Digital Network Africa

Tendo Technologies (YC W22) Acquires Shopa to Transform Supply Chain Infrastructure in Africa Ghanaian retail-tech startup Tendo Technologies (YC W22)  has announced a landmark acquisition of fellow retail-tech company Shopa. This strategic deal, structured as a combination of cash and stock, aims to reshape supply chain infrastructure across Africa, bringing digital solutions to both online and offline retailers.  Key Highlights of the Acquisition:    Empowering 💪 African Entrepreneurs 🧑🏽💼: Founded in 2021 by Felix Manford, Evans Boateng, Mungai Derrick, and Primerose Katena, Tendo connects individuals with suppliers, enabling them to start online businesses without initial capital. The platform supports over 10,000 retail 🛒 resellers in Ghana and Nigeria, where Tendo expanded in 2022. Serving more than 42,000 customers with products spanning fashion, beauty, electronics, and fast-moving consumer goods (FMCG), Tendo is building a robust foundation for aspiring African entrepreneurs. Strengthening Offline-to-Online Connections 📱: Similarly founded in 2021, Shopa, led by Michael Hammond, Frank Addae, and Ulrich Checkap, specializes in direct FMCG distribution to retailers via its technology platform, boasting over 3,000 retail connection in Ghana. Now, as a newly rebranded division under Tendo Retail, Shopa will be led by co-founder Frank Addae, focusing on empowering informal distributors across Africa with advanced technology. Driving Synergy ♾️ in FMCG Distribution: FMCG products currently account for over 30% of Tendo's volume, a segment expected to expand with Shopa's network of offline distributors. By integrating these two platforms, Tendo will create new distribution channels for its online retailers, enhancing opportunities for suppliers and enabling African entrepreneurs to access both online and offline retail spaces. As Tendo and Shopa unite 🤝🏼, they are poised to become a driving force in revolutionizing retail distribution across Africa, supporting entrepreneurs and modernizing supply chains for greater reach and accessibility. Stay ahead of the curve with the latest breakthroughs in the African tech world. Subscribe to our newsletter 👉(https://lnkd.in/d5-YqEJZ) and be the first to know about game-changing innovations.

Africa’s Digital Economy 🌐💶Hits $180 Billion Mark, Startups Shift Strategies for Sustained Growth🚀 The African digital economy 🌐💶was on a promising trajectory🚀📈, with a projected $180 billion boost to GDP, as reported by the International Finance Corporation and Google in 2020. Since the report, around $15 billion has flowed into African tech, propelling this digital revolution. Startups have flourished with over $20 billion in venture capital financing💵, aiming to tap into this lucrative market. Key Takeaways from Africa's Expanding Digital Landscape Scaling Strategies ⚖️📊- Geocentric vs. Heliocentric:  African startups are strategically choosing between two growth models: geocentric and heliocentric. In the geocentric approach, companies develop complementary products around a central offering, similar to McDonald's with its core burger and fries menu. In tech, this model aligns with superapps like WeChat. On the other hand, the heliocentric model involves bundling multiple products to tackle a broad industry, like Adobe’s suite of enterprise products or financial superapps offering diverse financial services. Case Studies in Strategy: Recent examples underscore these approaches. Payments API provider Rafiki’s launch and Moniepoint’s expansion into FX and remittance services exemplify African tech companies developing their scale by adding related or detached products. These approaches highlight a shift towards diverse product offerings that address various customer needs across Africa's digital economy. The Future of Africa’s Tech Scale:  With a vast digital market ripe 📌 for innovation, Africa’s tech economy will likely continue to evolve 🧬. While geocentric and heliocentric models offer ways to conceptualize growth, leaders in this field may need to adopt flexible strategies that consider diverse market conditions and avoid rigid scaling frameworks. This flexibility 🤹🏼will be crucial in supporting Africa’s $180 billion digital economy as it expands beyond national borders. Read more on how Africa’s tech leaders are navigating the complexities of scale and preparing for the next phase of digital transformation(https://lnkd.in/dAvahv28. Stay ahead of the curve with the latest breakthroughs in the African tech world. Subscribe to our newsletter 👉(https://lnkd.in/d5-YqEJZ) and be the first to know about game-changing innovations.

Moniepoint Group Raises $110 Million 💰 in Series C Funding, attains Unicorn ˏˋ°•*⁀➷🦄status Nigerian fintech 💳 startup Moniepoint Group has secured $110 million 💵 in Series C funding to accelerate its expansion 📈across Africa 🌍 reinforcing its commitment to financial inclusion and empowering African businesses with comprehensive banking and payment solutions. Key 🗝️ Takeaways from the Milestone All-in-One 🔂 Financial Ecosystem 🎯 Founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved into Nigeria's leading financial ecosystem, offering digital payments, banking, credit, and business management tools to over 10 million businesses and individuals. As the country's largest merchant acquirer, Moniepoint powers a significant share of Nigeria's point-of-sale (POS) transactions, processing $17 billion monthly while maintaining profitability. Strategic Investors 🧑💼 and Purposeful Capital The $110 million Series C funding round was led by Development Partners International’s African Development Partners III (ADP III) fund, a prominent Africa-focused investment vehicle. The round also saw participation from Google's Africa Investment Fund, Verod Capital, and Lightrock, underscoring Moniepoint’s appeal to both global and regional investors focused on high-growth, impactful ventures. Accelerating Growth 📈💰📊 and Financial Inclusion   Moniepoint plans to leverage the new capital to deepen its presence across Africa, offering a seamlessly integrated platform that combines digital payments, foreign exchange (FX), credit services, and business management tools. The expansion aligns with Moniepoint’s mission to create “financial happiness” by empowering businesses of all sizes with tailored solutions. Read more on how Moniepoint’s platform is transforming financial services for African businesses and individuals. (https://lnkd.in/dmj72y3V) Stay ahead of the curve with the latest breakthroughs in the African tech world. Subscribe to our newsletter 👉(https://lnkd.in/d5-YqEJZ) and be the first to know about game-changing innovations.

Earthbond 🌍Secures Madica Funding to Enhance Clean Energy Solutions for African SMEs Key milestones in Earthbond's 🌍 progress: Simplified Access to Solar Energy 🌞: Founded in 2023 by Chidalu Onyenso, Earthbond 🌍is addressing Nigeria's US$14 billion off-grid generator 🔌market by providing access to solar financing and connecting businesses with accredited solar installers. The company leverages group financing and carbon accounting to reduce costs and risks, aiming to simplify the energy transition for African small and medium-sized enterprises (SMEs). Significant Interest from SMBs: Since its launch, Earthbond has 👷completed audits for over 100 customers in Lagos, representing a potential pipeline of US$1 million in solar projects. Furthermore, more than 1,800 Nigerian SMBs have expressed interest, joining the waitlist, which underscores the market need and product-market fit for Earthbond’s solutions. Increased Financing Capacity📈💰📊: Earthbond recently secured US$200,000 in funding from Madica, a sector-agnostic investment programme affiliated with Flourish Ventures. This funding will enhance Earthbond’s financing capacity, enabling it to originate US$10 million in loans over the next three years, scale its sales and marketing efforts, and develop innovative tools to improve customer experience. Strategic Support and Growth: As part of Madica’s investment programme, Earthbond will benefit from 18 months of company-building support, gaining access to mentorship and structured assistance designed to foster its growth and innovation. Earthbond is Madica’s fourth portfolio company and joins a growing group of startups that are pioneering solutions in Africa’s tech ecosystem. Incentivizing Clean Energy ♻️Through Carbon Credits: Earthbond plans to create a new revenue stream by offering businesses discounts based on carbon credits, encouraging broader participation in clean energy ♻️initiatives. This unique approach aligns with Earthbond’s mission to lead Nigeria’s energy transition. Stay ahead of the curve with the latest breakthroughs in the African tech world. Subscribe to our newsletter 👉(https://lnkd.in/d5-YqEJZ) and be the first to know about game-changing innovations.

OmniRetail Technology Limited 🛒 Acquires Traction Apps to Enhance Retail Payment Solutions for SMEs Nigerian retail-tech startup OmniRetail Technology Limited 🛒 has acquired Traction Apps, a leading payment solutions 💳provider for small merchants in Nigeria. This move is set to strengthen 💪🏼OmniRetail’s capabilities and scale its operations across the country. Key takeaways from this acquisition: Strategic Integration: OmniRetail is known for providing digital infrastructure 👨🏼💻 to support informal retailers through its platforms, Omnibiz, OmniPay, and Mplify. With over 140,000 retailers and 90 brands onboarded, OmniRetail aims to transform the retail sector in Africa. The acquisition will enable OmniRetail to integrate Traction’s merchant POS services 💳 into OmniPay’s ecosystem, enhancing its financial platform for retailers. Expanded Reach: Traction Apps, founded by Mayowa Alli and Dolapo Adejuyigbe in 2020, provides over 100,000 merchants with payment, lending, and retail software solutions. The merger will allow both startups to scale their solutions, servicing 180,000 customers across the wholesale and retail sectors, positioning the combined entity as a leader in the FMCG merchant space. Accelerating Growth⏩: Deepankar Rustagi, CEO of OmniRetail, emphasized the synergies between both companies, stating, “Together, we will simplify payments, credit access, and loyalty solutions for retailers and SMEs, helping them thrive in an increasingly digital market.” Stay ahead of the curve with the latest breakthroughs in the African tech space. Subscribe to our newsletter 👉(https://lnkd.in/d5-YqEJZ) and be the first to know about game-changing innovations.

E-commerce 🛒💻and Social Media📱 Sales Reshape Kenya’s Retail, Leaving Malls Struggling to Compete In the past decade, malls have become dominant retail hubs in Nairobi, Kenya’s capital, offering all-under-one-roof shopping, dining, and entertainment experiences. Developers, fueled by the growing urban middle class and expatriates, have responded by building larger, upscale malls, each promising a superior experience. Investors and banks have embraced the belief that malls are the future of shopping. Recently, there has been a decline in mall visits, accompanied by a surge in e-commerce options. Key takeouts from the mall evolution: Shift in Consumer Behavior 🧑🦳: The COVID-19 pandemic and the collapse of major supermarkets like Nakumatt and Tuskys, which were anchor tenants for many malls, led to a significant slowdown. The rise of e-commerce, coupled with an oversupply of malls, has caused foot traffic to decline. Some malls, like Rosslyn Riviera, even offered rent waivers of up to a year to cope. E-Commerce Competition: Between 2020 and 2022, e-commerce startups like Copia, Marketforce, and iProcure threatened to replace in-person shopping, prompting traditional retailers like Naivas and Carrefour to launch online shopping platforms. However, many e-commerce ventures have struggled, leaving the impression that online shopping hasn’t fully taken off. Rise of Social Media Selling 📱:  Small retailers are finding success by building direct relationships 🍻🤜🤛😎🤗💪 with customers through social platforms. Selling from home allows them to offer personalized service and home delivery, which customers value. Social media has also proven more cost-effective, making it a popular alternative to physical mall spaces. Logistical Challenges and Solutions🚉:   While e-commerce platforms like Jumia struggle with delivery issues, particularly outside major cities, social media sellers can reach customers even in regions where last-mile delivery is difficult. Read more on how these trends are reshaping Kenya’s retail landscape (https://lnkd.in/dgH2jTS3) Stay ahead of the curve 📈💰📊 with the latest breakthroughs in the African tech world. Subscribe to our newsletter 👉(https://lnkd.in/d5-YqEJZ) and be the first to know about game-changing innovations.

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MindCiti 🧠Launches AI-Integrated Interview Job💼 Coach to Boost Job Readiness MindCiti, 🧠 a South African startup focusing on mental health, soft skills, and job preparedness, has introduced a new AI-powered feature to its platform, aimed at improving users’ confidence and readiness for job 🙌💼🎯interviews. Key Highlights of the Launch: 1. Personalized Coaching 👨🏻🏫: The new AI-integrated interview🤖 Job Coach uses advanced artificial intelligence🤖 to simulate real-life interview scenarios. It provides users with personalized feedback, including guidance on answering common interview questions, body language tips, and strategies for highlighting individual strengths. 2. Comprehensive Learning 💡Platform: MindCiti’s platform, launched earlier this year, offers students and employees access to micro-learning content, interactive assessments, and audio tips tailored to their specific needs. The platform also includes the MindCiti Dashboard, which enables educators, coaches, and mentors to track assessments and monitor progress. 3. Job Market📈 Impact: According to Kim Chulu Amina, CEO of MindCiti, the new feature is designed to help job seekers become more prepared and confident in interviews, potentially reducing unpreparedness among South African youth. By enhancing individual readiness, the startup aims to make a positive contribution to the job market. Stay ahead 💯🚀🎯of the curve with the latest breakthroughs in the African tech world. Subscribe to our newsletter 👉(https://lnkd.in/d5-YqEJZ) and be the first to know about game-changing innovations.

Yellow Card App 🟨 Raises US$33 Million in Series C Funding for Expansion and Product Development Yellow Card App 🟨, a  Pan-African fintech company, has secured 💰US$33 million in a Series C funding round. This new funding brings the total equity raised by the company to 💰US$85 million since its inception. Launched in Nigeria in 2019, Yellow Card has quickly expanded to become the largest licensed Stablecoin on/off ramp in Africa, with operations in 20 countries and over 💰US$3 billion in transactions processed across the continent. Key highlights of Yellow Card’s progress and plans⏩ Strategic Funding Partners 🤝🏼:   The latest funding round was led by Blockchain Capital and featured participation from notable investors such as Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital. Product Development and Market Reach:   Yellow Card plans to allocate the newly raised capital towards expanding its product offerings, including enhancements to its API and widget products. These tools allow global businesses such as Coinbase and Block to enter the African market seamlessly and provide Pan-African companies with the ability to make international payments and manage treasury functions using stablecoins. Additionally, the funds will support the development of innovative products tailored for the African market, strengthening internal systems, and driving regulatory engagement across the continent. Leadership Vision Chris Maurice, CEO and co-founder of Yellow Card, emphasizes the significance of this funding for the company’s growth, stating, “This fundraise not only demonstrates the companies resilience but also highlights the vital role of digital assets for businesses across Africa. Yellow Card's latest achievement solidifies its position as a key player 🏉 in Africa's digital asset ecosystem, with a growing influence in shaping the future of financial transactions across the continent. Stay ahead of the curve with the latest breakthroughs in the African tech world. Subscribe to our newsletter 👉(https://lnkd.in/d5-YqEJZ) and be the first to know about game-changing innovations.

Endeavor South Africa Secures First Close of ZAR190 Million for Harvest Fund III Endeavor South Africa has achieved the first close of its ZAR500 million (US$28.8 million💵) Harvest Fund III, raising ZAR190 million (US$11 million) in capital. This fund aims to drive growth in🆕 tech-related companies with high potential across the African🌍 continent. Key Takeaways 🛅from Harvest Fund III:    - Investment Focus: Harvest Fund III plans to target 🏦companies within Endeavor’s vetted portfolio, consisting of 135 high-growth businesses. The goal is to invest in 20 to 25 companies in Southern Africa 🇿🇦, and five others across the African continent. - Track Record 📈: This follows the success of Harvest Fund II, which completed 19 investments in 17 companies with a focus on high-potential, market-leading entrepreneurs. - Strategic Approach: Endeavor’s capital markets lead, Antonia B., emphasized the strategy of investing in founder-led companies with scalable intellectual 💡property and strong growth prospects 🆙.   Read more on how Endeavor South Africa is fostering the growth of African tech companies (https://lnkd.in/dWbxfA8K).