Hey guys, we are rounding up the week’s big 5 Daily with interesting news across Africa and the world.
South African based startup, Snapt has gotten $3-million from three local investors that took part in its early round. The investors include – Nedbank, Sanari Capital and Convergence Partners. At the same time, the startup is on the verge of recording a 1000% increase in revenue this financial year. However, in the investment deal, they did not reveal the size of the equity that the investors will be taking.
In October, TGA reported that the International Finance Corporation (IFC), Egypt’s Ministry of Investment and International Cooperation (MIIC) selected 100 Africa-based entrepreneurs for Africa 2018 Forum. Now, the 100 start-ups have been selected, and they would be attending the Africa 2018 Forum holding tomorrow December 7th at the Sharm El Sheikh, Egypt. The initiative is aimed at providing up-and-coming start-ups with funding and mentorship.
In related news, the Youth for Technology Foundation (YTF) has started receiving applications for next year’s 3D Africa Internship Program. Upon joining the YTF team, selected interns will be among the 3D Africa Ambassadors and will learn from the 3D Africa program manager and also, the entire YTF team on 21st-century engineering/technology skills. To apply, click here.
Also, the Africa Startup Summit, together with Disrupt Africa is receiving applications for the Africa Startup Summit, Rwanda. Afterwards, 10 African tech startups would be picked to pitch before over 400 investors and accelerators in Kigali, Rwanda on February 14-15. They also stand a chance to get investments and collaborations from top investors, corporates, and key stakeholders in Africa and beyond. You are interested right? Just apply here.
And lastly, International Business Machines Corp (IBM) has agreed to sell some of its software assets to HCL Technologies (HCLT.NS) for $1.8 billion (1.4 billion pounds). This acquisition will help HCL compete better with competitors like TCS and Infosys Ltd. Some analysts however, have criticised the “supposed largest-ever” acquisition by HCL. They maintained that the deal did not “make sense” for HCL in the long term because of its existing partnership with IBM and that the gains from the deal did not justify the price at all.
…and that is all for the day, see you tomorrow.