New tips and tricks to get more Blooks on Blooket 2024
One of the most exciting aspects of the Blooket educational platform is the different blook types, the adorable characters that add a fun twist to your learning experience. Here’s an article on discovering and understanding the fascinating world of blooks. Understanding Blooks rarities When you enter a Blooket game, you’ll have the opportunity to choose a blook, your virtual companion for the game. But before you make your selection, let’s take a closer look at the different rarities and blook types available: 1. Common Blooks These are the default blook types that everyone has access to. They feature various animals such as dogs, cats, sheep, owls, and more. Since they are freely available to all users. Any blook classified as common cannot be sold. 2. Uncommon Blooks Any blook here can be sold for $5 in Blooket. They include a wide array of characters from themed boxes like Medieval, Wonderland, Breakfast, Space, and more. Look out for unique creatures like elves, witches, astronauts, and pandas among others. 3. Rare Blooks With a value of $20 in Blooket, any blook in this category is highly sought after for their distinctiveness. From jesters and dragons to pufferfish and lemurs, a blook from this class adds an extra layer of excitement to your gaming experience. 4. Epic Blooks A blook in the epic category can be sold for $75, making them highly desirable. Keep an eye out for unicorns, spaceships, and French toasts among other captivating characters. 5. Legendary Blooks Legendary blooks are equally rare and valuable, fetching $75 in Blooket. With characters like mega bots and megalodon sharks, any blook that falls into this category is defined spectacular and unique. 6. Chroma Blooks The rarest of them all, chroma blooks are incredibly hard to obtain but fetch a whopping $300 when sold. From rainbow pandas to haunted pumpkins, these blooks are the crown jewels of any collection. Building your Blooks collection Now that you’re familiar with the different blook types and their rarities, it’s time to start building your collection. Here’s how you can acquire new blook(s): 1. Buying themed boxes Themed boxes contain a selection of blook(s) based on specific categories such as Medieval, Wonderland, Breakfast, and more. Each box offers a chance to randomly obtain one of the blooks it contains, so choose wisely and expand your collection. 2. Marketplace If you’re looking for a specific blook, you can visit the marketplace where users buy and sell blook(s). Keep an eye out for rare and legendary ones that might catch your interest. Exploring your stats and customization options As you journey through Blooket, take a moment to check your stats and explore customization options: 1. Stats Overview Your stats provide insights into your gaming journey, including the number of games played, tokens earned, and players defeated. Keep track of your progress and celebrate your achievements. 2. Class Pass Dive deeper into customization with the Class Pass feature, which allows you to create your own blooks. With a wide range of customization options available, unleash your creativity and design unique blooks that reflect your personality. Final thoughts With its diverse range of blook types and customization options, Blooket offers a captivating gaming experience that combines learning and fun. Whether you’re collecting rare blooks or customizing your own, there’s always something new to explore in the world of Blooket.
Read More₦200,000 deposit payout for customers of shuttered microfinance banks began in May 2023
The Nigerian Deposit Insurance Corporation (NDIC) has compensated some customers of 132 microfinance banks whose operating licences were revoked by Nigeria’s Central Bank in May 2023. According to two NDIC notices dated May and August 2023, customers of the affected banks will receive a maximum payment of ₦200,000 upon proof that they held deposits. The Central Bank revoked the licences of those banks for being “inactive, insolvent, failing to render returns, closing shop, or not providing the type of banking services for which they were licensed for more than six months.” The apex bank did not provide specific reasons for each affected bank. Two of the most prominent banks affected by the CBN action are Eyowo Microfinance Bank, backed by the fintech Softcom, and Purple Microfinance Bank. “Some of the banks believe the CBN wrongfully revoked their license and have been trying to make a case to regain their license, albeit under a different name,” said an NDIC agent who asked not to be named as he was not authorised to speak on the matter. Eyowo has repeatedly said it is engaging the CBN to regain its licence and resume operations. In June 2023, it entered into a short-lived partnership with Providus Bank, which allowed some customers access to their money. At least two customers said they were initially able to withdraw their funds from Eyowo after the Providus partnership, but the app became inaccessible weeks later. “Every microfinance bank affected by the revocation is undergoing this NDIC process, which is part of the CBN/NDIC procedure to either wind down fully revoked banks or reinstate successful applicants like us,” a highly-placed person at Eyowo said. Customers with bigger deposits need to wait it out The situation could be a little more complex for customers who had more than ₦200,000—the maximum the NDIC will pay— in their accounts. In some cases, the affected banks are engaging customers and reassuring them of the work being done to ensure they access their deposits. If the banks cannot make good on their promise, the customers will still have recourse to the NDIC. The government-backed insurer will assess the banks’ assets that lost their licenses and sell whatever it can. It will also recover their loans and sell whatever investments those banks have. “After liquidating the entity, the NDIC will pay depositors with more than ₦200,000 part or all of their remainder deposits as a “liquidation dividend.” While some banks are applying to get their licences back, there’s a real risk that they may be unsuccessful. The NDIC may eventually liquidate the bank’s assets to pay their depositors if they fail to convince the central bank that they are healthy institutions. “Liquidation is often the last resort,” an NDIC official who asked to speak anonymously told TechCabal. “After assessing the bank’s assets, we often try other measures, such as asking the shareholders to pump money into the bank.” In cases where that yields no response, the NDIC often tries to negotiate a takeover by another bank or get someone else to run the bank until things have stabilized.
Read MoreBuild real businesses, VCs tell founders at Techstars Demo Day
Globally, venture funding is drying up, and Africa has expectedly taken the hit. According to TechCabal’s funding tracker, African startups raised $3.2 billion in 2023—the lowest figure in three years. Of the continent’s Big 4, Nigeria sits at the bottom of the ladder with just $398.2 million. If earlier predictions by tech leaders are anything to go by, we expect investors to get more frugal in 2024, which means fewer checks. Yet some investors believe that the funding downturn raises questions about the need for startups to rethink their building mindset. This was the major takeaway from an investment panel at the ARM Labs Lagos Techstars Demo Day held in Lagos, Nigeria, on Tuesday, February 20, when three investors were asked about the state of VC funding and innovation in Nigeria. While acknowledging the reality of the venture funding downturn, Olumide Soyombo, Founding Partner of Voltron Capital, an early-stage investor, painted a picture of opportunity, urging founders to focus on building “real businesses” with strong unit economics. “It brings us back to building with the right mindset. The VC winter in Africa allows us to reset how we want to build,” he said. For Ovo Emorhokpor, Founding Partner of Beta Ventures, a New York and Lagos-based venture capital firm, much attention has to be focused on providing real value to customers. “Founders should build a business on the back of customer satisfaction. It is all about your customers,” he advised, suggesting that these fundamentals will pave the way for sustainable growth beyond the need for constant funding rounds. Venture funding is a valuation game. Soyombo stressed the need for realistic valuations, reminding founders that investors seek returns for their LPs. He calculated that with $400-500 million in new funds raised on the continent, VCs require significant value creation. This necessitates efficient capital allocation and building real value before seeking higher valuations. He urged founders to build “category-defining companies.” Due to rising inflation and currency devaluation, African startups that raised funds in dollars struggle to report revenue to their investors, raising the question of raising in local currencies. The argument is that raising funding in local currencies would make it easier to return investments. Biola Alabi, General Partner of Acasia, the venture capital investment arm of Acasia Group, shares a similar view, saying export-oriented businesses should consider local currency options: “The most important thing right now is for companies to stay alive and capital is capital.” She also made a case for collaboration between local and foreign investors to better understand the landscape. Emorhokpor said his company made naira-denominated investments as far back as 2021 and those investments are “doing very well even on a dollarized basis.” He noted that one of the key things they look out for companies is the “pricing power” which he described as the ability to increase products and services in response to changing economic conditions and still retain paying customers. Looking beyond immediate challenges, Soyombo advocated for a futuristic mindset, investing with a 6-10-year timeline and building businesses that can thrive in the long term. “I can’t invest in a very interesting founder that I like and think about the macroeconomics of Q4 2024, I am thinking of what Q4 2031 looks like,” he said. Despite the cautious outlook, the panel remained optimistic about the future for Nigeria’s tech ecosystem. Alabi expressed faith in the talent and innovation driving the ecosystem, saying, “amazing people are building amazing products” with the potential to become global solutions.
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Kippa users demand access to data as the fintech quietly pivots
For Lanre*, a Lagos-based businessman, the past month has been a nightmare. Unable to access data about the customers he has painstakingly collected over the past two years, he now manually tracks receivables and email addresses of particular customers he wants to send discount codes. He is one of the reportedly 500,000 business people who used Kippa, a Nigerian fintech app, for bookkeeping, invoicing and the kind of documentation every small business owner needs. Since January 2024, the Kippa app has been inaccessible, leaving the business owners who had come to depend on it without access to critical data like inventory, transactions, debtors, income, expenses, payments, and invoices. “It had details of all my clients, my sales record, and everything else I needed to assess my profit and loss,” Lanre told TechCabal. The app has been on autopilot for some time, one person with knowledge of the company’s business told TechCabal, claiming that the Kippa app will soon be taken down from the Google Play Store and the Apple App Store, leaving business owners permanently unable to access their data. Kippa’s sudden inaccessible bookkeeping platform “is essentially a breach of its obligations” to its customers, Akintunde Agunbiade, a lawyer at Aelex, a Lagos-based firm, told TechCabal, citing Nigeria’s data protection laws. A screenshot of Kippa’s bookkeeping app Launched in 2021, Kippa offered small businesses a free-to-use and simplified bookkeeping platform for all their data needs. For many, it was a game changer and a departure from manually keeping business records. But three years after those users had come to rely on the app, they face a reality where such important data is no longer accessible and they want to know if they’ll get that data back. Many others are frustrated at the company’s poor communication. On a Telegram channel operated by Kippa, more than 2,000 users say they’re still unable to access their data on the app. It’s been like this for a month, but all their messages are met with silence. “Users have been asking for access to data so they can move to another platform or resume their previous traditional way of managing their books, but no response has been given,” one Kippa user told TechCabal in an email. “I have been totally blind about my business since Kippa shut down. I don’t know what will happen to my data, if I can get it back, or if it is even secure,” another Kippa user told TechCabal. At the beginning of the app blackout, Kennedy Ekezie, the company’s CEO, told one customer in a message seen by TechCabal that the problem was a “temporary AWS downtime” that would be resolved quickly. But the company appears to have moved on from fintech and is planning to pivot to edtech, as TechCabal first reported. The company has not publicly confirmed the pivot or informed users about its decision to move on from fintech. The company’s CEO did not respond to an email from TechCabal seeking comments for this article. It has been a year of big changes for the Tiger-backed fintech, having shut down Kippa Pay, its agency banking business and Kippa Start, its business registration vertical. It has also significantly reduced its workforce and is putting all its focus on an AI-powered platform that enables users to create online courses using any file format and share them on their preferred messaging platforms. Got a Tip?We’d like to hear from you. You can contact the authors of this article at muktar@bigcabal.com & ngozi@bigcabal.com. TechCabal protects the confidentiality of its sources. Exclusive: ₦30 million internal fraud sours exit as Kippa scraps severance for laid-off workers Exclusive: Kippa Cofounder Duke Ekezie exits after agency banking shutdown, embarks on new venture
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Latest detailed steps to easily use Blooket in 2024
In today’s digital age, educational platforms are revolutionising the way students learn, making it more interactive and engaging. Among these platforms stands Blooket, a dynamic tool that transforms traditional learning into exciting games and quizzes. Comparable to popular platforms like Gimkit and Kahoot, Blooket injects fun into education through gamification. This guide aims to demystify the basics of Blooket, offering a straightforward approach for users to explore its features and maximize its potential in the realm of education. Step 1 – Getting Started 1. Visit the website Go to Blooklet official website. More precisely, visit https://www.blooket.com/ for quick access. 2. Create an account If you’re new to Blooket, sign up by filling in the required information on the website. If you already have an account, simply log in using your email or Google account credentials. Step 2 – Exploring the Blooket homepage 1. Dashboard Overview Upon logging in, you’ll be directed to your dashboard. Here, you can find various sections such as stats, blooks, news, homework, and game sets. The “News” section provides updates and announcements from Blooket. “My Sets” lists all the game sets you’ve created. “Favorites” displays sets you’ve marked as favourites. “Homework” shows assigned tasks. “History” presents your past gaming activities. 2. Navigating the Blooket toolbar At the top of the screen, you’ll see a purple toolbar providing quick access to essential features. The Play button lets you join Blooket games. Discover allows you to search for new games. Dashboard takes you back to your dashboard. Create enables you to craft new question sets. Stats shows your past game scores. Market allows you to purchase Blooks. Blooks displays your collection of Blooks. Settings lets you manage your account preferences. Logout logs you out of your Blooket account. Step 3: Playing and creating Blooket games 1. Joining a game Enter a game using the provided 6-digit code and your chosen username. 2. Discovering games Use the “Discover” button to find games related to your interests. Save favourites or report inappropriate games as needed. 3. Creating Blooket game sets To create your own game set, provide a title, description, and cover image. Choose privacy settings and creation methods before finalizing your set. Step 4: Managing blooks 1. Viewing Blooks Click on the “Blooks” button to see all the Blooks you’ve acquired. Each Blook has its own name, sellability, and rarity. 2. Sorting Blooks Sort your Blooks by common, uncommon, rare, epic, legendary, or chroma rarities. Step 5: Buying and Selling Blooks 1. Marketplace Explore themed boxes/categories of Blooks such as Medieval, Wonderland, Breakfast, Space, Bot, Aquatic, Safari, and Dino. 2. Purchasing Blooks Use your tokens to buy Blooks from themed boxes. Confirm your selection and receive a randomly chosen Blook from the box. Step 6: Checking Blooket stats 1. Tracking progress Monitor your game statistics, including games played, tokens earned, players defeated, and more. 2. Customising blooks Use the Class Pass feature to customize your own Blooks, with options for hair, eyes, nose, mouth, skin tone, and clothing. Final thoughts on using Blooket Blooket offers a dynamic platform for educators and students alike to engage in interactive learning experiences. By following these simple steps, you can easily navigate Blooket’s features and make the most out of its educational games and quizzes.
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👨🏿🚀TechCabal Daily – South Africa goes after spam callers
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF Later today, we’ll be having a conversation on embedded insurance in lending on TechCabal Live. Join Turaco CEO Ted Pantone as we explore innovative solutions using case studies from One Acre Fund and Turaco, and barriers to the financial inclusion gap. Register here. In today’s edition Nigeria goes after crypto exchanges How are Nigerian startups navigating cloud costs? SA goes after spam callers Funding tracker The World Wide Web3 Job openings Crypto Nigeria is blocking access to crypto exchanges It’s no news that the Naira has been steadily declining, recently trading at ₦1,600 to the dollar on Wednesday. However, what is rather surprising is the unorthodox effort the Nigerian government has been betting on to salvage the currency. In 2015, Nigeria’s government cut down trees on the streets of Abuja to prevent the activities of black market BDC traders. In 2021, the Godwin Emefiele-led central bank shut down AbokiFX, a website providing currency exchange rates, accusing the platform of engaging in “illegal activities.” And now, the government is trying out even more brow-raising methods to rein in its currency devaluation. The news: Yesterday, the Nigerian Communications Commission (NCC) started restricting users’ access to the websites of cryptocurrency exchanges, including Binance, Kraken, and Coinbase, in the country. The move is seen as part of a broader effort to curb currency speculation as the price quoted on these exchanges often set the unofficial tone for foreign local currency exchange. The move serves as the government’s latest attempt at applying a band-aid to its ailing currency. In recent times it has changed the method for setting its rate in the official foreign exchange market and loosened rules for Nigerians sending money from abroad to provide fixes to the naira. A running trend: While the Nigerian government’s recent move to restrict access to crypto exchange websites seems drastic, it’s not the first time it has grappled with regulating this digital asset. In February 2021, the Central Bank of Nigeria (CBN) issued a circular prohibiting banks and financial institutions from facilitating crypto transactions, effectively banning Nigerians from using traditional channels to buy or sell cryptocurrencies. It recently lifted the restriction in December 2023. However, this new restriction is different. It targets the websites of major international exchanges directly, aiming to curb speculation and prevent the unofficial exchange rates set on these platforms from influencing the Naira’s value. This broader approach signifies a shift in strategy compared to the previous ban, which primarily focused on traditional financial institutions and left peer-to-peer (P2P) trading largely unaffected. The effectiveness and long-term implications of this new ban remain to be seen. Crypto has been making a comeback globally with bitcoin reaching $51,000 for the first time in two years; and on the continent withcrypto startups making a comeback. In Nigeria, crypto startups were already applying for licences from the capital markets regulator, indicating a strong interest in legitimising the industry and navigating the evolving regulatory landscape. Access payments with Moniepoint You don’t have to take our word for it. Give it a shot like he did Click here to experience fast and reliable personal banking with Moniepoint. Cloud How Nigerian startups are navigating cloud costs Cloud cost and overhead expenses are typically the biggest ticket price items for startups. “The biggest fight to come i Africa is getting access to all of that data at scale through low cost/free cloud services,” tweeted venture capitalist Victor Asemota way back in 2018. It’s been six years since that tweet and nothing is closer to the truth. In Twiga 2023, Kenyan e-commerce startup, Incentro sought help to pay its cloud service bill after Incentro, a Google partner, sued the company over a $2 million cloud service contract. Per the contract terms, Twiga could be paying as much as $84,000 per month for cloud services. But for Nigerian startups who earn in Naira, the naira devaluation and FX volatility spells an even bigger price to pay. A $1,000 cloud service—the equivalent of ₦458,000 in early 2023—now costs ₦1.52 million, a 107% increase. Sources told us that startups can spend anywhere from $2,000 to $80,000 monthly in cloud computing costs. How are Nigerian startups navigating these high-up-in-the-clouds bills? Find out here in our exclusive reporting. Secure payment gateway for your business Fincra’s payment gateway enables you to easily collect Naira payments as a business; you can collect payments in minutes through bank transfers, cards, virtual accounts and mobile money. Create a free account and start collecting NGN payments with Fincra. Regulation SA regulators clampdown on spam calls South Africans, get ready to silence those pesky “once-in-a-lifetime investment” calls! The news: Yesterday, the Information regulator (IR) said it will begin cracking down on entities bombarding you with unwanted marketing calls. According to Truecaller, a platform that flags potential spam calls, South Africans receive an average of 10 unwanted calls per month. The IR says enough is enough and will be dishing out fines of up to R10 million ($~522,000) or even jail time for offenders. No matter who’s dialing, the new rule applies to all public and private entities in South Africa. Late to the party: This crackdown is a long-awaited victory for South Africans yearning for phone conversations that don’t involve dubious investment opportunities or free cruises to Atlantis. However, the crackdown is not a first on the continent. In 2016, the Nigerian Communications Commission (NCC) issued a directive to MNOs to implement a “Do Not Disturb” (DND) code for SMS messages. Additionally, the NCC penalized MNOs for violating regulations regarding unsolicited marketing calls. Accept fast in-person payments, at scale Delight your customers by allowing frontline staff and sales agents confirm bank transfers, instantly. Learn more → TC Insights Funding tracker This week, Hohm Energy, a South African climate startup, raised $8 million in seed funding. E3 Capital and 4DX Ventures led the round with participation from Breega, E4E Africa, TO.org, Tekton Ventures, Sunu Capital, Musha Ventures, and Climate
Read MoreAs cloud costs climb, can homegrown cloud providers save the day?
With the Naira in free fall, Nigerian startups face rising bills for cloud services, which they mostly use to store critical data. These cloud fees and staff salaries are typically the two biggest expenses for startups, and some founders have argued that Nigerian companies need to move to homegrown cloud providers. Cloud computing costs are charged on a pay-as-you-go basis, with startups paying monthly for the computing they use. Startups also pay for backend and mobile application computing costs. These costs can vary widely depending on the company. In late 2023, Incentro, a Google partner, sued Twiga, a Kenyan e-commerce startup, and asked a court for help in collecting a debt relating to a $2 million cloud services contract. According to the terms of that contract, Twiga could pay as much as $84,000 per month for cloud services. While that is already substantial, currency devaluation and FX volatility in Nigeria, where many startups earn revenue in Naira, make that fee even more expensive. In mid-2023, Nigeria removed all artificial controls on its FX market to unify its official and parallel market rates. While the CBN was hoping for stability, the value of the naira has continued to slide, reaching new lows this week. As a result, a $1000 cloud service that would have cost ₦458,000 in early 2023 is now about ₦1.52 million, a 107% increase. One Nigerian HR-tech startup that runs different servers for its client pays up to $80,000 in cloud costs monthly, according to a person familiar with the company’s operations. Another Nigerian financing startup pays around $2,000 monthly, an employee who asked not to be named told TechCabal. Nonso Eze, the CEO of Tradebuza, whose startup connects smallholder farmers to financing, said his company is exploring given the rising cost of their USD-denominated cloud fees. The big three cloud providers Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform are the three biggest cloud computing companies in the world. They remain the top choice for many companies and offer free cloud credits to early-stage and growth-stage startups. Google, for instance, gives startups up to $200,000 in Google Cloud credits to startups through its Black Founders Fund, while accelerators like Techstars and Y Combinator give their portfolio companies cloud credits. When the cloud credits eventually get exhausted, the startups will have already built some of their core infrastructure on the cloud and are locked in, making it difficult to switch. Abolore Salami, a founding partner of Business Lab Africa (BLA) and a long-time AWS customer, says there has never been a downtime in over five years of using the cloud provider, emphasising the stability expected from cloud providers. In January, Salami put out a poll on LinkedIn to find out how many founders were also affected by rising cloud costs. More than half of the people who participated in the poll said it was worrisome. Is “going local” viable? A seemingly obvious way out for startups is to transfer these costs to their customers, but the fear of churn in competitive markets makes this a challenging choice. Adedeji Olowe, CEO of Lendsqr, a lending-as-a-service company, told TechCabal that startups could seek out local alternatives that have built some resilience into their infrastructure. Some local players include Nobus Cloud Services, MainOne Cloud, Web4Africa, Galaxy Backbone, Layer3 Cloud, and many others. Indian-based Zoho Cloud is also positioned as a local alternative because it accepts naira payment. While local options exist, there are concerns about their ability to replicate the full feature range of big cloud providers because they don’t own their infrastructure and rely on open-source platforms like OpenStack, a cloud expert who asked not to be named told TechCabal. AWS, for example, offers microservices—which break down a large application into smaller independent parts. “When you don’t have complex infrastructure, providing cloud services won’t be as easy as people think it is,” he said.
Read MoreSouth Africa eyes Nomad goldrush, targets wealthy remote workers in new draft regulations
South Africa has published draft regulations for digital nomads visas, inviting the public to share feedback and comments that will shape the eventual outcome of the visa. If the regulations are eventually adopted and implemented, South Africa will become the fifth African country to offer digital nomad visas. For South Africa, the goal is to position itself as the global hub for digital nomads. According to data by Nomad Hive, nomads spend an average of $2,000 monthly on accommodation, food, local transportation, work-related expenses, and leisure activities. South Africa’s digital nomad VISA will target nomads earning at least R1 million (~$53,000) annually. “The inflow of digital nomads promotes sharing of ideas and experiences which can internationalise South Africa’s tech ecosystem,” said Will Green, founder and CEO of venture firm Co.lab. South Africa will be enticing to remote workers because of a relatively low cost of living, and a weak exchange rate, said Blake Blake Player, head of growth at crypto firm VALR. “Many tech companies may start to look at entering the SA market more formally,” he added. Despite the economic benefit of an influx of digital nomads in the country, South Africa’s current regulatory regime might prove difficult to overcome. South Africa’s current legislature has numerous laws that have to be amended if the digital nomad bill is to become law. For instance, the digital nomad bill proposes an income tax exemption for foreign employees working in South Africa for less than six months, and the income tax act would have to be amended to provide for the exemption to be legal. The proposed tax administration bill introduced by South Africa’s Revenue Service in 2023 is another potential obstacle. Under the proposed amendments, employers of South Africa-based remote workers must deduct pay-as-you-earn (PAYE) tax. Foreign companies would need to apply for and receive a SARS income tax number and register a branch company within South Africa. “The process of having to set up office here to access South African and digital nomad remote talent might prove too much for some companies,” said Ivan Breytenbach, income tax administrator at Raakvatters Accounting & Consulting. Another legislation that might put off digital nomads is a proposed amendment to the country’s Copyright Bill. For example, universities and other institutions will have the right to reproduce software products without having to pay producers of said products. “What the bill proposes [is] to water down copyright owners’ protection, and that [is] deeply concerning,” stated Sadullar Kajiker, professor of intellectual property at the University of Stellenbosch. This could prove to be a disincentive for nomads building proprietary software while in the country. Although the economic benefits of the digital visa are clear, the political will to overcome regulatory challenges will be crucial if South Africa’s nomad visa is to become a reality.
Read MoreEXCLUSIVE: Hohm Energy raises $8 million seed to tackle loadshedding in SA
South African solar energy startup Hohm Energy has raised an $8 million seed round to scale its rooftop solar installation product. The funding, the largest seed round ever raised by a South African tech startup, was led by E3 Capital and 4DX Ventures. Founded in 2021 by Tim Ohlsen and Emir Gluhbegovic Hohm Energy’s platform comprises two offerings; a way for customers to have their properties’ solar energy requirements determined digitally and a way to get access to credit financing for rooftop solar installation. The platform also allows solar installers to design, manage, finance and procure solar projects. Hohm Energy claims to have generated over 17,000 custom solar rooftop designs worth $190M and $90M in financing applications for the implementation of the designs. To facilitate financing for the designs, Hohm Energy has partnerships with several South African finance institutions for customers to secure structured financing. ad Through the partnerships, Hohm customers can use the platform’s finance and credit scoring to apply for financing. “We realised that although there is an appetite for solar energy in SA, sometimes financing is a hurdle,” Ohlsen told TechCabal. “The fintech aspect will help to drive even more rooftop solar installations.” The company will use the funding to scale its product offering across the board. This will include its tech, product innovation and solar installer skills development. Ohm Energy aims to facilitate rooftop solar installations for 7.7 million homes in South Africa and claims to be on track to reach profitability by the end of the year.
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👨🏿🚀TechCabal Daily – A d.lightful stake
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Heads up! Google has a new sign-in page. It’s pretty much the same as before but everything is better aligned across devices with large screens. Your passwords, passkeys, and info are all safe. That’s it for innovation today. In today’s edition How much did Cardinal Stone sell its iFitness stake for? Binance limits USDT/NGN trading South’s Africa’s new EV incentives South Africa is taxing light bulbs d.light raises $7.4 million The World Wide Web3 Opportunities M&As How much did Cardinal Stone sell its iFitness stake for? On Wednesday, Cardinal Stone Capital Advisers sold its 65% stake in i-Fitness to Verod Capital management, seemingly answering the question “where are the exits for Africa-focused VCs and PEs.” But the devil is often in the details. Per our initial report, Cardinal Stone Capital Advisers sold its stake for $12 million. That figure meant that CCA was breaking out the champagne to celebrate a 2-2.5x exit. Here’s what Muktar of TechCabal wrote: “Cardinal Stone, the first institutional investor in i-Fitness, typically invests between $5 million and $10 million in portfolio companies across various sectors in Ghana and Nigeria.” But what if that exit was a lot smaller than initially thought? Two people close to the deal insisted that the deal was much smaller than we initially reported. “Two authoritative sources shared that the deal size was less than $6 million.” It suggests that this was not a situation where the selling party was popping some bubbly. While the five-year time horizon of the deal is typical of PE firms, there may not have been any huge exit multiples here. Depending on what the final numbers were, this might have represented one PE handing the baton to another PE firm that may have a different thinking of how to extract juicy multiples in the next five years. Access payments with Moniepoint You don’t have to take our word for it. Give it a shot like he did Click here to experience fast and reliable personal banking with Moniepoint. Crypto Binance limits USDT/NGN trading As of January 30, the Nigerian Naira depreciated 31% to reach ₦1,400/$1, as the country’s headline inflation rose every month in 2023, hitting 28.90%, an 18-year high, in December 2023. Amidst this economic instability, Binance, the world’s largest cryptocurrency exchange, has disabled Nigerian users from selling USDT, and limited the buying option to a set price of ₦1,802 ($1.12). The crypto exchange, which facilitates trading between the Naira and USDT (a stablecoin pegged to the US dollar), claims that these measures are to safeguard users from fraud and manipulation. For Nigerian users, Binance disabled the ability to sell USDT and limited the buying option to a set price of ₦1802 ($1.12). Desperate times call for desperate measures? Binance’s recent limitation on Nigerian users’ ability to sell USDT coincides with unverified claims that the Central Bank of Nigeria (CBN) and other government bodies allegedly ordered the exchange to limit Nigerian users’ ability to sell USDT. This marks the second time in six months that Binance has intervened in USDT/NGN pricing, following a similar action in December that briefly boosted the naira’s value by ₦300 ($0.19) against the dollar in one day of trading action. Traders are now exploring alternatives, with some migrating to other peer-to-peer platforms like Kucoin, where the Naira traded as low as ₦2000 ($1.25) to 1 USDT. Despite relaxing currency controls and implementing new policies since June 2023 to curb speculation and improve price discovery, the CBN’s efforts are hindered by persistent liquidity issues and potentially ineffective communication, affecting confidence in the apex bank. In response, the Debt Management Office has increased bond yields by 3% to address excess Naira liquidity and attract foreign investors. Secure payment gateway for your business Fincra’s payment gateway enables you to easily collect Naira payments as a business; you can collect payments in minutes through bank transfers, cards, virtual accounts and mobile money. Create a free account and start collecting NGN payments with Fincra. Regulation South Africa unveils tax incentives for EV manufacturers A wave of electric vehicle (EV) support is sweeping across Africa, with governments and businesses alike taking action to promote cleaner transportation. In Ethiopia, the government, earlier this month, revealed plans to ban the import of gasoline and diesel cars. The country has also been offering tax breaks for electric vehicles since 2022. Kenya joined the movement by restricting the import of used EVs with less than 80% battery life on Tuesday. This decision comes alongside a recent $24 million investment secured by Kenyan EV company Roam, to expand its operations across the country. In North Africa, Egypt’s state-owned automaker El-Nasr has partnered with a Chinese company to roll out locally-produced EVs in the country by 2025. Now, South Africa is also joining the EV race. The country’s finance minister Enoch Godongwana, unveiled a series of tax hikes during the 2024 Budget Speech. Amidst these increases, there’s a silver lining for EV manufacturers. What silver lining? Starting March 1 2026, companies that make electric and hydrogen-powered vehicles can get back 150% of the money they spend on their investments. This is to boost local EV production. Additionally, the National Treasury has reallocated R964 million ($50.8 million) to the EV industry to support the transition to EVs. Zoom out: In more renewable energy news, Teraco, an African carrier-neutral colocation provider is investing over $100 million in building a 120MW solar power plant in South Africa, to add clean energy generation capacity to the national grid. This highlights the growing interest in renewable energy solutions across Africa, which aligns with the broader shift towards cleaner transportation and environmental sustainability. Accept fast in-person payments, at scale Delight your customers by allowing frontline staff and sales agents confirm bank transfers, instantly. Learn more → Regulation South Africa implements tax hikes on inefficient light bulbs Here’s some more news on SA. The government is taking steps to encourage citizens to
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