Category: Africa

It’s not just convicts. Russia is forcing its African migrants and students to fight for them in Ukraine.

A billboard recruiting individuals to fight for the Russian Armed Forces in Ukraine. Maksim Konstantinov/SOPA Images/LightRocket via Getty Images Russia is replenishing its troops with an unlikely source — African migrants and students. Thousands of Africans have been forced to join in Russia’s war against Ukraine, per Bloomberg. The country has also been plugging its manpower gaps by sending prison inmates to the battlefield. Russia…

Harris unveils plan to double internet access in Africa

Vice President Kamala Harris announced a new partnership Friday that will double internet access across Africa. Roughly 40 percent of the continent has access to the web, and the new partnership looks to increase it to 80 percent. Harris’s announcement follows a trip last year to Africa and came as Kenyan President William Ruto visited Washington for a state visit. During a conversation with Ruto,…

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

Founder-market fit is one of the most crucial factors in a startup’s success, and operators (someone involved in the day-to-day operations of a startup) turned founders have an almost unfair advantage in finding that fit. Data shows that a lack of expertise and business acumen in founders contributes to failed VC investments. The same principle applies […] © 2024 TechCrunch. All rights reserved. For personal use…

Ethiopian plastic upcycling startup Kubik gets fresh funding, plans to license out its tech

Kubik, a plastic upcycling startup, has raised a $1.9 million seed extension, months after announcing initial equity investment. The startup’s latest investment is from African Renaissance Partners, an East African venture capital firm; Endgame Capital, an investor with a bias for technologies around climate change; and King Philanthropies, a climate and extreme poverty investor. The […] © 2024 TechCrunch. All rights reserved. For personal use…

Pula raises $20M Series B to provide agricultural insurance to farmers in Africa, Asia and LatAm

Pula, an insurtech based in Kenya, has since 2015 been keen on enhancing the access to agricultural insurance by small-holder farmers across emerging markets, shielding them against losses from pests, diseases and/or extreme weather events like floods and droughts. So far, the insurtech has supported 15.4 million farmers in Africa, Asia and Latin America to […] © 2024 TechCrunch. All rights reserved. For personal use…

Libya displaces Nigeria as largest crude oil producer in Africa – OPEC

Libya displaced Nigeria, the largest producer of crude oil in Africa, in March. This is according to the Organization of Petroleum Exporting Countries’s monthly March oil report released Thursday. The report said Libya produced an average higher figure of 1.236 million barrels per day, but Nigeria’s production dropped to 1.23 million bpd, representing a differential of 5,000 barrels. According to OPEC, Nigeria’s crude production figure…

African B2B e-commerce giant Wasoko marked down to $260M after VC halves stake

VNV Global, a Swedish investment firm that backs startups in mobility, health and marketplaces, slashed the value of its holding in Wasoko, an African B2B e-commerce startup, by 48%, according to its annual report for 2023.  In its annual report, VNV set Wasoko’s fair value at around $260 million as of December 2023, the month that […] © 2024 TechCrunch. All rights reserved. For personal use…

Non-sexy industries can appeal to investors too

Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we’re looking at some hot fintech startups in Africa, how Mint’s closure has been Copilot’s gain and why VCs have doubled down on a particular expense management startup. To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Sunday […] © 2024 TechCrunch. All rights reserved. For personal use…