LA NEWS: January 2025
Lagos Angel Network
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Lemfi, a financial services platform for immigrants operating in 22 countries, has acquired the Irish currency exchange platform Bureau Buttercrane, marking a key step in its European expansion. The deal, which received regulatory approval from the Central Bank of Ireland, enables Lemfi to use its Irish licence to operate across the European Economic Area (EEA), unlocking new growth opportunities.
Ethiopia officially launched its bourse last Friday, as Africa’s 30th stock exchange. This historic moment comes after four years of discussions, but tough challenges lie ahead.The Ethiopian Stock Exchange (ESX) listed only Wegagen Bank, a tier-2 bank with 65.7 million birr ($521,000) in assets, despite initial speculation that suggested more participation. The country’s largest telco, Ethio Telecom, which reportedly planned to sell 100 million shares for 30 billion birr ($238 million) was not mentioned.
American technology company IBM has ended its operations in Nigeria, Ghana, and other key African markets, transferring its regional functions to MIBB, a subsidiary of Midis Group, a multinational IT and telecommunications conglomerate operating across Europe, the Middle East, and Africa.?
The Federal Executive Council (FEC), led by President Bola Tinubu, has approved two significant initiatives to bolster Nigeria's digital economy: the Nigeria Universal Communication Access Project and the National Artificial Intelligence (AI) Trust.?
As Nigeria moves to rebase its Gross Domestic Product at the end of January, certain sectors are expected to show substantial growth. The sectors expected to benefit most from this exercise are the Marine and Blue Economy, Art, Culture, Tourism, Creative Economy, Information and Communication Technology (ICT), and Innovation and Digital Economy.?
SeamlessHR, a Nigerian company that helps businesses manage HR functions, has raised a $9 million Series-A extension round, according to three people with knowledge of the conversation. SeamlessHR raised a new round from the Gates Foundation and Helios Digital Ventures. The company raised its $10 million series A in 2022.
Moove, the Uber-backed Nigerian mobility fintech startup, has acquired Kovi, a car rental startup in Brazil, Latin America’s largest ride-hailing market. The acquisition continues the global expansion of the startup which currently operates in 19 cities across five continents.
Leading African startups Flutterwave, Sabi, Yellowcard, and Omniretail are among the finalists for the inaugural Africa Tech Summit Awards. From over 300 entries, the judges selected 5 finalists in each of the 11 categories, for a total of 55 finalists.
MoneyHash, a payment orchestration platform operating in the Middle East and Africa (MEA), has secured $5.2 million in pre-Series A funding. Flourish Ventures and Neon led the round. Additional investors include Saudi's Vision Ventures, Arab Bank's Xelerate, and Emurgo Kepple Ventures. The round further featured the participation of Jason Gardner, founder and former CEO of Marqeta, as his first MEA investment. The round also saw continued support from existing investors COTU, RZM Investment, and Github founder Tom Preston-Werner.
Purple Elephant Ventures (PEV), a Nairobi-based venture studio, has raised $4.5 million in seed financing. This investment will accelerate PEV’s mission to transform the continent’s tourism industry into a global leader in regenerative tourism. By building travel technology in Africa, PEV aims to create a resilient, inclusive, and environmentally sustainable tourism sector. Investors in the round include Clear Creek Investment, Klister Corp., Fede Pirzo-Biroli (founder of Playfair Capital), Anthony Rock and Ian McCaig (former CEO of Lastminute.com).
EDFI Management Company (EDFI MC), IDH Farmfit Fund and Abler Nordic have announced an equity investment of about $6.26 million in Agora Microfinance Zambia (AMZ). This strategic investment aims to transform AMZ into a deposit-taking microfinance institution and expand its reach to rural Zambian communities.
Startbutton, a Merchant of Record (MoR) service that helps businesses expand across Africa, has announced its expansion into seven Francophone countries: Benin, Togo, Senegal, Mali, Burkina Faso, Guinea Conakry, and Cameroon.
Investing in Innovation Africa (i3), a Gates Foundation-backed group of donors, pharmaceutical manufacturers, and African government institutions will invest $1.6 million in 15 healthtech startups across the continent. The initiative will give $50,000 equity-free grants to ten early-stage startups and up to $225,000 each to five early-stage startups who are solving problems in healthcare delivery, pharmacy services, and product distribution.
Moniepoint, the Nigerian fintech unicorn, has secured a strategic investment from the global payments giant Visa. This comes three months after Moniepoint raised $110 million in a Series C funding round that tripled the company’s valuation to hit the billion-dollar mark. The investment signals increasing interest in Moniepoint which many investors consider a solid company with bright prospects.
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Saviu Ventures, a venture capital firm in Francophone Africa, has fully exited its equity investment in Lapaire, a pan-African eyewear company, to new strategic investor Creadev. Saviu initially invested in Lapaire in 2018 and participated in two follow-on funding rounds over the years to support the company’s growth, ultimately securing a 22% stake. With this exit, Saviu Ventures returned several times the investment cost to its own investors.
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The journey of building a thriving #startupecosystem in Africa is one filled with immense potential, but also marked by financial missteps, inefficiencies, and harsh realities. Are these signs of failure—or the growing pains of evolution?
In this month’s edition of ?????? ???? ????????????????, Dr. King dives deep into the challenges, explores the lessons, and spotlights the resilience shaping Africa’s startup story.
The YIL Fellowship is a transformative program that equips high-potential young professionals with the skills needed to tackle Africa’s most pressing socio-economic and environmental challenges. Through intensive mentorship, hands-on innovation projects, and leadership training, fellows gain invaluable experience to accelerate their careers.
Deadline: March 14, 2025
CAAP is designed for young innovators and changemakers aged 18 to 35 who are committed to developing solutions for climate challenges and contributing to a net-zero future. This initiative offers advanced training, boot camps, environmental campaigns, clean-up efforts, tree-planting activities, ecological tours, and innovation-driven learning to equip participants with the knowledge and skills needed for sustainable impact.
Deadline: February 26, 2025.?
For our January Member Spotlight, meet Dele Badejo, a prominent Nigerian business leader and Retired Oilfield Services Executive. He is the Vice Chairman of OES Energy Services Limited and Chairman of Vestar Beverage Company Limited.
What's the most valuable entrepreneurial/investment lesson you've learned in the past six months?
Over the past six months, one of the most valuable entrepreneurial and investment lessons I've learned is the importance of adaptability in navigating dynamic markets.Businesses that can quickly adapt to changes—whether technological, market-driven, or due to global events—are more likely to thrive. This involves embracing a growth mindset and continuously innovating to stay ahead
What is your Investment Thesis?
"I seek out and empower pioneering startups that demonstrate robust growth prospects, foster economic progress, generate employment opportunities, and emphasize sustainable practices. These ventures are led by seasoned leadership teams equipped to adapt to evolving market conditions."
Calling all member angels! Showcase open roles in your funds and startups to elevate opportunities and connect with top talent!
Interested in joining our community? Then join the waitlist here!
What do you get with membership?
Lagos Angel Network (LAN) offers unparalleled access to a vibrant, supportive community for early-stage investors. You share insights, learn from diverse perspectives, and leverage shared expertise to make more informed investment decisions. We connect our members with high-potential startups, industry experts, and other valuable resources that enrich the angel investing experience and accelerate the success of investors.
Our next set of deals will be released in January. We have exciting deals open on our deals portal available to members only. 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 are eager to have you join us!
Very informative with key information on what's happening in the Tech space