African Spiro recognized on TIME 100 Most Influential Companies of 2024 list
Industry and Investment News
Hi all,
it’s time again for our investment and industry news roundup covering Sub-Saharan Africa.
The highlights this week:
Sustainable mobility: African electric vehicle company Spiro has been recognized on the TIME 100 Most Influential Companies of 2024 list, highlighting its leadership in sustainable transportation and its impact on reducing environmental pollution across Africa.
African Tech Startups Funding Surge: African tech startups attracted $187 million in funding in May 2024, marking a 150% increase from April's $75 million.
Ghana’s Modular Nuclear Reactor: Ghana is set to be the first African country to have a small modular nuclear reactor, enhancing its energy independence and innovation in nuclear technology.
Keep reading to learn more!
😍 Investment news we love:
African tech startups attracted $187 million in funding in May 2024—a 150% increase from April's $75 million.
Kenyan President William Ruto secured $200 million from the US during a state visit to Washington D.C., earmarked for sustainable housing and electric mobility projects in Nairobi.
The European Investment Bank invested €25 million in Amethis Fund III to support the growth of medium-sized businesses across Africa, focusing on sectors like healthcare, IT, manufacturing, and energy.
Germany and the EU have committed 68 million Euros to support electrification projects in Mozambique, focusing on renewable energy in off-grid areas.
The DBSA has launched its first biodiversity fund with an initial investment of 50 million South African rand (approximately $2.7 million), to address the pressing environmental degradation in southern Africa.
What's worth knowing in:
🥑 Agriculture/ Food systems:
Uganda: Emata is bridging the financial gap for East African smallholder farmers (from dairy to maize, oilseed, and coffee) by providing digital microloans
Rwanda: Rwanda is expanding its agricultural exports with advanced cold chain and cargo infrastructure
💡 Energy and infrastructure
Ghana: Ghana will be the 1st African country to have small modular nuclear reactor - MoU signed between Ghana and the USA
Uganda: Women are transforming agricultural waste like banana peels into biofuel briquettes, providing a more energy-efficient alternative to wood and charcoal.
South Africa: South Africa is advancing its decarbonization efforts with a new solar power initiative at the Port of Richards Bay, set to commence construction in June 2024.
🚕 Mobility and transport systems
Benin/Togo: African electric vehicle company Spiro has been recognized on the TIME 100 Most Influential Companies of 2024 list, underscoring its role in pioneering sustainable transportation and innovation in Africa.
Liberia: Liberia has taken a significant step in eco-friendly transportation by launching its first electric vehicles through the Liberia Energy Access Practitioner Network (LEAP Network).
Kenya: Kenya Airways is leading Africa's charge towards sustainable aviation by spearheading the IATA’s Sustainable Aviation Fuel Registry.
Ghana: Clean-tech startup Kofa is set to expand its innovative battery swapping system, currently in use in Ghana, to Kenya and Togo.
💻 Digital transformation
Ghana: TecHustle is building Africa's largest network for small business global trade by providing financial services and market access.
Zambia: Bosso, a construction e-commerce platform, has secured $400,000 in pre-seed funding to enhance its services and expand operations.
Nigeria: Google for Startups has selected Nigeria's Healthtracka for its 2024 Growth Academy: AI for Health program, aimed at revolutionizing healthcare through artificial intelligence across Europe, the Middle East, and Africa.
Nigeria: Harde Business School is developing an online open university to address educational challenges in Nigeria and across Africa.
Kenya: Microsoft and G42 are investing $1 billion in Kenya to build an eco-friendly data center, powered by geothermal energy from the Olkaria site.
Kenya: Kenyan startup Wowzi, an influencer marketing platform, has partnered with Mastercard and Masria Digital Payments in a $2.04 million deal to enhance financial management for content creators.
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Thanks for reading,
Carolin