This week: racism in the South African VC?


Plus: the hackers want ShopRite to pay for their customers’ data.

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Editor’s Note

  • Week 29, 2022
  • Reading time: 5 minutes

In the past, we have reported on the gender imbalance in the startup funding landscape. But this week, we share news on racist bias in the African funding space. It’s a situation we’ll talk about soon, so we’d love to hear your thoughts on it.

Have a good week-end.

Kelechi Njoku,
Editor-in-Chief, TechCabal.

Editor’s Choice

Nigerian fintech executives sentenced in US

Nigerian executives of US-based fintech company Ping Express have been sentenced to a combined 8-year prison term in the US for money laundering. They transferred $167 million including fraud proceeds to Nigeria over 3 years.

Learn more about TechCabal.

Founders of black South African startups barred from funding

It seems that the fundraising landscape of the rainbow nation, South Africa, does not include color. The South African Competition Commission reported that although the country’s population is 8% white, white founders are more likely to raise $58,000 (R1 million) than black founders.

Learn more about TechCabal.

Nigerian Senate Passes Nigeria Startup Bill

The Nigerian Senate has passed the Nigeria Startup Bill. The bill which seeks to remove barriers that hinder Nigerian startups will now continue its journey to become law. He still has 2 steps to go through: the House of Representatives and the Presidency.

Learn more about TechCabal.

The 5 African startups of Y Combinator’s S22 batch

Out of 146 applications from around the world, 5 African startups were accepted into the Y Combinator Summer 2022 batch. These are Pivo Technologies, Chowdeck, Garage Mobility, Patika and Moneco.

Learn more about TechCabal.

Experts say CBN cannot enforce new directive

Nigeria’s central bank governor, Godwin Emefiele, has said it is illegal to use the Nigerian naira to buy dollars. He has threatened to arrest and prosecute anyone caught in the act, but several experts we spoke to agree that Emefiele’s threat has no legal basis.

Full details are on TechCabal.

Vodacom loses nearly 400,000 subscribers in 3 months

South African mobile network operator Vodacom lost almost 400,000 subscribers between April 2022 and June 2022. However, as its subscribers fell, revenues, contract customers, data traffic etc. increase.

Learn more about TechCabal.

MTN in talks to acquire Telkom

MTN and South African mobile network operator Telkom are discussing the possibility of an acquisition. The acquisition will strengthen MTN’s presence in the 38 countries where Telkom operates.

The news is on TechCabal.

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The first cybersecurity fusion center in Africa

Liquid Cloud and Cybersecurity have launched Africa’s first cybersecurity fusion center, Fusion Lab. The lab merges the services of Liquid Technology, Liquid Cloud Operations and Liquid Network Operation Centers and ensures that customers receive comprehensive support for their cybersecurity, cloud and networks.

More details are on TechCabal.

Nigerian MAX mobility technology hits 100 million km milestone

Nigeria’s mobility technology platform, MAX has traveled a total distance of over 100 million kilometres. It’s like going to the moon 260 times. They spoke to TechCabal about how they pulled it off.

Read the interview on TechCabal.

ShopEx TV will launch a live shopping platform

Live shopping finds its way to Africa. ShopEX TV operator Response Architects has partnered exclusively with Alibaba Cloud to launch a live shopping platform, Penda, in key African markets like Nigeria, Ghana and Kenya.

Read about it on TechCabal.

inq. licenses edge orchestration technology

inq. got the license to be edge-y. The pan-African IT solutions provider has licensed technology from Swedish company Enea AB, Enea Edge. This brings inq. in the edge orchestration space and expanding its customer base in the United States and Europe.

Learn more about TechCabal.

Meta’s plans for the Kenyan elections

Once bitten twice shy. Meta has been individually bitten by election-related scandals, so it’s no surprise that the social media giant is rolling out a dedicated Kenyan election operations center and other fact-checking measures to tackle fake election news. before the next elections in Kenya.

Learn more about TechTrends.

Construction of Egypt’s first nuclear power plant begins

Egypt has joined the nuclear club. The half-century dream comes true for the nation as it begins construction of its first nuclear power plant. The construction of advanced power units of VVER-1200 launched in El Dabaa.

Full details are on TechTrends.

City manager charged with illegal $12 million tender

A former manager of the South African municipality of Moretele has been arrested and is awaiting trial for illegally awarding an ICT management contract worth 215 million rand ($12 million) to ICT company Flame IT Strategy in 2016.

The full story is on TheTalkNG

AfyaRekod puts medical records of Kenyans on the blockchain

While cryptocurrencies suffer from disaffection, other adoptions of blockchain technology continue in Africa. Kenyan health tech AfyaRekod has launched a blockchain-based platform that retrieves health data and patient medical histories in real time.

Learn more at

Who brought the money this week?

  • Cassava Technologies, an integrated technology company focused on Africa, has secured a $50 million investment from C5 Capital.
  • Bloom, a Sudan-based fintech, raised $6.5 million in a seed round.
  • Moroccan startup, Aza Petrolsolutions, raised $296,000 in funding from Maroc Numeric Fund II.
  • Carthay Afrivest Investment Fund (CAIF) has raised $112 million to fund early-stage or growth-stage startups in Africa.

Puzzle: guess the currency.

We have correctly guessed the motto of Nigeria! Can you guess what the other currencies are?

The best tweets of the week

What else to read this weekend?

  • Talent discovery startup co-founder Bubu Buna isn’t looking to be Steve Jobs.
  • Investor Hannah Subayi believes the gap between Anglophone and Francophone African startups is narrowing.
  • How Microsoft’s Redmond campus inspired this Zambian agtech startup.

Written by: Ngozi Chukwu

Edited by: Kelechi Njoku

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