⚖️ Courtroom To Boardroom 💼

⟹ 🚀 STARTUPS WATCH 🚀 ⟸

Here are the 5 top startups in the African eco-system we think you need to know:

Sama is at the forefront of AI innovation, providing top-tier training data that fuels cutting-edge AI technology. Trusted by industry giants like Google, NVIDIA, GM, and Walmart, Sama's platform is instrumental in developing precise machine-learning models. Specializing in image, video, language, and sensor data annotation, Sama caters to diverse industries such as autonomous transportation, Medtech, agriculture, and retail.

As a certified B-Corp, Sama is committed to social impact, having lifted over 56,000 individuals out of poverty by expanding opportunities through the digital economy. Validated by an MIT-led Randomized Controlled Trial, Sama's training and employment program exemplifies its dedication to driving positive change through technology.

In the News:

• Sama’s AI business will hire 2,100 Kenyans after exiting content moderation - Techcabal

• Meta to cut ties with its content moderators in Kenya - Techcabal

• Court stops Meta, Sama from firing 260 Kenyan content moderators - Techcabal

AgriProtein pioneers nutrient upcycling, revolutionizing food production sustainability. Harnessing the natural abilities of the black soldier fly, AgriProtein transforms organic waste into premium protein for pets, livestock, and fish. Their industrial-scale bioconversion process repurposes waste from food factories, farms, and restaurants into valuable products like MagMeal™, a complete insect-based protein, MagOil™, a versatile natural oil, and MagSoil™, a nutrient-rich soil conditioner.

Since 2008, AgriProtein has been at the forefront of technology development, culminating in the world's first industrial-scale insect facility in Cape Town, South Africa. With the capacity to divert 100 tonnes of organic waste daily and produce over 2,000 tonnes of MagMeal™ annually, AgriProtein is driving sustainable innovation in the agricultural sector as a subsidiary of the Insect Technology Group.

At Erith Health Services, the commitment lies in meeting healthcare needs in pharmacy practice, wound care, and hospital supplies. The company's range of services offers customers access to top-quality brands, conveniently delivered to their doorstep.

With a focus on advanced wound care solutions such as honey, silicone, and foam dressings, coupled with specialized personal protective equipment for healthcare workers, Erith Health Services ensures comprehensive support for healthcare facilities. Emphasizing cost-effective treatment and management, the company provides training on product usage and consistently seeks innovative approaches to enhance healthcare delivery.

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

While there might be some turmoil within the startup ecosystem, the VC space keeps gathering momentum as more and more money is injected into the ecosystem. This week was just a continuation of the trend. Let’s break it down!

Egyptian VC firm Glint has recently closed the first round of its second fund, securing an impressive $3 million. Led by Tarek Aboualam and Youssef Helmy Habib, Glint Fund II empowers Egyptian entrepreneurs with early-stage investments ranging from $250,000 to $500,000 per ticket. Anchored by the Wadi Degla Group, Glint supports startups through its venture studio model, offering capital and comprehensive assistance to access regional markets. This milestone signifies Glint's commitment to fostering the growth of tech-based startups and facilitating their expansion into regional and international markets.

OpenseedVC, under the leadership of founder Maria Rotilu, has achieved a significant milestone by closing the first round of its $10 million fund. London-based OpenseedVC focuses on early-stage investments for startups launched by operators across Africa and Europe, providing financial backing and a supportive community of professionals. With plans to support 60 startups in commerce, work productivity, and digital health sectors, OpenseedVC, led by Rotilu, leverages her diverse background to make impactful investments while actively promoting diversity by supporting startups led by female operators.

South African startup Ratality, renowned for its revenue management software for ground travel operators, has been acquired by Canada's Busbud, a global travel booking platform. Ratality's cloud-based solutions, launched in 2017, enable operators to optimize revenues through features like demand forecasting. Busbud aims to enhance its B2B platform with Ratality's capabilities, expanding its reach globally and empowering operator partners. CEO Arend de Waal highlights Ratality's proven success, while LP Maurice sees the acquisition as a pivotal addition to Busbud's offerings for operators worldwide.

👀 This week’s spotlight is on the GIIG Africa Fund 👀, a pioneering profit and purpose fund that invests in groundbreaking technologies, shaping new markets, and revolutionizing industries. Leveraging the Global Startup Awards Africa platform, GIIG invests annually in exceptional startups, providing multi-stage capital, growth support, and access to invaluable networks for accelerated market entry.

Here are some of their impactful portfolio companies:

1. Kubik: Transforms plastic into eco-friendly building materials for affordable housing.

2. Scarab Tech: Converts plastic waste into carbon-neutral energy.

3. Biobuu: Turns food waste into fertilizer and animal feed using black soldier fly larvae.

4. My Health Africa: Revolutionizes access to specialized healthcare services.

5. EnvisionIt Deep: Democratizes diagnostic healthcare with AI technology.

6. Treepz: Facilitates shared mobility across Africa's major cities.

GIIG Africa Fund is dedicated to driving positive change through innovative solutions and empowering startups to create a lasting impact.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

Here are the 5 key things in the news this week that you need to know:

1. The Guardian sues logistics startup Kwik - Techcabal

2. Egypt’s OneOrder raises $16m Series A round to expand into GCC region - Disrupt Africa

3. Kenya’s Copia mulls shutdown amid plans to lay off over 1,000 staff - Techcabal

4. OpenseedVC, which backs operators in Africa and Europe starting their companies, reaches first close of $10M fund - Techcrunch

5. SA mobility startup Ratality acquired by Canadian firm Busbud - Disrupt Africa 

And that’s your weekly dosage of the African startup ecosystem! If you have any comments or feedback, just respond to this email. We are always happy to hear from our readers.

Thanks for reading. See you next week.

Gitonga, the Stoic Founder at StartupHub.Africa 🚀

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