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East African Antler closes $13.5M fund to support early-stage tech startups

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East African Antler closes $13.5M fund

Early-stage investor Antler has closed its oversubscribed East Africa investment fund today at US$13.5 million to continue to support early-stage tech startups in the region.

The Nairobi office of VC firm and venture builder intended to raise $10 million but ended up with an extra $3.5 million — has LPs that include Baillie Gifford, a well-known Tesla backer; family offices such as Canica; and institutional investors like the IFC.

The company was founded in August 2019. It runs a full venture building model with two cohorts each year.

Its parent company, Antler, founded two years earlier by Magnus Grimeland, employs a mixed model as a venture builder and VC firm. Five cohorts with 153 founders have passed through the accelerator programs so far, as the firm has made 14 investments. Some include AIfluence, Marketforce-subsidiary Digiduka, Honeycoin, Uncover Skincare, Try Cooked, and Vybe.

The firm that invests from pre-seed to Series C has cut checks in more than 250 companies from its $300 million funds. This new fund means allowing the company to embrace a similar approach: accepting founders who want to build their startups from scratch and investing in already formed teams that need capital to scale.

Selam Kebede, the firm’s director and part of the all-female-led team that includes partners Melalite Ayenew and Marie Nielsen and program manager Joana Borges said, “We still do the venture building. That’s still the core of what we do. Just that now that the fund is closed, we have enough money to spend in existing businesses that are coming in,” resume “And we can invest in stuff that’s already been built with a pure kind of VCs type setup investment.”.

Antler said that Founders going for the venture building model to find a co-founder and launch an idea would stay within Antler’s community for up to six months, which means it would accept founders and teams on a rolling basis.

Two to six weeks is all that’s needed for Antler East Africa to work with the team before the firm cuts a check. The firm said it will invest up to $100,000 in these startups at a “mutually agreed valuation.” It plans to make 35 new investments from pre-seed to Series A over three years.

Antler plans to make 35 new investments from pre-seed to Series A over three years. There’s also an arrangement for the global Antler fund to follow up on some rounds to Series C.

Kebede noted, “What changed now is, in the past, we were going only from zero to like the first $100,000 ticket. But now we’re saying we can also take in existing teams and ideas that formed outside of Antler, but they can come to us, and then we can invest just like any other VC would”.

Kebede also mentioned that Antler East Africa is sector agnostic; the firm is keen on investing in startups solving climate tech, agritech, and fintech. She also said the team has already made a few investments with this new format but declined to disclose their names.

Kebede said that Antler East Africa is a female-led VC team that is particular about investing more in startups founded and led by women in the region. It will try to improve the numbers from its venture building model, where 25% of the founders in its portfolio are women.

Female-run VC firms are firmly taking up their place in a male-dominated tech space as they try to address the funding gap that has plagued the industry for years, and the Antler East Africa team, led by Ayenew and Nielsen, joins that list of such firms, including those specially dedicated to female-founded and led teams like Alitheia Capital and FirstCheck Africa.

Kebede said, “There are few or no female-run VC 100% that I know of, at least in Kenya. But our partners [Ayenew and Nielsen] and I, we’re all women,” resume “And so it’s been super exciting to be able to do this, especially as first-time fund managers. It hasn’t been easy though because, you know, there’s the added kind of scrutiny and concern from other people when they see only women running it, but it has been exciting too.”.

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Saudi Fintech Lendo Signs MOU with J.P. Morgan

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Saudi Startup Lendo Joins Forces with J.P. Morgan to Enhance SME Financing

Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.

The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.

J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.

“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”

The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.

The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).

Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.

According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.

Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).

Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.

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TA Telecom Introduces AnteThink: A New AI Decision Support Tool

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**TA Telecom Introduces AnteThink: A New AI Decision Support Tool for Enhanced Decision-Making**

TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.

With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.

Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.

Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”

Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”

AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.

Key Features of AnteThink include:

1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.

2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.

3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.

TA Telecom Introduces AnteThink: A New AI Decision Support Tool for Enhanced Decision-Making

Credit: Antethink

AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.

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GoDaddy’s Global Markets VP Predicts Egypt’s E-commerce to Hit $9.88 Billion by 2028

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GoDaddy's Global Markets VP Predicts Egypt's E-commerce to Hit $9.88 Billion by 2028

Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.

Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.

In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.

The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.

Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.

As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.

The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.

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