s transport landscape.

Also read:

• • Kenya sees green travel revolution as Bolt, M-KOPA unveil e-Bikes for drivers
  • Uber launches a new rider preference, ‘Uber Comfort’ in Kenya
  • SPIRO, Gov’t sign MoU to deploy electric motorbikes to reduce harmful emissions

Empowering change through Electric Mobility

Beyond driving economic growth and environmental sustainability, Uganda’s electric revolution is also fostering social change and empowerment. Initiatives like SafeBoda’s Women on Wheels are breaking down gender barriers in the male-dominated “boda boda” industry, empowering women to embrace electric mobility and seize new opportunities for economic and social advancement.

Uganda’s electric motorcycle industry is poised for exponential growth, driven by innovation, sustainability, and a commitment to positive change. With key players like Spiro, GOGO Electric, Zembo, Green Hub, Watu, MOGO Uganda, and SafeBoda leading the charge, the future of transportation in Uganda is electric — and the possibilities are limitless.

ALSO READ: UGANDA’S ELECTRIC VEHICLE REVOLUTION: DRIVING TOWARDS A SUSTAINABLE FUTURE

The post OP-ED: Who Powers Uganda’s EV Motorbike Business appeared first on PC Tech Magazine.

The seed funding round included investment from YCombinator, Goodwater Capital, FounderX Ventures, Hoaq Fund, Levare Ventures, True Culture Funds, and Haleakala Ventures. Co-founders of Rappi; Simon Borrero and Juan Pablo Ortega, co-founders of Paystack; Shola Akinlade and Ezra Olubi, Sudeep Ramani; founder and CEO of Sportybet, Ayo Arikawe; co-founder of Thrive Agric, and Karthik Ramakrishnan also participated as angels.

Chowdeck is an on-demand delivery service in Nigeria that allows consumers to buy food and deliver it to their doorstep in 30 minutes, on average. The startup has built an effective logistics operation that food vendors can leverage to seamlessly deliver meals to customers while providing consumers with a platform to order meals from restaurants.

In a press statement, Femi Aluko, CEO and co-founder of Chowdeck said, “We know that Nigerians love food, and we just want to make it as easy as possible for them to access the food they desire.” “Chowdeck was birthed to fulfill this purpose and we are committed to delivering truly excellent experiences for our customers, vendors, and riders.”

Aluko noted that they are pleased with the success they have achieved to date and excited to have raised USD$2.5 million (approx. NGN3.442 billion, UGX9.54 billion) in seed funding that will enable them to replicate the success they have achieved in more parts of Nigeria and add value to their customers, vendors, and riders.

Since launching in October 2021 after the COVID-19, Chowdeck has acquired more than 500,000 users and more than 3,000 riders that serve eight Nigerian cities (Lagos, Abuja, Ibadan, Port-Harcourt, Ilorin, Benin City, Abeokuta and Asaba). This new funding will enable Chowdeck to double down on its market leadership in these cities and lay the groundwork for further expansion into other Nigerian cities.

Also read:

• • Madica Invests $600K in three African startups that showcase remarkable solutions
  • African tech startups invited to showcase at 8th Africa Tech Summit London
  • African tech startup investment fell by 28% to $2.4bn in 2023 as global “funding winter” begins to bite

Shola Akinlade, CEO and co-founder of Paystack said Chowdeck is not only addressing the crucial need for an efficient and reliable on-demand delivery service in Nigeria, but the team embodies innovation and a commitment to excellence.

“It is a privilege to be part of their journey and I look forward to celebrating more success with them in months and years to come,” said Akinlade. “Apart from investing financially into the company, our experience with building Paystack puts us in a great position to provide a lot of practical support and I am excited to see what it is to come from the Chowdeck team.”

June Angelides, Partner at Levare Ventures said Chowdeck has become a household name across Nigeria, priding itself on very high standards of execution. “They are addressing a large and complicated problem, especially in Africa, delivering goods at record speed,” she said. “There’s so much more to come and I’m excited to be with them on the journey.”

Driven by increased smartphone and internet penetration, improved payment systems, evolving consumer preferences, and a range of other factors, Nigeria has grown significantly in on-demand delivery services in recent years. This growth trajectory is poised to continue as many of the challenges that hampered previous attempts at providing on-demand delivery services are fixed.

ALSO READ: AFRILABS, MINISTRY OF INVESTMENT OF SAUDI ARABIA TO FOSTER INNOVATION BETWEEN AFRICA AND SAUDI ARABIA

The post Chowdeck Raises $2.5M for On-Demand Food Delivery in Nigeria appeared first on PC Tech Magazine.