The biggest African tech moves from April

How early-stage investors are betting on African companies [View in browser]( [TC Daily Logo] 3 MAY, 2022 IN PARTNERSHIP WITH [Flutterwave Logo] Good morning 🌞 How are early-stage investors betting on companies in Africa? TechCabal Insights, in partnership with Future Africa and The Baobab Network, is launching a deep-dive report into the early-stage investment landscape in Africa. We analyzed over 5 years of early-stage investment data for insights that are otherwise not available in public. For instance, in 2020, 454 early-stage deals were closed. By the end of 2021, 282 deals were closed, reducing YoY by 38%. One would readily think that this was due to the pandemic but it appears that the reasons were more economic than medical. Want all the insights on early-stage investment in Africa? Register for [early access to the report here](. In today's edition - Crypto market - The biggest moves in April - Opportunities CRYPTO MARKET * Data as of 10:40 PM WAT, May 2, 2022. THE BIGGEST TECH MOVES IN APRIL Several important announcements were made in April. From MTN's PSB license approval and Airtel’s super-agent license in Nigeria, to Sun King’s $260 million raise in Kenya, here are the top 10 biggest tech African moves from April. 1. ENERGY-TECH LEADS IN APRIL Africa's tech ecosystem started Q1 2022 with a bang—announcing about $480 million in raises in January alone, and raising $1 billion by February—and it looks like Q2 is off to a similar start. In April, startups across the continent [raised $413,143,000]( across 38 fully-disclosed* deals. This means April ranks the lowest in terms of funding announcements made, 41% (~ $296 million) less than what was [announced in March](, and 34% (~ $216 million) less than February's announcement. Per sector, the top 3 sectors are energy-tech, fintech, and logistics. Energy leads with $289,800,000 (70.1%);, fintech with $53,500,000 (12.9%); and logistics with $34,000,000 (8.2%). Per region, East Africa leads with announced raises in April 2021, with Sun King’s [$260 million Series D raise]( at the helm of the 4 announced raises. West Africa comes in second with $90.5 million announced across 18 funding deals. North Africa is next with startups from Egypt and Morocco announcing a combined raise total of $39.3 million across 11 deals. The top 5 disclosed deals of the month are: - Sun King’s [$260 million]( Series D raise to expand into Africa, and Asia. - Nigerian logistics startup Sabi’s[$20 million]( funding round. - Egypt-based energy tech company Pylon’s [$19 million]( seed round. - Umba’s [$15 million]( round to expand its digital bank into new markets. - Ghanaian agritech Farmerline’s [$12.9 million]( pre-Series A round. *Note: This data is inclusive only of funding deals announced in April 2022. Raises are often announced later than when the deals are actually made. This data is exclusive of the Bboxx/PEG Africa acquisition deal which has numbers that have yet to be confirmed. It also excludes estimated grants from accelerators like Techstars or Y-Combinator. SEND BY FLUTTERWAVE Don't just send money, send money fast. Send and receive money directly to mobile wallets, bank accounts, Barter or through cash pickup with $end. Visit [send.flutterwave.com]( and do it now! This is partner content. 2. MOBILE MONEY IS COMING TO WEST AFRICA This month, a slew of good news came for the mobile money sector in anglophone and francophone West Africa. The Nigerian arms of telecoms MTN and Airtel made important strides in ramping up mobile money adoption in the country. First, [MTN received final approval]( from the Central Bank of Nigeria (CBN) to run a payment service bank in the country. Weeks later, Airtel laid its hands on a [super-agent license from CBN]( that will allow it to recruit agents for agency banking and deliver essential financial services to customers through a network of third-party agents on behalf of financial institutions. Meanwhile, in Senegal, fintech unicorn Wave was [granted an e-money license]( by the Central Bank of West African States (BCEAO) to expand its mobile money services in the country. 3. FLUTTERWAVE FACES ACCUSATIONS Africa's most valued startup, Flutterwave, [faced a series of heavy accusations]( in March. Following an article by journalist David Hundeyin, Fco-founder and CEO Olugbenga Agboola, was accused of insider trading, fraud, and sexual harassment. Agboola, as well as ex-CEO [Iyinoluwa Aboyeji]( who was also mentioned in the article, has also [responded]( to some of the allegations. 4. EQUIANO LANDS IN NIGERIA In March, Google's subsea internet cable [landed in Togo](. Following that announcement, the 12,000 + km cable [snaked its way to Lagos](, Nigeria in April, as it moves on to Namibia, St. Helena—a British territorial island west of Angola—and finally, South Africa. The cable is part of [Google’s $1 billion plan]( to provide affordable internet access in Africa by building global infrastructure to help bring faster internet to more people and lower connectivity costs. GROW WITH INTERCOM Intercom's platform helps you engage and support your users through personalised chat-like experiences, with over 25,000 companies using it every single day. If you’re an early-stage, high-growth start-up, you can get access to its Early Stage Academy today at a 95% discount! [Join the program today](. This is partner content. 5. CAR BECAME THE FIRST AFRICAN COUNTRY TO ADOPT BITCOIN In April, the Central African Republic (CAR) became the first African country to [adopt bitcoin](—and all other forms of cryptocurrency—as legal tender. It's also the second country worldwide, after El Salvador, to take this action. 6. NIGERIA'S CBN FINES 3 BANKS FOR CRYPTO TRADING The Central Bank of Nigeria (CBN) [fined 3 of the country’s commercial banks]( for flouting a cryptocurrency trading restriction levied a year ago. The 3 banks—, Stanbic IBTC, Access Bank, and United Bank for Africa (UBA)— were fined a total of ₦800 million (~$1.9 million) for operating accounts used for crypto trading. This is the most recent development in Nigeria's ongoing [crypto trading restriction](. 7. ELON BUYS TWITTER In April, billionaire and Tesla CEO [bought Twitter for $44 billion](. There's a not-so-funny [backstory behind Elon's takeover]( though. First, Musk got an individual majority stake in Twitter, then he got an invitation to join the Board, which he declined after realising he wouldn't be able to own Twitter if he accepted the offer. Musk also got sued by other investors because he failed to disclose his stake to the US Securities and Exchange Commission (SEC). Post-decline, Musk also offered to buy all Twitter shares in a veiled threat that could have tanked Twitter's stock prices. Twitter in turn adopted a poison pill before succumbing to Musk's charm offer. 8. GOOGLE, AMAZON, AND VISA ARE IN KENYA A lot of good things are facing Kenya. The country [announced]( a 10-year digital plan in April. E-commerce behemoth [Amazon also announced]( the launch of an Amazon Web Services Local Zone in the country as well. Visa opened its [first Innovation Studio in Africa]( in Nairobi, and Google announced [plans to launch]( its first product development centre on the continent in the capital city as well. 9. DIDI EXITS SOUTH AFRICA A year after launching operations in South Africa, Chinese ride-hailing giant, Didi Chixung, [ended its operations in South Africa](. The ride-hailing company faced stiff competition from Bolt and Uber, and its expansion was also marred by South Africa's third COVID wave which prompted yet another lockdown. 10. EBI ATAWODI MOVES FROM NETFLIX Global product manager [Ebi Atawodi]( has made yet another significant move. Last year, Atawodi [announced]( a move from her position as Uber's Head of Product, Payments and Financial Products, to Netflix where she served as Director of Products, Payments MEA. In April, Atwodi made yet another significant move. After 1 year at Netflix, she's [moved to Google]( where she's now serving as Director of Product Management for YouTube Studio. TRADE WITH TROVE [Trove]( Pocket up to $50 when your friend makes their first trade! Follow these easy steps: - Login to your Trove app, Get your referral link. - Get your friends to sign up using your link. - Get up to $50 when they place their first trade. [Download the Trove App and start referring](. This is partner content. OPPORTUNITIES - Photographers are invited to apply for The Global Landscapes (GLF) Forum Africa Photo Competition 2022. If you've got pictures that showcase the beauty and richness of the continent, submit for the chance to win $900 in prizes. [Take a snapshot here](. - The JAMII Femmes Programme is now open to applications from female entrepreneurs in Nigeria, Kenya, and Côte d'Ivoire who are focused on building sustainable solutions in the agriculture sector. One woman from each country will be awarded $10,000 prizes, and participate in a 2-week accelerator programme. [Check it out](. - Applications are open for the 2022 edition of the African Business Heroes Competition for African Entrepreneurs. Entrepreneurs from all 54 African countries who are contributing to the development of sustainable economies are invited to apply. Ten winning entrepreneurs will share $1.5 million, get access to mentorship opportunities, and gain global recognition. [Shoot your shot](. What else we're reading - WellaHealth [expands its healthcare services]( with the launch of WellaHealth 2.0. - [Uganda’s tax reforms]( are hurting businesses that rely on imports. - The [#NairaLife of a Videographer]( hoping for steady gigs. - Bolt is [considering suspending operations]( in Tanzania after 15% fee service order. DON'T JUST READ THE BRAND, WEAR IT TOO Visit [techcabal.com/shop]( and bag yourself some merch. SHARE #TCDAILY TODAY - - - - - mailto:info@example.com?&subject=&body= Written by - [Timi Odueso]( Edited by - [Tamerra Griffin]( Advertise To advertise with us, send an email to [ads@bigcabal.com]( [Unsubscribe from TC Daily](