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Janngo Capital to Invest €60M in African Tech Startups




Pan African investment firm, Janngo Capital has pledged to invest €60m in the growth of tech startups across Africa.

The investment firm focuses on the gender gap in the business and entrepreneurship space in Africa, as well as leveraging technology and capital to leapfrog development in Africa and achieve the Sustainable Development Goals.

With the goal to become one of the largest pan-African VC funds that will be able to deploy capital from seed through the growth stage, Janngo capital has already invested in three early-stage African startups.

After raising €60 million in funding, the firm has disclosed that the funds raised will be dedicated toward financing tech-enabled startups, accelerating progress toward the Sustainable Development Goals (SDGs) in Africa.

Executive Chair of Janngo and Managing Partner of Janngo Capital, Fatoumata BA, disclosed that Janngo does not only intend to be financial partners of these startups but as operating partners with a very hands-on and long-term approach.

In her words; “Thanks to the support of the EIB, we will be able to invest between €50 000 and €5m, from seed through growth stage in startups all across Africa demonstrating the ability to deliver financial and social returns.

“Every past investment and every startup in our deal-flow is mapped against the 17 SDGs; their ability to create jobs for women, for young people and green jobs is also assessed.”

“We act not only as financial partners but as operating partners with a very hands-on and long-term approach as well as an ecosystem thinking. We have a decade to deliver on the Goals and the clock is ticking: we need more than positive capitalism, we need stakeholder capitalism.”

Fatoumata also disclosed that despite the fact that African women are known to be the most entrepreneurial in the world, there is still a wide funding gap for women entrepreneurs in the continent which the firm seeks to address.

She said; “At Janngo, we believe that talent is equally distributed between men and women but opportunities aren’t; especially in terms of access to capital.

“That is why we are proud to be a female-led VC fund investing 50% of our proceeds in startups founded, co-founded by, or benefiting women.”


ThriveAgric Unveils Marketplace for Small Scale Farmers

Agricultural technology startup ThriveAgric has unveiled its ‘ThriveAgric Marketplace’ as the company seeks to enable 1 million smallholder farmers access affordable and quality farming inputs, such as Fertilizers, Seeds, Grains, etc to boost their productivity.




Agricultural technology startup ThriveAgric has unveiled its ‘ThriveAgric Marketplace’ as the company seeks to enable 1 million smallholder farmers access affordable and quality farming inputs, such as Fertilizers, Seeds, Grains, etc to boost their productivity.

According to the company, ‘ThriveAgric Marketplace’ was set up to increase local food production in the country as well as boost the aggregation of farm produce in high demand, and also ensure food security.

Speaking on the unveiling of this initiative and new strategy, Chief Executive Officer of ThriveAgric, Uka Eje disclosed how ThriveAgric seeks to contribute to the sustainable growth of Nigeria and Africa’s Agricultural sector.

He said, “In recent times, experts argue that agricultural production in Sub-Saharan Africa remains lower than the rest of the world due to factors such as limiting regulations, climate, soil quality, disease, and a reliance on subsistence farming.

“Yet, in time past, our continent boasted of thriving agricultural systems which enabled food production and security. 

“At ThriveAgric, we aim to overthrow this current trend and rebuild Africa’s agricultural systems through our new strategy and attendant initiatives which will encourage scale by positioning our smallholder farmers to derive more value for their efforts.

“In the long term, this will contribute to the sustainable growth of Africa’s agricultural sector and support food security, manufacturing, and trade.”

ThriveAgric has so far provided smallholder farmers with over 150,000 tonnes of fertilizers and seeds in loans.

It has also produced and traded up to 800,000 metric tonnes of grains, impacted 2,600+ communities by creating 9000+ jobs, and has over 500 warehouses across Nigeria.

Founded in 2016, with barely six years of operations, ThriveAgric has used its proprietary technology, an Agricultural Operating System (AOS), to empower over 350,000 smallholder farmers in Nigeria to increase their yield and income by selling their products to FMCGs & food processors.

In the 2021 dry season, the company collaborated with the Flour Milling Association of Nigeria (FMAN) to drive import substitutions, by funding 10,000 wheat farmers.

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Edtech Startup Virtual Internships, Matches Students With Top Companies Around The World



Virtual Internships

Virtual Internships, an Edtech startup that delivers global work experience programs across 18 career fields by helping young people to pursue their dream careers with top companies around the world, has helped university students around the world by partnering with over 12,000 companies from 100 countries.

Virtual internships recently raised $14.3 million in Series A funding, according to a statement released by the company. Hambro Perks was the lead investor with participation from Sequoia India & Southeast Asia’s Surge, Arsenal Growth, Kaplan, Ascend Vietnam Ventures, and STIC Investments to further expand its operation.

The company disclosed that the recent fund raised will be used to grow its product and engineering teams.

It also plans to expand its partnership development teams in the United States, United Kingdom, and Australia, along with emerging markets like the Middle East, Africa, and Southeast Asia.

The company makes use of AI Technology to match students at scale with internships at companies ranging from startups to blue chips and guarantees a match within one month.

Over 70% of interns work directly with a founder or C-suite executive and the platform also trains students before and during internships with an employability course called CareerBridge.

They have access to weekly check-ins, group discussions, webinars, and coaching calls in the middle and at the end of their internships. About 25% of students who complete an internship through the platform are invited to continue working with their matched company, and 70% are working in full-time roles within three months of their internship.

Speaking on its operation, the CEO of Virtual Internships, Daniel Nivern said; “Virtual Internships solves all of these barriers and more by giving all students around the world access to global, structured internships that they can do at any time and from any place.

“It allows employers to create global talent pipelines, and universities or governments can support specific audiences, ensuring enhanced employability outcomes and better ROI.”

Since the launch of the Edtech startup, the company has increased its revenue from $100,000 in the fiscal year 2019/2020 to $4.1 million in 2021/2022, and it expects to hit $10 million by 2023.

Most of its revenue comes from universities that have added Virtual Internships to their curriculum. 

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Capiter Investors Sack Founders, Mahmoud Noah, Ahmed Noah for Fund Mismanagement

Capiter has sacked the two founders of the company for mismanagement of funds




Capiter, an Egyptian B2B startup that brings together FMCGs, Wholesalers, and Merchants in one platform, has sacked the two founders of the company for mismanagement of funds.

In September 2021, Capiter raised $33 million in series A funding to compete in the country’s growing B2B e-commerce and retail space.

However, fast forward to exactly a year later,  Mahmoud Noah (Co-Founder & CEO) and Ahmed Noah (Co-Founder and Chief Commerical Officer), the two founders who led the fundraising, have been accused of funds misappropriation and were eventually relieved of their executive positions by the board of directors, largely the investors in the company.

Here are some of the crisis that has been rocking Capiter lately

It was learned that the decision to sack Capiter’s Founder and Co-founder, came after the two brothers Mahmoud Noah and Ahmed Noah refrained from appearing before the board of directors after internal disturbances, and disagreements over their management method.

They refused to attend the meetings that were held because they were outside Egypt without a clear justification.

News spread on social media that the brothers, Mahmoud Noah and Ahmed Noah were not in Egypt, which was confirmed by sources close to the matter.

As a result of this development, Capiter investors have been searching for potential buyers to absorb the struggling company in the form of an acquisition or merger.

Before Capiter, Mahmoud was the co-founder and COO of Egypt-born and Dubai-based ride-hailing company SWVL (the company, which went public via a SPAC deal last year and lay off 32% of its staff this May). 

With his brother Ahmed, he launched Capiter in 2020 as an FMCG platform that allows small and medium-sized retailers to order inventory, arrange delivery, and access financing to pay for goods.

Some of its competitors include MaxAB and Cartona in Egypt, and in Africa, Wasoko, TradeDepot, and Chari. 

Capiter had 50,000 merchants and 1,000 sellers with more than 6,000 SKUs on its platform.

It was revealed that Capiter startup was on its way to reaching an annualized revenue of $1 billion this year. 

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