Hi guys,
Happy new month and welcome to the last edition of the Big 5 Daily for the week.
Let’s Dive in!
We have big news that TeamApt closed a 5.5 million USD during its Series A round which was led by Quantum Capital Partners. TeamApt is a Lagos based company that deals in the development of Digital Business Solutions, Digital Banking and running Payment Infrastructure for Africa. This funding will enable the company expand aggressively and also invest further into product development and talent acquisition. We are definitely happy for them.
According to a report from the MasterCard Foundation titled– Digital Commerce and Youth Employment in Africa, Africa’s eCommerce will generate up to 500 billion USD by the year 2030. This will add about 16.7% to the continents economy. This boom will likely affect up to 80 million new workers which is more than 13% of the projected African labor force. The growth will also build the labor force of logistics and payment firms.
Moving on, winners of the South African Global Legal Hackathon 2019 (GLH2019), the largest legal hackathon in the world have been announced. They were; Kagiso: A platform that provides cost-effective and fast alternative to lengthy court processes for civil disputes. Bua: This is a voice-recognition system that allows victims of crime to record their own statements in their own language in privately and finally, O Kae Molao: A local language TV show that speaks directly to poor communities around South Africa and offers legal advice. Read more about the competition here
Next on the Big 5, Nokia has launched an off-the-shelf Internet of Things (IoT) package to aid operators win new business in the Vertical IoT Market. The package will simplify the operations and set-up of enterprise IoT Services. The package is built on the Nokia Worldwide IoT Network Grid (WING) infrastructure. It provides the necessary global IoT connectivity and service support, IoT sensors, user applications and business models suited to specific sectors. Nokia WING also offers a pay-as-you-grow business model that gives the operators the flexibility to scale up IoT services. They announced this during the Mobile World Congress 2019.
Finally on the Big 5, Aerobotics has received a R29 million Series A funding equivalent of $2 million from local venture capital company, Paper Plane Ventures. The funding round expansion came through a signed deal with Paper Ventures. This announcement was made at Aerobotic’s new office launch event. The latest funding follows a $2-million round led by Nedbank in May last year.
That’s it for the Big 5 Daily.
Thanks for joining!