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Nigerian ed-tech startup Edves, which is rolling out school management systems across the country, has raised a US$120,000 seed funding round from Chinook Capital and Growth Capital.

Formed in 2016, Edves is an academic portal that automates operations in schools and colleges from admission to transcript generation.

The portal allows admission processing with little or no IT skills, powers both cash and cashless payment methods, is loaded with thousands of e-books, video tutorials and virtual classrooms, and offers one-click result and record generation. It is being used by over 340 schools in Nigeria.

Edves took to Twitter to announce its funding, which comes from Chinook Capital – organiser of the Founders Incubator programme – and the Growth Capital fund of the Co-Creation Hub (CcHub) incubator, which has also invested in the likes of LifeBank, Riby and Delivery Science.

“We are excited to work with these great ventures because of their agape love for education, depth in emerging economy, and the strong teams they have built,” the startup said.

Using the Edves platform, educators enjoy automated and speedy operation, while schools have access to reliable and affordable data storage. Parents, meanwhile, can track the performance of their children through SMS, email, the web and a mobile app.

Earlier in the year, the startup took home the Transforming Education in Emerging Markets prize at the Seedstars Summit in Switzerland.

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Fintech startup Diool has been named winner of the Cameroonian leg of the Seedstars competition, booking a place in the global final and the chance to pitch for up to US$1 million in equity investment.

Global early-stage startups competition Seedstars has already picked African winners in Egypt, Tunisia, Zimbabwe, Morocco, Ghana, Rwanda, Libya, Uganda, Senegal, the Democratic Republic of Congo (DRC), Kenya, Mozambique, Guinea Bissau, Angola, and Nigeria, and held its Cameroonian event in Douala at Activspaces last week.

The overall winner was payments startup Diool, which will now head to the global final in Switzerland in April next year with the other winners from across the world. There it will stand the chance of winning up to US$1 million in equity investment and other prizes.

Gamified learning tool MooExams was second, while agri-tech startup AgriBizz came third. The other competing startups were road safety solution Benskin, energy consumption monitoring service CleverSide Engineering, VR-based ed-tech startup DIPITA Technology, fundraising platform Guanxi Invest, accounting startup Infinity Group, textbook-purchasing service mytextbook, computer accessibility service Namsoft, and robot manufacturer Quadrant 2E.

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Fintech startup Diool has been named winner of the Cameroonian leg of the Seedstars competition, booking a place in the global final and the chance to pitch for up to US$1 million in equity investment.

Global early-stage startups competition Seedstars has already picked African winners in Egypt, Tunisia, Zimbabwe, Morocco, Ghana, Rwanda, Libya, Uganda, Senegal, the Democratic Republic of Congo (DRC), Kenya, Mozambique, Guinea Bissau, Angola, and Nigeria, and held its Cameroonian event in Douala at Activspaces last week.

The overall winner was payments startup Diool, which will now head to the global final in Switzerland in April next year with the other winners from across the world. There it will stand the chance of winning up to US$1 million in equity investment and other prizes.

Gamified learning tool MooExams was second, while agri-tech startup AgriBizz came third. The other competing startups were road safety solution Benskin, energy consumption monitoring service CleverSide Engineering, VR-based ed-tech startup DIPITA Technology, fundraising platform Guanxi Invest, accounting startup Infinity Group, textbook-purchasing service mytextbook, computer accessibility service Namsoft, and robot manufacturer Quadrant 2E.

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Pan-African tech and innovation hub network AfriLabs has partnered innovation ecosystem Jokkolabs to grow its network to include 135 hubs.

AfriLabs has member hubs across 36 African countries, and supports innovation centres in building successful entrepreneurs.

It recently increased its membership base to 123 hubs, but has further expanded that via a partnership with Jokkolabs, a non-profit ecosystem of open innovation and a network of innovation centres.

The 12 hubs in the Jokkolabs network, based in Senegal, Cameroon, The Gambia, Ivory Coast, Burkina Faso and Mali, have become members of the AfriLabs network, and Jokkolabs as an organisation has become a partner of AfriLabs. The partners will work together to design programmes for both networks.

“Since the launch of one of the first innovation hubs in Africa eight years ago in Senegal, Jokkolabs has been dedicated to the building of a great ecosystem of African innovation for a shared prosperity with our partners. To join the AfriLabs network is another stage of “building a bridge instead of a wall” between the various initiatives and regions with the profit of entrepreneurs on the continent as the end goal,” said Karim Sy, founder of Jokkolabs.

“We are excited to work with Jokkolabs on programmes that will have an impact on our joint communities and to contribute to the realisation of our vision of open markets for African startups, regional integration, the promotion of the innovation and technology for social development and economic development on the continent,” said Anna Ekeledo, executive director of AfriLabs.

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It is important for every entrepreneur to recognise that to raise venture capital (VC) is only one way to build and scale a business and the most important question every entrepreneur needs to ask is not “How do I raise venture capital?” but rather “Do I need to raise venture capital?”.

Here, Clive Butkow, chief executive officer (CEO) of South African VC fund Kalon Venture Partners details eight lessons for the entrepreneur who has answered “yes” to the second question, and now wants to tread through the often-intimidating water of raising venture capital.

Do I need to raise venture capital?

Bootstrap your company before you try and raise institutional capital. Although many investors only invest in companies where they feel they can add strong strategic value and help build a hugely successful business, bootstrapping will help you avoid giving up too much equity to early and rather focus on signing up customers to increase the value of your company.

Get your timing right!

It goes back to the opening question, “Do I need to raise capital?”. Raising capital is extremely time consuming. It would be better spent on getting customers and developing your market. Raising capital does not validate your business model, only customers do. You are either running and building your business or raising capital.

Raise capital before you desperately need capital

The risk in raising capital under the circumstances when you desperately need capital to let your business breathe again, is that you make a decision you can’t control. Having money before you need it grants you breathing room over the long haul to make smarter decisions in down times and transformative ones in good times.

Know what investors look for

There are many critical pieces required to make a startup successful. Many sophisticated investors look for three key ingredients before making an investment. Most startups fail because they fail at one or more of these three pillars:

• Firstly, good people – have the best team on the planet;

• Secondly, make something customers want by confirming product market fit;

• Thirdly, having the ability to sell and ensure getting and keeping customers should be your number one priority.

Think like an investor and make the deal attractive to the investor

Venture capitalists are looking for returns, they are looking for that 10X company that will become the next gazelle or unicorn. Put yourself in their shoes and understand your investors business model. Are you a venture capitalist type of deal? VCs will look at your deal from three angles: are you investable, is the deal investable, and is the risk investable? You will need all three angles to be a definite “yes” to get the capital. Investors are looking for scalable businesses and in order for you to raise finance you need to show your traction channels and how you will scale. Your product needs to be 10 times better than anything else on the market.

Lack of traction = lack of funding

Unless your team consists of successful serial entrepreneurs, and even then, investors expect customer/user traction. Most businesses do not fail due to lack of product development, but rather due to lack of market and customer developments. It’s what investors everywhere are looking for in order to determine whether to anoint your startup “the next big thing” and inject the capital needed to accelerate your business.

Investors back the jockey before they do the horse

Investors invest in people and not ideas or products and services, and so whilst many entrepreneurs have a great product or service they do not demonstrate the business skills required to build a successful business around their product or service. A great entrepreneur, especially those backed by an outstanding team, can tweak, improve, and refocus a business idea as needed, while a mediocre entrepreneur is likely to ruin the promise of a brilliant business concept.

A good business does not equal a good and investable business

It is important for entrepreneurs to recognise that investors look to invest in businesses that will provide them with above average returns. Most technology investors look for a 10X return on their invested capital. If they invest ZAR10 million they will be looking for a return of ZAR100 million in five to eight years. An entrepreneur might be building a good business which does not fit the investors mandate due to the lack of scalability of the business.

Final thoughts

There isn’t any magic, and contrary to popular myth, nobody is waiting in the wings to throw money at you just because you have a new and exciting business idea. It is becoming more difficult to find suitable entrepreneurs to fund and although there are millions of ideas but there are not as many million-dollar entrepreneurs.

The world is not short of great ideas or products, but the world is short of great entrepreneurs. Are you one of them?

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Four more African entrepreneurs have been chosen to join the global Endeavor network, which will see them gain access to mentorship and acceleration.

Endeavor, which launched in Nigeria and Kenya this year, and accepted a host of African entrepreneurs into its network, works to catalyse long-term economic growth by selecting, mentoring, and accelerating the best high-impact entrepreneurs worldwide.

The organisation supports entrepreneurs that have passed through the initial startup phase and demonstrate the potential for rapid expansion and scale. At its 83rd International Selection Panel (ISP) in Athens last week, Endeavor selected 26 high-impact entrepreneurs from 18 companies in 13 countries to join is network.

They include the first two supported by Endeavor Nigeria – Elizabeth Rossiello of digital foreign exchange and payments platform BitPesa, and Etop Ikpe of vehicle buying and selling service Cars45.

Two North African entrepreneurs also make the cut, namely Amr Elmeniawy of Egyptian food manufacturer Natura Agro and Souheil Guessoum of Tunisian company ProvenMed, which has developed a non-invasive, adhesive-free and discreet solution that allows men to manage urinary incontinence in comfort and dignity.

Endeavor now supports 1,768 entrepreneurs leading 1,106 companies in 33 markets around the world.

“Endeavor is all about identifying and supporting those select entrepreneurs who build and scale lasting businesses, create jobs, and mentor and inspire others. From the dedication of network members who lend their time and expertise to serve as panelists, to entrepreneurs who passionately pitch their companies, ISPs are the heart of that process,” said Endeavor chief executive officer (CEO) Linda Rottenberg.

“We’re thrilled to count a new, diverse group of high-impact entrepreneurs among Endeavor’s growing worldwide network – and particularly excited to welcome our first Endeavor entrepreneurs from Endeavor Nigeria.”

Endeavor will host the remaining ISP of 2018 in Stellenbosch, South Africa, on December 11-13.

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Insurtech startup Franc, language-learning platform Uthini and payments startup Maxicash have been named winners of the Johannesburg leg of the Seedstars competition, booking places in the national final.

Global early-stage startups competition Seedstars is on the road selecting companies to pitch for up to US$1 million in equity investment at its global final in Switzerland next April, and has already picked African winners in Egypt, Tunisia, Zimbabwe, Morocco, Ghana, Rwanda, Libya, Uganda, Senegal, the Democratic Republic of Congo (DRC), Kenya, Mozambique, Guinea Bissau, Angola, and Nigeria.

In South Africa, it has held two pre-selection rounds ahead of its national final on November 14. Three startups were named winners of a Cape Town even recently, while a pitch event was held in Johannesburg last week to pick another three finalists.

The winning startup was Franc, a self-insurance platform that offers customers the opportunity to grow their wealth and manage their personal risk. Franc will be joined in the final by second placed Uthini, a language learning platform that connects busy professionals with teachers using a structured learning path and chatbot technology, and third placed Maxicash, a financial support ecosystem built around remittances and payments for the African diaspora.

All three startups have booked their places in the Seedstars South Africa finals.

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Insurtech startup Franc, language-learning platform Uthini and payments startup Maxicash have been named winners of the Johannesburg leg of the Seedstars competition, booking places in the national final.

Global early-stage startups competition Seedstars is on the road selecting companies to pitch for up to US$1 million in equity investment at its global final in Switzerland next April, and has already picked African winners in Egypt, Tunisia, Zimbabwe, Morocco, Ghana, Rwanda, Libya, Uganda, Senegal, the Democratic Republic of Congo (DRC), Kenya, Mozambique, Guinea Bissau, Angola, and Nigeria.

In South Africa, it has held two pre-selection rounds ahead of its national final on November 14. Three startups were named winners of a Cape Town even recently, while a pitch event was held in Johannesburg last week to pick another three finalists.

The winning startup was Franc, a self-insurance platform that offers customers the opportunity to grow their wealth and manage their personal risk. Franc will be joined in the final by second placed Uthini, a language learning platform that connects busy professionals with teachers using a structured learning path and chatbot technology, and third placed Maxicash, a financial support ecosystem built around remittances and payments for the African diaspora.

All three startups have booked their places in the Seedstars South Africa finals.

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The Mastercard Foundation has announced a new fund that will enable young African changemakers to seed and kick-start promising social ventures and community projects, creating economic opportunities for themselves and others.

The Mastercard Foundation is one of the largest such organisations in the world, and was established to advance learning and promote financial inclusion for people living in poverty. Its Scholars Programme offers education and leadership development to over 35,000 bright, young leaders.

Over the next two years, the foundation will dedicate US$2 million for a pilot project that will expand Mastercard Foundation Scholars’ capacity to exercise transformative leadership by putting their social and entrepreneurial ideas into action. Since 2016, the Mastercard Foundation has supported over 30 ventures founded by Scholars.

Universities and institutional partners included in the Mastercard Foundation Scholars Programme will receive funding towards these efforts, leading the design and delivery of the competitive fund in a manner that reflects local context. The foundation will lead monitoring and evaluation activities to learn, evaluate, and determine how to extend and scale the opportunity within and beyond the Scholars Programme.

“We are compelled by the leadership of African youth and the vision they hold for the continent’s future,” said Shona Bezanson, associate director of the Mastercard Foundation Scholars Programme.

“Whether it is providing quality education for refugee youth and children in Uganda, developing organic and cost-efficient fertilizers for low-income farmers in Zimbabwe, or creating a ‘Made in Africa’ brand that employs vulnerable artisans, Scholars are already activating their ideas for change with modest resources. We believe Scholars will seize this new opportunity to lead change in their communities.”

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Financial literacy remains a barrier for young people, with millennials struggling to meet their financial goals and not saving effectively. South African fintech startup Akiba Digital thinks it has the solution.

Formed last year, Akiba is building a data-driven personalised financial marketplace, initially offering two digital solutions. Their first solution, launched two months ago and available for download, is a gamified savings tool that allows users to save towards their lifestyle goals and get rewarded for it.

This is coupled with a rainy-day-fund pre-configured for users where a portion of their contributions to their active goals is passively saved to serve as a cushion for their future.

The second solution, which is launching soon, is a web-based financial literacy platform that repurposes existing content created by financial service providers. Akiba co-founder Kamogelo Kekana told Disrupt Africa the startup’s goal was to help tech-savvy millennials become financially confident to start making good financial decisions.

“We believe our value proposition to our users is a combination of tools which includes incentivising positive spending and savings behaviours, fun-financial curated literacy, a goal-based setting approach to our lifestyle, behavioural coaching and accountability, all in a fun and quirky gamified experience. Once people have a better understanding of their finances, they will be better equipped to make informed and effective life decisions,” Kekana said.

The Akiba team came together last year, initially building a digital bank. However, having built the majority of the product, it was faced with greater regulatory requirements than its bootstrapped budget allowed.

“We stripped away everything else and kept the element that we believed was most important and unique to the mission of building the bank in the first place: the need to change consumer credit and spending behaviour, and extend tools that further empowered consumers to do better with their money,” said Kekana.

Those consumers are millennials, who Kekana said are feeling greater financial strain and require a means to make their money stretch further.  He said people in this age group crave a way of becoming “financially woke” but cannot relate to financial service providers, and simply just do not trust them.

“On the other side, financial service providers are desperately seeking more non-traditional information about millennial customers, in an attempt to offer personalised financial products. But they continue struggling to engage this demographic,” he said.

“And whilst the disconnect between millennials and FSPs continues to grow, as a country we are faced with the challenge of South Africa having one of the worst personal financial literacy rates in the world.”

Akiba, which is currently raising its seed round, is trying to solve this, and is doing so with the support of Startupbootcamp and AlphaCode. It is currently beta testing with around 300 active users, and was recently the fourth highest trending app in the finance category in South Africa. It has already signed on three corporate clients.

“Currently we are operating in South Africa and plan to create a sustainable base in this market with most of our team based here. Our expansion plans over the next 24 months include doing some soft launches into tech-active markets on the rest of the African continent, as well as accessing certain parts of the Eurozone through partnerships we are currently working on,” Kekana said.

Akiba has both B2C and B2B models. It charges consumers early withdrawal penalty fees on their total goal value and on interest gained over the period saved for, while its B2B model sees it offer corporate partners tiered packages that will offer a variety of benefits dependent on the needs of the customer.

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