LA NEWS: August 2024
Lagos Angel Network
LAN's mandate is to enable the Nigerian Business Ecosystem through education, early deals and public sector advocacy.
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MAKING THE NEWS
Check out these leading African startup ecosystem moves from July 2024!
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has said that the Nigeria Communication Satellite (NIGCOMSAT) Limited has generated times two of its full-year 2023 revenue in the first half of 2024.?
Mercury, a San Francisco digital bank that became the preferred banking partner for African startups after Silicon Valley Bank went under in March 2023, will close the accounts of users in thirteen African countries by August 22, 2024, leaving them scrambling to find alternatives. The new restrictions will affect users in 37 countries.??
After laying off half of its workforce in Nigeria, Microsoft will reduce its office space at the Kings Tower building in Ikoyi from six floors to two, suggesting a scaleback in its Nigerian operations.
Statista, a world-renowned market data provider, and CNBC, an American media company, listed seven African fintech companies—Flutterwave, Piggyvest, Kuda, MTN, Bank Zero, Palmpay, and Yoco—in their 2024 list of the 250 top fintech companies. The startups were selected from 2,000 companies globally.
The Nigerian box office has grossed over N5 billion within the first seven months of 2024, setting an ambitious target of N10 billion by the year’s end. This promising outlook is based on data released by the official Nigerian box office on July 20, 2024.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has said it is partnering with the Nigeria Postal Service (NIPOST) to bring down the cost of logistics for SMEs in the country. The Director General of SMEDAN, Mr. Charles Odii, disclosed this via a post on his X handle after a meeting with the Postmaster General and CEO of NIPOST, Mrs. Tola Odeyemi.??
The Federal Competition and Consumer Protection Commission (FCCPC) has fined Meta, parent of Instagram, Facebook and WhatsApp, $220 million for abusive and invasive practices relating to the data of its Nigerian users.
Cryptocurrency exchange OKX has announced its plans to exit the Nigerian sector. According to an email sent to its Nigerian customers on Wednesday, it intends to discontinue services in the Nigerian market because of the country's unfavorable regulatory conditions.
Intron Health, a health tech company that provides clinical speech recognition for over 200 accents spoken in developing countries, starting in Africa, has raised $1.6 million in a pre-seed funding round.
The International Finance Corporation (IFC) has announced plans to partner with the French development finance institution Proparco and Helios Sports and Entertainment Group to drive the expansion of sports and entertainment in Africa. The partnership would focus on exploring joint investment opportunities that can help grow economies and support jobs in the region, through sectors that have the potential to bring dynamism, youth employment, value-added exports,?
The Impact Investors Foundation (IIF) has announced the appointment of Kuramo Capital Management as the official fund manager for the Nigeria Wholesale Impact Investment Fund (WIIF). Kuramo Capital Management will leverage its expertise to drive the WIIF’s mission of fostering social and environmental impact alongside financial returns.?
Dutch development finance institution FMO has announced a $2 million equity investment in Credrails, through its Ventures Program, supporting the company in scaling up its operations. Credrail’s core product is a software tool that allows banks, microfinance institutions, fintech and insurance companies as well as corporates and small and medium enterprises to automatically reconcile financial and customer data across banks, mobile money, and offline channels.
Aruwa Capital Management, an early-stage growth equity and gender lens fund investing in Nigeria and Ghana, announced an additional investment into AgroEknor, a hibiscus flower exporter and wellness brand. Since Aruwa’s last investment in December 2022, AgroEknor has achieved significant milestones, achieving rapid growth through strategic diversification and backward integration.
领英推è
OUR ED REFLECTS
Our ED, Adeolu Adewumi-Zer, shares insights on how LAN is propelling sustainable startups toward success! From renewable energy to waste management, discover how we're fostering a thriving ecosystem for green innovation in Nigeria. Read now and learn how LAN is shaping the future of sustainability!?
July Lunch & Learn: Catch up now! ??
We are excited to share the recording of the session that featured the incredible Enyinna Udensi of Hygeia HMO who shared VALUABLE insights on mental well-being in the startup ecosystem, highlighting the importance of self-care and stress management for entrepreneurs and investors.
DON’T MISS THIS
The Startup and Talent Enhancement Program (STEP) is an initiative of IDEA Africa with support from the UK-Nigeria Tech Hub which is designed to provide essential support to post-revenue startups that have achieved market traction and revenue but are facing various growth challenges. The program also provides visibility and opportunities for tech talent to utilize and enhance their skill experience through its distinctive matching process.
Deadline: Ongoing
Creative Business Cup is much more than just a competition – it is a global year-round initiative that empowers entrepreneurs in the creative industries, helping them grow their business ideas, connecting them to investors and the global markets, and strengthening their innovative capabilities to the benefit of industry and society. The Creative Business Cup provides an opportunity to get exposure and to meet industry partners and investors.
Deadline: Ongoing
Innovate Africa Fund, an angel investment fund that supports early-stage founders in funding life-changing ideas, taking startups from conception to product and financing innovative ventures, has launched with an initial $2.5m rollout.
Deadline: Ongoing
RAPID FIRE WITH LAN ANGELS
For our August Member Spotlight, we are pleased to introduce Franklin Olakunle Amoo, Co-Founder & Managing Partner at Baylis Emerging Markets.?
What's the most valuable entrepreneurial/investment lesson you've learned in the past six months?
Build for you and not investors/investment. A good business with solid unit economics will always attract partners, financial and otherwise.
TALENT MARKETPLACE
Calling all member angels! Showcase open roles in your funds and startups to elevate opportunities and connect with top talent!
Interested to join our community? Then join the waitlist here!
What do you get with membership?
Community!
Our upcoming lunch & learn on Friday, August 16th ?is open to everyone with a passion for Africa, and a desire to enable economic development in Nigeria. This will be an opportunity to get a full scoop of the governance framework for the startup ecosystem. Keep your fingers crossed for more details.
Deals!
Our next set of deals will be released this August. If you are interested in accessing investment opportunities, then join the waitlist.?
Of course, if you would like to discuss further, please don’t hesitate to reach out by booking a meeting.
We look forward to welcoming you!