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    Nigeria’s Ekiti State Aims to Become Africa’s Silicon Valley with $80 Million Tech Hub Investment

    Staff Writer
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    Nigeria’s Ekiti State Aims to Become Africa’s Silicon Valley with $80 Million Tech Hub Investment

    The African Development Bank (BAD) has announced a groundbreaking initiative, revealing on February 22nd that it will disburse a $80 million US dollar loan for the construction of a world-class technology hub in the state of Ekiti, Nigeria, named the Ekiti Knowledge Zone (EKZ). This innovative space is designed to foster digital innovation and entrepreneurship, akin to the renowned Silicon Valley in the United States.

    EKZ aims to establish a conducive ecosystem for the establishment of technology startups, research institutes, tech investors, and back-office operations of businesses. Spanning 40 hectares, the project includes the development of various infrastructures, including a 20-hectare green technology park, roads, housing, and utilities such as electricity and water.

    The total cost of the project is estimated at $94 million, with the state of Ekiti contributing $14 million, and the remainder to be funded by the African Development Bank. Through this ambitious venture, Nigeria aspires to generate 26,000 jobs and inject $14 million into the economy annually. A statement from the BAD emphasizes that the investment will also extend to human capital, particularly focusing on the youth. The project includes training programs in information and communication technologies for over 19,000 young people from Ekiti and neighboring states, sowing the seeds for future entrepreneurs and business leaders.

    The Ekiti Knowledge Zone holds the promise of transforming the region into a hub of technological innovation and economic growth. With the backing of the African Development Bank, the project not only aims to elevate Nigeria’s status in the global technology landscape but also to nurture a new generation of skilled professionals and entrepreneurs, further contributing to the country’s economic development.

    Endeavor Kenya Unveils Inaugural Cohort of Entrepreneurs for ScaleUp Program

    Staff Writer
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    Endeavor Kenya Unveils Inaugural Cohort of Entrepreneurs for ScaleUp Program

    Endeavor Kenya has announced the first cohort of entrepreneurs selected for its Endeavor ScaleUp Program, an initiative designed to provide crucial support to high-growth start-ups. The program aims to offer selected ventures the necessary network and resources to navigate their journey towards scalability successfully.

    Over the next six to twelve months, the ten entrepreneurs chosen for the ScaleUp Program will benefit from the Endeavor ScaleUp methodology. This approach includes access to expert mentors, immersive business development training, fundraising support, and a robust peer network of accomplished entrepreneurs who have successfully built and managed businesses.

    The selected entrepreneurs for the Endeavor Kenya ScaleUp program are a diverse group representing various sectors:

    1. Ms. June Odongo, Founder, Senga
    2. Ms. Hilda Moraa, Founder, Pezesha
    3. Ms. Rebecca Harrison, Founder, African Management Institute
    4. Ms. Sonia Kabra, Co-Founder, BuuPass
    5. Mr. Wyclife Omondi, Co-Founder, BuuPass
    6. Mr. George Jabesh, Co-Founder, Nakama Tech
    7. Mr. Wilfred Chege, Co-Founder, ZenDawa
    8. Mr. Japheth Dibo, Founder, Dial Afrika
    9. Mr. Javin Hutchinson, Founder, Satao
    10. Mr. Anteneh Tesfaye, Founder, Shega

    Speaking on the occasion, Endeavor Kenya Managing Director, Ms. Maryanne Ochola, highlighted the significance of the ScaleUp program. She expressed the program’s vision, emphasizing its role in propelling these start-ups towards becoming the next generation of Endeavor Entrepreneurs.

    “The Endeavor ScaleUp program is crucial for companies in the growth stage. The program will offer the selected entrepreneurs invaluable benefits by providing access to targeted training and development opportunities, focusing on leadership skills, business strategies, and innovative technology,” said Ms. Ochola. “They will have a chance to interact with experienced entrepreneurs who will help accelerate their entrepreneurial journey even as they advance to the next stage of their business growth.”

    The Endeavor ScaleUp Program is a non-dilutive initiative spanning six to twelve months, offering a fast-track route to becoming a potential Endeavor Entrepreneur. The program involves one-to-one mentoring sessions with experienced entrepreneurs and mentors within the Endeavor Kenya network.

    The inaugural cohort comprises ten founders leading tech-enabled businesses with viable products or services demonstrating over 50% year-on-year growth. Each entrepreneur and their respective enterprises bring unique strengths and innovations to the table:

    Nakama-Tech

    • Founder: Mr. George Jabesh
    • Nakama-Tech offers innovative business solutions focusing on customer satisfaction, retention, and sales. Their versatile Omnichannel software ensures scalability and inclusivity by connecting diverse groups to employment opportunities.

    ZenDawa

    • Co-Founder: Wilfred Chege
    • ZenDawa is revolutionizing the pharmacy industry with a comprehensive B2B SaaS platform, empowering pharmacies with Tele-pharmacy services, management tools, and embedded finance solutions.

    AMI (African Management Initiative)

    • Founder: Rebecca Harrison
    • AMI empowers African businesses with practical tools and training, facilitating skill development for entrepreneurs and their teams through diagnostics and accessible online content.

    Senga

    • Founder: June Odongo
    • Senga transforms logistics and supply chains for Africa’s formal retail sector through their SengaOS platform, enhancing efficiency, reducing delivery times, and automating manual processes.

    Dial Afrika

    • Founder: Japheth Dibo
    • Dial Afrika addresses communication challenges for African SMBs with Bonga, a comprehensive B2B SaaS Omni-Channel Customer Support Tool, enabling seamless communication between businesses and customers.

    Satao

    • Founder: Javin Hutchinson
    • Satao enhances sustainability by creating innovative solutions rooted in agriculture, initially focusing on the bakery segment. Their technologies accelerate baking processes, contributing to a healthier African diet while promoting sustainability.

    BuuPass

    • Founders: Sonia Kabra and Wycliffe Omondi
    • BuuPass is reshaping Africa’s long-distance transport market with a comprehensive digital marketplace, digitizing operations and enhancing accessibility and convenience for travelers.

    Pezesha

    • Founder: Hilda Moraa
    • Pezesha drives financial inclusion in Africa by connecting SMEs with working capital through a collaborative digital platform, promoting meaningful financial inclusion and reducing inequalities.

    Shega

    • Founder: Anteneh Tesfaye
    • Shega empowers companies with actionable insights through curated data and intelligence, focusing on emerging markets and the financial sector.

    The unveiling of this inaugural cohort marks a significant milestone in Endeavor Kenya’s commitment to fostering entrepreneurship and innovation in the region. As these ventures embark on their ScaleUp journey, the anticipation is high for the transformative impact they will have on their respective industries and the broader business landscape.

    DisrupTech Fund Reveals $220 Million Investment Plan for Egyptian Startups

    Staff Writer
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    DisrupTech Fund Reveals $220 Million Investment Plan for Egyptian Startups

    Mohamed Okasha, chairman and co-founder of DisrupTech Fund, unveiled plans to inject $220 million into Egyptian startups over the course of the next two years. The investment, largely expected from foreign funds, particularly those hailing from Africa and the Gulf region, signals a vote of confidence in Egypt’s burgeoning tech ecosystem amidst global economic challenges.

    Speaking at the “ICT and Opportunities to Attract Foreign Investment Session” during the Ninth Annual CEO Conference, Okasha emphasized the opportune moment for investment despite prevailing hardships. He highlighted Egypt’s commitment to digital transformation initiatives and the drive towards widespread financial inclusion, bolstering the appeal for potential investors.

    Okasha underscored the significance of supporting local startups, noting the absence of foreign investors in the current landscape as an advantage for local stakeholders. He urged Egyptian investors to seize the moment, emphasizing the importance of strategic investment without inflating company valuations.

    Furthermore, Okasha stressed the necessity for Egyptian startups to fortify themselves internally, citing the importance of readiness to absorb new funds. He advocated for expansion into international markets, citing untapped opportunities in Gulf and European markets for Egyptian innovations, particularly in fields like artificial intelligence and data analysis.

    Egypt’s attractiveness as an investment destination was underscored by Okasha, who ranked it among the top three investment-friendly countries in Africa, following South Africa and Nigeria. With a youthful population comprising 75% under the age of 40 and robust telecommunications infrastructure, Egypt offers fertile ground for tech ventures.

    However, Okasha acknowledged challenges stemming from global economic turbulence, attributing the decline in venture capital investments to factors such as pandemic-induced inflation and geopolitical tensions like the Russian-Ukrainian conflict. He noted the resultant repricing of major companies, impacting all entities operating in US dollar-denominated markets due to currency devaluation.

    As DisrupTech Fund gears up to channel significant investments into Egyptian startups, Okasha’s remarks underscore both the opportunities and obstacles facing the country’s tech ecosystem amidst a rapidly evolving global landscape.

    Arnergy Secures $3 Million Funding Boost to Drive Clean Tech Expansion in Nigeria

    Staff Writer
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    Arnergy Secures $3 Million Funding Boost to Drive Clean Tech Expansion in Nigeria

    Arnergy, a Nigerian clean tech startup, has successfully raised $3 million in funding from All On, a leading off-grid energy impact investment company. This latest injection of capital is aimed at scaling operations and accelerating the adoption of Arnergy’s innovative renewable energy products and solutions.

    This recent funding comes on the heels of Arnergy’s $9 million Series A round in 2019, where it garnered support from All On, Breakthrough Energy Ventures, ElectriFI, and Norfund. The company is gearing up for its Series B round, anticipated to conclude this quarter, with the goal of expanding its operations and further increasing the adoption of clean energy solutions.

    Established in 2013 by Femi Adeyemo and Kunle Odebunmi, Arnergy specializes in distributed renewable energy products and services tailored for both businesses and homes. With a primary focus on the Nigerian market, the company aims to extend its services across all 36 states through collaborations with mini-grid developers.

    Arnergy has already demonstrated its impact, having installed over 2 MW of electricity for more than 2,000 customers. The startup secured $4 million in debt financing in 2019 from a mix of local and foreign lenders, including Nigeria’s Bank of Industry. In 2021, Arnergy earned recognition on Bill Gates’s Breakthrough Energy Ventures Top 5 Cleantech list.

    CEO Femi Adeyemo, in an interview, emphasized that the company’s fundraising efforts were not solely driven by financial considerations. He outlined specific triggers, including the elimination of fuel subsidies, approaching grid parity based on grid prices, and diesel price dynamics. Adeyemo underscored Arnergy’s commitment to capital efficiency.

    Adeyemo noted the increased demand for solar systems since 2019 when many Nigerians started recognizing their economic viability. He highlighted the global decline in solar panel and lithium battery prices, noting that the impact of exchange rate fluctuations has somewhat offset these reductions in Nigeria, where the Naira currently stands at over ₦1500 per $1.

    Arnergy, which has predominantly made outright sales (75%) rather than leases, expressed a current bullish outlook on leases. This strategic shift aligns with the company’s response to the changing dynamics in Nigeria’s energy landscape.

    The startup’s optimism in leasing is buoyed by Nigeria’s unstable grid, which witnessed a drastic decline to 93.5% power output in late 2023, resulting in a blackout. With a growing interest in off-grid alternatives, Nigeria experienced the highest solar sales in West Africa during Q2 2022, accounting for 78% of all sales. Solar product sales in Nigeria have surged by an impressive 450% between 2017 and 2022, signaling a significant shift towards cleaner energy solutions in the country.

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