Ada Animation, an entertainment Tech company under the Ada Labs Africa group of ventures, today announced its pre-seed capital raise from Nigerian venture capital firm Platform Capital through its technology vehicle, Unicorn Group. This investment is a first of its kind in East Africa and is set to elevate entertainment companies in Africa as potential partners in the VC investments realm.
Founded in 2020, Ada Animation was born out of the desire to build capacity in the animation industry, tell animated African stories and catalyze the animation industry for growth.
Ada Animation will use the secured investment to support the company’s growth ambitions to hire great talent, create African content, and further develop its proprietary technology. Ada Animation is supported by a strong advisory board of Dean Lyon, Director at Splinter Studios; Jack Giarraputo, Co-Founder at Happy Madison Productions; Firdaus Kharas at CEO at Chocolate Moose; Joann Yarrow at Executive Director at LIVE Animation Studios. As part of Platform’s investment, Dr. Akintoye Akindele, Chairman of Platform Capital will join the board.
Speaking of the investment, Joy Mwangi, CEO of Ada Animation said, “We are incredibly proud of our partnership with Unicorn Group, a Platform Capital company. This strategic investment represents an important step in our growth as a company, we will immediately ramp up our efforts to attract top talent in animation production to join our journey. Ada Animation is at the forefront of animation industry on the continent, changing the way we represent our content to produce more than we consume and share our stories from our perspectives. We see huge potential for Ada Animation content on millions of screens worldwide. The world will watch movies made from our imagination and will visualize color and creativity born from our culture.”
“We look forward to showcasing to the international community that there is a massive animation market opportunity in Africa for investment and scale through our work, talent and programs. The timing is so critical for us as we have started producing our first animation movie set for a global release next year.” Concluded Mwangi.
Dr. Akintoye Akindele, Chairman of the Unicorn Group explained “We are excited about our partnership with Ada Animation. We have seen how passionate and committed they have been since inception to add value into the animation creatives sector in Africa. We see this as an opportunity to build a dynamic animation industry for the youth. It is about time we fabricated and developed a platform that encourages and supports young creatives on the continent to be at the epicenter of telling African stories. We are optimistic about the development of creative talent and growth of homegrown platforms that will spur international companies’ partnerships in boosting the animation industry.”.
The funding comes soon after the company’s recent partnership with Kenya Film Commission (KFC) to launch an animation summit and the second season of Ada Animation boot camp that will be the largest nationwide training program in the sector.
Seplat Energy’s Subsidiary Westport Oil Raises US$50 Million Offtake Facility
Seplat Energy Plc, a leading Nigerian independent oil company listed on both Nigerian Exchange Limited and the London Stock Exchange, announced that its wholly-owned subsidiary, Westport Oil Limited, has successfully raised a US$50 million offtake facility due April 2027.
The oil company disclosed in a statement signed by Mr. Emeka Onwuka, the Chief Financial Officer, Seplate Energy Plc.
According to the company, the US$50 million (offtake facility) is subordinated to the US$100 million senior reserve-based lending facility (the “RBL”).
The initial interest on the offtake facility is Libor + 10.5 percent payable semi-annually and the repayment is scheduled to commence in March 2023.
“The statement reads, Seplat Energy Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces that its wholly owned subsidiary, Westport Oil Limited, has successfully raised a US$50 million offtake linked reserved based lending facility due April 2027 (the “Offtake Facility”).
“The Offtake Facility is subordinated to the US$110 million senior reserve-based lending facility (the “RBL”). The Offtake Facility carries an initial interest of Libor + 10.5% payable semi-annually and is scheduled to commence repayment from March 2023.”
Don Jazzy Launches SapioFunds, a Social Funding Platform, for Donations, Fundraising
Don Jazzy, a leading music producer and record label owner in Nigeria, has launched SapioFunds, a social funding platform for fundraising and donations across Africa.
The music executive disclosed this on his Instagram page and kickstarted the project with a N1 million donation.
He said “Give Away time. What can N100,000 do for you right now? What project do you want to fund? Just Sapio fund it. It’s simple. Go to www.Sapiofunds.com state what you are trying to fund. Whatever it is. People that can help you raise the money will come thru for you. But for today I’m going to go through the projects and pick 10 people to Sapio fund their N100,000 project.”
He added that “After setting up your project on the Sapio fund website, share it here and tag me so I can check it out.”
In the video that accompanied the statement, the music mogul said following growing requests for financial assistance on his social media pages by fans in need, he has partnered with a friend, presumed to be Sonnia Agu, a graduate of Eastern Mediterranean University, Cyprus, and the founder of The Sapio Club, to launch a social enterprise platform to bridge the gap that exists between donors and the people in need across Africa.
To SapioFunds Projects
- Signup on through SapioFunds official website
- Then create a fundraising campaign and wait for donors
However, you can share your fundraising campaign via direct messages on social media and other platforms. The platform hopes to help Africans meet their genuine needs and reduce poverty.
On its website, SapioFunds said “Help Africans” thrive by providing free and easy access to funds, basic capital and the resources needed. No 100-page grant applications, no donors demanding you modify your message, no last-minute edits from investors. Just you doing you, adding value and getting support.”
“If you care about Africa, then turn compassion into action and help raise funds for her people and causes.
“Charity begins at home – For Africa by Africa.”
Lidya Raises $8.3 Million in Pre-Series B Funding Round to Scale Operations
Lidya, a leading lending fintech startup based in Nigeria, announced on Wednesday it has raised $8.3 million in a pre-series B funding round to scale operations.
Founded by Tunde Kehinde and Ercin Eksin in 2016, the lending startup has now raised a total of $16.5 million, this includes a $1.3 million seed fund in 2017 and $6.9 million in 2018.
The pre-Series B funding round was led by Alitheia Capital, through its uMunthu Fund. Bamboo Capital Partners, Accion Venture Lab and Flourish Ventures were the other investors.
Unlike most lending companies that raise debt financing to fund loans, Lidya uses equity to fund its loan book. Quite the unconventional method, but Kehinde explains why the company thought that path was necessary.
“The idea was for us to show that our algorithms work and that we can disburse money into the market and get it back. Then we can transition to using debt for our lending operations,” the CEO said as the company looks to finalize deals with banks, family offices, and hedge funds in the coming months. This is in addition to the $300,000 line of credit Lidya has secured from Bamboo Capital Partners.
Lidya began lending in Europe at the height of the pandemic. Kehinde recounts how tough it was for the team, especially in a period that was so unusual.
“It is difficult enough to attempt to launch in two new countries but try doing that remotely,” he said. “We’re so decentralized. We had operations in Nigeria, and we were launching in Eastern Europe remotely, making sure the puzzle stays together. The team really stepped up. Everyone doubled down on the mission and we came out of the year without having any deterioration.”
Speaking on the investment, Alitheia Capital co-founder and managing director Tokunboh Ishmael said, “Lidya is tackling the fundamental challenge of providing access to credit for dynamic small and growing businesses that otherwise have limited options for financing working capital to scale their businesses in Africa and Europe. Alitheia Capital and Goodwell are pleased to be backing a team whose mission aligns with our objective of driving growth and social impact by enabling access and inclusion to finance and financial services.”
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