Africa Roundup: CcHub’s iHub acquisition, Andela’s $50M run rate and layoffs, Transsion’s IPO

Two of Africa’s powerhouse tech incubators joined forces in September. Nigerian innovation center and seed-fund CcHub acquired Nairobi based iHub. The purchase amount was undisclosed, but CcHub will finance the deal out of its real estate project to build a new 10-story HQ in Lagos, CcHub CEO Bosun Tijani told TechCrunch. Details are emerging on how […]

Africa’s top mobile phone seller Transsion lists in Chinese IPO

Chinese mobile phone and device maker Transsion has listed in an IPO on Shanghai’s STAR Market, a Transsion spokesperson confirmed to TechCrunch.  Headquartered in Shenzhen, Transsion is a top seller of smartphones in Africa under its Tecno brand. The company has also started to support venture funding of African startups. Transsion issued 80 million A […]

Nigeria’s CcHub acquires Kenya’s iHub to create mega Africa incubator

Two of Africa’s powerhouse tech incubators will join forces. Nigerian innovation center and seed-fund CcHub has acquired Nairobi based iHub — CcHub CEO Bosun Tijani confirmed to TechCrunch. The purchase amount is undisclosed, but Tijani said CcHub will finance the deal out of its real-estate project to build a new 10 story innovation center to […]

Voter manipulation on social media now a global problem, report finds

New research by the Oxford Internet Institute has found that social media manipulation is getting worse, with rising numbers of governments and political parties making cynical use of social media algorithms, automation and big data to manipulate public opinion at scale — with hugely worrying implications for democracy. The report found that computational propaganda and […]

Nigerian online-only bank startup Kuda raises $1.6M

Nigerian fintech startup Kuda — a digital-only retail bank — has raised $1.6 million in pre-seed funding. The Lagos and London-based company recently launched the beta version of its online mobile finance platform. Kuda also received its banking license from the Nigerian Central Bank, giving it a distinction compared to other fintech startups. “Kuda is […]

Update on Nigerian fintech firm Interswitch and its speculative IPO

Nigerian fintech firm Interswitch has been circulating in business news around a possible IPO on the London Stock Exchange. Last month Bloomberg News ran a story—based on unnamed sources—reporting the financial services firm had hired investment banks to go public on the LSE later in 2019. The piece spurred additional aggregated press. That Interswitch—which provides […]

What is Andela, the Africa tech talent accelerator?

As someone who covers Africa’s tech scene, I’m frequently asked about Andela. That’s not surprising, given the venture gets more global press (arguably) than any startup in Africa. I’ve found many Silicon Valley investors have heard of Andela but aren’t exactly sure what it does. In a bite, Andela is Series D stage startup―backed by […]

African incubator MEST has a new MD and 11 fresh startup investments

Pan-African incubator MEST announced investments in 11 startups from its 2019 cohort that will each receive $100,000 in financing. The $1.1 million backing for a graduating class is the largest to date for the Accra-based organization — which operates as a training program and seed fund for African innovators to build successful commercial tech companies. […]

Nigerian logistics startup Kobo360 raises $30M backed by Goldman Sachs

Nigerian freight logistics startup Kobo360 has raised a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks. The company — with an Uber -like app that connects truckers and companies to delivery services — will use the funds to upgrade its platform and expand […]

Africa Roundup: Canal+ acquires ROK, Flutterwave and Alipay partner, OPay raises $50M

In July, French television company Canal+ acquired the ROK film studio from VOD company IROKOtv. Canal+ would not disclose the acquisition price, but confirmed there was a cash component of the deal. Founded by Jason Njoku in 2010 — and backed by $45 million in VC — IROKOtv boasts the world’s largest online catalog of Nollywood: a Nigerian movie […]