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PalmPay launches in Nigeria on $40M round led by China’s Transsion

PalmPay launches in Nigeria on M round led by China’s Transsion Africa focused payment startup PalmPay has launched in Nigeria after raising a $40 million seed-round led by Chinese mobile-phone maker Transsion. The investment came via Transsion’s Tecno subsidiary, with participation from China’s NetEase and Taiwanese wireless comms hardware firm Mediatek — […]

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Chaka opens up global investing to Africa’s most populous nation

Chaka opens up global investing to Africa’s most populous nation Fintech startup Chaka aims to open up online investingd to Africa’s most populous nation, Nigeria. The seed-stage company recently went live with its mobile-based platform that offers Nigerians stock trading in over 40 countries. Chaka positions itself as a passport to local […]

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African logistics startup Lori Systems raises Series A led by Chinese investors

African logistics startup Lori Systems raises Series A led by Chinese investors African on-demand trucking logistics company Lori Systems has raised a Series A round led by Chinese investors Hillhouse Capital and Crystal Stream Capital. Other participating investors included Nigeria and U.S.-based EchoVC, Flexport CEO Ryan Petersen and Nigerian founder Iyinoluwa Aboyeji. […]

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Africa Roundup: Goldman leads $30M Twiga raise, China grows tech influence, Jumia weathers lockup-expiry

Africa Roundup: Goldman leads M Twiga raise, China grows tech influence, Jumia weathers lockup-expiry Kenya’s Twiga Foods raised a total of $30 million in October from lenders and investors led by Goldman Sachs. This adds to the list of African startups the U.S. financial firm has backed, including e-commerce venture Jumia and South […]

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Revisiting Jumia’s JForce scandal and Citron’s short-sell claims

Revisiting Jumia’s JForce scandal and Citron’s short-sell claims In advance of Jumia’s November financial reporting, it’s worth revisiting the company’s second quarter results, the downside of which included some negative news beyond losses. The Africa focused e-commerce company — with online verticals in 14 countries — did post second-quarter revenue growth of […]

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Naspers Foundry is open for South African startup pitches, CEO says

Naspers Foundry is open for South African startup pitches, CEO says Naspers’ 1.4 billion rand (≈$100 million) VC fund to support South African startups — Naspers Foundry — is accepting pitches, after making its first investment in online cleaning services company SweepSouth. The funding initiative also has a new leader, Phuthi Mahanyele-Dabengwa, […]

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Nigeria’s #StopRobbingUs campaign could spur tech advocacy group, CEOs say

Nigeria’s #StopRobbingUs campaign could spur tech advocacy group, CEOs say Nigeria’s #StopRobbingUs campaign to curb police harassment of techies could grow into a formal lobbying group for the country’s tech sector, according to founders Bosun Tijani and Jason Njoku. Tijani, the CEO of Lagos based innovation center CcHub and now Kenya’s iHub, […]

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Africa Roundup: CcHub’s iHub acquisition, Andela’s $50M run-rate and layoffs, Transsion’s IPO

Africa Roundup: CcHub’s iHub acquisition, Andela’s M run-rate and layoffs, Transsion’s IPO Two of Africa’s powerhouse tech incubators joined forces in September. Nigerian innovation center and seed-fund CcHub acquired Nairobi based iHub. The purchase amount was undisclosed, but CcHub will finance the deal out of its real-estate project to build a new 10-story […]

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Africa’s top mobile phone seller Transsion lists in Chinese IPO

Africa’s top mobile phone seller Transsion lists in Chinese IPO Chinese mobile-phone and device maker Transsion has listed in an IPO on Shanghai’s STAR Market, a Transsion spokesperson confirmed to TechCrunch.  Headquartered in Shenzhen, Transsion is a top-seller of smartphones in Africa under its Tecno brand. The company has also started to support […]

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Nigeria’s CcHub acquires Kenya’s iHub to create mega Africa incubator

Nigeria’s CcHub acquires Kenya’s iHub to create mega Africa incubator Two of Africa’s powerhouse tech incubators will join forces. Nigerian innovation center and seed-fund CcHub has acquired Nairobi based iHub — CcHub CEO Bosun Tijani confirmed to TechCrunch. The purchase amount is undisclosed, but Tijani said CcHub will finance the deal out […]

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