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Nigeria, Kenya or South Africa – Which is Africa’s top ICT hub?

By Odunayo Eweniyi on July 9, 2014

This article by Odunayo Eweniyi was originally published at Techcabal and is published with permission.

Lured by the growth potential of African economies and our increasing interest in technology, many companies are fast expanding their employee base and branches in a market that was earlier viewed as a low-cost. But while most technology companies had earlier chosen South Africa as their African headquarters, many are expanding into fast-growing economies such as Kenya and Nigeria.

This piece was going to be titled “Is Kenya the new ICT hub for Africa”, but I think it will benefit from insight from everyone as to where the hub is.

Five years ago, South Africa was the undisputable ICT [...]

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Co-working vs Incubation spaces in Africa

By Hilda Moraa Morara on July 7, 2014

This article by Hilda Moraa was originally published at AfriHive and is published with permission.

Is it time for coworking spaces to start thinking of incubation services as an add on?

A lot of effort has already been poured in developing coworking spaces across Africa. From the hubs mapping initiative by Bongo Hive, the number of coworking spaces is more than business incubators. ‘Coworking’ was the ‘sexiest’ and hyped subject, known for where ideas meet people. However five years down the line since the birth of most these spaces across Africa, they are running out of ideas on how to continue attracting their community of members (existing and alumni). More tech startups are looking for more structured support, mentorship and seed funding to facilitate acceleration of their [...]

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Backing Nigeria’s “Nerve” smartphone producer: ‘a smart move for investors’

By Miguel Heilbron on July 4, 2014

Today’s featured member of the VC4Africa community is entrepreneur Silas Okwoche, founder of Nigeria based company Nerve, producing “high relevance smartphones that are built for the mobile first generation of Africa”. They are currently raising a USD 500,000 investment round.

Who are the investors presently backing you, what is already secured and what’s still needed? 

“We are currently backed by a couple of angel investors, one of which is a Nigerian in the Diaspora and another a high net worth individual resident in country. In addition to our team’s personal funds we have secured just over USD 60k in angel investment from our previous round that is being disbursed on a milestone basis. [...]

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Africa’s early stage investor network on the rise, breaking down the numbers

By Ben White on July 3, 2014

At VC4Africa we have been busy building a leading network of investors actively investing in early stage companies.  There are more than 600 investors part of the community. Here are the results and some insights from our recent survey.

In an otherwise information scarce environment, entrepreneurs on VC4Africa are building up meaningful track records that develop over time. VC4Africa works to aggregate various information points about each company in its system and organizes this data in different ways that makes it useful for investors. In addition to the web-based system, VC4Africa is developing a network of partners that support members in due diligence, deal closing, and the monitoring of company progress [...]

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Lagos Angel Network makes its first investment in Autobox and Hutbay

By Bankole Oluwafemi on July 2, 2014

This article by Bankole Oluwafemi originally appeared on TechCabal, a VC4Africa publishing partner.

Congratulations to VC4Africa members Autobox and Hutbay for being the first startups to secure investment from the Lagos Angel Investors.

What is a notable first for the group of Nigerian investors, the Lagos Angel Network is getting behind two startups in a commitment that will see it invest cash and time in two early stage internet startups, Autobox and Hutbay.

Autobox sells car spare parts online and was the 2nd runner up of the TechCabal Battlefield competition in February. Hutbay is an online real estate marketplace based in Lagos. Both startups are established in what we are adamantly referring to as the Yabacon Valley, from the Co-Creation and [...]

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Kenya’s iProcure raises capital from Invested Development to improve farming services

By Sam Wakoba on June 30, 2014


This article by Sam Wakoba originally appeared on TechMoran and is published with permission.

Congratulations to VC4Africa member Stefano Carcoforo, co-founder of Kenyan company iProcure! Early stage impact fund Invested Development has invested an undisclosed amount into the mobile and web technology platform that provides software to enhance sales and inventory management in rural and peri-urban agriculture markets.

The funding will help iProcure to improve farmers retail operations by improving their inventories, orders, point of sale activities, and client profiles along with geo-located purchasing patterns, real-time agent performance and transaction analysis, and built-in mobile payments. The service aims at helping retailers better predict demand with business intelligence data, improve inventory management, and streamline distribution efficiency.

Founded in 2012 by Stefano Carcoforo and Nicole Galletta, the platform aims [...]

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Announcement: DEMO Africa Investor Package

By Ben White on June 27, 2014

VC4Africa is pleased to offer a special package for Investors who will attend DEMO Africa 2014, otherwise the leading launchpad for emerging technology and trends.

The investor package costs USD $650 and includes VIP tickets to DEMO Africa and a 1 year Pro account subscription on VC4Africa. The event is scheduled for Wednesday 24 – Friday 26 September and will be held at the Oriental Hotel in Lagos, Nigeria.

What does this VIP package give you?

15% discount on DEMO Africa ticket

That’s right. We want investors to come and meet the top innovators from across the continent because we know you’ll be convinced. These teams are working on ground breaking solutions that are set to disrupt sectors and industries in entirely new ways. Take advantage [...]

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VC4Africa listed startup Everzero secures investment from UK based Derrington Group

By Sam Wakoba on June 25, 2014

This article by Sam Wakoba originally appeared on TechMoran and is published with permission.

Congratulations to VC4Africa member Derrick Agyiri, founder of Ghana based venture EverZero (previously FastCashier, VC4Africa online acceleration participant), who has closed an investment deal with James Simpson of the UK based Derrington Group! Simpson joined “Ghana’s WhatsApp for payments” as an investor and co-founder.  

Derrick Agyiri, founder and CEO of EverZero said, ”Simpson has joined us. He came with an open cheque book and is ready to handle all bills relating to the project including administrative work. The investment does not exceed $1,000,000.”

Agyiri says the investor and the investments will help the firm move faster towards its goals of making payments as seamless as possible. The seed investor has already [...]

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DEMO Africa announces judges as the 2014 application window closes

By Hilda Shema Kamali on June 23, 2014

The application window for DEMO Africa 2014 has finally closed with the host VC4Africa confirming that 27 African countries are represented this year.

VC4Africa Founder Ben White confirmed that Nigeria, Kenya and Ghana have the highest applicants while the areas that have attracted the highest number of applications include; Communication, Retail and Media & Entertainment. See the overview of all accepted applicants.

The applications will be vetted by an executive panel comprising experts in business and technology. The panel is tasked with the responsibility of shortlisting the best forty from the applications submitted from across the region.

The jurists who have been hand-picked based on their experience and contribution to the start-up scene in Africa include:

Dele Akinsade – Nigeria

Stephen Gugu – Kenya

Bob Mbori – Tanzania

Victor [...]

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Investors & entrepreneurs: how to get more startup investment deals across Africa

By Tom Jackson on June 20, 2014

This article by Tom Jackson originally appeared on HumanIPO and is published with permission

When a company gets funding, it is generally big news. Just look at Takealot, Kopo Kopo and M-KOPA Solar in the last few months. But are these types of investments par for the course, or rather happy exceptions?

Can companies really expect to raise funding rounds like this? And more specifically, what of smaller, leaner companies that are still far behind the likes of Takealot on their startup journey?

Lack of seed funding

It is no surprise to find many entrepreneurs feel there is a lack of seed funding in Africa. Fabian Kast, co-founder at Pocketplan, believes fundraising is a “big problem”, with South Africa in [...]

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