Fola Olatunji-David

Nigerian fintech startup Billboxx has raised $1.6 million in a pre-seed funding round, aiming to empower African small and medium-sized enterprises (SMEs) with cash flow management solutions.

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Outstanding piece of work by our brother James Torvaney! For those curious about the intersection of #Sport, #Tech, #Entertainment, and #Media, you won’t find a better oasis to quench your thirst for knowledge. This is the second installment of a seven-part series on the #SportsBusiness in #Africa. Click on the link below to catch the current installment, with previous ones listed at the end.

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⚽️ Had a fantastic time at Sports Tech Africa. Even though I only attended Day 2, the energy was electric—sports professionals and their enthusiasts truly know how to bring the vibe! It’s incredible how much technology is driving innovation in sports. From stadium lighting, wearables and super shoes to data tools and injury screening solutions, the future of sports is clearly tech-driven. A few takeaways: 🏀 Nutrition First: Before tech, athletes need proper nutrition—this remains a major challenge here. 🏀 Talent vs. Tech: Tech can’t replace the raw talent, grit and hunger that define champions. 🏀 Closing the Tech Gap: To stay competitive, we must embrace technology—other nations are outpacing us by doing so. It wasn’t just tech, tech, tech… Two athletic champions, Janet Jepkosgei (“Eldoret Express”) and Julius Yego (“Mr. YouTube”), shared valuable insights on #personalbranding: 🏈 Visibility & Communication: Janet emphasized that athletes who communicate in a global language have an edge when it comes to endorsements. 🏈 Relatability: Yego highlighted how sharing both personal moments and sports achievements makes him more relatable, building a trustworthy brand. 🏈 Consistency: Regular updates keep your brand top of mind, something Yego tries to do consistently. And in true sports event fashion, energy drinks were in plenty. Personally, I shy away from these drinks—why are they always named after ferocious animals? (Real or imaginary.) Let’s just say I didn’t sip any bulls or predators! 🏃‍♀️ This event was a real eye-opener. Looking forward to 2025 edition. Well in Kerubo Momanyi and Martin Keino. #sportstech #sports

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🌍 Africa Just Got a New Unicorn! 🎉 Nigeria’s Moniepoint Group has raised a whopping $110 million in Series C funding, led by Development Partners International (DPI). They’ve now joined the elite African Unicorn Club, standing alongside giants like MNT-Halan, Interswitch, Flutterwave, Wave, Chipper Cash, Opay and Andela. This round saw participation from Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock. Interestingly, the round included some secondaries at a discounted valuation—always great for creating liquidity in the ecosystem. Moniepoint Group provides retail banking services and also caters to small and medium businesses. With 5.2 billion transactions processed in 2023 alone, over $100M in annualised revenue and having processed over $150 billion in transactions that year - the bar has been set! 💥 Exciting times for African fintech and venture space! 🚀 #AfricaTech #Unicorn #Fintech #Innovation

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Insights from Iyinoluwa Aboyeji highlight critical points about the startup ecosystem in Africa: *Pre-seed and seed investors such as Future Africa are uniquely positioned to capitalize on the funding boom at later stages (Series A-D). *The need for a world-class accelerator program in Africa, such as Accelerate Africa. *The importance of investors/founders who understand context, especially in times of crises, such as the recent funding contraction #FutureAfrica #AccelarateAfrica #VentureCapital

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🌍 Unlocking Africa's Tech Potential: An Unprecedented Opportunity for Venture Capital 🚀   Africa’s tech ecosystem shows encouraging resilience, with startups raising over $600 million in Q3 2024, making it the strongest quarter this year. This growth highlights the sector's gradual recovery and ongoing investor confidence. From Fintech and HealthTech to AgriTech and Edtech, innovative solutions are emerging, driven by the unique challenges and vast opportunities across Africa.   In many ways, investing in African tech isn’t only about financial returns—it’s about enabling impact at scale. Each dollar fuels solutions in financial inclusion, healthcare access, and sustainable agriculture, among others. It’s exciting to see this momentum and to play a part in this transformative journey through Jambaar Capital.   The venture capital winter may have cooled things down globally, but Africa’s tech landscape continues to demonstrate resilience and growth. For those passionate about tech innovation and social impact, Africa offers both—and the journey is just beginning. 🌱   #VentureCapital #AfricaTech #Innovation #ImpactInvesting #JambaarCapital #FutureOfAfrica

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Announcement: Launch of J-Pay Africa App by Jellyport Tech Africa Ltd Dear Esteemed Customers and Partners, We are excited to unveil the imminent launch of the J-Pay Africa App by Jellyport Tech Africa Ltd—a revolutionary fintech application poised to transform the financial landscape of Africa. Developed on the robust Flutter framework, J-Pay Africa represents the pinnacle of innovation, offering a comprehensive suite of financial services to empower individuals and businesses across the continent. Key Features: - E-Wallet: The cornerstone of J-Pay Africa, our E-Wallet is primed for testing and use, providing users with a secure and efficient means to manage their finances seamlessly. - Cryptocurrency Wallet: Embracing the future of finance, J-Pay Africa includes a Cryptocurrency Wallet, enabling users to engage in digital asset management with confidence and ease. - Mobisave Wallet/Platform: With Mobisave, users can effortlessly save and invest their money, harnessing the power of financial technology to achieve their goals. - Mobisurance Wallet/Platform: J-Pay Africa extends its reach to insurance services through Mobisurance, offering peace of mind and financial security to our valued users. - NFT Wallet: As the NFT market continues to burgeon, J-Pay Africa ensures users can securely store and trade their digital assets with our NFT Wallet functionality. J-Pay Africa is more than just an app—it's a beacon of financial empowerment. As a flagship product and subsidiary of Jellyport Tech Africa Ltd, we are committed to redefining financial inclusivity by providing accessible, secure, and innovative financial tools to individuals and businesses alike. While the app is still undergoing development, we invite you to be part of this transformative journey. Your feedback and support are invaluable as we strive to perfect the J-Pay Africa experience for our esteemed users. Stay tuned for updates on the official launch date and how you can be among the first to experience the future of finance in Africa with J-Pay Africa. Thank you for your unwavering support. Warm regards, Mr Ernest Kimathi, Chief Executive Officer & Founder Jellyport Tech Africa Ltd

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Check out the latest episode of “The month in VC”, our regular deep-dive into Africa’s investment space. Produced in partnership with Atlantica Ventures VC Fund, each episode wraps up the latest news in African VC, profiles a leading investor, and digs into a key theme or trend in conversation with partner VCs. The latest episode sees us speak to Zachariah George from Launch Africa Ventures, and we’ll also be discussing how we can go about getting more Africa-based investors - be they angels or institutions - backing African tech startups. https://lnkd.in/dGiuKbuq

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Africa Future Forward

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I recently read an article published by TechCrunch on the 1st of September that touched on a significant issue on the minds of many tech investors interested in Africa: why are exits so few on the continent? I found a few points quite thought-provoking. While the space has recorded some big wins, such as BioNTech's $680 million acquisition, SendWave's $500 million acquisition by WorldRemit (now Zepz Group), DPO's acquisition by Network International for $291 million, and Paystack's acquisition by Stripe for $200 million, these numbers, though impressive, raise the question of whether they are good enough. This is especially true considering that about $20 billion has been attracted into the space. Comparing the exit values to the total funding raised, there seems to be a significant gap. For a moment, I pondered this, and I believe that breaking down the data might provide context that could enrich our understanding and pave the way for deeper conversations. The truth is that looking at the data this way might not be an apples-to-apples comparison for some reasons. Firstly, while 2014 may be considered the golden age of venture capital in Africa, more than half of the $20 billion was raised in just two years—2021 ($6 billion) and 2022 ($6.5 billion)—due to the abundance of capital during that period, driven by favorable macroeconomic circumstances beyond anyone's control. If we also look at exits, we see that the majority of large exits were influenced by these same macroeconomic factors, which made exits easier than they would be in tougher economic situations. Great companies were able to leverage these opportunities. Out of the eight exits mentioned, three occurred between 2020 and 2021, a period when exits performed exceptionally well globally. Extending the timeline further, seven out of the eight exits happened between 2020 and 2024. None of these companies were formed in 2021 or 2022, which led to the funding boom; the average age from founding to exit is approximately 10 years, with Paystack being the youngest, founded in 2015. Following this trend, we see that investments made in 2020–2022, during the period of the most significant funding growth, will still take time to materialize. These investments will benefit if global macroeconomic conditions become favorable, making exits easier. We may need to shift from a short-term, year-on-year perspective to a longer-term horizon to appreciate the future potential if we focus on building great companies now. The jury is still out on African tech exits, but I think there is hope. https://lnkd.in/dwPCCeXq

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🚀 Exciting Announcement by the Nigeria Esports Federation! 🚀 Nigeria Esports Federation is thrilled to open doors for collaboration with global partners, publishers, and federations to elevate esports in Nigeria to new heights! 🎮🌍 We are fully supported by the Honorable Minister of Youth & Sports Development, Senator John Owan Enoh who has tasked the NEF with developing esports from the grassroots level. This mission, spearheaded by our dedicated president, Yahaya Maikori, is set to transform the esports landscape in Nigeria. 🇳🇬✨ The Corporate Esports League is something that may be of interest to Corporate Nigeria, having the Nigerian Exchange Group (NGX Group) led by JUDE CHIEMEKA & Temi Popoola to consider and be the HOST of Nigeria Corporate Esports League as part of it's Digital Strategy. Participating in the Nigeria Corporate Esports League, as part of your brand's digital strategy offers a multitude of benefits, from enhanced engagement and visibility to innovation and networking opportunities. It’s a dynamic and exciting way to connect with modern audiences, foster team spirit, and position your brand at the forefront of the digital economy. This is a golden opportunity for brands to engage with the vibrant and dynamic Nigerian youth, fostering talent, innovation, and growth in the esports arena. Let's work together to build a thriving esports ecosystem in Nigeria and unlock immense potential for the future. 🌟🤝 Nigeria Esports Federation & NGX X-Academy could jointly develop a Youth Empowerment initiative, this groundbreaking partnership between the Nigeria Esports Federation and NGX X-Academy aimed at creating an Esports Education and Youth Empowerment Programme! 🌟 Why Nigeria Esports Federation and NGX X-Academy? Esports is more than just competitive gaming; it is a thriving industry with vast opportunities in technology, media, and entertainment. By collaborating with NGX X-Academy, we are dedicated to harnessing the power of esports to educate and empower the youth of Nigeria. 🎯 Education: We will develop comprehensive educational programs that cover the technical, strategic, and creative aspects of esports. From game design to digital marketing, our curriculum will equip young minds with the skills needed to thrive in the digital age. 🎯 Empowerment: By providing access to state-of-the-art resources and mentorship, we aim to empower the next generation of esports professionals. This program will focus on personal growth, teamwork, and leadership skills, preparing our youth for success both in and out of the gaming arena. 🎯 Opportunities: We will create pathways for young talents to connect with global esports networks, participate in international tournaments, and pursue careers in the booming esports industry. Our initiative will bridge the gap between passion and profession, offering viable career opportunities. Ugochi Obi LDS, CKM, TM, MITAD, SPHRi™, MCIPM #NigeriaEsports #Esports #EsportsDevelopment

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🚀 Unlocking the Endless Possibilities of Esports in the Digital Economy 🌐🎮 Esports is rapidly evolving into a powerhouse within the digital economy, creating vast opportunities across various sectors. From driving technological innovation to fostering community engagement and offering new avenues for career development, the potential is limitless. Why Esports? 🎯 Innovation: Esports leverages cutting-edge technology, pushing the boundaries of what is possible in gaming, broadcasting, and virtual experiences. It is a breeding ground for innovation in AI, VR, AR, and more. 🎯 Engagement: With a global audience of over 500 million, esports offers unparalleled opportunities for brands to connect with a young, tech-savvy, and engaged demographic. It’s not just about gaming; it’s about community and culture. 🎯 Career Development: Esports is creating new career paths in game design, digital marketing, event management, and beyond. It’s an industry where passion meets profession, offering dynamic opportunities for the next generation. What If?... Tony O. Elumelu, C.F.R, a visionary leader who understands the power of digital strategy, taps UBA to join the Corporate Esports League. The impact will be transformative: 🏢 Corporate Engagement: The Corporate Esports League will bring together companies in a unique, competitive, and collaborative environment, fostering team spirit and innovation. 🌍 Brand Visibility: Hosting such an event would reinforce Tony O. Elumelu, C.F.R & UBA at the forefront of the digital revolution, showcasing its commitment to innovation and the future of work. 🎓 Youth Empowerment: By supporting esports, UBA will play a pivotal role in empowering young talents, offering them a platform to showcase their skills and connect with global opportunities. The Future is Now Esports is not just a trend; it's a movement that's reshaping the digital landscape. With leaders like Tony O. Elumelu, C.F.R and institutions like UBA embracing this potential, we will unlock new frontiers of growth, development and strengthen Nigeria Esports Federation participation at the Esports World Cup Foundation in Saudi Arabia. Let's harness the endless possibilities of esports to drive the digital economy forward. Together, we can create a future where innovation, engagement, and empowerment are at the forefront of our strategy. #Esports #DigitalEconomy #Innovation #YouthEmpowerment #CorporateEsportsLeague #TonyElumelu #UBA #Gaming #FutureOfWork #DigitalStrategy #EndlessPossibilities Join the conversation and let's explore the future of esports together! 🌟🎮🚀

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I recently said Africa need more "market creating startups" and fewer copycats, Michel Friedman disagrees and Reflect Ventures invests and has invested in some copy cats across Africa and Beyond, in fact they love their copy cats!👌 They love copycats, when they're set to disrupt huge industries like Transport, Logistics, B2B commerce and Finance -- Ideally solving mega problems by making operations more efficient, cheaper and increase digital inclusion. Reach out to Reflect Ventures if you would love to invest in some amazing copy cats companies that are solving big meaningful problems in emerging markets. Piki Tanzania, NovFeed, Laina Finance, Surge Africa (Techstars'23), Swahilies, BizzynHq, Monirates , AzamPesa, Safiri, Otapp TZ, Sarafu, Ramani.io, Silabu - The social learning app, Settlo, SMAI Express

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A great article by Lucy Hoffman at Carry1st for the World Economic Forum on the immense opportunity for gaming across Africa, the intense demand that already exists on the continent today, and how direct consumer fintech payment solutions unlock growth this growth. The full article is worth a read, but this is my favorite paragraph: "While our research suggests that the African gaming industry will exceed $1 billion in 2024, the actual demand will likely be much more. By understanding and truly serving gamers in the region, we can unlock the suppressed demand for engaging, immersive, social experiences that mobile games can provide."

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