Economy
Google Picks Awabah, LifeBank, Flex Finance, Others for $4m Funding Support
By Aduragbemi Omiyale
A total of 60 startups established by entrepreneurs of African origin have been selected by a tech giant, Google, for the second cohort of Google for Startups Black Founders Fund (BFF) for Africa.
The beneficiaries will have the opportunity to have a share of the $4 million in funding support to assist their companies to expand their operations to other regions.
A digital pensions platform from Nigeria, Awabah, is among the startups chosen by Google for the programme and will join others to undergo a 6-month training programme that includes access to a network of mentors to assist in tackling challenges that are unique to them.
The 60 startups from Botswana, Cameroon, Ethiopia, Ghana, Kenya, Nigeria, Rwanda, Senegal, South Africa and Uganda will also be part of tailored workshops, support networks and community-building sessions.
According to Google, the 60 grantees, made up of 50 per cent women-led businesses, will also receive non-dilutive awards of between $50,000 and $100,000 and up to $200,000 in Google Cloud credit.
The beneficiaries were taken from various sectors such as fintech, healthcare, e-commerce, logistics, agtech, education, hospitality and smart cities.
Business Post gathered 23 startups were picked from Nigeria, 12 from Kenya, six from Rwanda, five from South Africa, four from Uganda, three each from Cameroon and Ghana, two from Ethiopia and one each from Botswana and Senegal.
The Google for Startups scheme was launched in April 2012 and has created over 4,600 jobs and raised more than $290 million in funding.
The Google for Startups Black Founders Fund programme will introduce the grantees in Africa to Google’s products, connections, and best practices which will help the founders to level the playing field as they build better products and services that add value to the African economy.
The Head of Startup Ecosystem, SSA for Google, Folarin Aiyegbusi, while commenting on the initiative, stated that, “Africa is a diverse continent with massive opportunity but the continent is faced with the challenge of limited diversity in venture capital funding flow.
“We hope that the Black Founders Fund program will be able to bridge the gap of disproportionate funding between ex-pat startups over local and black-led companies.”
Funding for the Google for Startup Black Founders Fund will be distributed through Google’s implementation partner, CcHUB.
“The equity-free cash assistance to startups will enable them to take care of immediate needs such as paying staff, funding inventory, and maintaining software licences. This is to help the grantees buffer the cost of taking on debt in the early stages of their business as many of them do not have steady revenue streams yet,” Aiyegbusi disclosed.
“Programs like the Black Founders Fund enhance the African ecosystem – where we currently have gaps in funding and infrastructure. Google getting involved and throwing its might behind thriving entrepreneurs in Africa is a beautiful thing, and I am very happy that Google has continued the Black Founders Fund in Africa initiative in 2022,” the CEO of MyMedicines and alumni of the 2021 BFF program, Abimbola Adebakin said.
Below is the list of the 60 startups selected for the programme:
|
S/N |
Name |
Country |
About |
|
1. |
South Africa |
Agrikool is an agritech platform that connects farming producers and buyers to a fair and reliable market. |
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2. |
Kenya |
Ajua is an end-to-end operating system for SMEs to build a credible online presence, get feedback on their businesses and manage the relationship with their customers |
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3. |
Nigeria |
Awabah is a digital pensions platform for Africa’s workforce |
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4. |
Rwanda |
BAG Innovation is a virtual and gamified platform that offers real-time access to experiential learning for university students and recent graduates |
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5. |
Rwanda |
Baliport is a cross-border, multi-currency payment platform focused on enabling intra-Africa & Africa outbound money transfers through blockchain. |
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6. |
Cameroon |
Bee finances motorcycles to drivers while also providing training and access to jobs. |
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7. |
Nigeria |
Bookings Africa enables Africa’s gig workforce to digitise and monetize their skills by connecting clients efficiently and transparently to skilled talent across Africa. |
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8. |
Botswana |
Brastorne connects the unconnected in Africa, enabling rural villages to have access to the digital world without smartphones or data. |
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9. |
Ghana |
Built enables access to business and financial tools for Sub-Saharan African small and medium-sized businesses (SMBs). |
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10. |
Kenya |
BuuPass is a travel startup – building digital rails for Africa’s intercity transport industry and supporting bus, train & flight transportation |
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11. |
Senegal |
Cauri Money is a cashless remittance platform helping African migrants move money from around the world into mobile wallets in Africa. |
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12. |
Nigeria |
Clafiya connects individuals, families, and businesses to health practitioners – enabling access to convenient, quality, and affordable, on-demand primary care from their mobile phones |
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13. |
Uganda |
ClinicPesa provides an easy-to-use platform where low-income users can set aside funds as low as $0.30 daily dedicated towards healthcare and get access to healthcare loans |
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14. |
Cameroon |
COVA is a digital insurance platform that enables partner businesses to easily and seamlessly deliver insurance products to their users |
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15. |
South Africa |
CreditAIs provides credit scoring tools for micro-businesses and individuals that do not fit the existing traditional credit scoring models |
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16. |
Kenya |
DohYangu enables end consumers in Africa to shop FMCG products & get cashback rewards at various retail stores, saving up to 25% |
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17. |
Uganda |
Easy Matatu provides a mobile platform that allows commuters to book and pay for scheduled rides on vetted and inspected minibuses |
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18. |
Nigeria |
Eden Life provides an operating system for receiving and rendering essential services in Africa – focused on offering food, cleaning, laundry, and beauty services to their customers. |
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19. |
Nigeria |
Estate Intel provides reliable data to businesses that are investing or operating in the African real estate space. |
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20. |
Uganda |
Eversend is a neobank, providing critical financial products in Sub-Saharan Africa – including cross-border financial services. |
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21. |
Rwanda |
Exuus empowers informal saving groups with a digital ledger, digital wallet, decentralised social credit score, and instant micro-loans to both groups and individuals. |
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22. |
Nigeria |
Flex Finance helps businesses in Africa to manage approval workflow, access credit, issue corporate cards to employees and make disbursements all from one platform. |
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23. |
Kenya |
FlexPay is a merchant-embedded digital savings platform that rewards customers for saving up for purchases – a save now buy later (SNBL) solution at checkout. |
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24. |
Nigeria |
Gamr is an eSports tournament aggregation platform, helping African gamers discover tournaments they can play in and get rewarded for. |
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25. |
Ethiopia |
Garri Logistics matches shippers looking to move cargo with vehicle owners and drivers, while finding optimal route pairings to reduce empty miles. |
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26. |
Nigeria |
Haul247 is a logistics platform that connects manufacturing companies and farmers with trucks and warehouses. |
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27. |
Cameroon |
Healthlane provides advanced comprehensive health screening and personalised plans, biometric monitoring, genetic analysis as well as in-person and virtual visits with top-rated doctors . |
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28. |
Nigeria |
Healthtracka is a platform that allows users access on-demand healthcare services in the comfort of their homes. |
|
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29.. |
Nigeria |
HerVest offers a highly secured, women-focused financial platform that enables women to participate in key financial services, with a focus on female farmers. |
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30. |
Rwanda |
Kapsule is a data as a service company that helps healthcare providers, insurers, and pharmaceutical companies to make better decisions |
|
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31. |
Kenya |
Keep IT Cool is an early-stage, fast-growing social enterprise that leverages technology to strengthen the African aquaculture and poultry value chain through cold chain and storage |
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32. |
Ghana |
KUDIGO offers an omni-channel digital commerce platform to empower micro and small businesses in Africa |
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33. |
Nigeria |
Kyshi provides multi-currency accounts and remittance services to and from Africa |
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34. |
Kenya |
Leja is an Android/USSD application enabling African micro-entrepreneurs to digitise all their business transactions and manage all their finance in one place |
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35. |
Nigeria |
LifeBank leverages technology to provide value in multiple segments (production, marketplace and distribution) of the healthcare supply chain such as blood, oxygen and medical supplies |
|
|
36. |
South Africa |
Mapha provides delivery as a service to businesses in peri-urban & township areas |
|
|
37. |
Nigeria |
Norebase provides a single digital platform and technology tools for entrepreneurs and businesses to start, scale, and operate in any African country and the United States. |
|
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38. |
Nigeria |
OneHealth is an online pharmacy & healthcare platform that provides access to medicines, healthcare information, and solutions (Laboratory services & Doctors) to the last mile patient. |
|
|
39. |
Rwanda |
PesaChoice bridges the gap in liquidity for low-middle income earners across the continent and drives access to financial services. |
|
|
40. |
Rwanda |
Pindo is a cloud communication platform for businesses, optimised for developers. |
|
|
41. |
Nigeria |
Pivo is a credit focused digital bank for trade, supporting businesses across Africa |
|
|
42. |
Nigeria |
QShop is an easy to use DIY e-commerce platform designed to help small and medium-sized businesses scale and sell better online. |
|
|
43. |
South Africa |
Rekisa helps businesses create their e-commerce websites and assists them with various digital marketing activities |
|
|
44. |
Nigeria |
Scrapays is creating operating system infrastructure for the recycling value chain in developing nations. |
|
|
45. |
Nigeria |
Shiip leverages web, mobile and API technology to connect individuals & businesses to delivery services in and out of Africa |
|
|
46. |
Solutech (Kenya): |
Kenya |
Solutech helps field-sales teams to sell more efficiently by leveraging powerful insights while providing FMCG companies with real-time data for day-to-day and strategic decision-making. |
|
47. |
Nigeria |
Spleet leverages a ‘Rent Now, Pay Later’ model to drive its mission to ensure that every African can afford a space to live in. |
|
|
48. |
Nigeria |
Stears is a financial intelligence company providing subscription-based content & data to global professionals. Its mission is to build the world’s most trusted provider of African data. |
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|
49. |
Kenya |
Synnefa is building Africa’s first mini-farm ERP connected to IoT sensors that provide soil data which is combined with farmer activity data to create a farmer experience score that is passed on to financial partners to use on their credit score. |
|
|
50. |
South Africa |
Technovera is an innovative tech startup focused on technology inclusion through the development of simple technologies aimed at improving last mile access in Africa. |
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51. |
Nigeria |
TERAWORK is an online freelance marketplace focused on matching freelancers to service buyers. |
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|
52. |
Kenya |
TIBU Health is an omnichannel healthtech company connecting patients to healthcare services and professionals at a time and location of their choosing. |
|
|
53. |
Nigeria |
Topset Education is an edtech platform that makes quality education accessible to Africans everywhere. |
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|
54. |
Kenya |
TopUp Mama enables restaurants in Africa to purchase food supplies, access financial services and manage their business. |
|
|
55. |
Nigeria |
Wellahealth provides technology and financial tools to healthcare providers and patients to enable affordability and accessibility of healthcare in emerging markets. |
|
|
56. |
Uganda |
Xente is a digital financial platform with in-built spend management to support businesses across Africa |
|
|
57. |
Kenya |
Zanifu enable SMEs to purchase inventory and pay later |
|
|
58. |
Ethiopia |
ZayRide is a customer centric on-demand taxi service offering fast, convenient service throughout local areas in Ethiopia |
|
|
59. |
Ghana |
Zuberi is a fintech platform based out of Accra, built to provide financial products and services to salaried workers in a way they have never experienced before |
|
|
60. |
Kenya |
Zuri Health provides affordable and accessible healthcare services to patients across Sub-Saharan Africa via mobile app, website, Whatsapp chatbot and SMS service. |
By Dipo Olowookere
About 0.04 per cent was recovered on Friday from the loss recorded by the Nigerian Exchange (NGX) the previous due to profit-taking.
Yesterday, investors were in the market with renewed vigour, mopping up stocks trading at relatively cheaper prices.
According to data, the insurance counter gained 0.41 per cent, the banking sector appreciated by 0.38 per cent, and the consumer goods index grew by 0.14 per cent.
The gains achieved by these three sectors were enough to lift Customs Street at the close of business despite the 0.26 per cent decline printed by the industrial goods segment and the 0.14 per cent loss suffered by the energy industry. The commodity counter was flat during the session.
A total of 43 equities gained weight on the last trading day of this week, while 26 equities shed weight, indicating a positive market breadth index and strong investor sentiment.
Red Star Express increased its share price by 10.00 per cent to N13.20, NCR Nigeria grew by 9.97 per cent to N128.55, SCOA Nigeria inflated by 9.96 per cent to N14.90, Omatek appreciated by 9.94 per cent to N1.77, and Deap Capital expanded by 9.85 per cent to N4.46.
On the flip side, McNichols decreased by 8.81 per cent to N6.00, Legend Internet crumbled by 7.56 per cent to N5.50, Cornerstone Insurance crashed by 6.48 per cent to N6.35, C&I Leasing contracted by 6.29 per cent to N8.20, and Austin Laz slipped by 5.78 per cent to N3.75.
Yesterday, 539.9 million shares valued at N16.7 billion were transacted in 48,023 deals versus the 1.0 billion shares worth N31.6 billion executed in 51,227 deals in the preceding day, implying a shrink in the trading volume, value, and number of deals by 46.01 per cent, 47.15 per cent, and 6.26 per cent apiece.
Zenith Bank was the most active for the day with 54.6 million stocks sold for N3.8 billion, Jaiz Bank traded 41.5 million units worth N359.4 million, Secure Electronic Technology transacted 37.7 million units valued at N39.2 million, Access Holdings exchanged 30.5 million units for N699.2 million, and Lasaco Assurance transacted 27.2 million units worth N68.3 million.
When the market closed for the day, the All-Share Index (ASI) went up by 72.21 points to 166,129.50 points from 166,057.29 points and the market capitalisation gained N31 billion to N106.354 trillion from N106.323 trillion.
By Adedapo Adesanya
It was a positive ending for the Naira this week after it further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 16 by N1.33 or 0.09 per cent to sell for N1,417.95/$1 compared with the previous day’s N1,419.28/$1.
The domestic currency also gained N2.41 against the Euro in the official market to close at N1,647.51/€1 versus the preceding session’s closing price of N1,649.92/€1, however, it suffered a N7.97 loss against the Pound Sterling in the same market window to trade at N1,901.32/£1, in contrast to Thursday’s closing price of N1,893.35/£1.
In the same vein, the Nigerian Naira depleted against the Dollar at the GTBank FX counter by N2 to quote at N1,427/$1 compared with the previous day’s N1,425/$1, but strengthened against the greenback at the black market yesterday by N5 to settle at N1,485/$1 versus the N1,490/$1 it was exchanged a day earlier.
Improved supply conditions helped keep the market within range as exporters’ and importers’ inflows in addition to non-bank corporate supply enhanced liquidity as the Central Bank of Nigeria (CBN) made no visible intervention.
Stronger external inflows from foreign portfolio investors (FPIs) and improving current account dynamics, continue to align with structural support in the wider economy.
Nigeria has seen projections of a stronger economic or gross domestic product (GDP) growth and lower inflation in 2026, with these forecasts citing improved macroeconomic fundamentals and reform impacts.
As for the cryptocurrency market, it was mixed following selloff in precious metals and lower US stocks appeared to be denting crypto sentiment.
Gold and silver, both of which also enjoyed big rallies earlier this week, tumbled 1.2 per cent and 5 per cent, respectively while key US stock indexes — the Nasdaq, S&P 500 and Dow Jones Industrial Average — all reversed from early gains to modest losses in Friday trade.
Dogecoin (DOGE) shrank by 2.2 per cent to $0.1370, Ripple (XRP) slipped by 0.8 per cent to $2.05, Ethereum (ETH) went down by 0.7 per cent to $3,228.56, and Bitcoin (BTC) slumped by 0.6 per cent to $95,086.80.
Conversely, Litecoin (LTC) appreciated by 3.2 per cent to $74.48, Solana (SOL) rose by 0.4 per cent to $143.70, Cardano (ADA) jumped by 0.2 per cent to $0.3942, and Binance Coin (BNB) increased by 0.1 per cent to $935.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher amid lingering worries about a possible US military strike against Iran, a decision that may still occur over the weekend.
Brent crude settled at $64.13 a barrel after going up by 37 cents or 0.58 per cent and the US West Texas Intermediate (WTI) crude finished at $59.44 a barrel after it gained 25 cents or 0.42 per cent.
The US Navy’s aircraft carrier USS Abraham Lincoln was expected to arrive in the Persian Gulf next week after operating in the South China Sea.
Market analysts noted that it doesn’t seem likely anything will happen soon. However, the weekends have become the perfect time for actions so as not offset the markets.
The market had risen after protests flared up in Iran and US President Donald Trump signalled the potential for military strikes, but lost over 4 per cent on Thursday as the American president said Iran’s crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.
Iran produces approximately 3.2 million barrels per day, accounting for roughly 4 per cent of global crude production, so it was not a coincidence that markets rallied sharply through Tuesday and Wednesday as President Trump canceled meetings with Iranian officials and posted that “help is on its way” to Iranian protesters, raising fears of potential US military strikes that sent prices surging toward multi-month highs.
Weighing against those fears are potential supply increases from Venezuela.
The Trump administration is exploring plans to swap heavy Venezuelan crude for US medium sour barrels that can actually go straight into Strategic Petroleum Reserve (SPR) caverns, since not all all oil belongs in the reserve.
According to Reuters, the Department of Energy is considering moving Venezuelan heavy crude into commercial storage at the Louisiana Offshore Oil Port, while US producers deliver medium sour crude into the SPR in exchange.
Analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.
Some investors covered short positions ahead of the three-day Martin Luther King holiday weekend in the US.
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