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Funding for African Tech Start-ups Drops 54% in Q3

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The level of funding for- and value in deals with African tech start-ups fell by 54% and 13% respectively on a quarter-on-quarter basis for the period to the end of September 2022 – this despite continued interest in e-commerce, internet software and Fintech.

New data from CB Insights released this week shows that venture capital flows into African start-ups fell to US$367-million for the third quarter period to September, compared to the June second quarter period.

Funding in the comparable quarter in 2021 amounted to US$1.2-billion.

The number of venture financing deals for African tech start-ups also fell 13% from 135 to 117. In the same quarter last year, deals for regional start-ups topped 140.

Yet VC and African start-up business leaders believe there is still money available for the right tech start-ups across Africa – although funders are now more risk aware, especially at a time when global economies are struggling against high interest rates.

The report identified Launch Africa, with investments in six companies, UM6P Ventures (four companies invested in) and AfricInvest, with three private equity deals as the top investors in African tech ventures during the third quarter 2022 period. Other investors included Entrepreneurs for Entrepreneurs Africa, Huobi Ventures, KuCoin and LoftyInc.,among others.

Egypt, Nigeria and South Africa remain the top three African venture capital markets.

TeamApt (US$50-million), Scorefam (US$25-million and VendEase (US$7-million) were the top venture capital investees in Nigeria.

In Egypt, e-commerce companies Homzmart, with US$23-million, Cartona which raised US$12-million and OneOrder which bagged US$7-million had the highest capital raises for the period under review.

South Africa’s iiDENTIFii, with US$15-million, SweepSouth (US$11-million) and DataProphet which raised US$10-million topped the biggest funding raises list in the country.

According to Africa: The Big Deal, Africa-based venture capitalists are stepping up funding for regional start-ups.

It said this week that “more than half of $1 million+ deals in Africa since 2019 have had at least one Africa-based investor” as one of the main investors.

“Africa-based investors are more active in deals with start-ups headquartered in one of the Big Four (involved as a main investor in 59% of $1m+ deals since 2019) compared to those headquartered elsewhere (37%). They are particularly active in Egypt (67%), South Africa (65%) and Nigeria (59%); less so in Kenya (47%).”


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 OAU Taps Aderounmu, Tech Advocate as DVC  Academics

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Obafemi Awolowo University (OAU), Ile-Ife, has appointed  Professor Adesola Aderounmu, renowned computer scientist and technology advocate, as its new Deputy Vice-Chancellor (Academics).

 OAU Taps Aderounmu, Tech Advocate as DVC  Academics

 Professor Adesola Aderounmu

The decision, made by the university’s Senate, marks a strategic step towards aligning OAU’s academic vision with technological innovation and global best practices.

A distinguished scholar and leader in Computer Science and Engineering, Professor Aderounmu brings decades of experience to this pivotal role.

He has served as the Centre Lead for the African Centre of Excellence in Software Engineering and the Obafemi Awolowo University Knowledge Park (OAK-Park), where he has driven initiatives that advance technological innovation and academic excellence.

His leadership journey includes serving as Dean of the Faculty of Technology and Head of the Department of Computer Science, as well as President of the Nigeria Computer Society from 2015 to 2019. Under his stewardship, the Africa Centre of Excellence in ICT (OAK-Park) was established and has flourished, positioning OAU as a hub for digital transformation in Nigeria and across Africa.

“This is an opportunity to shape the future of education at OAU,” Professor Aderounmu stated. “I am committed to fostering an environment where ideas thrive.”

Professor Aderounmu’s appointment as DVC Academics carries significant implications for the information technology profession and industry in Nigeria and Africa.

His leadership is expected to further bridge the gap between academia and industry, aligning curriculum with emerging technological trends, and fostering research that directly addresses the needs of Nigeria’s evolving digital economy.

His commitment to developing high-level ICT talent will contribute to strengthening the nation’s capacity in critical areas such as artificial intelligence, cybersecurity, software engineering, and digital entrepreneurship.

As Nigeria and Africa continue to embrace digital transformation, this appointment signals a continued push for collaboration between universities and the technology industry, ensuring that graduates are equipped with globally relevant skills while advancing innovative research that supports the tech ecosystem.

This appointment recognises Professor Aderounmu’s unwavering commitment to research, excellence in education, and visionary leadership, and marks a significant milestone in the university’s ongoing mission to deliver impactful education and innovation for national and continental development.

 

 

 

 

 

 

 

 


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IviTrybe Hearts Takes Kindness Drive to Little Saints Home

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In a heartwarming demonstration of corporate social responsibility and community impact, IviTrybe Hearts, a key initiative driven by members of IviTrybe – a vibrant group of budding marketing communications specialists – visited the Little Saints Orphanage, Akowonjo branch.

The visit, part of IviTrybe’s ongoing commitment to societal betterment, was significantly supported by Pladis Foods Nigeria, which generously donated gift items and products.

IviTrybe is a social responsibility initiative of IVI PR, a dynamic public relations agency dedicated to not only elevating brands but also fostering positive societal impact. This initiative provides focused practical training covering brand strategy and public relations, directly addressing the critical issue of insufficiently skilled manpower within Nigeria’s Public Relations industry. Through the #IviTrybeHearts program, the group channels its growing expertise into meaningful community engagement.

During the visit, the IviTrybe Hearts team dedicated the day to creating a memorable and impactful experience for the children. Activities included extensive bonding and interaction sessions, where members engaged in games and companionship, fostering an atmosphere of joy and connection. Essential items were donated to support the orphanage’s daily needs, and motivational talks were delivered, inspiring the children with words of encouragement and hope for their futures.

Busari Toheeb Dolapo, IviTrybe Coordinator and spokesperson for the project, underscored the essence of the visit, stating, “For whom much is given, much is expected. We have been empowered through knowledge and mentorship at IVI PR, and it’s only right that we channel that privilege into making a difference. The smiles on the children’s faces today reminded us why giving back is non-negotiable.”

The management of Little Saints Orphanage expressed profound gratitude for the support and the tangible impact of the donations, emphasising how such gestures significantly improve the lives and spirits of the children under their care.

Through impactful initiatives like IviTrybe Hearts, IviTrybe continues to exemplify how youth-led action, empowered by practical training and a strong sense of responsibility, can effectively shape communities and enrich lives for the better.


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INTERPOL Report Shows Cybercrime is West, East African Most Dominant Security Concern

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Cybercrime has emerged as a dominant security concern across Africa, with more than 30 percent of all reported crimes in Western and Eastern regions linked to cyber activity, according to the newly released 2025 Africa Cyberthreat Assessment Report by INTERPOL.

The report, based on data from African member states and private sector partners, reveals that two-thirds of surveyed countries describe cybercrime as constituting a medium to high share of total criminal cases.

This highlights how cyber-enabled criminal activity is evolving rapidly across the continent. The report identified alarming spikes in scam attempts, with some countries witnessing a 3,000 percent increase in suspected scam notifications in the past year.

Neal Jetton, INTERPOL’s Cyber Crime Director, warned that the threat landscape is evolving faster than enforcement responses.

“This fourth edition of the INTERPOL African Cyber Threat Assessment provides a vital snapshot of the current situation, informed by operational intelligence, extensive law enforcement engagement, and strategic private-sector collaboration.

“It paints a clear picture of a threat landscape in flux, with emerging dangers like AI-driven fraud that demand urgent attention. No single agency or country can face these challenges alone,” Jetton stated.

In the past year, suspected scam notifications rose by up to 3,000 per cent in some African countries, according to data from Kaspersky, one of several private sector partners that work with INTERPOL’s cybercrime directorate

Online scams, particularly through phishing, are the most frequently reported cybercrimes across the continent. Ransomware attacks and Business Email Compromise (BEC) incidents are also increasing, particularly in Nigeria, Kenya, South Africa, and Egypt.

“Ransomware detections in Africa also rose in 2024, with South Africa and Egypt suffering the highest number, at 17,849 and 12,281 detections respectively, according to data from Trend Micro, followed by other highly digitised economies such as Nigeria (3,459) and Kenya (3,030),” it stated.

Incidents included attacks on critical infrastructure, such as a breach at Kenya’s Urban Roads Authority (KURA), and on government databases, such as hacks of Nigeria’s National Bureau of Statistics (NBS), the report stated.

 


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