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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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Fresh ideas on building more effective Demo pitches across Africa

By Jonathan Marks on June 18, 2014

I believe that startups in Africa can jump ahead of many of their European counterparts if they develop better, stronger company stories. It’s time to follow more US examples. Let me explain!

Having seen several startup pitches recently, I notice a marked difference between those coming out of US accelerators like Singularity or Techstars and the average accelerator in Europe.

In Europe, those helping startups simply teach you to pitch. It is rather like a vegetable seller on the market in town. The guy on stage shouts that they have made something, names a price, tells everyone they are either unique or way ahead of any competition – and then hopes that investors will line up to buy afterwards. There is often no clear call to action [...]

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DEMO Africa extends application deadline with one week – to Sunday, June 22!

By Miguel Heilbron on June 16, 2014

Africa’s tech innovation launchpad DEMO Africa is keeping the application window open for one more week from Sunday June 15 to Sunday June 22, 2014! VC4Africa is hosting the applications on http://demoafrica2014.com - finish your application this week, don’t miss this last chance!

In startup land, getting through the starting blocks usually takes double the time; molding, tweaking, and playing around with ideas before finally having a ready product. With plenty of applications and extension requests still coming in, the DEMO Africa team found the extension necessary following numerous requests from startups to have more time to meet the DEMO Africa application expectations.

The deadline extension comes even as curtains fall on DEMO Africa’s Innovation Tours 2014. The tours that have just been concluded in Lagos, Nigeria at the [...]

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Investor speak decoded for entrepreneurs

By Odunayo Eweniyi on June 13, 2014

This article by Eweniyi Odunayo originally appeared on TechCabal, a VC4Africa publishing partner.

Probably the most recurrent question a startup company would ask is “Why am I having trouble raising money?”; and probably the one thing that investors everywhere have in common is the fact that they will absolutely not put their money into a startup that has not convinced them of its viability beyond reasonable, and sometimes unreasonable, doubt.

Investors will not put money into a startup for a variety of reasons: limited market size, poor product/market fit, lack of experience and so on, but when giving feedback on why a startup is not getting funding power, investors will not come out and tell you straight up that this is the reason. Here, according to Bryan Stolle‘s “Why won’t [...]

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Research: First Year Startup Costs

By Audrey Cheng on June 11, 2014

This post originally appeared on Savannah Fund’s Waterhole and is published with permission

As a venture capital firm, Savannah Fund is interested in the differing variables that can affect entrepreneurs in the countries of startups we have or will invest in. One of the key metrics we want to understand more about is first year startup costs.

In this research study, we asked hubs and about three startups per country for their first-year startup costs. These costs include: web hosting, internet, entry level engineer, engineer with 3-5 years of experience, shared apartment (for 3 people), workspace desk rental, legal costs, business permits, accounting, travel, and admin/sales.

DISCLAIMER: While our sample size was relatively small, we were interested in seeing the differences between startup [...]

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