Savvy, an entrepreneurial support organization, has secured an extra $25,000 in grant funding, which is their second grant for this year. Earlier in the year, Savvy secured $15,000 in grant funding from The Roddenberry Foundation through its Catalyst Award.
Now, it secured $25,000 as one of the 10 winners of the Global South COVID-19 Digital Innovation Challenge organized by the International Telecommunication Union (ITU) and the United Nations Office for South-South Cooperation (UNOSSC).
According to a Twitter post by Chidi Nwaogu, the Head of Fellowship Program at Savvy, and one of the founders, the new grant will be used “to further make good on our mission to train the next generation of impact-driven entrepreneurs as a way to reduce global unemployment that has been broadened by the COVID-19 pandemic.” Global South COVID-19 Digital Innovation Challenge sought to identify scalable, innovative, digital solutions that will enable countries, societies, communities, institutions, and individuals from the Global South to deal with the cascading effects of the pandemic.
“Aside from the new funding, my team will receive mentorship and training support from ITU, and that’s what I most look forward to,” says Chidi Nwaogu. Savvy was founded to help at least 10,000 young professionals around the world transition into entrepreneurship, equip them with the relevant knowledge and skills to become successful entrepreneurs, as a way to reduce global unemployment thanks to the COVID-19 pandemic. So far, the program has trained over 4,800 individuals in 143 countries, who have gone on to start over 1,000 impact-driven businesses across diverse sectors in different regions. The Savvy program consists of three components—the learning, assessment, and mentorship sessions, which all take place online.
For 12 weeks, selected participants learn how to start, build, and scale an impact venture. Using visual presentations, Savvy helps them answer all the relevant questions on their mind. They learn how to gain early traction, achieve product-market fit, and scale into newer markets. While learning, Savvy participants are offered mentorship as well, which is a great way for them to have a better understanding of their chosen industry. Mentorship comes in two ways: peer-to-peer mentorship and expert mentorship.
Atomico Close to Landing Over $1 Billion for New Start-up Fund
Sources in the industry report that Atomico, the venture capital firm based in London and set up by Skype co-founder Niklas Zennstrom, is about to announce a new start-up fund which is worth around $1.2 billion.
The investment company is close to raising what is referred to as an “early stage” fund of about $400 million, tailored to helping young start-ups. The information was provided to the CNBC by two venture capitalists, who required their identities to be concealed due to the sensitivity of the discussions.
These capitalists further mentioned that Atomico is developing a “late stage” fund of about $800 million, to support the more established start-ups that require larger amounts of capital to continue their growth. The CNBC received no response from Atomico when a request for comment was made.
The CNBC spoke to a third source, a start-up executive who also did not want to be named due to the nature of discussions. This source told the CNBC that Atomico had informed his own company that it was in the process of raising even more capital from limited partners.
Many other Venture Capitalist (VC) sources stated that they were unaware of any fundraising plans, but would not be surprised if Atomico announced a new fund anytime soon.
It however remains unclear how much more capital Atomico still needs to raise for both the early and late stage funds, and when these funds will be announced officially.
From its inception till date, Atomico – which has its headquarters in Mayfair – has raised five funds. The last fund which the company raised was worth $820 million, and was announced in February 2020.
In the past, Atomico has used its funds to support some of the world’s most valuable start-up companies. These companies include Stripe, Klarna, flying car start-up Lilium and AI (Artificial Intelligence) chip designer Graphcore.
HouseAfrica, CARMA, Two Other African Blockchain Startups Receives $125K Funding From CV Labs
Four African blockchain startups, HouseAfrica, CARMA, Mazzuma and Pravica have received $125,000 in Funding from CV Lab, these startups also qualify for a three-month CV Labs Global Incubation program and other CV VC-run initiatives.
CV VC (Crypto Valley Venture Capital) is a Swiss Investment Company and an early-stage venture capital investor with a focus on startups that build on blockchain technology. CV Labs offers a three-month hybrid Blockchain incubation program that invests up to $125’000 in great startups in return for 10% equity and /or tokens
In July 2021, CV VC extends its operations into Africa setting up the company’s first office on the African continent in Cape Town. The company said, “CV VC’s goal in Africa, together with partners from the Swiss State Secretariat for Economic Affairs (SECO), the Federal Department of Foreign Affairs and local stakeholders, is to invest in 100 startups that have the potential to tackle the challenges of the African continent over the next four years. The SECO signed a special agreement with CV VC. The joint project aims to support the development of an independent ecosystem in South Africa by transferring know-how and experience from Swiss Crypto Valley to serve as a hub for Africa”.
The program, which also includes BlockFrauds (UK) and CO2DAO (Switzerland), recently kicked off with “Africa Week,” in which CV VC partner Binance Smart Chain, the University of Johannesburg, and the Cape Innovation and Technology Initiative collaborated with the innovators for a week in both Cape Town and Johannesburg.
The four Selected African Blockchain Startups are:
HouseAfrica (Nigeria) is a Blockchain Technology company building a digitized property record system that assists home buyers and financial institutions to access, verify authenticity and value properties before investing. Properties are accessed and sold by sharing site digital layout.
CARMA (Nigeria) is the world’s first P2P data marketplace company created to fill the credit-data gap in sub-Saharan Africa. Organizations are provided credit data which allows them to make data-driven business decisions.
Mazzuma (Ghana), “the Future of Online Payments” is a mobile payments system that specializes in the use of Artificial Intelligence and Blockchain to facilitate seamless payments transactions.
Cairo-based startup Pravica, is a unified, secure and privacy-compliant communication platform that uses blockchain technology to empower user privacy and security.
CV Labs has incubated 22 businesses throughout the world, the managing director of CV VC Africa, Gideon Greaves said he’s excited to see the collaboration with SECO to assist the establishment of an autonomous blockchain ecosystem in Africa to become reality.
“I’m incredibly excited to be a part of CV VC’s journey into Africa. Being a leapfrog population, we are in a prime position to adopt this disruptive technology and I believe this continent can lead the crypto and blockchain charge”. He said
“We are happy to start our Africa chapter with an initial foothold in South Africa, a thriving hub for entrepreneurs, developers and creatives and an already well-established startup and technology ecosystem. With the experience and know-how from Crypto Valley, including infrastructure providers, an enabling regulatory framework and our global network, we will be able to accelerate growth for blockchain startups and grow the blockchain ecosystem in all of Africa”, said Mathias Ruch, CEO and founder of CV VC.
Nigerian e-Health Pharmaceutical Startup, DrugStoc, Lands $4.4 Million Funding
In Africa, the pharmaceutical supply chain has been fractured for decades. This has resulted in challenges in distribution and sourcing, as well as concerns about quality as fake and substandard products have begun to flood the market. The good news is however that these issues that are facing the pharmaceutical supply chain are fixable.
Chibuzo Opara and Adham Yehia who are highly familiar with the problems of poor pharmaceutical supply chains, are planning to spread the reach of DrugStoc. DrugStoc is an e-health drug acquisition platform that does its best to fight against these challenges by linking drug companies with health institutions such as hospitals and pharmacies across the country.
DrugStoc is presently on a highly vigorous expansion plan, which includes delivering standard quality pharmaceutical products to 100 million people, after recently securing the $4.4 million Series A funding.
The startup’s current plan is to expand into 16 states within the country as it seeks to move beyond Lagos, the economic hub of Nigeria. Asides this is its much bigger plan to expand beyond Nigeria into other markets within Africa.
The availability of high-quality, standard pharmaceutical products especially within the country will result in the prevention of thousands of potential deaths. These include loss of life which is linked to loss of blood during childbirth, or children losing the fight against diarrheal diseases.
TechCrunch reports that the company has stated that it currently serves about 14 million people.
The startup’s funding round was spearheaded by Africa HealthCare Master Fund (AAIC), with investments following from Chicago-based venture firm Vested World, German Development Bank (DEG) and individuals with high net worths who have strong interest in tech-health.
AAIC Director, Nobuhiko Ichimaya said that the Fund is “glad” to support a company which is now positioned to be an important player in the growth of the tech-health sector in Africa.
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