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Alitheia IDF Invests $11m in SweepSouth

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SweepSouth Alitheia IDF

By Aduragbemi Omiyale

The excellent services offered by SweepSouth have attracted the attention of Alitheia IDF as it has invested about $11 million into the online home services platform providing cleaning services to a wide range of customers across Africa.

Co-founded in 2014 by Aisha Pandor and Alen Ribic, SweepSouth has a presence in Africa’s four key tech markets: South Africa, Kenya, Nigeria, and Egypt.

This latest round of funding will allow the company to further develop and grow its infrastructure and team in South Africa, roll out new services in existing markets, and pursue both greenfield expansions and acquisitions across the African continent and beyond.

In addition to its expansion efforts, SweepSouth will scale its current efforts to improve the economic and legal rights of domestic workers through efforts such as the SweepSouth Report on Pay and Working Conditions for Domestic Workers Across Africa – a report that highlights the struggles of domestic workers in Africa and encourages more action from governments and stakeholders.

The investment of Alitheia IDF, Africa’s first and largest gender-lens private equity fund, in SouthSweep comes after its acquisition of Egyptian home services platform, Filkhedma, in December 2021

“This new funding round is an important one for our team as we continue to scale in South Africa, and further grow our operations in Kenya, Nigeria, and Egypt,” says Aisha Pandor, co-founder of SweepSouth.

“We’re excited to continue SweepSouth’s work in connecting customers with home service providers across the continent, building a platform that empowers domestic workers and local tradespeople.

“We are particularly proud to have raised funding from Alitheia IDF, a female-led fund, and to have included more women investors on the cap table via a female-focused SPV during this round. We are excited about what this means for us going forward and thrilled to have Polo Leteka from Alitheia IDF join the board,” she added.

“We are proud to support SweepSouth’s growth as it expands its platform that substantially improves the financial and social outcomes for domestic workers across Africa, most of which are women. In the domestic services industry, which is notoriously informal and exploitative, SweepSouth’s model solves autonomy, security, increasing income for its service providers, and affordability and flexibility for its end users. AIF’s investment will enable the development of infrastructure and operations that will deliver growth for stakeholders – particularly domestic workers and local tradespeople at the base of the economic pyramid,” says Polo Leteka, Principal Partner, Alitheia IDF Fund.

Alen Ribic, the co-founder of SweepSouth, adds: “We’re excited about bringing new shareholders on board in our mission to build technology that aids in providing meaningful connections – giving customers access to safe, convenient services, and home service providers access to decent work opportunities under dignified conditions.”

It was learned that the size of the round, which is SweepSouth’s largest to date, is a result of strong growth in the company’s valuation and social impact since the previous funding round.

Current investors Naspers Foundry, The Michael and Susan Dell Foundation, and Futuregrowth Asset Management all committed to participate in this new round, as did new investors Endeavor Catalyst, Endeavor’s Harvest Fund II, Caruso Ventures, and E4E Africa.

Alitheia IDF, Africa’s first women-focused and women-led private equity fund, is a $100 million gender-lens fund co-founded and managed by two women-led firms – Alitheia Capital (Lagos, Nigeria) and IDF Capital (Johannesburg, South Africa).

The fund, which announced its final close in 2021 to become the largest gender-lens private equity fund in Africa, identifies, invests in, and grows SMEs led by gender-diverse teams in six African countries: Nigeria, South Africa, Ghana, Lesotho, Zimbabwe, and Zambia.

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FedEx Fully Enters Nigerian Market to Meet International Shipping Demands

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FedEx Express

By Adedapo Adesanya

FedEx Express (FedEx), a subsidiary of FedEx Corporation, the world’s largest express transportation company, has announced establishing a direct commercial presence in Nigeria to meet the country’s growing international shipping demands.

Although FedEx has been facilitating trade in Nigeria since 1994, offering its international solutions through Red Star Express Plc; with this latest initiative, FedEx will continue to leverage the capabilities and infrastructure of the service provider, Red Star Express Plc, that will continue to provide pick-ups, deliveries, customs clearance services, and retail locations across the country.

In a press release seen by Business Post on Wednesday, the company said that with a direct presence in the country, businesses and customers in Nigeria now have greater access to a wider portfolio of FedEx Express shipping solutions, while Red Star Express continues to provide the infrastructure for ground operations.

The statement noted that, “Customers will also have access to a range of FedEx digital tools that make shipping easier and more efficient through its website. These services include opening a new account, tracking shipment status, creating shipping air waybills, scheduling courier pickups, and managing billing.”

With the direct presence, FedEx will now have dedicated Sales and Customer Technology teams on the ground to interact and provide enhanced logistics expertise to help local businesses grow internationally.

Speaking on this, Mr Taarek Hinedi, vice president for FedEx Middle East and Africa operations, said, “Today we are closer to our customers than ever before. This strategic step makes it easier for local businesses to ship with us as they look to tap more import and export opportunities and grow their customers around the world.”

“Nigeria is on the right path for further growth, and FedEx is committed to supporting this growth and connecting Nigeria to some of the biggest trading partners located in Asia and Europe. The FedEx network is crucial to provide businesses with greater connectivity between Africa and Europe as well as within the Asia Pacific, Middle East, and Africa (AMEA) region,” said Mr Hinedi.

“As Nigeria continues with its 2021 to 2025 National Development Plan to increase the share of its exports to Africa up to 35 per cent from a base figure of 20 per cent, businesses will require a range of international services and solutions to help boost the economy,” he added.

FedEx also said it remains committed to supporting the Nigerian government’s Economic Recovery and Growth Plan (ERGP) to drive structural reforms to diversify its economy and reduce dependency on oil.

The FedEx direct presence in the country will help connect Nigerian business owners, exporters, importers, and consumers to more than 220 countries and territories worldwide, covering more than 99 per cent of the world’s gross domestic product.

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Real Estate Company Promises to Develop Remoland

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real estate company Adron Homes

By Adedapo Adesanya

A real estate company, Adron Homes, has promised to contribute its input to the development of Remo in Ogun State.

The group managing director and chief Executive Officer of Adron Homes, Mr Adetola EmmanuelKing, gave this assurance when he led the other senior management team to visit the Akarigbo of Remo, Oba Babatunde Adewale Ajayi.

The team visited the monarch to celebrate his 60th birthday and his 5th-year reign as the paramount ruler of Remoland.

Mr Adetola said, “Five years of your pragmatic leadership, coupling your unifying qualities, abilities, and relentless attraction of investors to Remoland and the state at large, has transformed the entire Remo land into a development hub.

“Remo Growth & Development Foundation, formed under your headship and influence, promoted self-expression and developed a bond beyond Remoland to other countries where Remo indigenes are domiciled.

“We have reached a point in the growth of Nigeria as a whole where we cannot be undermined because of your leadership as the Akarigbo of Remoland.”

He further stated that Remo is now a safe area to live and conduct business without risk to people’s lives or property.

Also speaking, the non-executive director of Public Affairs and International Relations of Adron Homes, Ms Kemi Osude Laniyan, reaffirmed the company’s commitment to helping the communities of Remoland.

“As a company, through our CSR, have consistently put our host communities’ welfare at the forefront of our activities, we have touched their lives in various areas, such as education, security, and health, to name just a few, and we will continue to affect the lives and welfare of people positively,” she said.

In his remarks, the traditional ruler thanked his guests for the visit, promising to keep steering the activities of the Remoland to greater heights.

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Quickteller Paypoint Rewards Over 1,000 Agents

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Quickteller Paypoint agents

By Modupe Gbadeyanka

Over 1,000 agents of Quickteller Paypoint have been rewarded with exciting prizes from the company’s ongoing Double Up Promo.

Five of the winners, Bamidele Aminat, Ishaya Galion, Ayinla Habeeb of Achiever’s world, Edozie Joy, and Ilonwa Peter of Oxford Logistics, visited the Quickteller Paypoint premises to receive their prizes and celebrate their win.

The campaign was introduced by the financial inclusion services vehicle of Interswitch as part of its effort to reward agents’ loyalty.

The promo, which began in September, has seen participation from over 2,000 individuals/businesses within the Quickteller Paypoint agency network.

After a series of raffle draws monitored closely by relevant regulatory bodies like the Federal Competition and Consumer Protection Commission (FCCPC), the Lagos State Lottery Board (LSLB), and the National Lottery Regulatory Commission (NCLRC), more winners emerged from another raffle draw concluded recently.

Speaking on the Double Up Promo, the Marketing Manager of Quickteller Paypoint, Bunmilofe Akingbola, stated that the prize presentation ceremony was done to reward the effort and dedication of its agents across the country towards driving the goal of the consumer digital payments platform.

“Our major focus at Quickteller Paypoint is to deepen financial inclusion by bringing financial services closer to Nigerians, especially those who are in financially excluded regions, and we are really excited about the capable partners we have found in our agents across the country.

“Today, we are rewarding these reliable agents through our Double Up Promo, thereby enhancing their lives. While we impact the lives of these agents, we are also enthusiastic about being able to reach more financially excluded Nigerians and touch more lives through avenues like this.”

Winners who emerged from the draws showed excitement and gratitude to Quickteller Paypoint for recognising their role in driving the growth of financial inclusion across the country and rewarding them for playing such a noble role.

They also opined about the financial freedom they have enjoyed since becoming Quickteller Paypoint agents, explaining that it is very lucrative and the Quickteller Paypoint team is very supportive.

At the heart of Quickteller Paypoint is the urge to deploy technological solutions to help drive the growth of financial inclusion in Nigeria and Africa at large. Through this promo, the company reaffirms its vision to onboard more potential agents who can also create income for themselves while making Nigeria a more financially included economy.

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