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    South African AI Startup Cue Secures $2 Million Funding for Advanced AI Integration and Global Expansion

    Udoh Charles
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    South African AI Startup Cue Secures $2 Million Funding for Advanced AI Integration and Global Expansion

    In a significant development for the South African tech scene, Cue, a rapidly growing startup specializing in AI-enabled customer service chat software, has successfully closed a $2 million seed round of funding. The infusion of capital aims to facilitate deeper integration of artificial intelligence (AI) into its platform and fuel its continued growth and expansion on a global scale.

    Founded in 2015, Cue has emerged as a key player in the realm of customer service technology. The startup offers businesses the ability to assist customers rapidly and efficiently using chatbots and live chat functionalities across platforms such as WhatsApp and various social channels. Over the past five years, Cue has garnered experience working with more than 300 clients and recently expanded its operations to the United Kingdom.

    This recent funding milestone comes on the heels of Cue’s successful October 2023 fundraising round, where the startup secured $500,000. The initial funding was earmarked for enhancing Cue’s mission of revolutionizing customer service through the utilization of cutting-edge large language models (LLM). Building upon this foundation, Cue has now secured an additional $1.5 million from angel investors to close its seed round, marking a total funding of $2 million.

    The infusion of capital will be instrumental in accelerating Cue’s development of advanced AI capabilities within its customer service suite. The startup aims to achieve deeper AI integration, empowering businesses to automate routine customer inquiries, utilize data analytics for enhanced support performance, and derive invaluable insights to optimize customer engagement strategies.

    Richard Nischk, the CEO of Cue, expressed enthusiasm about the recent funding success, stating, “We are thrilled to have secured $2 million in funding, which will enable us to take Cue to the next level and another big step forward towards our next milestone. This investment will fuel our mission to deliver cutting-edge AI-powered solutions that transform the customer service landscape globally. With deeper AI integration, businesses can streamline their support operations and help their customers in a much faster and more valuable way.”

    Cue’s expansion and focus on AI innovation align with the growing demand for advanced customer service solutions in an increasingly digital and competitive business landscape. The startup’s success in securing funding underscores the confidence investors have in its vision and capabilities, positioning Cue as a noteworthy player in the global AI-driven customer service market. As Cue continues to evolve, it remains poised to make a lasting impact on how businesses interact with and support their customers in the digital age.

    Canza Finance Expands into DeFi with Baki Launch on Avalanche C-Chain

    Staff Writer
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    Canza Finance Expands into DeFi with Baki Launch on Avalanche C-Chain

    In a significant development, Canza Finance has marked its foray into the decentralized finance (DeFi) realm with the successful launch of Baki on Avalanche C-Chain during the fourth quarter of 2023. The move represents a pivotal moment for Canza Finance, signifying a strategic shift from its African-focused Over-The-Counter (OTC) trading desk to the world of decentralized finance.

    Baki’s Impressive Performance and Traction

    Since its launch on Avalanche C-Chain, Baki has garnered substantial traction, achieving an impressive transaction volume exceeding 360,000 USDC in the fourth quarter of 2023. The success of Baki is crucial for Canza Finance’s overarching vision of transforming into a web-3 investment bank.

    This expansion into the DeFi space positions Canza Finance as a key player in the emerging landscape, showcasing confidence in the network integration, smart contract functionality, tokenomics, and user interface performance.

    Strategic Efforts to Scale Baki’s Liquidity

    Canza Finance is actively working on scaling Baki’s liquidity, with plans to leverage the Canza Token Treasury Reserve and collaborate with liquidity providers. The goal is to increase USD Stable Coin liquidity, with Baki’s cumulative liquidity currently standing at 74,000 USDC. To achieve this, Canza Finance plans to utilize a significant portion of the Canza Token Treasury Reserve to fortify the zUSD — USDC pool.

    Baki’s revenues, derived from a 0.80% trading fee, will be distributed with 50.00% to minters, 25.00% to $CNZA token stakes (coming soon), and 25.00% to the development wallet. Anticipating liquidity contributions from the $CNZA token and exploring opportunities with Web-3 Liquidity Providers Firms, OTC Partners, and Stablecoin projects, Canza Finance aims to secure substantial liquidity for Baki by the second quarter of 2024.

    Baki’s Impact on the African FX Market

    Beyond the world of DeFi, Canza Finance continues its operations in the traditional FX market. The OTC Desk achieved approximately USD 5.2 million in transactional volume during Q4 2023, despite recent FX shocks affecting the Nigerian Naira market. The company successfully expanded its reach into new markets, including Cameroon, the Democratic Republic of Congo, Senegal, and South Africa.

    With plans for further expansion into East Africa, particularly Kenya and Uganda, Canza Finance is poised for growth in 2024. The company is also in the process of obtaining Class R, S, and M virtual Asset licenses from the Mauritius Financial Service Commission and leveraging its Money Service Business License from the U.S and Bureau De Change License from Nigeria.

    Future Prospects and Community Remodeling

    As Baki secures substantial liquidity, Canza Finance envisions the organic formation of a community that includes traditional FX Agents, OTC Partners, and their respective client bases. The focus is on leveraging the existing ecosystem of FX agents and OTC partners to act as exchange points for zTokens to their fiat equivalents.

    In anticipation of a surge in retail Forex traders seeking fairer market conditions, Canza Finance is extending Baki’s user interface to mobile platforms, aligning with current retail trader behavior across the continent.

    With these strategic moves, Canza Finance is positioning itself at the forefront of both traditional and decentralized finance, marking a significant chapter in its journey as a financial services provider.

    Nigeria Wants Foreign Workers to Pay up to $15,000 Expat Levy. Is the Tech Industry Ready for It?

    Staff Writer
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    Nigeria Wants Foreign Workers to Pay up to $15,000 Expat Levy. Is the Tech Industry Ready for It?

    In a move that has stirred both debate and concern, the Federal Government of Nigeria has implemented the Expatriate Employment Levy (EEL) on February 27, 2024. This mandatory contribution is aimed at regulating the employment of foreign workers within the country, with a focus on balancing the benefits of expatriate employment and safeguarding local labor markets and resources.

    Scope and Eligibility

    The EEL applies to private sector operators utilizing foreign workers or relying on expatriate labor. It encompasses expatriate workers in quota positions, those on temporary work permits, or individuals staying or working in Nigeria for 183 days or more within a year. Notably exempted from this levy are accredited staff of Diplomatic Missions, government officials, international agencies, and their dependents unless they are engaged in employment within Nigeria.

    Rates and Compliance

    The levy is payable annually with rates set at USD 15,000 for Directors and USD 10,000 for other categories. Employers are mandated to pay by the last day of February the following year through an online portal, and the payment receipt is a prerequisite for the issuance or renewal of work or residence permits.

    Employers must maintain comprehensive records and report expatriate employment details or changes, complying with filing deadlines. The Nigeria Immigration Service (NIS) is tasked with verifying information and documents submitted by expatriates and employers. Failure to comply with EEL regulations carries penalties as high as NGN3,000,000, imprisonment, or revocation of work permits.

    Impact on Tech Industry and Business Landscape

    While the EEL may incentivize employers to invest in local talent development, concerns are rising about its potential adverse effects. The increased cost of doing business, reduced Foreign Direct Investments (FDI), and uncertainties surrounding the employment of a diverse workforce, including skilled foreigners, are being scrutinized.

    The requirement to pay the levy in foreign exchange is particularly troubling, placing additional pressure on the already devalued Naira. This contradicts the recent fiscal policies permitting the payment of taxes on foreign currency-denominated transactions in Naira for Nigerian businesses.

    Unanswered Questions and Recommendations

    Several grey areas in the implementation of the EEL have been identified. Ambiguities exist around the start date for counting the 30 days for registration or filing of EELs, and there’s a lack of clarity on how the program applies to expatriates already in the country.

    The unintended consequences, such as the reduction in earning power for individuals and the potential decline in business activities impacting tax revenues for state and federal governments, raise concerns. A more holistic approach is recommended for reviewing the framework of the EEL, particularly focusing on its timing and potential impact on various sectors, including the burgeoning tech industry.

    As the EEL takes effect, the business community, alongside relevant government bodies, must engage in a collaborative effort to address these concerns and ensure a balanced approach that promotes both economic growth and local talent development. The implementation of the program should be accompanied by a thorough review and refinement to mitigate potential adverse effects on the Nigerian economy and its tech industry.

    Expat Levy Nigeria Expat Levy Nigeria

    Tim Draper Backs BuuPass: A Game-Changing Investment for Kenya’s Leading Bus Ticketing Platform

    Staff Writer
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    Tim Draper Backs BuuPass: A Game-Changing Investment for Kenya’s Leading Bus Ticketing Platform

     In a significant stride towards revolutionizing Africa’s transportation landscape, BuuPass, Kenya’s leading digital bus ticketing platform, has secured a groundbreaking investment from Tim Draper, a global venture capital icon renowned for his support of entrepreneurship and innovation. This marks Draper’s third venture in Africa and catapults BuuPass towards its ambitious goal of becoming a unicorn in the transportation sector. The investment was made through BuuPass’s participation in the Meet the Drapers reality TV show.

    Tim Draper, founder of Draper Associates, DFJ, and the Draper Venture Network, boasts a remarkable track record of funding successful companies, including Coinbase, Baidu, Tesla, Skype, SpaceX, Twitch, and Hotmail. A prominent advocate for Bitcoin and decentralization, Draper has invested in over 50 crypto companies and has been honored as the “Entrepreneur of the World” by the World Entrepreneurship Forum. His influence extends to being ranked among the top 100 most powerful people in finance by Worth Magazine.

     BuuPass’s significant investment from Tim Draper underscores his confidence in the company’s potential to reshape Africa’s transportation sector. This strategic leap aligns with Draper’s commitment to supporting innovative ventures across the globe.

    Draper’s expertise and extensive global network are poised to provide BuuPass with unprecedented opportunities for growth and innovation. This partnership is expected to catalyze BuuPass’s mission to digitize the $100 billion long-distance transport market in Africa, enhancing its B2B2C full-stack marketplace connecting transport companies with online ticketing platforms.

     Having already sold over 16 million travel tickets and generating over $100 million in GMV, BuuPass has established a robust presence in East and Southern Africa, with routes spanning more than 15 countries. The investment from Tim Draper is set to further accelerate BuuPass’s growth, solidifying its position as a transformative force in the region.

    Comments from BuuPass Co-founder Sonia Kabra and Tim Draper:

    Sonia Kabra, Co-founder of BuuPass: Expressing her excitement about the investment, Sonia Kabra stated, “Securing investment from Tim Draper is a monumental milestone for BuuPass. His belief in our vision and potential is a huge vote of confidence. This partnership brings us closer to our goal of seamless movement of people and goods across Africa, and it’s a significant step towards achieving our dream of becoming a unicorn in the transportation sector.”

    Tim Draper: Tim Draper also shared his enthusiasm, saying, “BuuPass has shown incredible promise in transforming the transportation industry in Africa. I am excited to be part of this journey and look forward to seeing BuuPass drive innovation and connectivity across the continent.”

    With the backing of one of Silicon Valley’s most influential figures, BuuPass is poised for an exciting phase of growth and innovation. The company is committed to leveraging this investment to expand its reach, enhance its technology, and continue its mission of revolutionizing transportation in Africa. As BuuPass sets its sights on becoming a unicorn in the transportation sector, the investment from Tim Draper serves as a testament to the transformative potential of African startups in the global arena.

    Renew Capital Unveils Renew Venture Lab Fund 2 to Boost African Tech Startups

    Staff Writer
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    Renew Capital Unveils Renew Venture Lab Fund 2 to Boost African Tech Startups

    Renew Capital, a trailblazer in African investment, has announced the official launch of its latest venture, the Renew Venture Lab Fund 2 (RVL2). The new fund is poised to empower and elevate the burgeoning tech ecosystem across the continent by investing in up to 50 promising startups.

    “In 2012, we were among the first investment firms in Ethiopia. Much of our early work involved educating the market about what an investment firm does,” recalls Matt Davis, co-CEO of Renew Capital. Since its inception, Renew Capital has expanded its footprint to encompass 14 countries, solidifying its commitment to fostering innovation and growth in the African business landscape.

    The Renew Capital journey began with strategic investments through the Renew Capital Angels Network, which has now grown to include over 200 families predominantly from the US and Canada, according to insights from Laura Davis, co-CEO. This network has played a pivotal role in identifying and supporting emerging talent, laying the foundation for Renew Capital’s continued success.

    Building on the momentum generated by the Renew Venture Lab Fund series launched in 2023, which centered on early-stage tech and tech-enabled companies, Renew Capital is now ushering in a new era with the introduction of Renew Venture Lab Fund 2 (RVL2). This initiative is poised to act as a catalyst for the growth of the tech sector in Africa, offering not only capital but also crucial training and support to founders and their teams.

    RVL2 is set to target diverse tech startups across the continent, reflecting Renew Capital’s commitment to fostering innovation on a broad scale. The fund’s comprehensive approach aims to nurture the most promising companies, providing them with a solid foundation for success.

    The success stories emerging from RVL2 won’t end with the initial investment. The most standout companies backed by the fund will become eligible for larger investments from Renew Capital Fund 1, the firm’s growth-stage investment fund. This innovative strategy ensures that successful startups receive ongoing support as they progress through various stages of development.

    Renew Capital’s latest venture, RVL2, underscores the firm’s dedication to empowering African entrepreneurs and driving sustainable growth in the technology sector. As the fund begins its journey, expectations are high that it will play a pivotal role in shaping the future of African tech startups and solidifying Renew Capital’s reputation as a leading force in the region’s investment landscape.

    Sawari Ventures Unveils $150 Million Fund to Boost Egyptian Startups

    Staff Writer
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    Sawari Ventures Unveils $150 Million Fund to Boost Egyptian Startups

    Sawari Ventures, a prominent Egypt-based venture capital firm, has declared its intention to launch a groundbreaking $150 million fund dedicated to supporting and nurturing Egyptian startups. The announcement was made by Sawari’s CEO and co-founder, Hani Al Sanbati, who outlined the firm’s strategic focus on sustainable growth in key sectors such as fintech, edtech, healthtech, cleantech, and deeptech.

    Established in 2010 by visionaries Ahmed Alfi, Hany Al Sonbaty, and Wael Amin, Sawari Ventures has consistently demonstrated its commitment to fostering innovation in the Middle East and North Africa (MENA) region. The firm has already backed over 30 companies, including successful ventures like Swvl, MoneyFellows, Instabug, Si-Ware, and Elves.

    In an official statement, Hani Al Sanbati emphasized the significance of the new fund and its targeted sectors, stating, “Sawari Ventures believes in the transformative potential of Egyptian startups. Our $150 million fund is a testament to our dedication to sustainable growth, and we aim to contribute significantly to the advancement of fintech, education, healthcare, green technology, and deep tech projects in Egypt.”

    The CEO further asserted that the current economic landscape presents favorable conditions for investments in technology companies. Al Sanbati expressed confidence that external economic challenges and initial hurdles faced by startups would not hinder their growth trajectory.

    Anticipating robust support from stakeholders, projections suggest that startups under Sawari Ventures’ wing could attract investments ranging from $350 million to $500 million over the next five years. Al Sanbati underlined the company’s overarching ambition for Egypt to emerge as a pivotal investment hub, not only within Africa but also across the broader region.

    “Sawari Ventures has invested in approximately 500 startups since its inception in the Arab world. Our operations are strategically designed to catalyze investments and pave the way for these companies to secure additional funding,” Al Sanbati explained.

    Highlighting the fintech sector’s prominence, approximately 35% of Sawari Ventures’ portfolio is allocated to digitizing the Egyptian economy and reshaping financial inclusivity trends. Al Sanbati sees this focus as instrumental in propelling Egypt into a leading position in the evolving landscape of financial technology.

    As part of Sawari Ventures’ broader strategy, Al Sanbati mentioned ongoing discussions about potential exits from certain companies within the next year and a half, provided these firms sustain growth and attract new investors.

    Sawari Ventures, with its rich history and dedication to innovation, continues to play a pivotal role in shaping the future of entrepreneurship in Egypt and the MENA region. The launch of the $150 million fund marks a significant step towards fostering sustainable growth and driving technological advancement in key sectors, solidifying Egypt’s position as a burgeoning hub for startups and venture capital.

    COTU Ventures Raises $54 Million for Inaugural Fund to Propel Early-Stage Startups in North Africa

    Staff Writer
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    COTU Ventures Raises $54 Million for Inaugural Fund to Propel Early-Stage Startups in North Africa

    COTU Ventures, a Dubai-based early-stage venture capital firm, proudly announces the successful closure of its inaugural fund, raising an impressive $54 million. The firm, dedicated to supporting startups in the Middle East and North Africa from pre-seed to seed stages, finalized its fund last year and has already made significant strides in fostering innovation across the region.

    With a commitment to identifying and backing founders from inception to post-product launch, COTU Ventures has positioned itself as a key player in the startup ecosystem. The firm specializes in investments ranging from $500,000 to $2 million, while also reserving capital for follow-on investments to ensure continued support for the growth of its portfolio companies.

    Over the past two and a half years, COTU Ventures has actively deployed capital into startups across the Gulf Cooperation Council (GCC), with a particular focus on the UAE, Saudi Arabia, Egypt, and Pakistan. The firm has already backed over 20 early-stage startups across various sectors, signaling its dedication to fostering diverse and impactful innovations.

    In a recent interview with TechCrunch, Amir Farha, Founder and General Partner of COTU Ventures, revealed the firm’s inclination toward fintech and B2B software. However, he emphasized the firm’s openness to opportunities across other sectors. Notable investments by COTU Ventures include backing UAE mortgage platform Huspy, supported by Peak XV and Founders Fund, and Egyptian fintech startup MoneyHash.

    Farha commented on the vast potential in supporting businesses, stating, “Today, businesses are lagging a bit behind, so there’s a huge opportunity to build software to help solve many of their problems. We are also interested in high-margin industries where technology can play a massive role and capitalize on margin efficiencies.”

    COTU Ventures’ portfolio boasts diverse investments, reflecting its commitment to contributing to the growth of various sectors. The firm’s involvement in early-stage funding aligns with the evolving landscape of venture capital investments in the GCC region.

    Founder and General Partner, Amir Farha, reflected on the changing dynamics of the investment landscape. Having been actively involved in seed rounds and later-stage investments, he recognized a market gap that propelled him to launch COTU Ventures. Farha emphasized the need for support beyond funding at the earliest stages of startup development, identifying a crucial gap in the market.

    COTU Ventures takes a unique approach in evaluating potential investments, delving deep into a founder’s personal and professional journey. By fostering open and candid conversations, the firm aims to establish trust and strong connections with founders, enabling more informed investment decisions.

    Farha highlighted the strategic guidance provided by COTU Ventures, not only in fundraising but also in organizational development and go-to-market strategy. The firm also facilitates introductions to key stakeholders such as customers, hires, and potential follow-on investors, offering comprehensive support to its portfolio companies as they navigate Series A rounds and beyond.

    COTU Ventures’ success is further underscored by its impressive list of limited partners, including Lunate, Mubadala, Dubai Future District Fund, Arab Bank, Bupa KSA, and GPs from renowned venture capital firms such as Foundry Group, Tribe Capital, Stride, and several family offices.

    “We’re proud to have backed a fund that’s distinguished not only by its impressive portfolio but by the exceptional leadership and track record of its founding partner, Amir,” said Sharif El-Badawi, CEO of Dubai Future District Fund. “Our confidence in Amir stems from his deep passion for supporting founders and his proven ability to find remarkable investment opportunities before anyone else.”

    COTU Ventures’ success and strategic approach position it as a crucial player in the development of the Middle East’s burgeoning startup ecosystem, promising continued support and growth for innovative ventures in the region.

    Egypt’s MoneyHash Raises $4.5M in Seed Funding to Revolutionize Payments in the MEA Region

    Staff Writer
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    Egypt’s MoneyHash Raises $4.5M in Seed Funding to Revolutionize Payments in the MEA Region

     MoneyHash, the pioneering payment orchestration platform in the Middle East and Africa (MEA), has successfully secured $4.5 million in a seed funding round. Co-led by COTU Ventures and Sukna Ventures, and featuring prominent investors such as RZM Investment, Dubai Future District Fund, VentureFriends, and strategic individuals like Tom Preston-Werner, the funding will propel MoneyHash to new heights in the rapidly evolving digital payments landscape of the MEA region.

    Founded in early 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash has quickly risen to prominence with its innovative approach to payment orchestration. The company’s proprietary payment operating system and end-to-end payment infrastructure have received acclaim for streamlining payment processes, making it the preferred choice for businesses seeking efficient and scalable payment solutions.

    Despite the challenges posed by a fragmented payments landscape in the MEA region, MoneyHash stands out as a beacon of innovation. The complexity of multiple payment providers, evolving regulations, and diverse customer preferences has led to increased fraud rates, low checkout conversion rates, and transaction failures. Nader Abdelrazik, the CEO of MoneyHash, notes, “MEA’s trillions of dollars in payments are still less than 10% digital, suggesting the region will experience the most growth over the next decade. Merchants who navigate the complex payment ecosystem effectively will reap significant benefits. This is where MoneyHash steps in.”

    MoneyHash offers a comprehensive payment operating system as a service, addressing the technological and product challenges faced by enterprise merchants. Elena Panchenko, Chief Product Officer, emphasizes the importance of an integrated approach, stating, “Rather than merchants juggling between solutions and in-house fixes, we offer a versatile suite to address current and future challenges simultaneously.”

    The platform boasts a unified API for seamless integration of pay-in and pay-out rails, a customizable checkout experience, transaction routing capabilities with fraud and failure rate optimizers, and a centralized transaction reporting hub. With over 200 pre-integrated APIs, MoneyHash provides maximum flexibility and coverage across 80+ markets.

    MoneyHash’s progress has been remarkable since its inception. After a successful BETA launch in 2022, the enterprise suite was introduced in October 2023, targeting large enterprises. In the same year, the company doubled its network of integrations, achieved triple revenue growth, and increased its processing volume by 30 times. Notable clients, including Foodics, Rain, and Tamatem, have already joined the MoneyHash ecosystem.

    Amir Farha, Managing Partner at COTU, expresses confidence in MoneyHash’s potential, stating, “MoneyHash developed a sophisticated and high-quality platform that can catalyze the growth of digital payments across the region, enabling both global and local merchants to tap into new revenue streams.”

    This funding round also marks the first Middle Eastern investment of Tom Preston-Werner, founder of GitHub and an early investor in Stripe, showcasing his belief in MoneyHash’s product quality and its ability to solve critical customer issues.

    MoneyHash, headquartered in NYC with a global team spanning nine countries, had previously raised a $3 million pre-seed round in 2021. The new funds will primarily be utilized to expand the business team and growth capabilities while maintaining technological progress. 

    Congo’s Zuri Secures Investment from Launch Africa Ventures

    Staff Writer
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    Congo’s Zuri Secures Investment from Launch Africa Ventures

    In a strategic move for the beauty industry, Zuri, the leading Black-owned Pan-African beauty company, has announced its first institutional tech investment from Launch Africa Ventures, a prominent Pan-African early-stage fund. This significant milestone comes as a result of Zuri’s impressive growth, driven by a powerful vision and dedicated leadership.

    Zuri, founded in 2016 by Gisela Van Houcke, has evolved from selling hair extensions and beauty products from her father’s car in Kinshasa to becoming a pan-African tech-driven powerhouse with manufacturing and distribution capabilities. The company now boasts over 20,000 loyal customers, a team of 60 passionate employees, more than 500,000 engaged social media followers, and a multi-million dollar revenue stream.

    Gisela’s journey serves as an inspiration, showcasing the immense potential within the Black beauty market, fueled by a young and growing consumer base seeking authenticity and an African aesthetic.

    Launch Africa Ventures recognizes the tremendous potential within the growing beautytech industry in Africa and views Zuri as an attractive opportunity. Hannah Subayi Kamuanga, Partner at Launch Africa Ventures, expressed enthusiasm, stating, “Gisela’s vision and execution are truly inspiring, and we are proud to continue to back underrepresented founders in underserved markets in Africa featuring robust business fundamentals.”

    Beyond offering quality hair products, Zuri is bringing cutting-edge technology to African hair salons and stakeholders. This includes revolutionizing performance management, inventory tracking, customer relationships, data collection & analysis, and overall service delivery. This data-driven approach ensures a seamless experience for clients across all touchpoints, from social media interactions to in-hairbar treatments or online shopping.

    Gisela Van Houcke emphasized, “Zuri is more than just a beauty brand — it’s a catalyst for empowerment, elegance, confidence, and technology.” The funding from Launch Africa Ventures will enable Zuri to expand its reach, remain tech-savvy, impact more lives, and become a truly global force.

    Zuri welcomes additional strategic investors who share their vision of revolutionizing the beauty landscape and empowering women entrepreneurs. The ongoing Series A round aims to fuel expansion across Africa and Europe, solidify market leadership, and continue to inspire and empower women worldwide.

    Zuri’s mission is to redefine beauty standards and empower women to embrace their individuality. The company offers a wide range of products and services designed to help women feel confident and beautiful in their own skin. Committed to creating a more inclusive and diverse beauty industry, Zuri believes that every woman deserves to feel beautiful, regardless of her race, ethnicity, age, or size. With the support of Launch Africa Ventures, Zuri is poised to revolutionize the industry, celebrating diversity and democratizing access to exceptional beauty experiences on a global scale.

     

     

    CDG Invest’s 212 Founders Program Invests in PayTic

    Staff Writer
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    CDG Invest’s 212 Founders Program Invests in PayTic

    In a significant move towards fostering financial innovation, the 212Founders program, through CDG Invest, has announced its commitment to investing in Morocco’s PayTic. This funding injection is poised to empower PayTic, a startup aiming to revolutionize the back-office processes of payment card issuers, catalyzing their growth, according to an official statement.

    Nawfal Fassi Fihri, the director of the 212Founders program, commended Imad Boumahdi, the visionary mind and Fintech expert behind PayTic, for his dedication to innovation in modernizing the back-office operations of payment card issuers. This strategic investment by 212Founders aligns with the program’s mission to support startups in their growth journey.

    Imad Boumahdi, the founder of PayTic, expressed optimism about the partnership with CDG Invest, emphasizing that this funding round would fortify PayTic’s position in the Moroccan market. He further stated that the raised capital would facilitate the expansion of PayTic into the international market, marking a pivotal milestone in the company’s global ambitions.

    It is worth noting that 212Founders, initiated by CDG Invest in September 2019, serves as an investment and support program for startups. The program aims to contribute to the creation and growth of Moroccan startups with international aspirations. Since its inception, 212Founders has successfully secured 19 Seed and Series A financings, totaling an impressive 110 million dirhams (MDH) in investments.

    This latest investment in PayTic not only underscores CDG Invest’s commitment to fostering innovation but also highlights the potential for Moroccan startups to make a global impact. As PayTic gears up to transform the landscape of payment card issuers’ back-office processes, the collaboration with 212Founders is expected to serve as a catalyst for the startup’s local and international success. The infusion of funds is set to propel PayTic’s growth, enabling it to navigate the competitive financial technology landscape with greater ease and efficiency.

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