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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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NBRDA Investigates Biocatalysts for Bioethanol Production
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National Biotechnology Research and Development Agency (NBRDA) is investigating the development of biocatalysts from underutilised bioresources through its Young Researchers Forum (YRF) research group for bioethanol production.
Prof. Abdullahi Mustapha, director general, NBRDA sated this in an interview conducted in Abuja on Wednesday
Biocatalysts, which can be either bacteria or enzymes, are biological entities that accelerate chemical reactions.
An alcohol-based fuel derived from renewable resources such as plants and algae is called bioethanol. It can be blended with petrol or used in place of it to cut down on petroleum use.
He asserted that bioethanol is crucial and that Nigeria has the means to fully investigate its possibilities, noting that the production of bioethanol will be helpful in setting up bioethanol plants.
“However, the catalyst for the fermentation of sugar to produce ethanol is what we are after, and we have it locally.
“When we isolate the biocatalyst, it is going to be useful in helping to establish a bioethanol factory, which will function very well due to our varying weather conditions,’’ he said.
Bioethanol has similar uses to fuels used to generate other classes of energy like heat, motor power, transportation, and electricity, the NBRDA chief added.
According to him, bioethanol is the most widely used biofuel in modern civilisation, and the process of turning biomass into bioethanol is receiving a lot of attention.
“Biological energies are renewable fuels with minimal pollution and play an important role in reducing greenhouse gas pollution, and one of them is bioethanol, which is obtained from fermentation operations.
“The world’s attention to the use of bioethanol as an energy source is focused on reducing the cost of production and increasing the efficiency of the ethanol industry.
“By consuming ethanol fuel instead of fossil fuels, the amount of greenhouse gas emissions known to be the cause of global warming will be somehow reduced,’’ Mustapha said.
According to the D-G, the creation of the Young Researchers Forum (YRF) demonstrates the agency’s efforts to support nation-building.
He added that young biotech innovators chosen from across the agency’s departments will use the conference as a training ground and launching pad.
The YRF, according to Mustapha, was a manifestation of his wish to establish an institutional framework for mentoring that would close generational divides.
He stated that one of the projects the YRF would concentrate on was the development of biocatalysts for the manufacture of bioethanol.
News
NDLEA Says 14m Nigerians Affected by Consumption of Harmful Drugs
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National Drug Law Enforcement Agency (NDLEA), said no fewer than 14 million Nigerians are estimated to be involved in and addicted to the consumption of harmful drugs.
Mrs Yetunde Joyifous, deputy commander, Ondo State Command of NDLEA, made the disclosure at a drug abuse awareness programme organised by Oijefon Youth for secondary schools in Ile Oluji/Oke-Igbo Local Government Area of the state on Wednesday.
Joyifous said that the drugs consumed were mostly chemical substances capable of negatively altering the minds of users.
According to her, the only way to curb the menace is to engage all stakeholders in the community and encourage them to partner with the authorities in the fight against the dangerous trade.
“I want to thank the Oijefon Youth Council for partnering with the NDLEA in the fight against drug abuse in society,” she noted.
She described younger people, especially those at the secondary school level, as the most vulnerable victims of drug abuse, adding that efforts must be intensified to rescue them from involvement.
In his welcome address, Adedokun Adeyonu, president, Oijefon Youth Council, said the council organised the sensitisation programme to discourage youths from drug abuse.
“Drug abuse means using harmful substances like alcohol, tobacco, or illegal drugs in a way that harms the body and mind,” he noted.
He explained that many people use drugs out of curiosity, peer pressure, or in an attempt to overcome problems in their lives, believing it to be the only solution.
Adeyonu also identified peer influence, as well as exposure to certain films and music, as factors that push youths into drug abuse.
He urged members of society to help create a prosperous future for the younger generation.
News
IFC Partners Mohinani Group to Drive Plastic Recycling and Manufacturing in Nigeria, Ghana
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IFC has announced a partnership with Ghana-based manufacturer Mohinani Group Limited to under-take the recycling of Polyethylene Terephthalate (PET) from plastic waste in Ghana and Nigeria, helping protect the environment and creating thousands of jobs in both countries.
Under the partnership, IFC will provide a loan of $37 million to help Mohinani Group subsidiaries Polytank Ghana Limited and Sonnex Packaging Nigeria Limited to establish PET recycling plants in Ghana and Nigeria. Each plant will have the capacity to produce 15,000 tons of recycled PET (rPET) resins annually that will substitute virgin PET resins used to make food grade and beverage packaging containers.
90 percent of the raw materials will be sourced from local small businesses involved in plastic collection. Combined, the new plants are expected to create more than 4,000 direct and indirect jobs across the value chain and approximately US$21 million in annual savings from imports for each country.
PET is a polymer resin of the polyester family, widely used for making containers for liquids and foods. Using recycled plastic waste for production will prevent harmful pollutants from being released into the environment and reduce the need for virgin plastics. This will lower greenhouse gas emissions because recycled plastics have a smaller energy footprint than new plastics.
“The rPET project by the Mohinani Group was born out of a vision to close the bottle-to-bottle recycling loop in Africa and the Group’s dedication to advancing environmental sustainability,” said Roshan Mohinani, Strategy and Transformation Manager for Mohinani.
“It is also inspired by our Group’s purpose of improving the quality of lives in Africa, as this initiative is expected to create over 4,000 jobs along the value chain in Nigeria and Ghana, thereby providing economic empowerment to a significant number of young people, particularly women.”
“IFC’s partnership with Mohinani underscores our dedication to promote environmental sustainability and economic development in Ghana and Nigeria,” said Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa. “By recycling up to 30,000 tons of PET waste annually, these new plants will protect the environment and substitute imports with locally recycled materials.”
IFC will also provide advisory services to strengthen Mohinani’s environmental and social practices and its capacity for efficient and sustainable PET recycling operations.
The project aligns with IFC’s strategies for Ghana and Nigeria which are focused on mitigating climate change, job creation, and economic transformation. It is also consistent with the World Bank Group’s Climate Change Action Plan 2021-2025, which aims to reduce the use of virgin plastic resins and greenhouse gas emissions in the packaging materials value chain.
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