Janet John
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Nigeria
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All you need to know about meme coins
Meme coins (also spelt as memecoins) are a type of cryptocurrency created based on popular memes. Memes are jokes, puns, satires, or puns that quickly go viral online. Meme coin creators often get their inspiration from jokes. So they do not always intend for people to take them very seriously. But sometimes, people become interested enough to buy and sell certain meme coins, making them popular. Take for instance, the first meme coin, Dogecoin (DOGE).
Seoul announces plans to build 'Metaverse Seoul'; becomes first major city to join the metaverse.
Seoul, South Korea’s capital, has become the first major city to enter the metaverse. Its Metropolitan Government plans to build a metaverse ecosystem for its municipal administration called Metaverse Seoul. This is a part of the city’s mayor Oh Se-hoon’s plan to make Seoul a global centre for developing technologies. The building project will cost an estimated $34 million and span a five-year period (broken into three stages). According to Mayor Oh Se-hoon, the project begins next year.
2021: A review of the most fascinating tech deals in Nigeria
Despite government regulations and crackdowns, Nigeria’s tech sector has seen enormous gains in 2021. More than $2.9 billion has been raised by African tech startups, with Nigerian startups accounting for about 60% of the total. Following Stripe’s $200 million acquisition of Paystack in 2020, we’ve witnessed a slew of acquisitions this year. In the first half of 2021, Sub-Saharan Africa saw over 333 mergers and acquisitions (M&A) deals worth $51 billion.
Female-led startups that raised over a million dollars in Nigeria in 2021
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Riders to pay more as Uber introduces 3% booking fee from January 2022
Uber, popular ride-hailing service, said on Thursday, December 30, 2021 that it would begin charging users in Nigeria an additional 3% booking fee on all trips. The fee will be implemented on January 1, 2022, according to an email sent to users by the company. According to the email, the additional fee is being implemented to help with operational costs.
Elon Musk's SpaceX has raised over $337 million in new funding
SpaceX, the rocket company founded by billionaire Elon Musk, has raised over $337 million in equity financing, according to Reuters. SpaceX’s valuation reached $100 billion during a secondary share offering in October 2021, with Alphabet Inc and Fidelity Investments among its investors. In April, it raised $1.16 billion in equity funding. Musk, who also runs Tesla Inc, Neuralink, and Boring Co, said earlier this year that SpaceX’s Starship rockets will land on Mars long before 2030.
DEAL: Nigerian edtech startup, Teesas raises $1.6 million in a pre-seed funding round
Nigerian edtech startup, Teesas launched less than two months ago has raised $1.6 million in a pre-seed funding round. The round was led by Haresh Aswani, Tolaram Group’s Africa managing director, with participation from Olivegreen Advisory Partners, an Africa-focused venture studio, and other angel investors. The startup intends to use the funds to expand into new markets, launch a marketplace that connects students with tutors for private lessons, and broaden its product offering.
Nigerian startups that raised above $100 million in 2021
For African startups, this year has been a massive success. Not only have some startups received more than $100 million, but Africa has also garnered investment from well-known investors such as Softbank, a Japanese firm that has invested in Alibaba, Uber, and other well-known companies. Prior to 2021, only two African startups had ever received $100 million in a single round before this year: Andela, and OPay in 2019. In Africa, such substantial raises are obviously uncommon.
Nigerian startup, Identitypass, joins Y combinators winter 2022 batch
Identitypass, a startup that makes it possible for digital businesses in Africa to easily verify their customers within seconds has been accepted into Y combinator’s winter 2022 batch. Y Combinator (YC) is a technology startup accelerator based in California, that was founded in March 2005. Twice a year, the company invests $125,000 in early-stage companies it chooses from a pool of applicants for a 7% equity.
TikTok surpasses Google to become the most visited site in 2021
According to Cloudflare’s 2021 Year in Review internet traffic statistics, popular video-sharing app TikTok has surpassed Google to become the most visited website in the world. TikTok skyrocketed in popularity during the pandemic, reaching 1 billion monthly active users in September. Many individuals resorted to TikTok for fun and relaxation while they spent more time at home to help stop the spread of COVID-19.
Best e-Commerce websites in Nigeria in 2021
When it comes to buying groceries, household appliances, mobile devices, electronics, and other items, online shopping has become the most popular option since the pandemic started. The rapid internet penetration and an increasingly youthful population have contributed to this growth. In Sub-Saharan Africa, e-commerce is gradually impacting the retail sector.
Ventures Platform announces the first close of its $40 million pan-African fund
Ventures Platform, an African early-stage investment fund that supports innovative companies solving problems in Africa has announced the first close of its $40 million pan-African fund. The limited partners (LPs) participating are headquartered in Nigeria and Africa, which demonstrates the growing magnitude of local investors’ checks in backing the region’s most creative companies. One of these LPs is Paystack CEO, Shola Akinlade.
DEAL: Alitheia IDF announces final close of $100 million fund
The management of Alitheia IDF (AIF), Africa’s first women-led and women-focused private equity fund, has announced the final close of the $100 million fund with European Investment Bank (EIB) joining as the closing investor with $24.6 million. With this final close, Alitheia IDF becomes the largest gender-lens private equity fund by value in Africa.
DEAL: Edukoya, African online learning platform raises $3.5 million pre-seed
Edukoya, an Africa-focused online learning platform, has raised $3.5 million in a pre-seed round. This is the largest pre-seed round raised by an African EdTech platform to date.
Global chip shortage could make your Christmas gifts more expensive
The global chip scarcity has been simmering for over a year and shows no signs of abating. Individuals may be forced to spend more on their Christmas gifts as a result of this phenomenon. As technology has advanced, semiconductor chips have spread from computers and cars to toothbrushes and tumble dryers they now lurk beneath the hood of a surprising number of products. But demand for chips is continuing to outstrip supply, and carmakers are no longer the only companies feeling the pinch.
DEAL: African edtech startup, uLesson raises $15 million in Series B round
African edtech startup uLesson has raised $15 million in a Series B round. This round is coming 11 months after uLesson raised $7.5 million in Series A. This round had participation from Tencent, Nielsen Ventures, and existing investors Owl Ventures, TLcom Capital and Founder Collective. According to the company, the new funding would allow uLesson to continue investing in product development, expand its core technology, and introduce cohort-based learning features.
DEAL: CinetPay raises $2.4 million in seed round co-led by Flutterwave and 4DX Ventures
CinetPay, a digital finance platform that enables merchants in Francophone Africa to seamlessly accept and make payments, has announced a $2.4 million seed fundraising round from 4DX Ventures and Flutterwave. The investment will boost CinetPay’s sales and marketing efforts across nine markets in West and Central Africa. CinetPay has completed more than 30 million transactions for 350 active merchants in nine countries since its launch in Côte d’Ivoire in 2016.
Tiwa Savage, Obi Cubana, Sunday Igboho lead Nigeria’s top Google searches in 2021
Google recently released the results of its 2021 Year in Search, which highlight the most popular phrases, topics, and inquiries among Nigerians in 2021. Each year, Google creates a list of the moments, people, ideas, events, and locations that captivate the world’s attention.
Payroll and HR management company, Bento, expands to Ghana, Kenya and Rwanda
Bento, a pan-African digital payroll and HR Management (HRM) platform, has today announced its launch into three new markets, establishing a presence in Ghana, Kenya and Rwanda to grow the company’s reach across the continent. The payroll and HR Management market in Africa is a huge untapped opportunity with over 400 million people in the labour force.
Equinix is acquiring Nigeria’s MainOne for $320 million as it expands into Africa
Equinix, the world’s digital infrastructure company announced today that it is acquiring MainOne, a West African data centre and connectivity solutions provider with a presence in Nigeria, Ghana, and the Ivory Coast, for $320 million. The deal is scheduled to conclude in the first quarter of 2022, pending the fulfilment of customary closing conditions, including the requisite regulatory approvals.
DEAL: Sendchamp raises $100,000 to bridge communications gap for African businesses
SendChamp, a Lagos-based unified communications startup has raised $100,000 to bridge the communications gap for African businesses. The close of the round also marks the public launch of the startup’s offerings, as it exits a private beta. This angel round saw participation from local angel syndicates like DFSLAB, Hustler Capital, Hoaq Club, Velocity Digital, and angel investors including Prosper Otemuyiwa, Samson Goddy, Merijn Campsteyn, Ayo Arikawe, and Lanre Ogungbe.
WhatsApp now gives users option to set chats to disappear by default
Popular instant messaging service, WhatsApp has added a new feature that gives users better control over their messages and how long they stay visible, with default disappearing messages and customizable durations. The Meta-owned platform, which has over 2 billion users worldwide, is now offering users the option of having their messages disappear after 24 hours or 90 days, in addition to the seven-day timeframe it first announced last year.
DEAL: TradeDepot raises $110 million to extend ‘Buy-Now-Pay-Later’ to retailers across Africa
TradeDepot, the leading B2B eCommerce and embedded finance platform in Africa has raised $110 million in an equity and debt funding round to support the delivery of Buy-Now-Pay-Later services to 5 million SME retailers and drive further expansion of its merchant platform across the continent.
Clubhouse adds Hausa, Igbo and Yoruba as part of its language localisation support
Clubhouse, a social audio app, has launched the second wave of its local language support, adding thirteen more languages to the mix, including Hausa, Igbo, and Yoruba. When the languages – Hausa, Igbo, and Yoruba are selected, the app experience, including prompts, alerts, descriptions, subjects, and more, will be in Hausa, Igbo, and Yoruba. When you launch the app, for example, you will now see an option to change languages, from which you may select your chosen language.
Jack Dorsey’s Square changes name to Block
Square, the payments startup led by Twitter co-founder, Jack Dorsey, has changed its name to Block Inc. in order to grow beyond payments and into emerging technologies such as blockchain. Since its launch in 2009, the company has grown to include Cash App, TIDAL, and TBD54566975 as businesses, and the name change allows for even more expansion.
DEAL: Octamile, digital Insurtech startup, raises $ 500,000 in pre-seed round
Octamile, an Insurtech company enabling insurers and non-insurance businesses to protect African consumers from financial losses, has raised $500,000 in pre-seed funding. The round was led by EchoVC with participation from Fiat Ventures, Kesho VC, Trade X, Verraki Partners, Dale Mathias, Kyle Daley (Founding team member of Chime), and other local and international Angels.
Twitter bans sharing of photos and videos of people without their consent
Twitter will now let private individuals request takedowns of pictures or videos of them posted without their consent. The change is part of Twitter’s expanded private information policy, which the company claims is intended to safeguard users from physical or emotional abuse. Twitter users are already prohibited from publishing people’s home addresses, Government IDs, and other sensitive information under the policy.
Africa Data Centres has launched its 10MW data centre facility in Lagos
Africa Data Centres (ADC), the continent’s biggest network of interconnected carrier and cloud-neutral data center facilities, has announced the opening of a new 10MW data center facility in Lagos, Nigeria called LOS1 data centre. According to the company, the new facility would allow hyperscale clients of Africa Data Centres to install digitization solutions throughout West Africa. The Nigerian data centre would serve as the West African hub for Africa Data Centres.
Flutterwave launches new e-Commerce service to scale SME growth
Flutterwave, Africa’s leading payment technology company, has announced the launch of its new e-commerce service; Flutterwave Market – an extension of its Flutterwave Store service – that will bring together a collection of merchant stores in one place. Flutterwave Market brings e-commerce closer to the merchants and customers of a business. The new Flutterwave Market is designed to assist businesses in reaching new customers and as a result, increase sales and revenue.
Uber launches new safety product to verify cash riders
Ride-hailing platform, Uber has today launched a new safety product to verify cash riders. Uber is always looking for ways to innovate its technology to improve safety for both driver-partners and riders while on the road. The new safety feature, “Rider Selfies” works by prompting riders to share a selfie before requesting their first cash trip. The selfie has to be of one person, with no face coverings like sunglasses or masks, and not be a photo of a photo.
Exclusive: CLUBHOUSE: Why Audio is the next big thing in the evolution of social networking - Aarthi Ramamurthy
Aarthi Ramamurthy is the Head of International at Clubhouse where she focuses on building global communities on the Clubhouse platform. Prior to this, she was a product executive at Facebook building core consumer products such as Facebook Groups, Events, Formats and Governance tools to enable people to connect with others who share similar interests and experiences. Prior to Facebook, she co-founded tech startups backed by Silicon Valley’s top accelerators and investors such as YCombinator.
Twitter CEO, Jack Dorsey steps down, to be replaced by Parag Agrawal
Twitter CEO, Jack Dorsey has confirmed he will step down from his executive position. The announcement has since sent Twitter’s shares soaring by more than 11%. Dorsey is also the CEO of Square, his digital payment startup. Elliott Management, a Twitter shareholder, had planned to replace Dorsey as CEO in 2020 before reaching an agreement with the company’s management.
$160 trillion lost globally due to economic gender gap - Solape Akinpelu
The world has lost over $160 trillion dollars because of economic gender gap and women functioning in underpaid roles. This is according to Solape Akinpelu, Country Manager and CEO of HerVest while giving her speech at a Women in Tech organised digital conference themed, ‘Digitalizing Gender Equality for Brighter Economies’ which was monitored by Nairametrics.
DEAL: Nigerian B2B marketplace, Sabi, raises $6 million in bridge round to expand across Africa
Sabi, Africa’s fastest-growing B2B marketplace has closed a $6 million bridge round to drive expansion. A bridge round is a small round of funding to tide a startup over until its next larger round of funding. The round was led by pan-African VC firm, CRE Ventures. This bridge round is coming a year after closing a $2 million seed round from CRE Ventures, Janngo Capital, Atlantica Ventures and Waarde Capital.
Bolt partners with Max to enable vehicle ownership for up to 10,000 Nigerian drivers
Ride-hailing platform, Bolt has partnered with Metro Africa Express (MAX) – the largest vehicle subscription platform in Africa – to expand the Bolt vehicle financing program in Nigeria. This scheme is part of Bolt’s commitment to enabling ride-hailing drivers to own vehicles with low equity repayment, support, and improved earnings for drivers while allowing them to maintain flexibility as vehicle owners.
Nigerian fintech API startup, OnePipe raises $3.5 million in seed round
OnePipe, a fintech API company, has secured $3.5 million in seed funding to expand its embedded finance service. The round was co-led by Atlantica Ventures, Tribe Capital, and V&R associates. Other participants in this round include Canaan Partners, Saison Capital, Norrsken, The Fund, Two Culture Cap, Chris Adelsbach, Techstars, Ingressive Capital, Acquity, P1, Raba, and DFS Lab alongside a few angel investors.
Global procurement program for renewable energy companies launches with $10 million financing facility in Nigeria
All On, a Nigerian impact investment company, Odyssey Energy Solutions, and the Alliance for People and Planet (The Alliance) have announced the launch of a global aggregated procurement program for renewable energy companies in Nigeria, backed by a $10 million financing facility.
DEAL: Nigerian-crypto exchange startup, Busha raises $4.2 million seed funding for pan-African expansion
Busha, a Nigerian crypto-exchange platform that helps users buy, sell, and manage their cryptocurrency portfolio has raised $4.2 million seed funding. The round was led by Jump Capital with participation from Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors. The new funds will be used to strengthen the company’s market position in Nigeria, recruit more people, and expand into other African nations, according to the company.
Nigerian Mobility Startup, Treepz raises $1.6 million seed extension, acquires Ugandan bus company, Ugabus
Nigeria-based Mobility-as-a-Service platform Treepz (formerly Plentywaka) has raised $1.6 million seed extension. This deal is coming few months after raising $1.2 million seed round bringing its total raise to $2.8 million. The seed extension had participation from new investors like Japan-based Uncovered Fund, Dubai-based Blanford Capital and Jonomi Capital and Egypt-based Jedar Capital. The company has also expanded into Uganda, acquiring Ugabus, a bus company.
GoDaddy says security breach exposed 1.2 million WordPress users' data
GoDaddy, a web hosting company, stated on Monday that an unauthorized third-party access had exposed the email addresses of up to 1.2 million current and inactive Managed WordPress customers. The problem was detected on Sept. 6, according to the company, and the third-party accessed the system using a hacked password. The company, whose stock dropped 1.6 percent in early trade, said it had blocked the illegal third party immediately and that an investigation was ongoing.
Bolt responds to Nairametrics article, says passenger safety is the company's utmost priority
“The safety of our community of drivers and passengers is a fundamental foundation for our business.” – Bolt In response to an article published by Nairametrics detailing how high commissions force Uber and Bolt drivers to woo passengers offline, ride-hailing app, Bolt, has released a press statement assuring patrons of their commitment to the safety of passengers and the welfare of drivers using the platform for business.
High commissions force Uber, Bolt drivers to woo passengers offline
…After they take their commission and we take out fueling and other expenses, what’s really left for us? This was Tope’s rhetorical question as he recounted his experience offering cab services under the Uber platform. For Tope and many other drivers operating out of the two main ride-hailing platforms in Lagos (Uber and Bolt), dealing with passengers offline has proven to be a more profitable way to make money from their daily hustle as cabbies.
DEAL: Nigerian lending startup, Payhippo raises $3 million in seed funding
Payhippo, a lending startup that is widening credit access for small businesses in Nigeria, announced today that it raised $3 million in seed funding. The round was led by influential African fintech founders and financial leaders Ham Serunjogi and Maijid Moujaled, co-founders of Chipper Cash; Olugbenga “GB” Agboola, Flutterwave founder; Bolaji Balogun, CEO Chapel Hill Denham; and Hakeem Belo-Osagie, Founder Metis Capital Partners.
CDC Group to invest over £3 billion to combat climate emergency in Africa, Asia
CDC Group, the UK’s development finance institution and impact investor, plans to invest more than £3 billion to help rising economies in Africa and Asia battle climate change. CDC will become one of the world’s largest climate finance investors in Africa and certain South Asian economies as a result of the pledge made today at COP26 in Glasgow.
DEAL: Chipper Cash raises $150 million in series C extension, now valued at $2 billion
Chipper Cash, an African cross-border payments company, has secured $150 million in a Series C extension round valuing the company at $2billion The round was led by Sam Bankman-Fried’s cryptocurrency exchange platform FTX. SVB Capital, as well as other previous investors such as Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, and Tribe Capital, reinvested in this extension round.
Twitter now lets hosts record and share Spaces conversations in a tweet
Twitter Spaces hosts will now be able to record and share their broadcasts. The functionality is now being rolled out to a small number of Twitter Spaces hosts on iOS, with the rest of the hosts getting it “within a few weeks.” The feature lets hosts record a Twitter Spaces conversation and share the recording in a tweet. If a host has allowed recording, anyone who was late to a Twitter Spaces broadcast will now be able to replay it after the Spaces is over.
Four Startups to receive $120,000 funding through the Catalyst Fund Inclusive Digital Commerce Accelerator program
The Catalyst Fund Inclusive Digital Commerce Accelerator has announced four Ghanaian digital commerce companies, OZÉ, Shopa, Swoove, and Tendo, as the second cohort to receive funding and support. The Accelerator, managed by BFA Global in partnership with the Mastercard Foundation and the Meltwater Entrepreneurial School of Technology (MEST), focuses on building the resilience of Ghana’s micro and small enterprises (MSEs).
Facebook rebrands, changes its name to Meta
Facebook CEO, Mark Zuckerberg announced the social media giant will change the name of its holding company to Meta, to focus on building a metaverse.
DEAL: API fintech startup, Stitch raises $2 million seed extension, expands to Nigeria
South African API fintech startup Stitch has gotten additional $2 million for its seed round after raising $4 million earlier this year bringing its total seed round to $6 million. The round had participation from investors including existing backers Raba, Firstminute Capital, CRE, Village Global, 500 Fintech, Future Africa, and Norrsken. New investors, participated as well.
Spotify now has 381 million monthly active users
Spotify now has 172 million paid subscribers and 381 million monthly active users. This is according to its recent financial report. Last quarter, the company had 165 million paying customers and 365 million monthly active users, both of which were up 19% year over year. This is in line with Spotify’s expectations for the quarter. Spotify is the world’s largest music streaming service as a result of its growth.
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