TC Weekender: An oversubscribed fund

Editor’s Notice

Week 50, 2022
Learn time: 5 minutes

And identical to that, we’ve come to the tip of the 12 months. On this final version of TC Weekender, there are what appear to be shining lights of hope: a tech firm in Nigeria provides its feminine workers menstrual depart, Ventures Platform closes out its fund at method above the goal, and Kenyan President William Ruto talks about establishing a startup fund within the nation.

Thanks for studying TC Weekender all year long. I do hope you take pleasure in your holidays and we’ll see you brilliant and refreshed in 2023!

Pamela Tetteh Editor, TechCabal.

Editor’s Picks

	VP’s oversubscribed fund Ventures Platform (VP), an early-stage, Africa-focused VC agency, has closed its early-stage and intercontinental fund at $46 million, surpassing its preliminary goal of $40 million. The oversubscribed fund noticed investments from a number of worldwide traders. Learn more.
	African graduates of Techstars Toronto 2022 Startup accelerator, Techstars Toronto, has introduced that 9 African corporations have graduated from the seventh cohort of its program. The graduating corporations are Glover Applied sciences, GIGXPad, Klas, Raenest, Fez, Renda, Simpu, LaborHack, and Mamy Eyewear. Learn more.
	Meta sued for $2 billion in Kenya A lawsuit filed in a Kenyan courtroom on Wednesday accused Meta of fuelling political violence in Africa. The lawsuit demanded that the corporate pay over $2 billion in victims’ funds and cease platforming violent content material for the sake of revenue. Learn more.
	Klasha’s menstrual depart coverage San Francisco- and Lagos-based cross-border commerce know-how firm, Klasha, has launched a menstrual depart coverage for its feminine workers. For a know-how enterprise working in Nigeria, this can be a first.
	ARCON regulates Nigerian comedians Nigerian skit creators, comedians, influencers, bloggers, and the like should now receive permission from the Promoting Regulatory Council of Nigeria (ARCON) earlier than posting any content material that advertises services and products. Learn more.

	Meta-backed 2Africa cable arrives South Africa The 2Africa system has arrived in South Africa. Nonetheless, its journey doesn’t finish there. The 2Africa cable, in contrast to Google’s and Telkom’s Equiano system, will finally encompass the entire African continent. Learn more.

The Subsequent Wave Present: Episode 5

On the fifth episode of The Subsequent Wave present, Iyin Aboyeji, co-founder of Expertise Metropolis and Jonathan Hursh, founding associate at Utopia discuss how tech can rework city improvement in Africa. In case you missed the printed on CNBC Africa, you may catch up here.

The Subsequent Wave is dropped at you by TechCabal in partnership with Flutterwave, with further assist from Africa No Filter.

	Ruto to ascertain a startup fund Kenyan President William Ruto introduced that preliminary work is ongoing to ascertain a startup fund that can give startups within the nation the chance to scale up and turn out to be severe enterprises. Learn more.
	Equinix’s $160 million information heart in South Africa US information heart firm, Equinix, has introduced its plans to speculate $160 million in constructing its first information heart in South Africa to speed up its growth into Africa. The info heart will be accomplished and operational by mid-2024. Learn more.
	Vodacom buys 55% of Vodafone Egypt The Vodacom Group introduced the completion of its buy of a 55% stake in Vodafone Egypt in a deal valued at $2.78 billion. Vodacom intends to advance Vodafone Egypt’s monetary companies alternative by utilizing its monetary companies product roadmap, notably its super-app technique. Read more.
	Cellulant & Zanaco associate to allow pay TV Zambia’s largest financial institution, Zanaco, has partnered with Cellulant Zambia to allow its prospects—over 2 million—to pay for TV companies like Topstar, Zuku, and Muvi TV. All they should do to entry this service is dial the Zanaco USSD code *444#. Read more.
	Cairo Angels rebrand to Acasia Group Egypt-based angel funding group, Cairo Angels, has modified its title to the Acasia Group to signify its new funding technique extra precisely. The Acasia Group is made up of three elements: Acasia Ventures, Acasia Influence, and Acasia Angels. Learn more.

Who introduced the cash this week?

Taeillo, a Nigerian furnishings e-commerce platform, raised $2.5 million in fairness funding from Aruwa Capital.

Suplyd, a Egypt lodge, restaurant and catering procurement platform raised $1.6 million in pre-seed funding from Endure Capital, Seedstars, Camel Ventures, Falak Startups, Outlierz, Plus Ventures, Fort, Alex Angels, and different angel traders.

Kenya-based firm, Myhealth Africa, raised $1 million in seed funding, and the spherical was led by GIIG Africa Fund, with participation from Japanese-based Samurai VC, a household workplace, and current traders.