This Week in Tech: African gaming startup Carry1st raises $27M, Uber and Bolt drivers in Tanzania pays 25% in commission
This Week in Tech: African gaming startup Carry1st raises $27M, Uber and Bolt drivers in Tanzania pays 25% in commission
Not connected, Carry1st will act as Riot’s payments partner in Africa while drivers in Tanzania will see profit reduced because of the 25% commission to Uber and Bolt.
Hello,
Before we delve into what happened In African tech in the last week, here’s my apology that this newsletter is being published today (Friday) instead of Thursday.
I’ve constantly thought about our healthcare system in Africa and how it lacks infrastructure that at the call of an emergency - your wealth can be wiped out or you might not come out alive. And I have written about how driving insurance inclusion in Africa can at least ensure that many people are shock-proof when emergency calls. Notwithstanding, we still have a long way to go in the aspect of infrastructure but reducing out-of-pocket payment for quality healthcare is a good place to start - for the poor, middle and rich.
Yet, in all of this, we face the consistently reduced number of medicals - doctors, nurses and health caretakers. Highlighting a line from the opinion piece by Gaza - cofounder of Lifestores; “In 2023, health tech service providers will have to acknowledge the dwindling numbers of healthcare professionals in Nigeria and across Africa in the country and thus optimize their business operations.”
Welcome to This Week in Tech, Sam.
Africa’s economic growth to outpace global forecast in 2023-2024 – African Development Bank biannual report
Africa is set to outperform the rest of the world in economic growth over the next two years, with real gross domestic product (GDP) averaging around 4% in 2023 and 2024. This is higher than projected global averages of 2.7% and 3.2%, the African Development Bank Group said in Africa’s Macroeconomic Performance and Outlook report for the region, released in Abidjan on Thursday. AFDB
Wakanow Restructures for global expansion with Adedeji and Macaulay leading the charge
At the tip of the spear in the new structure, Bayo Adedeji will be at the forefront of expanding the business in Africa (beginning with West Africa) and then exporting the Wakanow excellence into other regions of the world. Adenike Macaulay is tasked with leading the charge within the shores of Nigeria and ensuring that the business in Nigeria deepens its roots and spreads its tentacles across the regions of the country. Premium Times
Potential challenges and opportunities for Nigerian healthtech in 2023
The majority of Nigerian families have already felt the impact of inflation, which reached a 17-year high of 21% in September 2022. If an average household was already spending 80% of its monthly budget on necessities such as rent, food, and transport, disposable income will become an even scarcer resource in 2023. As out-of-pocket expenses account for close to 70% of the country’s healthcare market, the negative impact is likely to be immediate. Tech Cabal
Can African fintech startups build global solutions?
The reality is: for Africa to build for the world, it must first build for itself and tackle domestic problems with world-class solutions. Our logistics system operates far below efficiency, intra-continent supply chains are fragmented, and except for the few fintechs connecting Africa through payments, cross-border payments in Africa is onerous, expensive, and complex. Tech Cabal
African gaming startup Carry1st raises $27M from Bitkraft Ventures and a16z
Last January, Carry1st announced a $20 million Series A extension round, which followed the $6 million it raised in May 2021 from several investors, including Riot Games, the developer and publisher behind the most-played PC game globally, League of Legends. Sometime last year, Carry1st and Riot Games strengthened that investment by signing a partnership where the South African outfit agreed to pilot local payments for the American video game developer starting in 2023. In other words, Carry1st will act as Riot’s payments partner in Africa. Tech Crunch
Togo adopts a startup law, establishing startup labels
In the area of technology, the text’s stated objective is to “enhance Togo’s innovation ecosystem by providing a tagging mechanism for startups and businesses.” Victoire Tomegah – Dogbe’s stated in a news release that this labeling will be carried out in accordance with “objective norms.” The CEO stated that these standards would be based on “creativity, innovation, the creation of high added value, as well as growth potential.” Tech in Africa
Tunisia-founded AI startup InstaDeep acquired in $684m deal
Tunisia-founded enterprise artificial intelligence (AI) startup InstaDeep has been acquired by Nasdaq-listed German biotech company BioNTech SE in a deal that could eventually be worth GBP562 million (US$684m) to its shareholders. Disrupt-Africa
Kenyan fintech startup Kwara acquires software company, partners SACCO union
Founded in 2018 by Cynthia Wandia and David Hwan, Kwara has built a digital banking platform designed to help unbanked and underbanked individuals to build wealth together in a frictionless way. It offers a management platform to drive efficiency and automation at the cooperative staff level, and also has a neobank-style mobile banking app for end-clients, alongside alternative channels. The multi-accelerated startup raised a US$4 million seed funding round in December 2021, and has now entered into a partnership with KUSCCO, the umbrella body for SACCOs in Kenya, serving over 4,000 SACCOs. Disrupt-Africa
Uber, Bolt Drivers Won't Get a Pay Increase as Tanzania Brings Back the 25% Commission
The Tanzania government reversed its 15% fee ceiling on e-hailing companies like Uber and Bolt less than a year after making the decision, denying drivers the chance to earn more.
In a notification published on December 30, 2022, the Land and Transport Regulatory Authority (LATRA) announced an increase in the charge from 20% to 25%, effective as of last Sunday, Jan. 15. This modification replaced the previous order given in March of last year. Tech Times
About This Week in Tech.
Every Thursday, at 10am, you will get a quick-to-read brief of what has happened in tech in the last 7 days.
Cheers!
This Week in Tech
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