Telecom
Aptive Capital Dangles $10,000 Equity-Investment in Three African Startups
Aptive Capital, a US-based Venture Capital (VC), has announced its investment in three early-stage businesses in Africa; Nigeria, and Uganda.
Earlier in June 2020, the Africa-focused investment company opened up applications to invest $10,000 equity capital into eligible and high potential startups based in Africa, from its $1 million portfolio fund.
The application, which ran for a month, had over 500 entries from high growth companies with very impressive founders across Africa.
After thorough phases of scrutiny and submission reviews by investment professionals, three startups were selected for the early-stage funding.
Speaking on the investment, Dr Ben Peter, managing partner at Aptive Capital said, “We had lots of entries from impressive founders across Africa who showed so much enthusiasm and had amazing solutions.
“We’ve settled for these three, not because they are the best, but because we believe their visions as impact-led companies directly align with our goals to promote measurable and innovative social causes in Africa.
“Our team has kick started support for these energetic companies who believe the solutions they are proffering will solve the continent’s most daunting problems. This is what Aptive Capital is committed to doing.”
According to the organisation, the criteria which determine the selection include; early-stage business, evidence of impact, founding team, uniqueness of the solution, traction, leverage of technology, further projections and validity of the startup industry.
While applications rolled in from sectors such as Digital Storytelling, eLearning, Access to market, Digital payments, Supply Chain management, agriculture, Logistic, eCommerce, Gamification, Big data, Cybersecurity, Crowdsourcing, and eLiteracy, the selected companies include:
Skyfire Digital – Digital marketing agency supporting MSMEs in Africa and the US market to achieve their business ROI objectives as well as scale through various online channels.
Mimi Money – Bitcoin payment solution using crypto to transform payment in Uganda.
Emmnoch Farms – Fish farm solution providing end-to-end along the fishery value chain and connecting rural farmers and bridging the nutrition gap through fish farming.
From the pool, barely 100 startups made it to the second stage which involved due diligence and further documentation.
The next round was a one-on-one Zoom pitch, that saw 10 selected startups make it to the finals. At the final stage, only these three startups were able to successfully gain investment interest from Aptive Capital.
According to Peter, “Our selection process was quite intense and we’re glad that these ones not only saw it through but also emerged victorious in the end because of their belief in their solution as well as a very lucid business model.”
In the next couple of months, Aptive Capital will, in addition to the $10,000 funding, offer technical support, mentorship, coaching to intensify the social impact of its portfolio companies. Aptive says its next call for investment rounds will open before end of the year.
Telecom
Galaxy Backbone Deploys Fibre Optic Network in Lagos, Ibadan and Ilorin
Galaxy Backbone (GBB), the information technology and shared services provider of the Federal Government of Nigeria, has announced the successful expansion of its state-of-the-art fibre optic network to Lagos, Ibadan, the capital of Oyo State in southwestern Nigeria, and Ilorin, capital of Kwara State in the north-central region.
What is described as a remarkable milestone is part of Phase II of the country’s National Information and Communication Technology Infrastructure Backbone (NICTIB) project.
With a robust cross-country optical fibre backbone now extending over 5,000 kilometres and across 27 state capitals, GBB says it has solidified its role as the digital backbone of Nigeria. This development seamlessly integrates the nation’s six geopolitical zones.
The newly completed Abuja-to-Lagos route, traversing key cities such as Minna, Bida, Mokwa, ilorin, Ogbomoso, Oyo, Ibadan and Lagos, is a strategic enhancement designed to strengthen network reliability. By establishing a closed network ring linking Lagos – the nation’s economic hub – to Abuja, the capital city, GBB says it ensures service redundancy and minimises potential downtime.
Professor Ibrahim A Adeyanju, managing director/CEO of Galaxy Backbone, says: “The expansion of our fibre optic network to Lagos, Ibadan and Ilorin is a significant step forward in our mission to bridge the digital divide and position Nigeria as a leader in the global digital economy. This advanced infrastructure empowers us to deliver innovative, customer-centric solutions that serve the needs of both the public and private sectors.”
He adds: “This expansion not only supports the government’s digital economy agenda but also sets the stage for meaningful collaboration with private sector organisations seeking to leverage our infrastructure.”
Telecom
NBS Says 25m Phones Stolen in Nigeria in 12 Months
National Bureau of Statistics (NBS) has reported that over 25 million phone thefts between March 2023 and April 2024, according to its Crime Experience and Security Perception Survey 2024.
The Crime Experience and Security Perception Survey 2024, indicated that an estimated 17,965,741 people had their phones stolen during the reference period
Phone theft, which is a common individual crime in the country, shows that seven out of every 10 stolen phones happened at home or public places, with a mere 11.7% of people who reported to the police expressing satisfaction with their response.
Less than 10% of the victims of phone theft reported the case to the police, while over 90% failed to report to the police for various reasons.
“At the individual level, 21.4 per cent of Nigerians reported being victims of crime, and the most common crime was phone theft (13.8%),” the report read in part.
Telecom
Airtel Once Again Wins Partnership of the Year Award at SERAS 2024
Airtel Nigeria has once again been recognized for its commitment to sustainable development, carting away the Partnership of the Year award at the 18th edition of the Sustainability, Enterprise, and Responsibility Awards (SERAS) held at the Oriental Hotel, Victoria Island, Lagos, on Saturday, 14th December, 2024.
The award celebrates Airtel’s continued success with its Re-imagine Education Initiative, a ground-breaking collaboration with the United Nations Children’s Fund (UNICEF) aimed at transforming education in Nigeria through technology.
Airtel’s consistent focus on creating social value through strategic partnerships reflects its position as a key enabler of progress in the Nigerian education sector.
Commenting on the award, Femi Adeniran, Director, Corporate Communications and CSR, highlighted the significance of the winning the Partnership of the Year award for the second time with the Airtel collaboration with UNICEF to provide digital access to quality educational resources for more than 1,200 schools in Nigeria.
“Winning this award for the second consecutive year is a reflection of our enduring belief in the transformative power of technology in education. We are deeply committed to making a meaningful difference in the lives of Nigerians, and this recognition fuels our resolve to do even more,” he said.
The SERAS Awards, widely regarded as Africa’s most prestigious platform for celebrating sustainability and corporate social responsibility, brought together leaders from various industries to honour organizations driving impactful change.
Airtel Nigeria remains steadfast in its mission to foster inclusive growth, empower communities, and champion a sustainable future for its stakeholders and the environment.
- News3 days ago
RCCG Turns Former Barclays Banks’s Branch Building into Church
- E-Financial3 days ago
UBA Supports Lagos State Security with N500m Donation
- Telecom3 days ago
Travellers on Glo Roaming Bundles Get Attractive Offers
- Telecom3 days ago
Mastercard Partners with Allawee to Enhance Financial Access in Nigeria
- Telecom2 days ago
Abuse of Trusted Applications Grows by 51% in Latest Sophos Report
- E-Financial3 days ago
FirstBank Spreads Joy with DecemberIssaVybe campaign
- Telecom3 days ago
Tizeti Launches New Fibre Broadband Service in Nigeria, Ghana
- News3 days ago
FEC Approves 161.3m Euros for Phase 1 Siemens Power Project