LoftyInc Capital, a pan-African venture capital firm, announced today the launch of its third USD 10 Mn fund, LoftyInc Afropreneurs Fund 3, for tech startups in Africa. The firm has reached the first close of USD 5.5 Mn. Some of the limited partners in the vehicle include those from its second fund, FBNQuest Funds, syndicates from The Green Investment Club, HNIs from multinationals like Google, Facebook, and ExxonMobil; and Andela CEO Jeremy Johnson, among others.
Ridelink, an e-logistics platform based in Uganda, recently closed a USD 150 K pre-seed round to develop its technology and expand its marketing activities. The investment was made possible by a partnership between the startup and Ortus Africa Capital, Omidyar Network, and the African Leadership Academy’s Young Entrepreneurs Fund (Anzisha).
Ridelink operates an e-logistics platform developed to seamlessly connect SMEs to a network of transport operators. The startup’s goal is to reduce the cost of transportation for small businesses by linking them with truck drivers and leveraging technology to make business operations operate more smoothly, generate revenue, and improve mobility efficiency and performance.
Saudi Arabia-based last-mile delivery and logistics services provider, DIGGIPACKS, has acquired Egypt-based e-commerce solutions provider FWRUN as it looks to expand its presence in the Egyptian market.
Through strategic partners in both parts, Diggipacks provides storage (Middle Mile) and transport services (Last-Mile). It uses high-quality technology to connect merchants with a large number of 3pl warehouses, giving merchants a plethora of options for maintaining a consistent level of efficiency and quality.
FwRun services were launched in Cairo in the last quarter of 2019 as a Fulfillment center that provides storage and Handling services (Middle Mile).
Bumpa, a Nigerian startup that helps retailers manage and grow their businesses from their mobile phones, has announced the close of its USD 200 K pre-seed round. The round included Greencap Equity, HOAQ Club, Whogohost Venture Arm, Rizq Investment Group, Microtraction, DFS Labs, Aidi Ventures, Prosper Otemuyiwa, Oo Nwoye, Perfect Makanju, and a few other angels.
Bumpa helps merchants and businesses move their business online, enabling merchants with zero programming skills to set up their e-commerce store using their smartphones. Bumpa merchants can also accept online and offline payments, manage inventory/products, handle bookkeeping, fulfill orders, track sales, request dispatch riders, engage customers easily, and much more on the go with their smartphones.
SAFCOIN, the first African cryptocurrency that launched exclusively to South African buyers in 2018, is going global with its listing on HotBit, one of the world’s leading cryptocurrency trading platforms. The list date is scheduled for next week 8/9 September 2021.
As the first local cryptocurrency to be offered to the global market – and with only 10 million coins available and 8.7 million already circulating – the HotBit listing gives international investors the opportunity to own a native African cryptocurrency that’s driven by a core purpose: to make investing in crypto easy, accessible, and understandable for everyone in Africa.
SAFCOIN has been known to achieve many firsts for the South African crypto market in the last three years. In 2018, 500,000 SAFCOIN tokens were issued as Initial Coin Offering (ICO) for South Africans, a feat that effectively made it the first homegrown crypto asset in the region. The firm’s ICO was aligned to give South Africans an opportunity to invest in a startup currency after missing out on numerous ICOs when the electronic money rush started in 2010.
The company was successful in launching a bespoke, decentralised blockchain mainnet, built using a Scrypt algorithm; the centralised SAFCOIN Exchange; and SAFCOIN Wallets on Android and iOS.
The offerings by SAFCOIN was supported by many other features in the following year with the launch of SA’s first “plug-and-play” SAFCOIN mining opportunity, allowing new, small, and start-up miners to earn a passive monthly income by mining SAFCOIN.
The company’s growth was further fueled by add -ons like SAFPay, a secure payment gateway that facilitates transactions with very low – or no – transaction fees and no middleman. In 2020, SAFCOIN made its entry into Nigeria and Uganda.
Along with launching MobiJobs, Africa’s first blockchain-powered micro jobs platform that connects businesses and gig economy workers across Africa, the company also introduced SAFCOIN pool mining programme. This year, the crypto startup’s massive vision realised with the launch of Cryptovalley, an e-commerce platform powered by SAFCOIN and SAFPAY that allows small businesses to sell and pay for products with crypto.
On the occasion of listing on an international trading exchange, SAFCOIN CEO Neil Ferreira said, “SAFCOIN really is Africa’s pride. It’s been amazing to watch our vision come to life, and it keeps growing from strength to strength, connecting and empowering more Africans across the continent every day.”
He says they never intended SAFCOIN to be ‘just another cryptocurrency’ but wanted to demystify crypto for the man on the street and provide him with tools and resources to participate in the digital currency revolution. The ultimate goal was to see SAFCOIN become a widely and globally accepted form of payment that in turn boosts African trade and simplifies cross-border payment processes. With the HotBit listing, it seems nothing can stop SAFCOIN’s growth and impact.
“There’s a lot more to cryptocurrencies than just profiting from it,” says Ferreira. “Individuals can be empowered, marketplaces can be opened, cross-border trade can be supported, and social and economic growth can be stimulated. This is why SAFCOIN was created: to help people while also empowering them to help themselves.”
The SAFCOIN project was launched in 2018 by founders Neil and Michela Ferreira, together with Tony Ferreira. SAFCOIN was created to be more than just a cryptocurrency and boasts within it an extensive network of functions united under the SAFCOIN umbrella. Over and above its accolade as the first Proof-of-Work cryptocurrency on the continent, the SAFCOIN ecosystem has been developed to accelerate Africa’s small -to medium businesses and freelance participation in a global economy.
The cryptocurrency exchange platform, HotBit, where SAFCOIN soon lists is registered in Hong Kong and Estonia. With roots in Shanghai and Taipei, the exchange also caters primarily to South-East Asian investors and traders. HotBit boasts a trading volume of over USD 181 Mn and is ranked 83rd in world crypto exchange listings. Over one million users in 170 countries trade in 700+ cryptocurrencies listed on HotBit, including Bitcoin (BTC), Ethereum (ETH), and Polkadot (DOT), putting SAFCOIN in good company.