WeeTracker and AFEX Announce Masterclass Sessions For Upcoming Startups

WeeTracker Media is proud to announce its partnership with AFEX to launch a series of Masterclass sessions for African companies. WeeTracker has been a critical player in the African ecosystem for a long time, gathering insights, information, and progress of young companies. On the other hand, AFEX, recognized as the fastest-growing company in Africa by the Financial Times, brings a wealth of experience and knowledge across building and scaling markets to this collaboration.

The Masterclass sessions will provide a platform for startups and other ecosystem players to learn from experienced founders, investors, and tech builders. The inaugural session of the Masterclass series will be held in Nairobi, and participation will be on a first-come, first-serve basis. There are only 30 seats available for early-stage startups (MVP to Pre-Series A), and there is no participation fee for startups. 

The partnership aims to impart valuable insights and knowledge to early-stage startups through Masterclass sessions on company building. This initiative will assist upcoming companies in navigating the complexities they encounter, from fundraising to exits. WeeTracker believes such initiatives will help establish stronger fundamentals and create more investable companies in the ecosystem. AFEX will share its decade-long experience building a Pan-African exchange platform in Africa that meets the criteria of sound fundamentals. 

“We are thrilled to be kicking off this partnership with WeeTracker to democratise knowledge sharing for players in Africa’s business ecosystem”, says Mariam Tobun, Vice President of Corporate Services at AFEX. “A philosophy we hold at AFEX is the indistinguishable place of capacity building and cooperation before competition, and this masterclass presents that opportunity to have a safe space for the next generation of innovators to be curious and learn”, she expressed. 

The Masterclass series is an incredible opportunity for startups to gain valuable insights and knowledge from industry experts.

NJ, Co-founder of WT, said, “There are few democratized templates or playbooks for building companies, especially for African startups. As a result, the best chance for companies to succeed is by learning from each other. I am thrilled to have AFEX on board, as they understand the importance of knowledge sharing. It’s commendable that they have partnered with us to establish a culture of co-building”.

For more information about the Masterclass sessions and to book your seat, please follow the link here.

Nigeria’s Fledgling Startups Are Returning Capital And Calling It Quits

African startups are facing a period of reassessment and realignment as fledgling players announce their decisions to return remaining capital to investors and shut shop. These developments signal a broader trend in the continent’s tech ecosystem, where startups are finding it increasingly challenging to secure funding and find their feet in competitive markets.

Thepeer, a Nigeria-based API startup, embarked on a mission to revolutionize digital payments for businesses. However, despite raising a substantial USD 2.1 M seed round, the company faced insurmountable challenges related to compliance issues and slow adoption of digital wallets.

In a parting move announced in a public statement on Monday, Thepeer opted to return capital to investors and cease operations, acknowledging the need for a fundamental reevaluation of its approach after struggling to gain traction. Specifics of the amount returned to investors were not divulged.

Earlier this year, Cova, a Nigerian wealthtech startup founded with the vision of providing a “single source of truth” for asset management, shut down having faced hurdles in scaling its operations.

Despite early success and significant funding, the startup found itself unable to sustain operations amid tightening fundraising conditions and scaling problems. The decision to wind down operations and return leftover capital underscores the reality facing many startups in Africa’s rapidly evolving tech landscape.

These developments reflect a broader shift in the startup and venture capital ecosystems, both locally and globally. The once-burgeoning optimism surrounding Africa’s tech scene has given way to a more cautious and discerning approach among investors. Tightening liquidity, coupled with increased scrutiny on business fundamentals, has forced startups to reassess their strategies and focus on sustainable growth.

The challenges encountered by Thepeer and Cova are emblematic of the broader struggles faced by African startups in securing funding and gaining market traction. Despite significant advancements in recent years, the continent’s tech ecosystem is still maturing, with growing pains evident across various sectors.

In response to these challenges, startups are being forced to pivot, downsize, or, in some cases, shutter operations altogether as seen in several cases over the previous year.

Nigerian genomics firm 54gene, South African transit data provider WhereIsMyTransport, and Kenyan logistics platform Sendy are among the highest-profile African startups to shut down last year, and the closure of Ghanaian fintech Dash under scandalous circumstances was a notable low point. In all, fifteen or so African tech startups announced their closure in 2023, per a compilation by tech publication Afridigest — after raising over USD 200 M combined.

While these developments may seem discouraging, they also present opportunities for introspection and innovation within the ecosystem. By learning from the experiences of companies like Thepeer and Cova, entrepreneurs and investors can chart a course towards sustainable growth and long-term success in Africa’s dynamic tech ecosystem.

Featured Image Credits: Adewale Yusuf/Techpoint

Kenyan Fintech Triply Selected For YC Winter 2024 Batch

Triply, a Kenyan fintech that helps travel businesses collect payments has been selected for Y Combinator’s winter 2024 batch. Triply is the latest African startup in the cohort after Cleva, the cross-border payment service, and Miden, the API startup.

Launched in 2021 by Peter Wachira and Collins Muthinja, Triply helps these travel businesses collect payments and automate their operations. The startup also advertises these businesses on its marketplace to help match the needs of Kenya’s local travel market.

Ghanaian Fintech Zeepay Receives USD 3 M Investment

Ghanaian fintech company Zeepay Ghana Ltd today announced the completion of a USD 3 M equity investment by pan-African investment firms Verdant Capital Hybrid Fund. The funds will go towards expanding Zeepay’s operations in Africa and the Caribbean.

Zeepay focuses on building digital rails that connect digital assets including mobile money wallets, cards, ATMs, bank accounts, and digital tokens to international money transfer operators, payments, subscriptions, overseas airtime, and refugee payments. The mobile money challenger terminates remittances into mobile money wallets across all networks, including its wallets available in the six markets it currently operates globally.

Adenia Partners Closes USD 470 M African-Focused Fund

Adenia Partners Ltd., a private equity firm focused on African opportunities, has announced closing its fifth and largest Africa-focused fund to date, Adenia Africa Fund, for USD 470 M. The fund will invest in several industries across the continent, including fintech, telecom, and healthcare. The fund attracted investment from old and new investors, such as Norfund AS, the US International Development Finance Corp., and Canada’s Findev Inc.

The Adenia Fund also includes the Public Investment Corp. Ltd., an Africa-based fund manager that manages approximately USD 138 B (R2.6 trillion) in South African government-employee pension assets, as well as Ghanaian and Kenyan pension funds. Adenia has been active in Africa for more than two decades, having been founded in 2002. The company, headquartered in Mauritius, operates in seven African countries and boasts a team of 21 investment professionals.