Aniedi Udo-Obong

Summary: TLcom Capital, an African VC firm, has closed its second fund at $154 million, making it the largest investor in early-stage African startups. Key takeaways: TLcom has closed their second fund at $154 million, attracting over 20 limited partners, including the European Investment Bank and Visa Foundation. The firm maintains a consistent strategy of investing in early-stage opportunities, but also considers opportunities at growth and later stages. TLcom has expanded its portfolio to include companies in Egypt and South Africa and has a focus on traditional sectors such as fintech, mobility, and healthcare. Counter arguments: The firm's emphasis on early-stage opportunities may result in lower returns as these companies carry more risk. As more VC firms focus on the African market, the competition for high-quality startups may increase, making it difficult for funds to generate significant returns. #venturecapital #vc #startups

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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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The Cohort 3 of the Immerse Africa VC Fellowship by Immerse Africa VC Academy starts this weekend. This is a chance for hands-on learning of what VCs do. I dare say that this is the most practical VC training in Africa. We start with understanding the VC Business Model, and also build a VC Fund Return model. I like to do this because it shows in practice what it means to return a Fund. That is why I laugh when VC Funds are being congratulated for closing a Fund. My response to closing a VC Fund is, "Now it's time to work". Our Fellows will see practically what it takes to achieve a 3x Fund Return and 25% IRR in 10 years (maybe 12). After this class, many of our Fellows typically evaluate their desire to be a VC. And that is what I love to see. We need to realise that VCs are custodians of capital. They are to invest in startups, achieve an exit and return money in multiples to the investors (LPs) that committed the capital in the first place. If you have not registered for Cohort 3 already, well you still have 5 days. Register with the link below. https://lu.ma/bj8c26m5 See you on Saturday...

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Flutterwave, Africa’s most valuable startup, appointed Mitesh Popat as its new CFO. The company was valued at $3 billion when it raised a Series D in 2022 🦄🚀 ✂️ Flutterwave recently undertook its first major restructuring since its founding in 2016, when it laid off 3% of its workforce in June. 🚪 It also shut down Barter, its consumer #finance app, which allowed users to send and receive #money and #pay #bills; the reason is that it wants to focus on its core products: #enterprise solutions and #remittances. 💰 The flagship enterprise product, Flutterwave For Business (FFB), which #banks, #startups, and companies in #ecommerce, #transportation, and FMCG use to accept payments, generates 90% of the fintech’s revenue. Its remittance product, Send App, which facilitates international transfers for users across Africa, Europe, the U.S., and Canada, makes up the remaining 10%. 📖 Read the full interview with Olugbenga Agboola, Founder & CEO of Flutterwave here: https://lnkd.in/evtyevBQ #Africa #Fintech #FinancialServices

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Kenyan Shilling's Stunning Comeback  In just under three months, it went from being one of the worst-performing currencies in the world to the best. On January 26, it was at a record low against the dollar, but now it's rebounded more than 20%. That's an astonishing recovery, especially compared to the Sri Lankan rupee, which is the second-best performer with a 6.1% gain this year. The article mentioned that this surge is due to several factors, including a new eurobond issue that boosted investor confidence. However, there's a note of caution too—momentum signals suggest the rally might have gone too far too soon, which makes me wonder if this level of growth is sustainable...

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Great write-up by Kola A. from Ventures Platform Fund I couldn't agree more with Kola's points. My top 3 takeaways are: - Africa demands a patient investment approach, distinct from other continents, due to its underdeveloped infrastructure and opaque markets. - We must move away from a story of charity as the future of African venture capital hinges on demonstrating that it can generate substantial returns. -The journey requires patience and a long-term perspective, but the rewards are substantial for those who dare to invest in Africa’s future. Check out the full article here: https://lnkd.in/dn9wQFqj What's your biggest takeaway from the article? Let's discuss it! #Africa #Tech #Startup #Investment #Innovation #EmergingMarkets 

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Reflecting on the East African Tech Event of the Year: Kenya-USA Tech (KUSAT) Forum I recently attended the KUSAT Forum hosted by Sevenett, and it was an incredible experience. The event pooled together an impressive array of innovators and leaders, including Eng. John Kipchumba Tanui, MBS, Principal Secretary for ICT and the Digital Economy, who discussed how we can leverage partnerships to strengthen Kenya’s tech ecosystem. The discussions, which were rich and multifaceted, covered themes like startups, job creation, innovation, funding, service delivery, trends, policy, and collaboration. One particularly enlightening conversation revolved around how technology can transform education in Kenya, with insights shared by various experts, including Alice Munyua, who highlighted the critical need for privacy and data protection in our digital landscape. We also had impactful presentations from the PS for Diaspora Affairs, Roseline Kathure Njogu, who emphasized her role in improving services for Kenyans living abroad. Gerald A. Moore Sr. shared his transformative journey and how we can empower underserved youth through mentorship and technology education. Additionally, John Paul Okwiri, OGW, MBA, MCIPS reinforced the importance of collaborative action in building tailor made sustainable ventures back home. Joanne Marime shared her inspiring journey from Dandora slum to Microsoft. Ben Roberts stressed the need for local production of complex machines, such as phones and cars, to build a robust manufacturing ecosystem and enhance the value chain. A special thanks to Geoffrey Ouma and the Sevenett team, including Betty Mwende, who were nothing short of gracious to my team and me. While images and footage from the event are still pending release, I’ve compiled my perspective in the Medium article below. Read my full perspective here! https://lnkd.in/dGJSbEDT #KenyaUSATechForum #Innovation #TechEcosystem #Collaboration

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"The future of global health lies in the hands of those who dare to dream and build for those who need it most." A few years ago, a small startup in Kenya launched with a simple but powerful idea: mobile health services for rural communities. They didn't have much—just $5 in SMS credits, a basic platform, and a burning desire to solve a massive problem: access to healthcare. Fast forward to today, they're saving lives across the continent. 🌱💡 This is the future of SDG3—"Ensuring healthy lives and promoting well-being for all at all ages." But let's be real for a second. Despite breakthroughs like this, global health is in trouble. The COVID-19 pandemic reversed decades of progress in maternal and child health, left millions without essential vaccines, and showed us just how fragile our systems are. 😔 What if I told you the solution lies in the hands of startups, founders, and venture builders? 🤔 The United Nations' SDG3 isn't just a lofty goal—it's a playground for healthcare innovation. And if you're a startup founder or investor, this is your moment. 🚀 Let me paint the picture: Maternal and Child Health: Imagine a wearable that detects early complications in pregnancy and automatically connects mothers to nearby clinics. A solution like this can reduce maternal deaths by 70% globally. And the market? Billions of lives changed. Digital Health for Communicable Diseases: AI-powered diagnostics are already being deployed to detect tuberculosis and malaria in remote areas, bringing care to places that once seemed unreachable. Mental Health in Your Pocket: As mental health challenges skyrocket, apps that integrate AI therapy and remote counseling are a goldmine. 🧠💬 Universal Health Coverage (UHC): What if affordable healthcare didn't mean cutting corners? Startups using blockchain, microinsurance, and direct-to-consumer health platforms are flipping the script on what's possible. The next unicorn might be the one that makes UHC a reality for millions. The future of healthcare isn't in big hospitals or top-down policies—it's in the bold, the risk-takers, and the visionaries willing to experiment, fail fast, and build solutions that will impact billions. So, here's my challenge: Are you ready to be part of the SDG3 story? The next excellent health innovation could be sitting in your head right now, waiting to be launched. Please don't wait for someone else to solve it. Start building. Start investing. Start changing the world. 🌍💡 Together, we can shape a world where health and well-being aren't just goals but realities. 🌟 #SDG3 #HealthcareInnovation #VentureBuilding #ImpactInvesting #HealthTech #GlobalHealth #Wellbeing #StartupLife #Entrepreneurship

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Excited to return to New Haven for the Yale Africa Startup Review - 2024 conference this Saturday April 27th to witness the reveal of this year’s #yasr30 list of innovative early stage African startups & to network with founders and Africa-focused venture capitalists. East coast friends; come build your Africa #startup & #venture network at Yale University - stay for the bonus neo-gothic style architecture, art/theater scene and pizza. The Venture Capital Panel will be led by an innovative group of emerging managers and capital allocators including; Chi Achebe “ - Founder and Managing Partner, Achebe Capital, Sherif Nessim - Managing Partner, Jedar Capital, Abdul Abdirahman - Principal, F-Prime Capital, Gelila Bekele - Founder Aone Partners, EIR Trilogy Search Partners and Uwem U. - Head of Investments at Launch Africa Ventures The Founder's Panel will be led by an innovative group of startups and venture capitalists, including; Chris Maurice - CEO / Co-Founder Yellow Card App (Fintech/Nigeria), Aaron Fu- Investor, Digital Currency Group, Kristin H. Wilson- CSO Spurt, (HR,Productivity/Nigeria), & Launch Africa Ventures and several others The Startup Talent Panel will be led by an innovative group of startups building EdTech & HR and healthcare startups, including; Elohor Thomas - CEO/Co-Founder, CodeLn (HR,Talent/Nigeria), Blessing Abeng 🌔 - Co-Founder, Ingressive For Good, Wossen Ayele CEO/Co-Founder, Pariti (HR/Talent/ Kenya), Emmanuel (Eman) Obasuyi - Founder & CEO, Onye (HealthTech/Nigeria) The Ecosystem Panel will be led by an innovative group of "real economy" startups building in AgriTech, FinTech and Sustainability, and select VC firms who have invested in the space, including; Robert Haidari - CTO Hello Tractor (AgTech/Kenya), Grishka Bonlong - Founder/CEO Tamsey (Fintech/Cameroon), Michele Wanjiku Wainaina - Africa Regional Lead, Endeavor Catalyst (VC), Christopher Chileshe - CTO Aiponics (AgTech/Zambia), Blanca Ribas Pombo - Investor at Plug and Play Tech Center Africa The Keynote & Fireside speech "Innovation in Africa—Invigorating Startups and Venture Capital" will be delivered by Patrick Njoroge PhD - Former Governor of the Central Bank of Kenya  (Yale-trained Economist). Tickets here - https://lnkd.in/gVrPpvXT

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Can capitalism save the world? The AMES Foundation that, I am committed to as a Guardian, thinks YES! AMES stands for “Africa’s Most Endangered Species” and was founded in 2020 by a handful of entrepreneurs. By now, more than 200 entrepreneurs are involved with AMES – both financially and through their active support. We are all united in one goal: to make conservation and animal welfare scalable and thereby make a valuable contribution to the preservation (and recovery) of wildlife.   Since 1970, we have lost more than 2/3 of all species worldwide. The greatest enemy of biodiversity is the loss of natural habitat. By 2030, 30% of the global habitat shall be protected – to this end, we will need more than $700bn per year. Donations and states alone won’t be able to achieve this. We need to leverage the power of markets, of capitalism, to attract financing. Nature conservation must financially pay dividends.   The renowned agency HeimatTBWA now supports AMES as part of a pro bono project and has developed the “Capitalism for biodiversity” campaign, which will be on display all across Germany from 22 June.   This is how you can support AMES and Dr. Marlon Braumann: Become an AMES Guardian: Be part of a strong community entrepreneurs: [email protected]   Get informed about investment opportunities that protect natural habitat: https://lnkd.in/eisCpsZb #amesfoundation #biodiversity

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🚨 Big Announcement: Seeking Key Partners in East Africa's Gaming Industry! 🚨 At ARED, we’re on a mission to revolutionize connectivity across East Africa. As we build out our public Wi-Fi infrastructure in high-traffic areas—from buses to busy urban centers—we’re looking for innovative video game companies to join us on this exciting journey! Imagine this: Offline gaming available at the tap of a button for users across East Africa, even when they’re on the move. 🎮🚍 We’re creating the platform; now we need you to provide the content. Whether it’s casual games, immersive experiences, or educational apps, we’re looking for key partners who share our vision of expanding entertainment and accessibility for all. This is your chance to distribute your games across our growing Wi-Fi network, bringing endless entertainment to millions, even in the most remote locations. Let's make gaming more accessible and fun—anytime, anywhere. Interested? Contact us today at [email protected] and let’s build the future of connectivity and entertainment together! #WiFiForAll #GamingInAfrica #PublicWiFi #TechInnovation #Connectivity #PartnershipOpportunity #GameOn

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It's truly exciting to see how the innovation ecosystem is growing in #Tanzania and #Africa as a whole and how everyone is fully dedicated to closing missing gaps and promoting continuous learning. Seeing #founders come together to empower the next generation of founders is truly exciting. These opportunities, skills gaps, and mentorships are what we were looking for, which we couldn't access before. Sometimes we even had to go outside of the country to learn how #SiliconValley operates or attend expensive schools and programs at Harvard Business School, which had limited access and sometimes didn't have practical stories relevant to our local challenges. This is why Smart Lab saw the importance of closing the skills and talent gap by bringing together successful #startups to mentor others and improve our product market fits, skills, and investment opportunities. This will enable us to help our communities challenges and deliver solutions with profitable business models, creating new jobs for the next generations. It's truly an exciting time, and I'd like to take this opportunity to invite all aspiring entrepreneurs to join these classes to accelerate their next ventures. Join here: https://lnkd.in/dRA_Q9me Please share this with those in need. #UNTILITSDONE

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Did you know that across Africa, governments collect between 0.5% to 2% of Gross Revenue from Telcos and other Tech Companies to ensure that underserved regions that might not be commercially viable to roll out the Internet get access? Yesterday, I spoke to the Head of Policy at a global telco brand with a huge African presence. The conversation was about the Universal Service Fund. Part of our discussions revolved around how African governments use this important policy tool to drive more Africans online. The conclusion was this - while there were great cases of how African governments use these funds, a lot still needs to be done. Question - What is your role in ensuring that these funds are optimized for the betterment of the continent? Food for thought.  Below is a great example, published by Mwendwa Kivuva, a Trustee at KICTANet, on how the Communications Authority of Kenya is using this crucial communication tool. https://lnkd.in/d8pfhGkE Acknowledging the necessity for inclusive communication technologies, the GSMA, in collaboration with the ATU-African Telecommunications Union , has undertaken a report on universal service funds (USFs). It is designed to update, refresh, and stimulate our minds on the critical need for policy reforms to enhance the effectiveness of USF initiatives. The report analyzes the current status, success factors, and challenges surrounding USFs in Africa. It proposes the policy, regulatory, and operational interventions that could assist in fast-tracking connectivity. Dr. Grace Githaiga, Twahir Kassim, John Walubengo, CISA, CDPSE, (OGW), Robert Ochieng, Harry Hare

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So what’s going on in the African startup, tech & investment ecosystem? Here are a few announcements, opportunities & resources worth checking out. Week 27 (2024) Post #99 Register for my newsletter for deeper insights launching this month - 🍍 link. SPOTLIGHT 🧐 President Ruto of Kenya declines assent to 2024 Finance Bill. The last few weeks many Kenyan’s had taken to the streets to protest this bill which left eight people dead. The president who denounced the protests, but ultimately did not sign and returned the bill to parliament. This has been considered a huge win for protesting Kenyans, this controversial tax bill was opposed by citizens, opposition lawmakers, and civil society. For more info search online or check out the write up by Ganiu Oloruntade & Kenn Abuya below. NEWS & RESOURCES 🇿🇦 Africa Data Centres Secures $108.9 Million for South Africa Expansion. 🚚 Africa's Automotive Startups - check out the landscape with Axel Peyriere. 🇳🇬 NSIA: Nigeria Sovereign Investment Authority unveil Innovation Prize. 🚀 Launch Africa Ventures invested $4.3m in 16 startups for 2nd fund already. 🩸 Startup delivers blood via drones & became $4.2b company, this is Zipline. 💡 WhatsApp banking? Mama Money launch WhatsApp-powered bank card. 🚨 Safaricom PLC under pressure for explanations of internet outage in Kenya. PROGRAMMES & OPPORTUNITIES 😇 African Angel Academy - 🇿🇦🇰🇪🇳🇬🇨🇲 July Startup Showcases [Virtual]. 🤲 Brave funded Software & Product Design for Venture Building apps open. 🇬🇧 Blue Lake VC & Tech Nation International Office Hours with UK Investors. 🇿🇦 Startup Club ZA Founders Day in Jozi & Cape Town 2024 waitlist open! EVENTS 📅 4th: Tech Safari Mixer is back in Nairobi, Kenya. 📅 8-10th: Mastercard Foundation EdTech Conference 2024 in Abuja, Nigeria. 📅 8-13th: Lagos Startup Week 2024 in Lagos, Nigeria 👉 To find out more about Africa Tech & Investment focused events then check out my annual African Tech Events Watchlist - 2024 Edition. 🔥 Person to Follow #63 - Aaron Fu is one of the leading Ecosystem builder’s for Africa. His day job is as a FinTech Investor at Digital Currency Group and was previously a partner at the Catalyst Fund. But his “side hustles” are creating talent pipelines for the continent - Venture for Africa (startup talent), Sherpa Ventures (angel syndicate) & Obuntu Foundation (Emerging Fund Managers) amongst others. One to watch and learn from. 🎙️ Listen in to this interview from AVCA - The African Private Capital Association with Christopher Chijiutomi, Managing Director, Head of Africa at British International Investment (BII) to delve into the pivotal role this leading and original global Development Finance Institute (DFI) plays in advancing sustainable investment strategies across Africa in VC & PE. Links in 1st comment - reference emojis👇 #Startups #Tech #Investment #Africa

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I'm thrilled to highlight the incredible contributions of my good friend,Kola A. to the entrepreneurial ecosystem. Kola, through his fund Ventures Platform Fund has been a pivotal figure in the evolution of the VC landscape in Nigeria, being at the forefront since the early days. Like me, Kola relocated from America to Africa around 14 years ago. Witnessing his journey and the impact he's made since then has been nothing short of inspiring. In 2010, (which was the same year that I founded Venture Garden Group) both of us took a leap of faith into what was then a nascent ecosystem, and the strides we've made since are a testament to what's possible with dedication and resilience. He started first by building companies from scratch, with his Emerging Platform company, like we did. I still believe that Africa entreprneurs need VCs with that type of experience. Before he moved on to setup the fund, Ventures Platform Fund . The way, we also moved on to setup Greenhouse Capital following the brutal journey of building Venture Garden Group - our Venture Studio/ Venture Holding company. From building companies from scratch and scaling operations in some of the world’s most challenging markets, to raising capital in fluctuating economic climates and supporting other founders…and then on to creating an institutional Fund, Kola’s journey deserves to be shared. This story must be told. So that other entrepreneurs, investors, corporates from all over the world, that want to do business in Africa- can learn from our successes, failures, and everything in between. Maybe it even evolves into various forms of documenting this experience: like a podcast, a book, or even a movie. Who knows? Congratulations, Kola! I’m so proud to see all that you have achieved and the paths you are paving for future entrepreneurs, emerging venture capitalists, and business leaders!

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🌍 Accelerating Africa's Startups: A Movement Towards Unlocking Prosperity 🚀 At Accelerate Africa, we’re proud to be supporting early-stage African startups towards achieving $1M in revenue—fuelling innovation, job creation, and transformative change across the continent. This week is an exciting time as we have kicked off Cohort 2 in Lagos. Time to share some stats for our applications across Cohorts 1 and 2 which offer a fascinating glimpse into startup activity across the continent at the earliest stages. 🔢 By the Numbers: 🌍 1378 applications from 51 countries—including 37 African nations! 🌍 🤝 Over 3000 founders represented, showing the immense entrepreneurial energy flowing through Africa. 💸 60% of applicants are already generating revenue, with a significant increase in revenue-generating startups from Cohort 1 to Cohort 2. 💸 🔔 Broad set of industries represented with none making up more than 20%. We have seen a significant increase in Fintech between Cohort 1 to Cohort 2 🎯 Half have never raised capital while 11% raised more than $100k 💪 💡 Significant differences in levels of revenue generation and capital raised across countries giving a fascinating glimpse into different ecosystems 🔥 44% startups with female co-founders with higher representation in revenue generating startups and lower representation in those that have raised >$100k in capital ✍️ 📊 What’s Next? On November 22nd, we’ll be unveiling our Cohort 2 startups at the AA2 Demo Day in Nairobi—an event you won't want to miss! Accelerate Africa Future Africa Iyinoluwa Aboyeji V. Chinyere Inya Mathew Saunders Jonathan Ruwanika CA(SA) Ifeoluwa (Awodein) Adepoju Ismail Olasunkanmi Prosper Africa

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A few weeks ago, GSMA launched its report "AI for Africa: Use Cases Delivering Impact," which echoes our report from a year ago, "AI Technology & Its Applications in Africa" (available here: https://lnkd.in/diX-dMKf). Key Highlights: 1️⃣ #AI could boost Africa’s economy by $2.9 trillion by 2030. 2️⃣ 90+ AI applications in sectors like agriculture, finance, health, and energy. 3️⃣ AI could increase #Africa's GDP by 3% annually. 4️⃣ In #Kenya, 27% of the population reportedly uses AI tools like ChatGPT daily. The report also explores the emerging technology of #AIontheedge, crucial for regions with limited data/cloud infrastructure. This tech processes data locally, reducing latency and enhancing security. The global market for edge computing is projected to grow to $124.7 billion by 2027, at a CAGR of 21.9% from $46.3 billion in 2022. As AI models become more efficient, edge AI will revolutionize industries across Africa. Read more about the transformative potential of AI in Africa in the full report: https://lnkd.in/dJ4icJwY.

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