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Kenyan innovation hub iHub is to digitise all of its company assets, making its the first incubator to take such a step in Africa.

Founded in Nairobi in 2010, iHub has partnered with local startup Raise, which has developed a blockchain-based company ownership platform to manage compliant digital securities in frontier markets.

Raise founder Marvin Coleby said the platform aims to make it easier to digitally manage and trade corporate assets by providing a compliant way to securitise assets using blockchain technologies.

“We’re excited to partner with iHub to create their security tokens and look forward to the future of creating more accessible and liquid private markets for investors with the use of blockchain-based digital securities in frontier markets,” he said.

“It makes absolute sense for iHub to take this step as it has been a major catalyst for regional technology innovation in East Africa, nurturing one of the most vibrant innovation and entrepreneurship ecosystems on the continent. iHub aims to create an environment of trust and experimentation and in this case it is leading from the front by securitising its assets on blockchain technology.”

iHub managing director Nekesa Were said the hub was committed to making it easier for its community of startups and entrepreneurs to raise the capital they need to grow their business.

“The Raise platform promises to radically transform how businesses raise money and we hope this will lead the way for more startups in our community to follow suit,” she said.

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South African deals-based e-commerce startup SnapnSave has accessed a new tranche of ZAR7 million (US$490,000) in funding from VC firm Kalon Venture Partners and retail solutions company Smollan after hitting pre-designated growth targets.

Disrupt Africa reported last year SnapnSave, which gives shoppers cash back on their favourite products, wherever they shop, just by snapping a photo of their till slip, had secured ZAR14 million (US$980,000) in funding from Kalon and Smollan.

The second tranche of that investment has now been triggered after the startup hit growth targets, with each of the investors contributing ZAR3.5 million (US$245,000) to take their combined stake in SnapnSave to over 50 per cent.

Kalon chief executive officer (CEO) Clive Butkow said his company was excited about the “significant growth opportunities through various distribution channels” that are open to SnapnSave.

“It has seen close to 200 per cent growth since our investment, is close to break even and increased its number of users,” he said.

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South African deals-based e-commerce startup SnapnSave has accessed a new tranche of ZAR7 million (US$490,000) in funding from VC firm Kalon Venture Partners and retail solutions company Smollan after hitting pre-designated growth targets.

Disrupt Africa reported last year SnapnSave, which gives shoppers cash back on their favourite products, wherever they shop, just by snapping a photo of their till slip, had secured ZAR14 million (US$980,000) in funding from Kalon and Smollan.

The second tranche of that investment has now been triggered after the startup hit growth targets, with each of the investors contributing ZAR3.5 million (US$245,000) to take their combined stake in SnapnSave to over 50 per cent.

Kalon chief executive officer (CEO) Clive Butkow said his company was excited about the “significant growth opportunities through various distribution channels” that are open to SnapnSave.

“It has seen close to 200 per cent growth since our investment, is close to break even and increased its number of users,” he said.

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Applications have opened for the third edition of Digital Lab Africa (DLA), an incubation platform for African creatives in digital content.

Initiated by the Embassy of France and French Institute in South Africa (IFAS) in 2016, the programme is managed by South African innovation hub Tshimologong Digital Innovation Precinct.

For the first time, this edition of DLA is a full-fledged programme of the Digital Content Hub of Tshimologong, which is supported by the Agence Française de Développement (AFD). The objective is to provide a springboard for the creators of next-generation content and to make their project happen, with the support of French and Sub-Saharan African leading companies such as Triggerfish Animation, ARTE, TRACE or Lagardère Studios.

The call for projects is open to anyone from the field of digital content creation: artists, producers, designers, startups, SMEs, collectives, students or entrepreneurs. All applicants should either be based in Sub-Saharan Africa or be nationals of a country in this region.

It targets developing projects in need of partners and financial support. The projects need to be innovative from the perspective of form, storytelling, content and technologies used, in one of the five following categories of multimedia production: web creation, virtual reality, gaming, digital music and animation.

“The call for a greater volume of authentic African voices in the global digital space is growing and we are well poised with our relationship with the DLA and through our Digital Content Hub to fill that gap with meaningful content,” said Lesley Donna Williams, chief executive of the Tshimologong Precinct.

Selected projects will claim a ZAR42,000 (US$2,900) cash prize and a Digital Lab Africa Incubation Pass to accelerate the projects’ development. Each of the projects’ holders are mentored by both French and African experts to benefit from the expertise of several ecosystems.

Alongside the mentorship programme, DLA mentees take part in residency programmes within digital clusters and also participate in industry events in France or in Sub-Saharan African region. The expected outcome of Digital Lab Africa programme is market-ready content and productions showcasing African creativity at its best.

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South African private equity investment firm Ethos has launched a ZAR600 million (US$42.9 million) fund targeting startups that will benefit materially from Artificial Intelligence (AI) algorithmic decision making.

Founded in 1984, Ethos is a private equity investment firm that in 2016 transitioned into a broader investment company, managing investments in private equity and credit strategies in South Africa and selectively in Sub-Saharan Africa.

It has announced the first close and first two investments by its maiden AI fund, Ethos AI Fund I, which has raised ZAR600 million (US$42.9 million) from first close investors such as Ethos Capital and Standard Bank, and is targeting ZAR1 billion (US$71.5 billion). It has also concluded its first two investments, in Channel VAS and Vertice MedTech Group.

“As part of Ethos’ ongoing evolution into alternative assets, we are delighted to launch the AI fund. This fund will co-invest alongside other Ethos-managed funds, originate proprietary investments, and is expected to generate differentiated value for our investors by helping our portfolio companies to navigate and benefit from artificial intelligence,” said Stuart MacKenzie, Ethos’ chief executive officer (CEO).

Roger Grobler, Ethos AI Fund partner, said the fund’s aim was to identify and invest in businesses which it believed would benefit disproportionately from artificial intelligence – specifically algorithmic decision making.  

“These algorithms typically help companies make high-frequency decisions in multiple places along the value chain,” he said. “As these decisions are not ideally suited to human capabilities – typically due to computational complexity and volume of data utilised – the use of algorithms releases intellectual capacity, allowing people to focus on other rewarding areas of work, such as creativity, relationships, strategy or communication.”

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South African pharmaceutical temperature monitoring solution PharmaScout has secured Series A funding from Knife Capital to accelerate the rollout of its product and develop new ones for the international market.

PharmaScout, a single point solution developed by Cape Town-based Internet of Things (IoT) startup 5nines Technologies, helps healthcare professionals mitigate legal risk and meet safety and quality standards of stored temperature sensitive pharmaceutical products.

It has been angel-funded to date, but has now received an undisclosed Series A funding round from Knife Capital, a venture capital firm with offices in Cape Town and London. Knife Capital invests via a consortium of funding partnerships, including SARS section 12J Venture Capital Company KNF Ventures and select family offices.

The funding will be applied to accelerate product rollout to pharmacies, medical practitioners and pharmaceutical warehouses and enhance new product development for the international market.

PharmaScout has already gained significant traction with blue chip customers such as Clicks and Alpha Pharm, while conducting pilots with local hospital groups. It has also commenced R&D activities to provide cold chain management products applicable to the retail, restaurant and hospitality industries.

“There are few pharmaceutical quality and safety issues more important than those relating to the storage and handling of temperature sensitive products. PharmaScout and its related product suite deliver the most convenient and cost-effective way of meeting the professional responsibility and legal burden of temperature monitoring compliance in South Africa,” said Doug Siepman, chief executive officer (CEO) and co-founder of 5nines.

“We are delighted to partner with Knife Capital at this stage of our growth journey. The team brings a wealth of experience and market access networks to the business that we are already starting to tap.”

Keet van Zyl, investment partner at Knife, said PharmaScout was an exciting investment opportunity.

“It contains all the elements that we look for in a portfolio company. There is a compelling investment case underpinned by recurring revenue, great people with execution abilities resulting in proven traction and intellectual property elements that make the technology scalable,” he said.

“Macro factors in the industry such as increased legislation and auditable but affordable medical compliance standards also play in PharmaScout’s favour.”

The post SA startup PharmaScout raises Series A funding from Knife Capital appeared first on Disrupt Africa.

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South African pharmaceutical temperature monitoring solution PharmaScout has secured Series A funding from Knife Capital to accelerate the rollout of its product and develop new ones for the international market.

PharmaScout, a single point solution developed by Cape Town-based Internet of Things (IoT) startup 5nines Technologies, helps healthcare professionals mitigate legal risk and meet safety and quality standards of stored temperature sensitive pharmaceutical products.

It has been angel-funded to date, but has now received an undisclosed Series A funding round from Knife Capital, a venture capital firm with offices in Cape Town and London. Knife Capital invests via a consortium of funding partnerships, including SARS section 12J Venture Capital Company KNF Ventures and select family offices.

The funding will be applied to accelerate product rollout to pharmacies, medical practitioners and pharmaceutical warehouses and enhance new product development for the international market.

PharmaScout has already gained significant traction with blue chip customers such as Clicks and Alpha Pharm, while conducting pilots with local hospital groups. It has also commenced R&D activities to provide cold chain management products applicable to the retail, restaurant and hospitality industries.

“There are few pharmaceutical quality and safety issues more important than those relating to the storage and handling of temperature sensitive products. PharmaScout and its related product suite deliver the most convenient and cost-effective way of meeting the professional responsibility and legal burden of temperature monitoring compliance in South Africa,” said Doug Siepman, chief executive officer (CEO) and co-founder of 5nines.

“We are delighted to partner with Knife Capital at this stage of our growth journey. The team brings a wealth of experience and market access networks to the business that we are already starting to tap.”

Keet van Zyl, investment partner at Knife, said PharmaScout was an exciting investment opportunity.

“It contains all the elements that we look for in a portfolio company. There is a compelling investment case underpinned by recurring revenue, great people with execution abilities resulting in proven traction and intellectual property elements that make the technology scalable,” he said.

“Macro factors in the industry such as increased legislation and auditable but affordable medical compliance standards also play in PharmaScout’s favour.”

The post SA startup PharmaScout raises Series A funding from Knife Capital appeared first on Disrupt Africa.

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Nigerian agri-tech startup ThriveAgric is taking part in the 24th edition of the Silicon Valley-based 500 Startups accelerator programme, which invests US$150,000 and offers hands-on training and mentorship.

500 Startups is one of the world’s most renowned accelerators, having worked with over 2,000 startups from across the world, and its 24th startup accelerator kicked off at the end of September.

A host of African startups have been accepted onto its programmes in the last few years, including Egyptian startups Shezlong and Harmonica in batch 23 and three from Nigeria in batch 22, but ThriveAgric is the only one from the continent to make the cut for the latest four-month accelerator alongside 21 other companies from countries such as the United States, Chile, France and Hong Kong.

ThriveAgric, which earlier this year was amongst the 12 startups selected to participate in the first Google Launchpad Accelerator Africa programme, uses a crowdfunding platform to provide farmers with the finance they need to grow their businesses, and offers ordinary people the chance to invest in agriculture.

Launched publicly in early 2017, the platform is designed to crowdfund investments for smallholder farmers and provide it to them in the form of inputs, tech-driven advisory and access to markets.

Farms are listed on the platform, complete with details of what it takes to fund a unit, such as an acre of rice or 100 chicks, the length of time until return, and the returns themselves.

Subscribers can then fund these units by paying online, and receive regular updates on what is happening on the farm, from planting to harvest. They can receive their funded sum and any returns after harvest. The funds are used to purchase inputs, buy insurance, and market the produce.

Thrive Agric raised funding from the Abuja-based Ventures Platform accelerator last year, and is now actively working on expanding to other markets. It has a 40:40:20 profit-sharing model, with 40 per cent of profits going to farmers, 40 per cent to subscribers, and the startup taking the remaining 20 per cent.

The post Nigeria’s ThriveAgric selected for 500 Startups accelerator appeared first on Disrupt Africa.

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The Luxembourg House of Fintech (LHoFT) Foundation has selected 14 startups for its CATAPULT: Inclusion Africa business development programme, with nine African ventures making the cut.

The CATAPULT: Inclusion Africa is a one week programme of fintech startup development, targeting companies focused on financial inclusion in Africa, and keen to build bridges between Africa and Europe.

Sponsored by the Ministry of Foreign & European Affairs and PwC Luxembourg, the programme – which kicked off in Luxembourg today – comprises intensive mentoring, coaching, peer-to-peer learning and dedicated workshops.

Fourteen startups were selected to join the programme, with nine of these companies hailing from Africa.

Uganda saw the most representatives selected, with Akaboxi – a savings solution for smallholder farmers; micro-insurance platform Mayicard; and online verified digital supply chain platform Vouch Digital; joining the cohort.

Two startups from South Africa made the cut – gamified mobile savings app Akiba Digital; and digital insurance solutions provider Inclusivity Solutions.

Senegal’s MaTontine – which provides micro-financial services to the financially excluded in Francophone Africa; Tanzanian offline mobile money app Nala; Nigerian digital banking platform for cooperatives SmartTeller; and Cameroon’s merchant payments platform WeCashUp complete the list of African startups.

“Luxembourg is the microfinance centre for Europe and sustainable finance is a core priority of Government; it therefore makes sense to capitalise on the fantastic ecosystem and support available here to welcome these outstanding fintech companies focusing on financial inclusion. We are very excited to welcome the participants and we and our partners are looking forward to the positive outcomes of this programme,” says Nasir Zubairi, chief executive officer (CEO) of the LHoFT Foundation.

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Ugandan crowdfunding platform GoBigHub is helping small businesses fulfil their orders by filling gaping financing gaps through the power of the crowd.

“Many people across Uganda win contracts but lack the capital to fulfil the orders,” GoBigHub founder Ojijo Pascal told Disrupt Africa.

“GoBigHub enables entrepreneurs to access financing on a profit share, no-collateral basis from individual investors seeking above market returns, averaging five per cent per month.”  

Simply put, entrepreneurs that have won contracts register on the site or via the startup’s mobile app, and share the contracts. Once the legitimacy of the contract is confirmed, it is uploaded to GoBigHub, where users are able to invest and receive flat rate returns.

“We in turn ensure the contract is executed, by supervising and making all payments direct to suppliers,” said Pascal.

In three years, GoBigHub has facilitated transactions worth a total of US$240,000, and it is now integrating blockchain technology to help financiers see how their funds are utilised to finance projects.

Pascal said Ugandan businesses worked hard to secure contracts, but often lacked necessary capital to complete contracted work, either due to lack of security or mandatory three-years-in-business rules that prevent them from taking loans. GoBigHub is filling that financing gap using the power of the crowd.

Turnover has been increasing year-on-year, while return on investment for investors is also rising. In all, 78 customers have secured financing via the platform, creating around 250 jobs. The startup is still only active in Uganda, but planning to expand.

Blockchain technology, Pascal said, would make GoBigHub even more effective.

“Most investors want to see exactly what their money does, and until we came across blockchain we did not know how to do this. We are now integrating blockchain, and creating a marketplace where our token, KontraktKoin, can be purchased by investors, and used to finance contracts, as well as to pay suppliers on the platform,” he said.

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