DAWN May-June Edition

Page 79

Investment

Ethiopia Finally Opens up Telecoms Market Flat6Labs (https://flat6labs.com), a seed VC firm akin to an accelerator that has been used to perform its seed investments since establishing both Cairo and Tunis offices in 2011 and 2016. Sawari says 10% of the now-closed investments will be earmarked for seed-stage companies as investments through Flat6Labs Cairo and Tunis. Flat6Labs Cairo will seed between 80 to 100 companies and offer follow-on investments to between 30 and 40. Flat6Labs Tunisia will seed 60 to 70 companies and offer follow-on investments for 30 to 40. The remaining 90% will be used to invest in 20 to 25 growth-stage companies across Egypt, Tunisia and Morocco, with a median investment range of $2 million to $3 million. The investment range is a continuation of how Sawari typically cut checks for portfolio startups since closing the first tranche three years ago. The firm said it has invested between $1 million and $4 million in Elves, Brantu, ExpandCart, Almentor, SWVL and MoneyFellows, among others. “The Egypt-based fund is a privately held fund regulated by the Financial Regulatory Authority of Egypt (FRA), which allowed us to attract capital from top-tier local financial institutions to co-invest with foreign capital from international development financial institutions, doubling our allocation to invest in Egyptian high-growth companies to $68 million,” El Alfi said in a statement. “Our aim is to create exceptional returns through investing in knowledge-driven companies, which have the potential of bringing transformational changes to the Egyptian economy. The fund will support local companies with dedicated capital, in addition to quality expertise from our seasoned and specialized team, and the value-add of our investors.” https://techcrunch.com/2021/04/05/sawariventures-finally-closes-71m-fund-for-northafrican-startups

79

May-June 2021

By REUTERS

IT'S ONE OF THE world's last closed markets for f mobile communications. But now Ethiopia is finally set to allow competition in the telecoms sector. The country's finance ministry said Monday (April 26) that it had received two bids for operating licenses. One is from South Africa's MTN. The other from a consortium including Kenya's Safaricom and UK giant Vodafone. A senior adviser at the ministry told Reuters it shouldn't take more than a week for a decision on awarding the licenses. It's all part of moves to free up the country's economy. The liberalisation will also see the sale of a 45% stake in Ethio Telecom. France's Orange is thought to be among companies interested in taking a part of that. Back in 2019, when liberalisation plans were set out, local traders seemed pleased. Competition should improve service, said this broker in Addis Ababa. The winning bidders will get full operating licenses. But officials said last year they would be expected to build their own infrastructure, and would not be allowed to operate mobile-phone based financial services. https://in.news.yahoo.com/ethiopia-finallyopens-telecoms-market-131347018.html Image credit: ethio.news

DAWN

www.africabusinessassociation.org


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Chef Deborah VanTrece is Showing us Soul Food’s Global Range

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First-Ever Black Virtual Art Exhibit Opens 2021 Show With More Than 1,200 Pieces

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Overseas Spectators will be Banned from Tokyo Olympics due to COVID-19 Risks

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BEWARE!! - How Online Scammers Fooled one of Africa’s Biggest Fintech Startups

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The BAL: Zamalek Wins Inaugural Basketball Africa League

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How an Extraordinary Women-Only Village is Inspiring Land Equality in Rural Kenya

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Zoom Boosts its App Ecosystem with $100M Venture Fund

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Ghana to Sell Sustainable Bonds for Up to $1 Billion by July

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Ethiopia Finally Opens up Telecoms Market

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Airtel Africa’s Mobile Money Business Gains $100m Investment from Mastercard

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Founder of $16 Billion Ariel Investments Created a School to Teach Kids Financial Literacy Through Stocks

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World’s First Wildlife Bond to Track Rhino Numbers in Africa

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$2 Million Fund to Invest in Up-and-Coming Creators

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Kuda Raises $25M more led by Valar to Become the Neobank for ‘Every African on the Planet’

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African Stock Exchange/Bourse

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NBA Stars Like Kevin Durant and Kyle Lowry are Increasingly Pouring Money into Startups for the Thrill of Investing and a Chance to Break Down Barriers for People of Color

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Feared and Revered: Patrice Talon, Benin's 'King of Cotton'

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Ivory Coast’s President Ouattara Names Patrick Achi as Prime Minister

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World Bank Financing for COVID-19 Vaccine Rollout Reaches $2 Billion

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pages 50-51

From Better Feed to a Better Way of Farming

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Epic COVAX COVID-19 Vaccine Rollout Continues

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How Africa could use Solar Tech to Distribute Covid-19 Vaccines

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Africa May Not Reach Herd Immunity Against Covid-19 Until 2023

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The Global Startup Awards Africa Seeks out the Best Technology Innovators from Around Africa

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Germany Will Pay Namibia $1.3bn as it Formally Recognizes Colonial-era Genocide

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Mastercard and Island Pay Launch World’s First Central Bank Digital Currency-Linked Card

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Konza Technopolis: Welcome to Silicon Savannah

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‘We Cannot Drink Oil’: Campaigners Condemn East African Pipeline Project

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Uganda, Tanzania, Oil Firms Sign Accords to Build $3.5-Billion Pipeline

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Africa Tries Free Trade

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