Ventures Platform Closes Pan-African Fund at $46m

Tech Top 5 News

Pan-African VC firm, Ventures Platform, has announced the final close of its early-stage and intercontinental fund at $46 million. Surpassing its initial $40 million target, the oversubscribed fund from one of the continent’s most prolific investors sees new participation from global investors with an array of top-tier commercial banks, corporates, DFIs, global institutional investors and HNIs, including Standard Bank, International Finance Corporation (IFC), and others.

The new fund will see Ventures Platform double down on backing a cohort of category-leading companies across the continent and will also allow for follow-on investments for portfolio companies up to Series A. In a bid to better support the companies it invests in, Ventures Platform has also established an innovative “platform and networks” practice that will provide scalable and world-class post-investment support and value creation to its portfolio companies.
Since the fund’s first close late last year, the early stage “discovery” venture capital fund has deployed new capital and follow-on capital into companies across various verticals and regions on the continent, such as Remedial Health, Moni Notto, and Chargel.

In addition to the close of the fund, Ventures Platform has made a series of strategic team additions at the partnership and senior management levels. The VC firm has added an investor and former Principal at pan-African VC firm, Novastar Ventures, Dr Dotun Olowoporoku, as a managing partner.
In addition, Ventures Platform has appointed another notable new member to enhance its expert network further as it brings onboard renowned technologist and investor Desigan Chinniah as a Venture Partner.

Founder and General Partner at Ventures Platform, Kola Aina, stated, “We are honoured to have the breadth of both local and global investors who have bought into our vision and who equally are bringing immense value to our portfolio. This is a crowning close to an eventful year in which we made substantial advancements both in the tactical and the proprietary interventions that catalyse our portfolio companies.”
According to William Sonneborn, IFC’s Global Director of Disruptive Technologies and Funds, IFC is the largest global development institution focused on boosting private sector investments in emerging markets. He stressed that championing tech innovation, digital talent, and connectivity is key to succeeding in “our mission.”
“We are also one of the largest tech investors in Africa,” added Sonneborn.

Twitter Bans Journalists on its Platform
Twitter has suspended the accounts of several journalists at major news organisations who have covered Musk or tweeted critically about him.
Elon Musk claimed that the bans resulted from “endangering his family.” In a separate tweet, he also claimed that “they posted my exact real-time location, basically assassination coordinates, in (obvious) direct violation of Twitter terms of service.”
According to reports, there is no evidence the journalists endangered Musk or his family in any way.
The journalists, however, share a common thread of critical coverage of Musk and his management and policy decisions following his October takeover of Twitter, including a recent controversy over Twitter shutting down an account that tracked Musk’s private jet.

Musk announced that any instances of posting real-time location data would be treated as a form of doxxing and result in a suspension of the account.
Musk also joined Twitter Spaces chat dedicated to reporters suspended from Twitter.
“There is not going to be any distinction in the future between journalists and regular people. Everyone’s gonna be treated the same. You are not special because you are a journalist. You are a citizen,” Musk said during the live discussion. “So, no special treatment. You dox, you get suspended, end of story, that is it.”

Microsoft, Viasat to Deliver Internet Access to 5m Africans
Microsoft and Viasat have announced a partnership to help deliver internet access to 5 million people across Africa.
Viasat, a global communications company, is the first satellite partner to work with Microsoft’s Airband Initiative, and together they will deepen Airband’s work in Nigeria, the Democratic Republic of the Congo, Guatemala, Mexico, and the United States, making it 10 million in total .
The plan is to also  prioritise expanding the program to Egypt, Senegal and Angola to deliver much-needed internet connection.

Microsoft’s Airband is a collaborative effort across local and regional internet and energy access providers, telecom equipment makers, non-profits, and governmental and non-governmental organisations, to advance access to affordable internet and relevant digital skills worldwide.
This first-of-its-kind global partnership for Airband is a key step in reaching the Initiative’s expanded goal of delivering internet access to a quarter of a billion people worldwide, including 100 million people on the continent of Africa, by the end of 2025.
The companies will combine expertise and assets to help enable telehealth, distance learning and education, precision agriculture, clean power, and other services to reach new areas through the transformational provision of power and connectivity. The companies will collaborate to provide and pilot technologies including, but not limited to, satellites (both Geostationary Orbit and Low Earth Orbit [LEO]) and fixed wireless.

Apple to Allow Third-Party App Stores on iPhones
Apple is planning to let users install alternative app stores on iOS.
The shift would be a remarkable change for the company, as iPhone users could start seeing and having access to third-party app stores.
The plans are being spurred on by the EU’s Digital Markets Act (DMA), which is meant to enact “rules for digital gatekeepers to ensure open markets” when its restrictions become a requirement in 2024.

With the launch of iOS 17, Apple users worldwide can download apps without using the App Store.
The law means that Apple will have to allow third-party app stores and sideloading, where users can install software downloaded from the web. Apple executives have previously called the ability to sideload software “a cybercriminal’s best friend” in response to the act.
In a recent update from Apple reporter Mark Gurman, the App store may be in the process of new development.
The EU has laid out a complex schedule for complying with the law, which involves companies potentially affected by it notifying regulators and a commission determining whether they will have to make changes.

The latest date gatekeeper companies will have to comply with the act is March 2024.
The company is considering “mandating certain security requirements,” verifying outside apps in some way and potentially charging a fee. Apple has not decided whether it will let developers install third-party payment systems in apps, which it is supposed to do under the DMA. It also has not decided how it will make iMessage interoperable with other services, another condition of the DMA, and could open its Find My network to more location accessories like Tile.

Klasha Introduces Menstrual Leave Policy for Employees
E-commerce startup, Klasha, recently introduced a menstrual leave policy for female employees in a bid to promote self-care opportunities during their menstrual cycles.
This five-day leave doesn’t include the annual, sick, and other leaves employees are entitled to. As revealed in the startup’s intention, implementing this policy will encourage inclusiveness for female employees, encourage workplace diversity, and demystify misconceptions about menstruation.
The company also stated it would subsequently evaluate the policy’s effectiveness and modify the number of leave days.
Speaking on its new policy, CEO of Klasha, Jess Anuna, stated that the leave policy is to challenge gender stereotypes in its workplace, and empower its female workforce, who make up to 50 per cent of its permanent team.

She said, “At Klasha, we understand that we must make room for women’s biological needs as a part of everyday business.”
The new policy is also a  sustainable strategy for a company. Inclusive employee policies attract and retain talent, and happier employees are more productive.

Tech Personality of The Week

Olamide Olowe

This week’s tech personality is the founder and Chief Executive Officer at Topicals, Olamide Olowe.
Olowe is the youngest Black woman ever to raise more than $2 million in venture funding.
Recently, Topicals skincare announced a $10 million financing round led by CAVU Consumer Partners.
Topicals appeals to Gen-Z consumers through its TikTok and Instagram marketing, eye-catching packaging, and mental health advocacy.
Founded in 2020, Topicals saw revenues increase three-fold in 2021. In 2022, the company sold one product every minute.

Topicals is on a mission to end the stigma around these skin-related conditions. The company has reimagined how consumers can treat flare-ups by developing products that contain ingredients and herbals scientifically proven to work by third-party, peer-reviewed clinical studies.

Topicals will harness the CAVU funding to expand the company and fuel brand awareness. The company is also committed to raising awareness about the connection between mental health and skin conditions. Topicals has donated more than $50,000 to support non-profits providing mental health resources to marginalised communities. Now the company will be able to launch a 12-month accelerator program to support non-profits in the mental health space.
Olowe was included in the Forbes 30 Under 30 list for 2022 for her previous fundraising of $2.6 million.