Connect with us
nairametrics
UBA ads

Business News

Startups under Google Launchpad Accelerator Africa class 3 have raised N3.24 billion

@Google Launchpad Accelerator Africa Class 3, which comprised of 12 startups, successfully raised $9 million (N3.24 billion) and had created over 120 jobs.

Published

on

Google Launchpad Accelerator Class 3

The Head of Startup Success and Services at Google Launchpad Accelerator Class 3, Fola Olatunji-David, has disclosed that 12 startups under the programme have raised $9 million which is approximately N3.24 billion.

Speaking during the graduation in Lagos, Olatunji-David said the startups have also created over 120 jobs, adding that their products and services have over 270,000 users.

UBA ADS

The 12 startups who graduated, according to Olatunji-David, have increased the number of startups that had featured in the Google Accelerator programme to 35.

“The growth of entrepreneurship in Africa is critical to the survival of our continent. We know that Africa is awash with entrepreneurial potential and if that potential is to be transformed into job creation, startups founded by those entrepreneurs need to grow.

“This programme, which is part of Google’s effort to support entrepreneurship on the continent, is about giving them the best possible chance of achieving that growth.”

GTBank 728 x 90
Fola Olatunji-David, Launchpad Accelerator Africa's Head, Google Launchpad Accelerator Africa of Startup Success and Services,

Launchpad Accelerator Africa’s Head of Startup Success and Services, Fola Olatunji-David

[READ MORE: Nigerian start-ups lead $334.5 million fund race in Africa]

Olatunji-David added that the graduating startups are now part of Google Launchpad Accelerator Africa’s alumni, along with the 23 startups from Classes 1 and 2. Altogether, the first and second classes created 385 direct jobs and raised over 9 million dollars before, during, and after they participated in the programme.

About the startups: According to Olatunji-David, Class-3 comprises 12 startups from 6 African countries namely Nigeria, Egypt, Kenya, Senegal, South Africa, and Uganda. More so, 58 percent of the selected startups have female co-founders. The 12 startups are

  • 54Gene (Nigeria)
  • Data Integrated Limited (Kenya)
  • Instadiet.me (Egypt), Kwara (Kenya)
  • OkHi (Kenya), PAPS (Senegal)
  • ScholarX (Nigeria)
  • Swipe2pay (Uganda)
  • Tambua Health Inc. (Kenya)
  • Voyc.ai (South Africa)
  • WellaHealth (Nigeria), and
  • Zomila (formerly Zelda Learning) (South Africa).

[READ ALSO: Three African Startups win $75,000 from Microsoft and MEST Africa]

app

How the startups were selected: The selected startups represent those using technology to create positive impacts on key industries in their region.

Patricia

Meanwhile, the Google Launchpad Accelerator Africa Class 4 will kick off later this year, and see another 10 to 12 African startups complete a three-month acceleration programme. Applications for Class 4 opened on Friday, June 21, 2019, and will close on Friday, July 26, 2019.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

REMINDER: FGN Ijara Sukuk Bond auction closes on 2nd June 2020

Proceeds from the Ijara Sukuk Bond auction will be used solely for the construction and rehabilitation of key roads across the six geopolitical zones of the country.

Published

on

The Debt Management Office (DMO), on behalf of the Federal Government, has reminded the general public that the offer for subscription to the N150 billion FGN Ijara Sukuk Bond will close on Tuesday June 2nd, 2020.

The offer for subscription was announced some days ago by the DMO, as Nairametrics reported. Below are the details of the offering.

UBA ADS

The Auction: N150, 000,000,000 – Rental Rate of 11.20% per annum IJORA SUKUK FGN JUNE 2027 (7-Yr Opening)

Arranger: FBNQuest Mechant Bank Limited and Lotus Financial Services Limited.

Opening Date: May 21, 2020

GTBank 728 x 90

Closing Date: June 2, 2020

Settlement Date: June 9, 2020

Summary of the Offer

Instrument Type: Ijarah (Lease) Sukuk

Issuer: FGN Roads Sukuk Company 1 Plc. on behalf of the Federal Government of Nigeria.

Units of Sale: N1,000 per unit subject to a minimum Subscription of N10,000 and in multiples of N1,000 thereafter.

app

Rental Payment: Payable Half Yearly.

Patricia

Redemption: Bullet repayment on the date of maturity

Use of Proceeds: Proceeds will be used solely for the construction and rehabilitation of key roads across the six geopolitical zones of the country.

(READ MORE: FG impounds aircraft for illegal flight operations)

About Sukuk bonds  

Sukuk is derived from the word Sakk, which can be translated to mean legal instrument, deed, and cheque. Sakk can also mean to strike a deal on a paper document.

The origin of Sukuk dates to 7th century AD, where the first Sukuk transaction took place in Damascus, Syria in the Great Mosque of Damascus (Umayyad Mosque).

app

Since Islam prohibits usury – collecting interest from your loans – interest-based bonds are banned in Muslim nations.

Difference between Sukuk and regular bonds

Sukuk indicates ownership of an asset. The assets that back Sukuk are compliant with Shariah. In other words, such assets adhere to the Islamic prohibitions on gambling, alcohol, tobacco, narcotics, and adult entertainment products and services.

Sukuk notes pay a fixed percentage return as a profit-sharing percentage of the underlying assets’ revenues.

Regular bonds, on the other hand, pay a fixed rate of return as interest (coupon) semi-annually or annually. 

Continue Reading

Business News

Just In: PPPRA reduces petrol price to N121.50 per litre

“After a review of prevailing market fundamentals in the month of May and considering marketers realistic operating costs as much as practicable, we wish to advise of a new PMS guiding pump price…”

Published

on

NNPC, Reduce funding oil subsidy - IMF to Nigeria , Oil marketers, PENGASSAN call for subsidy removal 

The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new retail price band for oil marketers.

In a circular dated May 31st, as seen by Nairametrics, the downstream regulator said oil marketers are now expected to sell petrol within the price range of N121.50 and N123.50. Part of the circular said:

UBA ADS

“Please recall the recently approved pricing regime which became effective March 19, 2020, and the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail stations.

“After a review of prevailing market fundamentals in the month of May and considering marketers realistic operating costs as much as practicable, we wish to advise of a new PMS guiding pump price with the corresponding ex-depot price for the month of June 2020, as follows; price band N121.50 – N123.50 per liter.”

Details later…

GTBank 728 x 90

Continue Reading

Business News

Hedge funds, institutional investors rush to own stakes in Bitcoin

Hedge funds are firms that offer alternative investments to a specific type of investors (high net worth individuals), in a bid to protect their investment portfolios from market uncertainty, while generating positive returns regardless of market sentiments.

Published

on

Bitcoin users rise in Nigeria despite Senate, CBN campaign against it, Nigerians losing millions to crypto fraud, Investing in cryptocurrencies in this economic shutdown, Bitcoin could hit above $100,000 by August 2021, Hedge funds, Institutional investors rush to have a stake in Bitcoin

With global economic uncertainty gradually becoming a daily norm, institutional and hedge funds around the world have been rushing to have a stake in crypto assets which  all have been outperforming other financial assets in 2020).

Just recently, a popular hedge fund based in New York –Grayscale Investments –caught the investment world by surprise by buying up Bitcoin (BTC) at a great rate in recent months.

UBA ADS

Lennard Neo, the head of research at Stack Funds, told Cointelegraph that institutional investors have been seeking for other options, not just to provide returns, but also to hedge their existing portfolio from downside risks. Neo said:

“Similar to Grayscale, Stack has seen an uptick in investors’ interest — almost double that figures of pre-crash in March — in Bitcoin. I would not say they are ‘gobbling up BTC’ blindly but cautiously seeking traditional structured solutions that they are familiar with before making an investment.” 

(READ MORE:The Empirical Truth about an average Nigerian’s price point)

GTBank 728 x 90

 

In addition, Paul Cappelli, a portfolio manager at Galaxy Fund Management, explained in detail the reasons for this demand. According to him, “we’re seeing increased interest from multiple levels of investors’ wealth channels, independent RIAs, and institutions.

“The recent BTC halving came at an interesting time amid the COVID-19 outbreak and the growing unease about quantitative easing. He noted: “It clearly demonstrated BTC’s scarcity and future supply reduction as concerns deepened around unprecedented stimulus by the Fed with the CARES Act.” 

Also, Michael Sonnenshein, the Managing Director of Grayscale Investments, explained briefly why his firm uses Bitcoin as an option in hedging its firm’s portfolio position.

“All three are facing issues this time around. Bitcoin has emerged as an alternative hedge, operating independently of the dramatic monetary policies enacted by central banks,” he said.

app

What you need to know about Hedge Funds

They are firms that offer alternative investments to a specific type of investors (high net worth individuals), in a bid to protect their investment portfolios from market uncertainty, while generating positive returns regardless of market sentiments.

Patricia

Continue Reading