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Five Nigerian Startups Secures €120,000 From Orange Corners Innovation Fund

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Five Nigerian Startups will benefit from a fund provided by Netherlands Enterprise Agency following their breakthrough at the Orange Corners Innovation Pitch Competition.

The startups will go back to their businesses with €120,000 cumulative capital comprising a 75% grant and 25% loan.

The startup founders emerging winners from this competition include Oyewale Akintonde (founder of Agristi), Anita Dafeta (founder of Origho Lagos) and Israel Alabi, who founded Farmspeak Technology), Victoria Udoh (founder of Vudoh) and Tunder Adeyemi (Founder of D’Olivette Global Enterprise).

The pitch competition is an initiative of the Netherlands that was launched in Nigeria in 2019 and executed by FATE Foundation. The Orange Corners Incubation Programme claims to supports 20 entrepreneurs with enterprise development knowledge, mentoring, access to market, networking and funding every six months.

Investors King gathered that the programme has cumulatively supported over 100 entrepreneurs with funding valued over ₦250,000,000 for prototype development and testing.

The competition which was held in December saw participants assessed by an expert jury consisting of Investment Manager, Orange Corners Innovation Fund, Tolulope Owolabi; Head Commercial Controlling and Financial Planning, FrieslandCampina WAMCO Nigeria Plc, Omitogun Olalekan and Business Development Manager, Lagos Chamber of Commerce and Industry, Ekundayo Adedoyin.

The event was also attended by Oge Nnaife who heads the StartUp and Youth Enterprise FATE Foundation.

Congratulating the emerged winners, Nnaife said: “You are pitching today to access funding to scale up your business, but you must remember that the knowledge received during the six-month Orange Corners Nigeria Incubation programme is invaluable. You must, therefore, ensure that you practicalise your learning as you journey on this road called entrepreneurship. Though the Nigerian business environment is harsh, porous and unfriendly, it is still evolving and we will continue to contribute to ongoing policy conversations to create an enabling environment so that your businesses can thrive and not be stifled. We have designed the Orange Corners Incubation Curriculum in such a practical and experiential way.”

Nigeria continues to be one of the top hubs for technology products targeted at solving everyday issues in Africa. The country alone is responsible for a large position of investment funds in the continent year-in-year-out. Founders are emerging all over the country with brilliant ideas that are tested to solve many issues in the country.

However, one thing that many of these founders lack is funding and investments opportunities and most importantly, little or no involvement by the Nigerian government to show interest or support to scale their ideas. Thankfully, a number of incubator and accelerator programmes have sprung up both locally and internationally to aid these founders not only bootstrap their products but also scale in the startup ecosystem.

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African Startup Funding Shrinks to from $1.8bn to $780m in H1 2024

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Funding to African startups contracted to $780 million in the first half of 2024 from the $1.8 billion recorded during the same period in 2023.

Despite the overall downturn, Nigeria emerged as a beacon of resilience, managing to sustain its funding inflows amidst the widespread decline.

According to Africa: The Big Deal, a platform that tracks startup funding, Nigeria has maintained a steady flow of investment, setting it apart from its counterparts.

By mid-2024, startup investments across Africa had surpassed the $1 billion mark, buoyed by two major deals: d.light’s new $176 million securitization facility and MNT-Halan’s $157.5 million raise to fuel their expansion.

These significant transactions, along with NALA’s $40 million Series A in July, contributed to making July 2024 the most successful month for African startup fundraising in over a year, exceeding the total raised in the entire second quarter of 2024.

The “big four” economies—Nigeria, Egypt, Kenya, and South Africa—typically attract the highest funding on the continent.

However, this trend shifted in the first half of 2024, with Nigeria being the only country among them to maintain its funding levels.

Max Cuvellier Giacomelli, a presenter during the Africa Startup Funding Round-Up 2024 mid-year edition, highlighted this anomaly.

He noted that while funding to Kenya, Egypt, and South Africa saw significant reductions, Nigeria held steady, showcasing its strong investment appeal amidst global economic challenges.

“There has been significant shrinkage in the amount of funding invested on the continent, affecting mostly three of the big four—Kenya, Egypt, and South Africa. Nigeria, however, is holding steady,” Giacomelli said.

He further pointed out the growing share of funding raised in Western Africa, outside of Nigeria, indicating a broader regional resilience.

In terms of sector performance, logistics and transport led the way, capturing 28% of total funding and surpassing the historically dominant fintech sector, which accounted for 23%.

This shift was driven by notable deals such as Moove’s $100 million investment by Uber, propelling its valuation to $750 million.

Energy and water followed, securing 17% of the funding, with agriculture and food receiving just below 10%.

Maxime Bayen, another expert during the review, provided further insights into the funding landscape.

He projected that total funding for African startups by the end of 2024 would range between $1.5 billion and $2 billion, significantly below the levels seen in 2023 and far from the $3.2 billion raised by mid-2022.

This forecast underscores the ongoing economic adjustments and the cautious approach of investors in the current climate.

Despite the overall decline, there were positive signs. The number of startups raising over $1 million remained comparable to previous years, excluding the exceptional 2022 figures.

Also, there was a notable increase in the share of debt raised by startups, reflecting a shift in financing strategies amidst tighter equity markets.

The African startup ecosystem, while facing significant funding challenges, continues to adapt and evolve. With Nigeria leading the charge, there is cautious optimism that targeted investments and strategic innovations will help navigate these turbulent times and lay the groundwork for future growth and stability.

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Google Leads $250 Million Funding Round for Glance

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A logo is pictured at Google's European Engineering Center in Zurich

Google is leading a $250 million funding round for Glance, a mobile content provider.

This infusion of capital aims to expand Glance’s reach and solidify its market position amidst growing competition.

Glance, a subsidiary of InMobi Group, offers a unique service that delivers news, entertainment, and other content directly to users’ mobile screens without unlocking their devices.

With a user base exceeding 300 million across India, the US, Japan, and Indonesia, the startup has gained significant traction since its inception in 2019.

The funding round, expected to close in the coming weeks, marks a continued partnership between Google and Glance.

Google initially invested in the company in 2020, and this latest round will further enhance Glance’s capabilities to innovate and reach new audiences.

This investment reflects Google’s strategic interest in India, the world’s most populous nation, where it competes with tech giants like Microsoft, Meta, and Amazon.

With India’s rapidly growing middle class and increasing smartphone adoption, the market presents vast opportunities for digital expansion.

The support from Google comes on the heels of a previous $200 million investment by Mukesh Ambani, Asia’s wealthiest individual, which valued Glance at over $1 billion.

The startup’s largest stakeholder, InMobi, continues to thrive as a pioneer in mobile advertising, with Glance benefiting from its expertise and resources.

As Glance prepares for this new phase of growth, it stands poised to redefine how content is consumed on mobile devices worldwide.

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Former Konga CEO Nick Imudia Dies by Suicide in Lagos Home

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Nick Imudia

The Nigerian business community was rocked by tragedy as Nick Imudia, former CEO of e-commerce giant Konga and current CEO of solar energy solutions innovator D.light, died by suicide in his Lekki apartment.

Imudia’s death, confirmed on the night of Tuesday, June 25, has left friends, family, and colleagues in a state of shock and sorrow.

According to sources, Imudia reportedly took his own life by jumping from the balcony of his home. In the moments leading up to the tragic incident, he made a series of distressing phone calls.

He reached out to his brother in the United States, giving detailed instructions on how to distribute his wealth should anything happen to him.

Imudia also spoke to his young daughter from a previous relationship, offering her comforting words and telling her to look to the sky to see him.

Imudia’s sudden death has raised many questions among those who knew him. Described by colleagues as a visionary leader, Imudia was instrumental in the growth of Konga, one of Nigeria’s largest e-commerce platforms.

After his tenure at Konga, he continued to make significant contributions to the tech industry as the CEO of D.light, a company known for its innovative residential solar energy solutions.

Imudia hailed from Ika South Local Government Area of Delta State and had a young daughter from a previous marriage that ended due to irreconcilable differences.

Despite the end of his marriage, those close to him said he maintained a strong bond with his daughter, often expressing his deep affection for her.

The reasons behind Imudia’s decision to end his life remain unclear. As news of his death spread, messages of condolence and tributes poured in from friends, family, and business associates.

Many have expressed their profound sadness and confusion as Imudia was widely seen as a successful and driven individual.

“Nick was a brilliant mind and a compassionate leader,” said a former colleague. “His death is a huge loss to the tech community in Nigeria and beyond. We are all struggling to understand why this happened.”

Authorities are investigating the circumstances surrounding Imudia’s death. Meanwhile, his family has asked for privacy as they navigate this difficult time.

Nick Imudia’s death is a stark reminder of the unseen struggles many face, even those who appear successful and accomplished.

His passing has sparked conversations about mental health awareness, urging individuals to seek help and support when needed.

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