Business/Brands & Marketing
TECH ROUNDUP: Malawi’s Yellow, an asset financier for solar energy has raised $14 million
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Malawi’s Yellow, an asset financier for solar energy has raised $14 million
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Electricity prices in Nigeria are expected to rise by 25% in December
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TerraLabs CEO, Do Kwon has been sentenced to 4 months imprisonment
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Seedstars Capital has launched Seedstars Youth Wellbeing Ventures
Malawi’s Yellow, an asset financier for solar energy has raised $14 million series B funding to deepen its reach in its current markets Malawi, Rwanda, Uganda, Zambia, and Madagascar, launch digital and financial products in near-term, and prepare for future debt funding rounds to ramp up its growth. The new round brings total debt and equity funding raised by Yellow to $45 million.
Seedstars Capital has launched Seedstars Youth Wellbeing Ventures, a $20 million venture capital fund that will invest in early-stage African startups. The fund was launched in partnership with Fondation Botnar, the Swiss philanthropic foundation.
Glade allegedly lost $214,000 last year to an internal breach, involving a former employee. Its CEO, Liyi Victor, confirmed that the perpetrators hacked the company’s backend infrastructure and made away with the funds. The case has been reported to law enforcement agencies.
Airtel Nigeria has launched commercial 5G services in Abuja, Lagos and Port Harcourt. Customers can access the new high-speed network via a 5G router or a range of 5G-compatible smartphones and tablets.
Sub-Saharan Africa has seen a 227% increase in early-stage funding between 2018 and 2022, an indication that the funding scene will continue to experience tremendous growth. Fintech is the highest-performing sub-sector in the region, comprising 41% of total tech startup deals in the period.
POLITICS
The South African government is reportedly considering not divesting its equity stake in Telkom, a move that will see it retain its 40% shareholding in the telecoms company.
Electricity prices in Nigeria are expected to rise by 25% in December following the unification of the naira which has led to the depreciation of the naira at the investor and exporter window.
SOCIAL MEDIA
Spotify executive Bill Simmons described Prince Harry and Meghan, the Duchess of Sussex, as “grifters” after the couple’s partnership with the streaming platform came to a seemingly premature end Friday.
WORLD NEWS
Singapore says it is not rushing to set AI regulations even as there are repeated calls for government interventions to address its risks. “We are currently not looking at regulating AI,” Lee Wan Sie, director for trusted AI and data at Singapore’s Infocomm Media Development Authority, said.
Prominent Reddit moderators are locking down their subreddits in protest of the company’s recent decision to raise the price of access to its data. The controversy highlights the increasingly fraught relationship between Reddit’s leadership team, which has been marching towards an IPO, and its many outside supporters.
