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Different opportunities opened up for early-stage Startups this week, while the big startups also secured over $100 million in funding rounds. Let’s get into the opportunities first.
Funding Opportunities
$4000 funding opportunity for SMEs in Nigeria. StarNews Mobile and the Global Black Economic Forum (GBEF) are joining forces to launch a business competition empowering promising Nigerian Small and Medium Enterprises (SMEs) with a $4000 funding opportunity.
Africa Tech Startup Forum is calling on all tech entrepreneurs from South Africa, Rwanda, Kenya, Uganda, Nigeria, Morocco, Ghana, and Egypt! The African Tech Startup Forum (ATSF) is offering a dynamic opportunity to connect you with valuable resources and propel your venture to the next level.
African startups, registration for TechCabal Battlefield has started with a chance to win up to $10,000. If you have not registered, you should register for it now!
TechCabal Battlefield.
Investment Rounds
Nigeria's First Bank Holdings is set to raise an additional ₦300 billion ($231 million) in capital to comply with the Central Bank of Nigeria's (CBN) new minimum capital requirements.
South African online used-car platform WeBuyCars is gearing up for a public listing on the Johannesburg Stock Exchange (JSE) last week Friday.
Patlytics, a young company using artificial intelligence (AI) to revolutionize patent processes, has secured $4.5 million in seed funding. This round, led by Google's AI venture arm Gradient Ventures, was oversubscribed and closed within days.
Turkish e-commerce platform Ikas is setting sail for new markets in Eastern Europe and the DaCH region (Germany, Austria, and Switzerland) after securing a significant $20 million Series A funding round.
Verod-Kepple Africa Ventures (VKAV), a pan-African venture capital firm, has closed its first fund at $60 million. This allows them to support high-growth startups across the continent.
Guaranty Trust Holding Company (GTCO), the parent company of Nigeria's GTBank, is seeking shareholder approval to raise an additional $750 million in capital. This request comes just weeks after the Central Bank of Nigeria (CBN) significantly increased minimum capital requirements for the country's largest banks.
Losses
Zimbabwe's central bank is making a fresh attempt to combat inflation with the introduction of a new gold-backed currency, the Zimbabwe Gold (ZiG). This comes after the previous currency, the Zimbabwe dollar, lost a staggering 80% of its value this year alone.
MultiChoice Nigeria lost ₦7.9 billion ($16.23 million) in a fraudulent foreign currency exchange transaction Nigerian court documents reveal that in 2021.
Doings
Airtel Africa, Nigeria's second-largest mobile network operator, has repurchased 8.6 million shares from Citigroup as part of its share buyback program launched in February 2024.
Airtel Africa Buys Back 8.6 Million Shares.
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