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- 🦄 Africa’s new unicorn startup
🦄 Africa’s new unicorn startup
Plus Janngo closes second fund, France resets Morocco relations and largest IPO in 2024.
Anthony Miclet
October 30, 2024
Hi there. In today’s newsletter, Africa's financial markets are growing at their fastest pace in seven years, driven by a recovery in economic growth and easing inflation, a report by Absa finds, and then:
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Markets Wrap
Markets
Earnings & Dividends
Geregu Power Share Price Soars on Pre-Tax Profits Surge to $22M
This Week’s Top Stories
Unicorn status: Moniepoint, formerly TeamApt, secured $110M in Series C funding that propels the Nigerian startup’s valuation to $1B, granting it unicorn status. With that, the fintech joins an exclusive club that includes only seven others across the continent.
Capital close: Janngo Capital, an African venture capital firm, has closed its second fund at $78M, surpassing its initial target by 20%. Aiming to support 25–40 startups over the next five years, Janngo prioritizes female-led ventures, aligning with its “gender equal” investment approach.
Morocco reset: French President Emmanuel Macron's visit to Morocco yielded potential investment deals worth up to $10.8B, covering infrastructure, energy, and Morocco’s high-speed railway network. This comes as France looks to improve often-rocky relations with the North African country.
Largest IPO: South Africa retail major Pick n Pay Stores plans to list its low-cost Boxer business on the Johannesburg Stock Exchange (JSE) by year-end, aiming to raise up to $452M in what could be Africa's largest IPO of 2024.
Headline Roundup
A summary of the major business, tech, and finance headlines of the past week.
Economy and Macro
IMF Raises Sub-Saharan Africa’s 2025 Growth Forecast
Zimbabwe’s Inflation Rate Jumps After ZiG Currency Devaluation
Mozambique’s Ruling-Party Candidate Chapo Wins Presidential Vote
Global Financial Watchdog Takes Senegal Off Dirty Money List
M&A and Corporate
Nigeria’s Access Bank Plans Dollar Bond Sale to Fund Expansion
Starlink Terminals Sell Out in Zimbabwe, Driving ISP Price Cuts
Absa Secures $150M from UK’s BII to Boost African SME Financing
Startups and Tech
Fundraising and Accelerators
Deloitte Launches $30M Hub in Egypt to Boost Digital Exports
Google Commits $5.8M to AI Training Across Sub-Saharan Africa
Must-Reads on Daba
Boost your investing IQ with educational blogs and thematic articles on Africa.
Learn
Insights
The Future of Streaming Lies in Africa’s Overlooked Markets
The Economics of Lottery Business: Why Invest in One?
Perspectives
Why Mass Migration is Not Solution to Ailing Growth in Africa
Capturing the ‘Missing Millions’: Perspectives With Wi-flix CEO
Opportunities Corner
Discover funding, awards, and accelerator opportunities to boost your startup's growth. Deadline in brackets.
Latitude59 Pitch Contest (Nov 1)
Mastercard Agribusiness Challenge (Nov 22)
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Chart of the week
Get more context into themes shaping Africa’s investing landscape.
Africa’s $1B startup club: With Nigeria's Moniepoint joining the billion-dollar valuation ranks after a $110M Series C, it’s a great moment to look back at the continent’s unicorn landscape. This exclusive group showcases Africa’s rapidly growing tech ecosystem, with fintech leading the charge — from payments to digital banking solutions. Click here or tap the button below to learn more about Moniepoint's latest round.
That’s it for this week.
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