This Week in Tech: Autochek acquires majority stake in Egypt’s AutoTager
This Week in Tech: Autochek acquires majority stake in Egypt’s AutoTager
This is the second acquisition Autochek has made in North Africa
Greetings!
Have we seen any startup unicorn this year?
This week in African tech shows the continent is consuming as much internet as possible and this has reflected in news such as increase in PoS transaction in Nigeria. Another startup is leaving the African shore again - Copa, an ecommerce company that initially panned to spread its tentacles into the region. Well, on a much sweeter note and things we like to see: “Autocheck acquired Autotager”.
You’re welcome. - Samson.
In another round of cuts, Facebook parent Meta sacks tech teams
Meta, in March, became the first Big Tech company to announce a second round of mass layoffs, which it said would take place in three main batches over several months and affect 10,000 employees. The company, which will announce its first-quarter results on April 26, is expected to benefit from a modest pickup in the digital advertising market and regulatory pressure on chief rival TikTok. AlJazeera
PoS operators record 1.15trn transactions in March 2023
As more Nigerians embrace electronic transactions, Point of Sale terminals recorded N1.15 trillion transactions in March 2023. The Nigeria Inter-Bank Settlement System, NIBSS, disclosed this in its latest report on Monday. According to the report, the total value from e-payments in March 2023 was recorded at N48.33 trillion compared to N37.67tn in February. Daily Post
Digitizing the supply chain drove investment increase in African agrifoodtech in 2022
Africa was the only region globally where agrifoodtech investment increased in 2022, according to AgFunder’s latest agrifoodtech investing report in collaboration with Temasek. Startups raised $640 million in 2022, up from $528 million in 2021. AgFundNews
Copia Is Latest Africa-Focused Startup to Roll Back Expansion
The company is exiting Uganda and cutting 350 employees to concentrate on its main East African market in Kenya, Copia said on Wednesday. Startups on the continent are facing a stark decision on whether to keep expanding or focus on profitability with venture capital funds drying up. Bloomberg
Meta to cut ties with its content moderators in Kenya
The recent court orders have directed Meta not to engage third parties “through employment, subcontracting, or any manner whatsoever, content moderators to serve the Eastern and Southern African region through the 4th respondent (Majorel) or through any other agent, partner or representative, or in any manner whatsoever, engaging moderators to do the work currently being done by the moderators engaged through the 3rd respondent (Sama) pending the hearing of this application.” The court also maintained that Meta must engage only Sama for its content moderation needs in sub-Saharan Africa. TechCabal
South Africa might be the world’s most internet-addicted country
a recent study conducted by Delaware-based virtual private network (VPN) platform Atlas VPN reveals that South Africans are leading the charge, spending an average of 9.5 hours a day online – a staggering three hours more than the global average. Ventures Africa
Autochek acquires majority stake in Egypt’s AutoTager
Autochek, a Nigerian automotive technology company, has acquired a majority stake in AutoTager, an Egyptian automotive technology company, to establish its presence in Egypt. This is the second acquisition Autochek has made in North Africa, after acquiring Moroccan KIFAL Autos last year. It is also Autochek’s sixth acquisition in two years, expanding its footprint to East, West, and North Africa. Tech Cabal
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Every Thursday, at 10am, you will get a quick-to-read brief of what has happened in tech in the last 7 days.
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This Week in Tech
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