Blog Standard

April 17 2023

Fluidcoins investors will get some of their money back weeks after sale

In February, TechCabal reported that the Nigeria-focused crypto startup, Fluidcoins was sold to Bitfinex after it failed to raise funding. At the time of the sale, there were conflicting reports about whether the startup’s investors knew about the sale. At the time, one anonymous investor told us that the decision to sell Fluidcoins was made by the founder without external input. Joe Kinvi, another investor representing the investment collective, Hoaq, disputed that version of events. That uncertainty led to questions about whether investors got any money from the sale. Per confidential documents seen by TechCabal, Fluidcoins raised $50,000 from two syndicates and $70,000 from 10 angel investors. At the time of the sale, it was unclear whether investors would get any money back. TechCabal can now exclusively report that weeks after the sale, all investors got back to the negotiation table and were offered some portion of their initial investment. This publication can confirm that at least one investor accepted the offer to walk away from the deal with some portion of their initial investment. One source close to the situation said that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns as opposed to walking away with nothing. Fluidcoins raised $180,000 in the last 18 months of its life, and the terms of its sale to Bitfinex were not made public. It is a positive end to a situation that seemed likely to spiral out of control according to initial reports. While investors understand the risks of investing in startups and know that sometimes they can lose entire investments, there are now more conversations about the duty of founders to keep investors informed and act above board. In March, some unnamed investors in Kloud commerce began legal action against the company’s founder following allegations of misappropriation of funds in October 2022. Additionally, the sale of Fluidcoins may represent a marginally better outcome for investors than other options. Last week, Lazerpay, another crypto startup operating in Nigeria, also announced its impending closure. With no acquisition offers on the table, Lazerpay’s investors will likely walk away with nothing, once again highlighting some of the less glamorous parts of startup investing.

April 17 2023

UK insurtech startup YuLife expands to South Africa

YuLife, a UK-based insurtech startup, launched its operations in South Africa today. YuLife’s product offerings include a wellbeing app which harnesses the latest trends in behavioural science and game mechanics to encourage employees to make proactive lifestyle changes, while prioritising prevention by de-risking individuals through healthy activities. The YuLife app enables employees to complete everyday wellness activities, such as walking, meditation, and cycling, in order to earn YuCoin, YuLife’s virtual wellbeing currency. Members can then use their YuCoin to buy vouchers for groceries, data, fuel, clothing and more from leading brands, or to improve the world through donating meals, planting trees, or cleaning the ocean. By incentivising healthy living, YuLife claims to provide employers with a way to simultaneously boost retention rates, improve employees’ standard of living, and safeguard their loved ones’ financial future. “There has been a big shift toward health and wellbeing in the workplace, with more and more companies adding new initiatives and resources to their employee benefits packages. YuLife is launching in South Africa to offer companies an easy way to provide extra protection – we’re looking forward to providing South African businesses and employees tangible value on an everyday basis in an accessible, engaging, and deliverable manner,” said Jaco Oosthuizen, YuLife co-founder and managing director of YuLife South Africa. YuLife recently expanded to the US and claims to have seen more than 5x growth in premiums year-on-year. In July 2022, the insurtech startup raised a $120M Series C led by Dai-ichi Life with participation from T. Rowe Price, bringing the company’s total funding to $206M. According to recent data, the gross written premium of the South Africa life insurance market was R598.4 billion (~$40.5 billion) in 2021 and is expected to achieve a CAGR of more than 5% from 2021 to 2026. “South Africa has the second highest insurance penetration globally, making it a perfect market for YuLife to expand into and showcase its innovative approach to insurance,” concluded Oosthuizen.

April 17 2023

Edtech platform, 10Alytics, grants tech scholarships to 300 women

10Alytics, an edtech platform helping people learn premium tech skills and lowering the entry barrier into tech for Africans, has granted tech scholarships to over 300 women from across the globe. The scholarship is in commemoration of the 2023 International Womens Day celebrations. In a statement shared with TechCabal, 10Alytics aims to encourage more women into the tech and data space with this initiative. “Our programs are beginner-friendly, dedicated to taking individuals from zero to professional, and include no-code, low-code, and code-related programs,” the statement read. According to 10Alytics, 850 applicants from across the globe participated in the call for applications, which wrapped up at the close of March 2023, with 320 selected as beneficiaries. The selected women will receive partial funding (up to 50%) to study any of its courses, which include data analytics, business analysis, data engineering, full-stack data science, financial analytics, power platform engineering, and HR analytics. Co-founder of 10Alytics, Efemana Ikpro, maintains that the company is dedicated to increasing the number of women in the global data and tech space. He disclosed that the company plans to hold its fourth Data Hackathon in the year’s second quarter. In addition, he emphasised that the scholarship recipients would have access to 10Alytics’ comprehensive suite of value-added services at a discounted fee, which would equip them with the skills and knowledge needed to excel as versatile and competent technology professionals. One of the beneficiaries, Adejumoke Akinnuwesi, expressed her excitement about making the final selection. “Thank you, 10Alytics, for giving me this platform,” she said. Read also: Africa’s edtech startups remain bullish despite funding decline

April 17 2023

SA’s Competition Commission greenlights Microsoft’s $69 billion acquisition of Activision

South Africa’s Competition Commission has given the greenlight for Microsoft to acquire video game platform Activision Blizzard, in what will be the company’s biggest-ever acquisition at almost $70 billion. The primary competition concern in the transaction was that post-merger, Microsoft would restrict the distribution of Call of Duty to the Microsoft console, Xbox, or make Call of Duty available on terms that exclude or undermine the ability of other console manufacturers to compete. However, the Commission found that the proposed transaction is unlikely to result in significant foreclosure concerns as the parties, being Microsoft and Activision, do not have the ability and incentive to exclude competing game distributors, particularly Sony (Playstation) and Nintendo (Switch). Furthermore, the merging parties have signed undertakings to continue supplying Call of Duty games to other console manufacturers. “The Commission found that the proposed transaction is unlikely to result in a substantial prevention or lessening of competition in any relevant markets. The Commission further found that the proposed transaction does not raise any substantial public interest concerns,” the statement from the Commission concluded. In 2022, Activision, publishers of Call of Duty, partnered with South African gaming startup Carry1st to launch the first Africa-located servers for the game. As it attempts to close the deal which was initially announced in January 2022, Microsoft has to acquire approval from competition regulators around the world, and South Africa, Africa’s biggest gaming market, represents a significant win for the blockbuster deal.

April 17 2023

👨🏿‍🚀TechCabal Daily – South Africa’s $250 million investment

Lire en français Read this email in French. 17 APRIL, 2023 IN PARTNERSHIP WITH Good morning Creators can now get paid on Twitter. Using the Subscribers feature, creators can monetise their tweets by putting certain content behind paywalls. It’s like Super Follows, except, you know, with a Musk-y twist. To qualify, you must have at least 10,000 active followers, but the good news is that Twitter won’t take a share of your earnings for the first year. Unfortunately, the service is not available in Africa. Yet. In today’s edition Cassava to invest $250 million in SA SA and AstraZeneca’s new partnership US’ TikTok ban kicks off TC Insights: From founders to funders The World Wide Web3 Job openings CASSAVA TO INVEST $250 MILLION IN SA South Africa’s economy is getting a huge boost. Cassava Technologies has pledged a total of R4.5 billion ($250 million) in investment in South Africa through its business units—Liquid Intelligent Technologies, Africa Data Centres, and Distributed Power Africa. The announcement was made during the fifth South Africa Investment Conference (SAIC) on April 13th, in support of SA President Cyril Ramaphosa’s initiative to drive investment into the country. Cassava plants everything: Through the investment, Cassava, which has operations in Africa, the Middle East, Europe, USA, and Latin America, will continue to bring internationally recognised services and products to South Africa through the group’s renewable energy, cloud & cyber security, data centres and broadband connectivity business units. “South Africa accounts for the largest proportion of Africa’s industrial GDP with a sophisticated and growing ICT sector. The country’s unique combination of highly developed first-world economic infrastructure and a stable macroeconomic environment affords businesses like ours a conducive investment environment in which we can partner with government to drive economic development and create jobs,” stated Hardy Pemhiwa, president and group CEO of Cassava Technologies. Zoom out: According to the company, the investments will contribute towards positioning South Africa as an attractive investment destination and enable greater inclusion of all South Africans, consistent with Cassava’s vision of a digitally connected future that leaves no African behind. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. ASTRAZENECA AND SA’S NEW PARTNERSHIP Global pharmaceutical company AstraZeneca has announced that it is partnering with South African healthtech firm MedSol AI Solutions to help promote the use of Artificial Intelligence (AI) in the detection of breast cancer. The initiative will be done through a state-of-the-art Wi-Fi ultrasound probe that can detect cancer in seconds. When? The Melusi Breast AI rapid detection app will be rolled out in rural clinics to help in the early detection of the disease. It is supported by a dedicated referral system so that women with positive detection of breast cancer can be offered a quicker turnaround time for therapeutic intervention. The partnership is part of AstraZeneca’s Africa Health Innovation Hub, an initiative mandated to use the latest science and technology to improve access to healthcare for patients on the continent. SA’s booming healthtech scene: This year, South Africa has been getting a significant amount of attention from healthtech firms. Last week, Nasdaq-listed healthtech firm Olink announced a partnership with Cape Town-based protein processing facility D-CYPHR to research numerous diseases including diabetes and tuberculosis. In February, another Nasdaq-listed global healthtech firm Dexcom launched its flagship continuous glucose monitoring system, the Dexcom G7, in South Africa. Akili Labs, an SA molecular diagnostics and secure genomic data storage solutions company, and BGI Genomics, one of the world’s leading genomics companies, also signed a technology transfer agreement that will provide the southern region of Africa with clinical-grade sequencing solutions. US’ TIKTOK BAN KICKS OFF The Western state of Montana has kicked off US’ TikTok ban. Last week, it became the first US state to have its lawmakers agree to ban the download of TikTok on all mobile devices. The legislation, passed by 54 v 49 lawmakers, makes it illegal for app stores to offer TikTok. It does not, however, forbid those who already have TikTok from using it. According to the lawmakers, the app encourages young people to try dangerous things like throwing things at cars or putting out fires with their bodies. There’s still hope? The legislation isn’t law yet as it still has to be signed by Montana governor, Greg Gianforte. If signed, app stores have until January to start enforcing it. This also means all Montana inhabitants have until January to download TikTok. ‍ TikTok has hinted that it will take legal action against Montana if the bill passes. TikTok v The World: Across the world, countries and governments are banning TikTok, citing privacy issues. The US, for example, is worried that the China-headquartered company might be forced to share user data with the Chinese government. Already, France, Canada, the European Union, and the US have prohibited government employees from using TikTok on all government-owned devices. TC INSIGHTS: FOUNDERS V FUNDERS In recent years, Africa’s booming startup ecosystem has seen a shift in its funding landscape. A new trend is emerging where successful founders are funding the next generation of startups. A 2022 survey by the African Business Angels Network (ABAN) and Briter Bridges found that most angel investors in Africa invest up to $250,000, with over 72% offering follow-on investments to the portfolio startups they back. As many early-stage startups struggle to secure funding from traditional sources, the rise of founder-funders is changing this dynamic. Founders of well-funded startups like Flutterwave, Paystack, and Andela were among the most active early-stage investors over the last year, participating in bigger-stage funding rounds across the continent. In March 2023, Moniepoint Inc, a Nigerian-based business banking startup, led the seed investment round of the Rwanda-based neobank PayDay. They are joined by a growing number of local angel investors who were former founders

April 17 2023

👨🏿‍🚀TechCabal Daily – South Africa’s $250 million investment

April 17 2023

Next Wave: Is Francophone Africa taking the stage?

From InstaDeep to Wave, Chari to Yassir, La francophonie is looking up! Read the newsletter in your browser. <!– In partnership with –> 16 April 2023 Next Wave: Is Francophone Africa taking the stage? Cet article est aussi disponible en français <!– Guest post heading –> We’re beginning a series of essays reviewing conversations from our eponymous TV show, The Next Wave. Did I hear you murmur that you did not know we had Next Wave on air? Well, now you know! If you go ahead and watch the episodes from the last season and you have questions or comments, I will be happy to chat briefly and find a way to work your thoughts into the coming essays (after an early intermission next week). Deal? Previous episodes of The Next Wave are available on YouTube. New episodes air on Wednesdays at 4:30 PM WAT on DStv Channel 410. Hopefully, we’ll add more viewing options in the coming months. If you’ve been a regular reader of Next Wave for at least four months, you will have noticed the appearance of a blue “Lire en Français” (Translation: Read in French) button early this year. I’ve changed it to “C’est article aussi disponsible en français” (Translation: This article is also available in French). There’s a backstory to it that is also a good primer for today’s essay. In the last few months of 2022, some Next Wave essays found their way into the emails of readers in several French-speaking countries in Africa. It was definitely not the first time TechCabal or even Next Wave articles were being read by an audience in French-speaking Africa, but this time was different. Some readers were having none of it. “Je ne sais ni lire ni parler anglais. Il faut me renvoyer les messages en français pour me permettre de comprendre. Merci,” one reader wrote. It translates to “I can neither read nor speak English. You have to send me the messages in French to allow me to understand. Thank you.” So I did a bit of Googling and customised a code snippet that creates a Google-translated web version of these Sunday emails. Not perfect, but the problem was solved! I share this story to illustrate how a media business like TechCabal cannot afford—even if we wanted—to ignore the rise and growing importance of technology businesses and startups in French-speaking African countries. The undeniable fact is that technology is being increasingly used by people across all social strata even in parts of Africa that are all too easily unseen. In 2021, Wave, a fintech founded in Senegal became the first $1billion+ company in Senegal, and the first to emerge outside of the Big Four—Nigeria, South Africa, Egypt and Kenya. Three of the Big Four have the English language as one of the languages used in official documents in business, generally. So when Wave raised a $200 million war chest, it was guaranteed to get attention. If any African company raises $200 million, it’s huge news. But investors, including the IFC, putting $200 million into a company in Senegal has arguably done, for francophone Africa, something akin to what Stripe’s acquisition of Paystack in 2020 did for Nigeria. It put a spotlight on the mostly unheard progress of technology in the region. People sat up and took notice. Recent startup investment inflows into Francophone African countries. French speaking African countries have pulled in a few heavy hitters recently. | –Chart: Ayomide Agbaje — TechCabal Insights “Tech startups in the region were mostly surviving,” Moulaye Taboure, co-founder and chief executive of ANKA, an e-commerce company told Tomiwa, on the Next Wave show. “Because they could not count on going to France to get funding, they were focused on being profitable,” Taboure added. Funding to French-speaking Africa has increased steadily since then, with corporate and regular VC investors paying more attention to these companies. As more companies have been funded, more have been born, putting more spotlight hours on French-speaking Africa. Partner Content: Young African Catalysts Exits Pilot, Set to Democratise Access to Venture Ecosystem But other forces have been at play. Rashmi Pillai, head of public policy at Wave, points to “an enabling policy environment for innovation” and nuanced appreciation of the market potential of francophone Africa as factors that support an upsurge of investments in francophone startups in Africa. Wave itself was able to force open the almost monopolised payments market in Senegal by reducing charges to 1%. The company followed this up by quickly expanding its footprint into other countries, making the market size question moot. Startups closing deals in Francophone Africa are on the rise, with Wave setting the highest fundraising record. | Infographic: Ayomide Agbaje — TechCabal Insights Rebecca Enochong, a Cameroonian tech entrepreneur and chief executive of AppsTech, an enterprise software business, has this to say about the market size: “A lot of these francophone countries share a common currency and a common central bank, which means that it is easier for them from a regulatory and forex exchange standpoint to scale across the region.” Business researcher and consultant, Abderrahmane Chaoui, conducted a months-long study on the digital innovation space in francophone Africa. He says the drivers of innovation and the readiness of francophone markets to accept tech-enabled products or services vary widely even between neighbouring countries. Writing for Founder Factory Africa, a corporate-backed startup accelerator, Chaoui notes, “Ecosystems around the world are fundamentally shaped by these different aspects. To consider Africa as a whole, or to imagine subsets based on the spoken language or the geographies they are in, does not make much empiric sense from an ecosystem analysis point of view.” I love that Chaoui’s research takes a broader look at francophone countries because it allows me to point towards Tunisia’s InstaDeep, Morocco’s Chari and Algeria’s Yassir, as examples of firms whose offering has caught the attention of stakeholders in Africa’s technology space. The more interesting point is that all three firms operate in different spaces in different countries. Capturing the francophone

April 15 2023
BM

10 reasons to go for the Infinix Hot 10 Play

The Infinix Hot 10 Play is a smartphone that has been gaining popularity in recent times, and for good reason. In this article, we will explore some of the reasons why you should consider purchasing the Infinix Hot 10 especially if you’re looking for something in-between affordable and luxury. 1. Impressive display and design The Infinix Hot 10 Play has a 6.82-inch IPS LCD display with a resolution of 720 x 1640 pixels. The screen is vibrant, and the colours are bright and clear, making it a pleasure to watch videos and play games on. The phone has a sleek and stylish design, with a glossy finish that gives it a premium look and feel. 2. Long-lasting Battery Life One of the standout features of the Infinix Hot 10 Play is its long-lasting battery life. The phone has a massive 6000mAh battery that can last for up to two days on a single charge, even with heavy usage. This means you can use your phone all day without worrying about the battery dying on you. 3. Powerful performance The Infinix Hot 10 Play is powered by a MediaTek MT6762G Helio G25 (12 nm) processor, which is a powerful and efficient chipset that delivers fast and smooth performance. The phone comes with 2GB or 4GB of RAM, depending on the variant you choose, which ensures smooth multitasking and seamless app switching. 4. Large storage capacity The Infinix phone comes with 64GB of internal storage, which is considerable storage for all your apps, photos, and videos. If you need more storage space, you can expand the storage capacity up to 512GB using a microSD card. 5. High-quality cameras The Infinix Hot 10 Play has a quad-camera setup on the back, which includes a 13-megapixel primary sensor, a 2-megapixel macro lens, a 2-megapixel depth sensor, and a low light sensor. The camera takes high-quality photos with accurate colours and good detail. The phone also has an 8-megapixel front-facing camera that takes decent selfies. 6. Affordable price One of the most compelling reasons to go for the Infinix Hot 10 Play is its affordable price. While affordable may be relative, its affordability lies in between those looking for something high-taste without it necessarily being cheap or pricey. The phone offers excellent value for money, with its impressive features and specifications at a considerable price point. You’ll find it between ₦70,000 – ₦99,000 in online or walk-in stores. 7. One of the latest Android OS The Infinix Hot 10 Play runs on one of the latest operating systems—the Android 10 (Go edition). This version offers a range of new features and improvements over its predecessors. The phone also comes with Infinix’s XOS 7.0 skin, which offers a range of customizations and features that enhance the user experience. 8. 4G LTE connectivity The Infinix Hot 10 Play supports 4G LTE connectivity, which ensures fast and reliable internet speeds. This means you can browse the web, stream videos, and play online games without any lag or buffering. 9. Dual SIM support The Infinix Hot Ten Play has dual SIM support, which allows you to use two SIM cards simultaneously. This is especially useful if you travel frequently or need to keep separate numbers for work and personal use. 10. Durable build quality Also, the Infinix phone is built to last, with a sturdy and durable design that can withstand everyday wear and tear. The phone has a plastic back cover, which is less prone to cracking or shattering compared to glass backs found on other smartphones. Final thoughts on the Infinix Hot 10 Play Overall, the Infinix Hot 10 Play is a great smartphone that offers excellent value for money. It combines top features that make it a compelling choice for anyone looking for a budget-friendly smartphone that delivers great performance.

April 15 2023
BM

Check out the Infinix Hot 12 Play if you’re on a budget

In today’s fast-paced digital age, smartphones are no longer a luxury, but a necessity. Whether you’re a student, professional, or business owner, a smartphone is an essential tool that helps you stay connected with the world, stay organized, and access information on the go. The Infinix Hot 12 Play offers users a range of features that make it an excellent choice for anyone looking for a reliable and affordable smartphone. In this article, we’ll explore why you should consider buying the Infinix Hot 12 Play. Display One of the standout features of the Infinix Hot 12 play is its large 6.82-inch IPS LCD display, which offers users a resolution of 720 x 1612 pixels. This display is perfect for streaming videos, browsing the web, or playing games. The size of the display also makes it easy to read text, view images, and navigate menus. The display is protected by Corning Gorilla Glass, which ensures that it is resistant to scratches and other types of damage. Battery life The Infinix Hot 12 Play comes with a massive 6000mAh battery that can last up to 3 days on a single charge, depending on usage. This is a significant advantage for users who are always on the go and may not have access to a charging port for long periods. Additionally, the device supports fast charging, which means you can top up the battery in just a few minutes. Camera The Infinix Hot 12 Play features a triple-camera setup on the back, which includes a 13MP main sensor, a 2MP macro sensor, and a 2MP depth sensor. The main camera produces excellent images with accurate colours, sharp details, and good dynamic range. The macro sensor is perfect for close-up shots, while the depth sensor helps to create a blurred background effect that makes your subject stand out. The device also features an 8MP front-facing camera, which takes great selfies. Performance The Infinix Hot 12 Play is powered by an Octa-core 2.3 GHz, a powerful processor that delivers fast and smooth performance. The device also comes with 4GB of RAM and up to 128GB of internal storage, which is expandable by up to 256GB via a microSD card. This means that you can store all your photos, videos, music, and other files without worrying about running out of space. The device runs on Android 11, which is one of the latest versions of the Android operating system. Connectivity The Infinix Hot 12 Play supports 4G LTE connectivity, which ensures that you can enjoy fast internet speeds when browsing the web, streaming videos, or downloading files. The device also supports dual-SIM functionality, which means you can use two SIM cards at the same time. This is a great feature for users who travel frequently or have two phone numbers. Design The Infinix Hot 12 features a sleek and modern design that looks and feels great in your hand. The device has a plastic back that comes in a range of colours, including Racing Black, Horizon Blue, Daylight Green, and Champagne Gold. The rear camera module is placed in the top left corner of the device and has a unique design that adds to the overall aesthetic appeal of the device. Price One of the most significant advantages of the Infinix Hot 12 Play is its price. Unlike Samsung or Google Pixel phones with similar specs, the device is priced affordably, making it an excellent choice for anyone who wants a reliable and high-performing smartphone without breaking the bank. The device offers a range of features that are usually found in more expensive smartphones, making it an excellent value for money. You’ll get it for around ₦79,000 – ₦97,000 in Nigeria, depending on which online or walk-in store you patronize. Final thoughts on the Infinix Hot 12 Play The Infinix Hot 12 Play is a smartphone that offers users a range of features that make it an excellent choice for anyone looking for a reliable and high-performing smartphone. Its large display, long-lasting battery life, powerful processor, and excellent camera setup are just some of the standout features that make it a great device for everyday use. Additionally, its affordable price makes it accessible to a wide range of users, making it an excellent value for money.

April 15 2023
BM

Twitter does not exist anymore

Lire en français Read this email in French. Editor’s Note Week 15, 2023 Read time: 5 minutes In this edition, we curated crucial news from across Africa, such as Nigeria’s burgeoning carbon market, Swvl’s third delisting warning, Kenya’s data abuse crackdown, and more! Enjoy! Pamela Tetteh Editor, TechCabal. Editor’s Picks Twitter does not exist anymore Twitter Inc, the company, has ceased to exist as a standalone company and has been merged into an entity called “X Corp”. #plottwist Learn more. Meet the OPay Mafia OPay ex-employes have been on a startup spree, cooking up not one, not two, but about seven tech ventures in Nigeria, all within a mere five years since OPay touched down in the country. Learn more. Cassava to invest $250 million into SA’s economy Cassava Technologies pledges to invest $250 million to contribute towards positioning South Africa as an attractive investment destination. Learn more. Kenya fines two companies for data abuse Kenyan loan company, WhitePath Company Limited and workspace provider Regus Kenya are feeling the heat for not playing by the data protection rules. Learn more. Lazerpay shuts down Lazerpay, a web3 and crypto payment company, is shutting down months after the startup’s founder shared that the company was having trouble raising money. Now, its IP is up for sale. Learn more. World Bank invests $390 million in Kenya’s Digital Economy Kenya believe it? The World Bank Group Board of Directors just gave Kenya a digital high-five with a whopping $390 million in financing for its Kenya Digital Economy Acceleration Project. Learn more. TC Daily Get the most comprehensive insights and stories about Africa’s tech and business ecosystem. TC Daily goes out every week at 7 AM (WAT). Mastercard’s Fellowship admits 12 SA edtech startups Mastercard’s Edtech Fellowship has handpicked 12 game-changing startups. The startups will get equity-free funding worth over R1,000,000 (~ $540 000), product quality evaluation and certification, skills development, coaching and mentorship, market research and access. Learn more. AstraZeneca supports MedSol’s AI cancer detection Global pharmaceutical company AstraZeneca has announced that it is partnering with South African healthtech firm MedSol. MedSol’s AI technology can detect breast cancer in seconds. Learn more. Swvl’s fresh problems Low on cash and high on losses, Egypt-born mass transit startup Swvl has received its third delisting warning from Nasdaq. Per the warning, dated March 31, Swvl has 180 days—or until September 25—to raise the value of its publicly held shares above $15 million. Learn more. Healthlane switches lanes Following its six-month operational pause, Healthlane is changing its business model and discontinuing usage of its on-site laboratories. The company is seeking to reinvent itself after a phase of operational struggles and allegations against its founder. Read more. Who brought the money this week? Victory Farms, a Kenya-based aquaculture startup, raised $35 million in a Series B round led by Creadev. Other participants in the round include Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavor Catalyst Fund, and Hesabu Capital. The company’s founders and angel investors, including Joseph Rehmann, Steve Moran, Kamran Ahmad, and Hans den Bieman, also invested. South African agri-tech startup, FarmTrace, also closed an undisclosed amount of funding from Secha Capital and Hassium Capital to expand its operations as a cloud-based management solution for farmers. What else to read this weekend? SA startup founders tackle EV mobility amidst weak national grid Former Chipper Cash VP moves to EBANX Africa Next Wave: Crypto’s quick-money promise for Africa is collapsing Why Infinix Note 12 is still popular in 2023 Share TC Weekender Written by: Ngozi Chukwu Edited by: Pamela Tetteh 18, Nnobi Street, Surulere, Lagos, Nigeria Unsubscribe from TC Weekender