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Welcome to today’s edition of TC Daily. Please take a moment to subscribe if this mail was forwarded to you. Join our community!
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MTN Group Ltd.’s Nigerian unit plans to raise about N200 billion ($555 million) this year from a variety of sources including bank loans and bonds to expand operations in the country. Chief Financial Officer, Adekunle Awobodu, told MyBroadband the funds will enable the company finance capital expenditure to increase its reach and efficiency in its largest market. MTN Nigeria has seen a 32.4% increase in data revenue and a 12.7% increase in voice revenue as per a Q1 2019 report and is expected to list on the Nigerian Stock Exchange by introduction, come next month starting with 20.3 billion shares.
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| Global early-stage VC, Antler, has launched in Nairobi, Kenya, where it plans to build and fund more than 40 tech companies in the next three years. Antler has successfully run programmes in Singapore and Stockholm. Selected companies will receive US$1,500 per month in phase one of the programme, in addition to a US$100,000 investment offered to each of the most successful graduates. Its first Kenyan cohort will be announced in August. Applications are open to join. |
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A phone call (answered or unanswered) on WhatsApp is being exploited to inject commercial spyware onto Android and iOS phones. Once installed, the spyware can turn on a phone’s camera and mic, scan emails and messages, and collect the user’s location data. Called Pegasus, the spyware is believed to be the product of Israel’s secretive NSO group. WhatsApp has always prided itself as a secure chat platform with its end-to-end messaging encryption. They are now urging their 1.5 billion global users to update the app immediately to close the security hole.
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The global Endeavor network has accepted 11 more African entrepreneurs into its initiative and will provide them with support services to help them scale their businesses. Ameer Sherif, the founder of WUZZUF and Forasna, Marwan Kenawy, Momtaz Moussa and Ayman Essawy, the co-founders of Dsquares, Olugbenga Agboola, CEO of Flutterwave and Zineb Drissi-Kaitouni, founder of DabaDoc, are among the newly selected 11.
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Applications are open to South African-based fintech startups for the AlphaCode incubator programme supported by Rand Merchant Investment Holdings (RMI), Bank of America Merrill Lynch and Royal Bafokeng Holdings. It closes on June 18.
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| The health tech sector in Nigeria is 15 years old and has received about US$7.88 million in funding to date, with the earliest funding received in 2014. There’s more in The State of Health Tech in Nigeria which you can purchase via this link. Kindly note that we are also accepting bank transfers for purchase of the reports. If you’d like to purchase the report through a bank transfer, send a reply to this mail and we will attend to your request. |
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| Paris-headquartered ride-hailing startup Heetch, has raised US$38 million from Cathay Innovation, Idinvest Partners, Innov’Allianz, Total Ventures, Alven and Felix Capital. The startup plans to expand to Algeria with a summer launch planned in Algiers. Heetch is gradually establishing its services in North Africa. Already, it launched in Casablanca, Morocco last year as well as in major cities including Rabat and Marrakech. |
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Apply to participate & pitch your idea for funding in the inaugural Student Entrepreneurship Week Pan-Africa for budding entrepreneurs on the continent organised by FAN (Stars From All Nations). Click here to apply before June 30.
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The SSE Angel Network (SSEAN), which supports and invests in founders/startups in the South-South/South-East region of Nigeria, invites you to its Deal Day by SSE Angel Network event. It is an opportunity for investors to meet and sign investment deals with pre-vetted teams on the spot. If you’re a startup or you know one operating within the South-South/South-East, please click here to apply. If you are interested in investing and would like to attend the Deal Day, click here to register.
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That’s All.
See you tomorrow.
– Kay
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