State of Tech in Africa 2024 report 

The recently released AfricArena State of Tech in Africa 2024 report tells the stories of founders, investors and ecosystem builders - it also includes, as in the previous 4 years, a section providing a forecast of the investment (equity & venture debt) in #african #tech #startups

In our inaugural late 2019 report we had predicted that by 2022 investment in african tech startups would more than double and hit $4.5b - the actual was even better at $5b.

This year we foresee that, in spite of fairly depressed global VC markets, investments in African tech startups will start a rebound by mid 2024 and foresee a moderate growth in investments for the year, returning to above $4b. The driver for this are multiple from the amount of deployable capital in recently raised new funds (e.g. second funds for Partech, Novastar Ventures or TLcom Capital LLP Capital and new entrants such as Norrsken22), the fundraising cycle of startups needing to raise capital in 2024 (we expect the demand for capital to well exceed $5 billion), the continuous growth of capital intensive climate tech and energy startups and a strong grant cycle driven bv USAID to execute on the Prosper program by November.

We further believe that we will see increased activity on the M&A side, in particular an increased number of acquisitions of startups by corporations as part of their innovation plan or other startups as part of their scale-up strategies around the continent, particularly in fintech. Our model for subsequent years, indicates an upper range of $7.5 billion in 2025 with an accelerated rebound of the market and an expected 40% - 50% growth, driven in part by return of North American investors post US elections. but will soften in 2026 with another slower cycle from mid 2026. Total investment may exceed for the first time $10 billion by 2027. While the growth in these numbers may appear significant, it should be noted that this remains a very small fraction of the overall VC activity in tech globally and as of 2023, less than 1% of the global VC market and $3 per capita.

Discover more insights reading our State of Tech in Africa report, a free ecosystem research resource downloaded over 1,000 times and available on www.africarena.com

The article by Christophe Viarnaud, CEO at Methys

Africa Big Deals 2019-2022

The purpose of this analysis is to extract more information contained in the Startups Database to inspire the RDN community, entrepreneurs, governments, and key players to understand what is going on and take the opportunity in this movement to make Africa a better place.

The analysis captured publicly disclosed deals of $100K+ only and that took place in 2022 or 2021, as well as: deals of $500K+ for 2020 and deals of $1M+ for 2019 according to Africa: The Big Deal.

Want to read more about Africa Big Deals?

Download our brief presentation in the following link. 

Data insights from the Top 250 Fintech ventures in 2020 according to CB Insights

According to CB Insights, in 2020, the Fintech 250 cohort has raised approximately $49.2B in aggregate funding across 900 deals since 2015. The Fintech 250 includes Startups at different investment stages of development, from early-stage companies to well-funded Unicorns. The following chart presents the distribution of the top 250 Fintech ventures around the world.

Top 250 Fintech Distribution by Percentage 

About 54% came from the United States of America, 15% from the United Kingdom, and 8% from India. About 3% of Fintech Ventures each came from France, Canada, and German.  About 2% came from Brazil and 2% from Sweden.  Other countries include China, Singapore, Australia, Indonesia, Nigeria, Argentina, Belgium, Greece, Ireland, Israel, Italy, Japan, Malta, Mexico, Netherlands, South Africa, and Vietnam; each has less than 2%.

Expert Advice: The United States of America has novel information in building heath and potential ventures. Fintech ventures from other countries like Tanzania, Nigeria, South Africa, and others have to seek novel information through partnerships and collaboration with Fintech ventures from the United States of America and the United Kingdom. This might be the best way to influence more health and potential Fintech ventures around the world.

The Top 250 Fintech Ventures by Continent

About 59% of 2020, Fintech 250 ventures came from North America, 24% from Europe, 12% from Asia, 3% from South America, 1% from Africa, and 1% from Australia.  

Expert Advice: Based on the total population and market size of Asia, South America, and Africa continents, more investments are needed to build health and potential Fintech ventures.   

Highlights of the Future of Travel & Tourism in the Wake of Covid-19

The Future of travel and tourism in the wake of COVID 19 by WTTC, 2020, shows that the world has and continues to suffer sizeable losses and setbacks due to COVID-19. Not least among those setbacks is the shock to the Travel & Tourism sector.

• 90% of the global population adjusted to life under travel restrictions and others stayed home in fear of the virus itself, the sector came to a near-total standstill.
• The Communities, large and small, depending on tourism and travel shouldering the burden of zero revenues, and millions have been furloughed or laid off within a few short months.
• More than 121 million global Travel & Tourism jobs and an estimated US$3.4 trillion in global GDP could be lost as a result of COVID-19

Change in Demand

• Traveler preferences and behaviors have shifted toward the familiar, predictable, and trusted.
• Domestic and regional vacations and the outdoors will reign in the short-term, with tourism businesses and destinations already adapting.

Health & Hygiene 

• Health and safety are paramount in this new era. Personal experiences, advice from experts, and concerns for distancing will guide consumer behavior in the short- to mid-term.

Innovation & Digitization 

• Digital adoption and consumption are on the rise, with consumers now expecting contactless technologies, including biometrics among others, as a basic prerequisite for a safe and seamless travel experience.
• Cybersecurity is only becoming more important, particularly as remote work becomes the norm in the short to medium term and as identities are digitized.

AREAS FOR ENTREPRENEURS TO BUILD THEIR STARTUPS IN TOURISM AND TRAVEL SECTOR

The following are Opportunities for Entrepreneurs to build their Startups and reshape the tourism sector.

Improve Travel Experience

1. The Domestic & Regional Rebirth

The research found that about 77% of Chinese travelers favoring domestic travel within three months after the peak of the crisis. 71% of Americans looking at domestic locations.

What innovators need to do to boost domestic and regional tourism and travel?

Build innovative product which will facilitate domestic and regional tourism and travel.

2. Appetite for Risk 

A traveler survey found that the “fear of exposing others” was the top concern for 39% of travelers in the UK and 31% in France.

What innovators need to do to address risk issues in domestic, regional, and international tourism and travel?

Build innovative product which will allow users to share risk places and things to do for each destination.

3. Contactless Convenience & automation

As new business models emerge to adapt to the changing market needs, the sector will focus on “automating the predictable so it can humanize the exceptional” according to Matthew Upchurch, Chairman & CEO of Virtuoso

What kind of Startups needed?

Building Startups to facilitate contactless or automation delivery of Tourism and travel services.

For example: 

• Payment service: The Tourism sector need products which will facilitate cashless payment.
• Check-in or check out: The Tourism sector need products which will facilitate contactless check-in & check out.

 Improve Business or Service Delivery

1. Acceleration of Digitization 

Thinking about the airport of the future, Paul Griffiths, CEO of Dubai Airports, noted that a distributed airport experience with travelers getting into pods as they go through necessary checks may be developed in the future, and effectively reducing the number of travelers touchpoints.

What kind of Startups needed?

Building Startups to automate services across the traveler journey including the integration of connected rooms, contactless check-in, digital car keys, and delivery robots, among other technologies.

2. The Rise of Virtual 

Tourism Businesses and destinations alike will continue to adapt to the changing times, even offering virtual experiences as they work to re-inspire wanderlust in travelers and restart the sector.

What kind of Startups needed?

Building Startups to facilitate virtual tourism. Entrepreneurs can partner with tour operators to execute this startup.

3. Threat Prevention 

With the rise of remote work and the use of remote connections, businesses will prioritize the protection of consumer data accordingly and guard against major data breaches at a time when trust is paramount. According to Paul Griffiths, CEO of Dubai Airports, “defense and investment against cyberattacks need to intensify irrespective of COVID-19”. 

What kind of Startups needed?

Building Startups to support cybersecurity to protect the business from cyber-attacks.

Launch of SOFACO Call for proposals Batch No 2 “Special Covid-19 / Cultural organizations”

The African Culture Fund (ACF) launched on May 23, the first batch of the Solidarity Fund for African Artists and Cultural Organizations (SOFACO) in order to support the resilience of African artists and cultural actors whose activities have been negatively affected by the COVID 19 crisis.

After a first batch, intended only for individual artists, the ACF is launching on September 26, 2020, the second batch of SOFACO, this time dedicated to cultural organizations in Africa.

For this call, the ACF supports the activities and projects of creation, production and dissemination of works, and capacity building in the fields of performing arts (music, dance and theater) and visual arts (arts traditional plastics, photography, digital art, design, fashion, decorative arts as well as all pre-production, production, post-production, broadcast and distribution activities in the cinematographic and audiovisual disciplines).

The deadline for receipt of applications is October 20, 2020 at midnight GMT.

Warning!

As mentioned above, this call is only for cultural organizations.

The terms of reference of the call can be downloaded by clicking ICI .

VERY IMPORTANT NOTICE :

Applicants are strongly encouraged to submit their applications only online by clicking ICI.

Contacts: (+223) 20 20 43 45 / applications@africanculturefund.net

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RDNPlatform Funding Application Support

Do you need support to submit your applications?

Get in touch with us

We provide the following services under RDNplatform funding application support

1. Amplifying funding opportunities to reach more people and support them with applications. 
2. Assist in crafting winning proposals and concept notes
3. Advisory on the best funding practices and application
4. Linking partners with funding sources
5. Bridging the language barrier by assisting people with rational ideas with different language backgrounds.

About Energy Open Innovation Challenge (EOIC)

The Energy Open Innovation Challenge (EOIC) is now open for applications with personalized mentorship opportunities and up to S$1 million of grant funding support for product development and 4 x S$25,000 in Startup SG grant prizes to be won!

Organized by Enterprise Singapore, this challenge is run in close association with four energy companies Chevron, ConocoPhillips, ExxonMobil Singapore and Shell, government agencies, and innovators.

Startups, and small- and medium-sized enterprises (SMEs) from across the globe are invited to join this challenge and submit innovative business or tech-related solutions to any and all of the 19 problem statements covering 4 key categories in the global energy industry!

Categories

The 4 categories are as follows:
1. Asset Management
2. Robotics
3. Sustainability
4. Workflow

Submit your company proposals today and compete for:
·  Access to leading energy companies’ R&D expertise
·  Potential financial support granted by the energy companies
·  Up to S$1 million (per problem statement) of grant support & 4 x S$25,000 Startup SG grants from Enterprise Singapore and networking opportunities with accelerators/incubators, venture capitalists, etc.
·  Personalised mentorship from leading industry experts·  In-depth industry exposure and wide audience outreach 

Are you ready to disrupt the global energy industry?

Sign-up for the EOIC, then click on the “Participate” button to submit your pitch!

Application Deadline: November 6th, 2020

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RDNPlatform Funding Application Support

Do you need support to submit your applications?

Get in touch with us

We provide the following services under RDNplatform funding application support

1. Amplifying funding opportunities to reach more people and support them with applications. 
2. Assist in crafting winning proposals and concept notes
3. Advisory on the best funding practices and application
4. Linking partners with funding sources
5. Bridging the language barrier by assisting people with rational ideas with different language backgrounds.

Roots of Impact and its partner Aqua for All are looking for impact enterprises within the Water, Sanitation and Hygiene (WASH) sector to provide them with Social Impact Incentives (SIINC). Such ongoing outcomes-linked payments help companies scale, grow their impact and attract private capital. Eligible candidates will have to be preparing for, or already in the midst of, raising repayable investment(s) (min. € 500,000 to be potentially complemented by additional public or philanthropic funding). The geographic focus is on Asia, Sub-Saharan Africa, and the Middle East and North Africa (MENA) region.

SECTORAL FOCUS

In recognition of the importance and the interdependent nature of the sector as a whole, the call is open to any impact enterprise working on a WASH-related solution.

KEY CRITERIA

• Scope: The enterprises must be operational for at least three years, focus on WASH, and be based and/or active in Sub-Saharan Africa, the MENA region or Asia. They must be seeking repayable investment(s) of a minimum of € 500,000 to be potentially complemented by public or philanthropic funding.

• Business model: Although there are no specific constraints regarding the legal form, the enterprises need to have a business model and generate revenues out of their activities (e.g. fee-for-service, subscription, government revenues/subsidies…).

• Financial sustainability: The objective of SIINC for WASH is to support enterprises that will continue to generate positive impact long after the SIINC payments have ended. Thus, the enterprises must have either already achieved financial sustainability or must have a clear plan for achieving breakeven in the short to medium term.

• Impact track-record: The support provided to the enterprises in this program takes the form of outcomes-based premiums, paid to incentivize positive social impact. In order to design a realistic payment schedule, it is necessary to have baseline data related to the impact generated by the enterprise. There should be a track-record of systematically monitored and reported indicators which can act as a basis for planning the SIINC payments.

• Impact focus: Enterprises that are gender-inclusive and target vulnerable and low-income groups, will be the main focus. Ventures that do not have a specific impact focus are also eligible if they prove to be willing and able to deliver positive social outcomes.

TIMING AND CONTACT

The call is now open for applications and can be accessed online via the apply button. The deadline to apply is September 27th, 2020 at 2.00 pm Central European Summer Time (CEST). For further information, please contact siincforwash@roots-of-impact.org.

SECTOR

Water, sanitation and hygiene

APPLICATION DEADLINE

September 27, 2020

SUBMIT YOUR APPLICATION 

https://roots-of-impact.typeform.com/to/fIaP8K

Founders of pre-seed African startups are invited to apply for the DFS Lab accelerator. We offer funding of up to US$50,000 and additional support to companies building the future of digital commerce in Africa.

Applications are currently open for its next cohort, participants in which will receive an initial US$25,000 in pre-seed funding, with the option for additional investment at a later date. In addition, DFS Lab also provides post-investment support that includes a tailored growth plan for each team, office hours, mentor matching, and cohort-wide meetings.

The program culminates in a virtual demo day, with DFS Lab introducing teams to its own network of investors. The program is entirely remote and is aimed at startups with at least a minimal viable product and considerable user feedback.

What geographies do we invest in?

We invest in Africa broadly, but we are focused on geographies where the addressable markets are large enough for high-growth companies to succeed.

What do we invest in?

We invest in digital commerce companies serving African markets. Our portfolio includes mostly fintech, ecommerce, and logistics startups, but if you’re creating businesses that will define the future of commerce on the continent, we’re interested.

What stage do we invest in?

We are oftentimes the first check into a company aside from “family and friends.” Our focus is then helping our portfolio companies raise their pre-seed rounds at which point we may top-up our investment in the most promising companies.

How to apply?

We have an open application process. We also work with an exceptional team of venture scouts who can refer you to our team for consideration.

How far along does your product have to be?

We like to see companies with at least a compelling minimal viable product and considerable user feedback.

What does the process look like after selection?

We select our cohort and invest $25K in each team with an option to up our investment later on. We then help you build a solid foundation for your startup, including a set of shareable materials designed to help validate your team’s vision. We also introduce teams to our own network of investors who are excited to meet and help our cohort companies.

After your pre-seed round, we work with your team for 4-6 months on a growth plan that leads to your next round of financing. Eventually, we serve as frank friends while you continue to participate in our community.

Is your support program in-person or remote?

Our support program is entirely remote and designed with virtual communities, toolkits, and processes in mind. Luckily, we’ve been fully remote since our inception so we’ve had plenty of time to zero-in on what works.

Sector: E-commerce, Fintech & Logistics

Application deadline: September 26, 2020

Submit Application via https://dfslab.net/apply/

Startup ecosystems play a critical role in providing an environment in which African startups can thrive and grow. In many countries, these systems are still young and thus often vulnerable to unforeseen events such as the recent COVID-19 pandemic. Unexpected shocks can interrupt the operations of startups, incubators, universities, and even large firms for a significant amount of time. It is therefore important to strengthen the ecosystems’ ability to rapidly recover from negative events. Such resilience is also the key enabling factor to ecosystems’ development and growth.

The Southern Africa Innovation Support Programme (SAIS 2) RE: innovation challenge is now calling for proposals of solutions to make Southern African startup ecosystems more resilient and better able to face an uncertain future.

The RE: innovation challenge call is open from Wednesday, 26 August, to Sunday, 27 September 2020 at 23:59 CAT.

Criteria:

• You have identified a challenge to and a solution that strengthens the resilience of a startup ecosystem in one of the following countries: Botswana, Namibia, South Africa, Tanzania, or Zambia.
• The solution is technology-enabled and easily adapted for quick implementation.
• You have a project consortium comprising innovation support organizations such as incubators, hubs, labs, and accelerators as well as research/academia, private sector and public entities, and/or NGOs hosting and supporting youth entrepreneurship and startups.
• Your project consortium must have at least one innovation support organization as a member, which will also act as the project coordinator.
• Your project coordinator is a registered legal entity in one of the five SAIS 2 partner countries (Botswana, Namibia, South Africa, Tanzania, Zambia).

How Benefits

• A maximum of six (6) projects will be selected pilot testing or validating the proposed solution.
• Each selected project will receive a SAIS 2 grant of between EUR 30,000 and EUR 50,000 per project, depending of the project budget proposed. The applicant has to provide at least 20% matching funding to counter the SAIS 2 grant (10% cash and 10% in-kind).
• Selected projects will have a maximum of five (5) months start and finish their project, including the project launch, piloting/validation, and final reporting.
• Selected projects will have an opportunity to present the solutions and the results to a network of entrepreneurship and innovation ecosystem stakeholders, which could lead to new opportunities for the proposed solution.

The innovation challenge call is open from Wednesday, 26 August, to Sunday, 27 September 2020 at 23:59 CAT.

Once you have read the documents above, click here to be taken to the SmartMe Application form or visit http://www.saisprogramme.org/fund/reinnovation

Instructions for signing up and activating your SmartME profile is available in the RE: innovation Guide for Applicants.

Access over $1.5 million in funding is available for MIT Solve's 2019 Challenges.

About the challenge

• Anyone, anywhere around the world can submit a solution to Solve's Challenges. You can be an individual, a team, or an organization. You can be an applicant from previous years or already part of our community. If you have a relevant solution, we hope you'll apply. For full participation details, please see our Terms of Service.

Areas of focus

• Circular Economy
• Community-Driven Innovation
• Early Childhood Development and
• Healthy Cities. 

Solutions focus

Solve seeks innovative, human-centered, tech-based solutions to our Global Challenges. Solution applications must be written in English. We will consider solutions at all stages of development:

• Idea: We welcome you to submit your solution idea, but please note that concept-stage solutions are unlikely to be selected. You have until the submission deadline to prototype and experiment with your idea!
• Prototype: A venture building and testing its product, service, or business model. Typically described as "pre-seed" if for profit.
• Pilot: An enterprise deploying a tested product, service, or business model in at least one community. Hybrids and for-profits would typically be in a "seed" round and generating revenue (whether or not they are cash flow positive).
• Growth: An enterprise with an established product, service, or business model rolled out, which is poised for further growth in multiple communities or countries. Organizations at this stage should have a clear path to sustainability. For-profits at this stage would be "seed" or "Series A."
• Scale: A sustainable enterprise working in several communities or countries that is looking to scale significantly, focusing on increased efficiency. For-profits in this stage would be "Series A" or "Series B."
• Partnership Potential: The applicant clearly explains how the solution would benefit from the broad range of resources that the Solve community is positioned to provide.

Through open innovation, Solve is looking for a diverse portfolio of solutions across geography, development stage, and team members’ gender and background. We encourage people of all backgrounds to submit applications.

APPLY NOW 

Deadline

1 July 2019