Category: Startups

• Panache Ventures and Kora form a strategic partnership to help African tech founders secure venture capital funding.
• The collaboration addresses challenges faced by African tech entrepreneurs in accessing funding to scale their ventures.
• The partnership was announced during the Venture Capital 101 event in Lagos, featuring industry leaders sharing insights on funding strategies and team building.
• The Nigerian startup scene experienced closures and successes in 2023, with funding for African startups declining by 54% compared to the previous year.

• Africa’s tech venture capital funding experienced a significant 51% year-over-year decline in Q1 2024, attributed to rising interest rates and global geopolitical tensions impacting investor confidence.
• Startups in Africa raised $369 million across 64 publicly announced deals in Q1 2024, with equity funding dominating at 67%.
• The mobility sector emerged as the funding leader in Q1 2024, with Nigerian startup Moove attracting $110 million through two deals.

• Four travel tech startups specializing in different sectors raised over $7 million in funding this week
• Assembly, a luggage and travel gear brand, secured $2.1 million from Prath Ventures
• ETrav Tech, a travel distribution startup, received $4 million from EaseMyTrip for a 4.94% stake
• Stippl, a travel planning and social media app, raised $623,000 for AI integration and user growth
• Triply, a Kenyan startup, raised $500,000 as a member of Y Combinator to streamline operations for African travel companies

AI Trip Planning: Startup Funding Roundup

In the ever-evolving landscape of the travel industry, the role of technology, specifically Artificial Intelligence (AI), is becoming increasingly prominent. Read more

• A consortium of over 100 regional organizations in Philadelphia has submitted a proposal for $80 million in EDA Tech Hub funding
• The proposal aims to build global competitiveness in the tech sector over 10 years, focusing on precision medicine projects
• The Greater Philadelphia consortium requested $75 million from the EDA and received $9 million in matching funds
• The proposal is divided into five sections: governance, biomanufacturing, workforce, access, and entrepreneurship
• Key goals include creating a diverse and skilled workforce, increasing accessibility to precision medicine, and supporting company growth through grants and mentorship opportunities

Philadelphia Tech Hub Proposal: A Closer Look at the $80M Funding Plan

In a bid to secure funding from the US Economic Development Administration (EDA) for the Greater Philadelphia Region Precision Medicine Tech Hub, a consortium of over 100 regional organizations has put forth a comprehensive proposal. Read more

• African tech VC funding declined 51% YoY in Q1 2024, with startups raising $369 million across 64 deals
• Equity funding dominated with 67% of deals, while debt funding and mixed deals made up the rest
• Mobility sector led funding in Q1 2024, with Nigeria’s Moove securing a significant share
• “Big Four” markets of Nigeria, Kenya, South Africa, and Egypt secured over 90% of Q1 2024 funding
• Early-stage funding prevailed in Q1 2024, while growth-stage funding saw a notable drop due to foreign investor dependence

African Tech Funding Decline in Q1 2024

In the first quarter of 2024, African tech funding faced a significant decline of 51% year-over-year, according to data from BD Funding Tracker. Read more

• Astrotalk is set to raise $30 million in a fresh funding round from StepStone and Elev8 Venture Partners.
• The Noida-based startup has shown profitable growth and strong user traction, attracting continued VC interest.
• Astrotalk’s revenue increased from Rs 115 crore in FY22 to Rs 283 crore in FY23, with net profit also rising.
• Elev8 Venture Partners and StepStone are global funds showing interest in Astrotalk’s potential.

• The Chancellor of Ekiti State University announced the launch of a N1bn agro-tech fund to support student and graduate enterprises.
• The initiative was unveiled at the university’s 28th convocation to drive innovation and enterprise in agriculture for food security in Nigeria.
• The fund aims to empower agro-tech companies founded by present graduands and students of the university.
• Students are encouraged to engage in food production by leasing small plots of land on the university’s fertile grounds.

• AI startup market experiences sluggishness in Q1, despite persistent hype
• Venture capital investing and fundraising show a significant decline
• Startup valuations see a slight increase across growth stages
• AI investments remain a focal point for investors, driving new funding rounds
• Lack of significant funds raised by VCs may pose challenges for early-stage startups in the near future

Persistent AI Hype: A Closer Look at the Startup Market

The startup market in the first quarter of the year has been far from buoyant, despite the persistent hype around artificial intelligence (AI) technologies. Read more

• FHSU, NCK Tech, and Northwest Tech seek federal funding for workforce development
• Sen. Jerry Moran meets with college presidents and consultant to discuss funding opportunities
• Focus on matching community needs with education to retain Kansas students
• Emphasis on creating a skilled workforce to attract and retain businesses in Kansas
• Consultant aiding in securing federal grants for affiliation initiatives and workforce development

Exploring Federal Funding for Tech Colleges in Kansas

In a significant development for workforce development in Kansas, Fort Hays State University (FHSU) and the technical colleges, NCK Tech and Northwest Tech, are on the cusp of finalizing their affiliation agreement. Read more

• Southeast Asia’s startups, including Grab and GoTo, are facing challenges in funding and market confidence amidst a “startup winter”
• SoftBank’s Vision Fund played a significant role in the growth of Southeast Asia’s tech sector, but its collapse has left many companies uncertain about their future
• The region’s startup investment has fallen significantly, leading to shutdowns, mergers, and downrounds in financing
• The focus on growth over profits has led to financial struggles for many startups, with a need for more sustainable growth strategies
• Investors believe the region’s startup ecosystem will eventually recover, with a shift towards prioritizing profitability and sustainable growth

Southeast Asia Startups Facing Funding Challenges

In the dynamic landscape of Southeast Asia’s startup scene, companies like Grab and GoTo have been navigating through a challenging period of dwindling investor confidence and funding constraints. Read more

• The Ion District in Houston released its 2024 Community Investment Report, showcasing its dedication to enhancing the tech ecosystem.
• Initiatives in 2023 included workforce development to meet the growing demand for tech jobs in Houston.
• The Ion District partnered with Per Scholas for a Tech Job Training and Talent Placement Program, benefiting numerous students.
• Efforts were made to support local minority and women-owned businesses through various initiatives and funding opportunities.

• UK Tech Funding: Startup funding in the UK dropped by 19% in Q1 2024.
• Tracxn Report: Tracxn’s analysis revealed a decline in funding for UK startups, with late-stage ventures most affected.
• Funding Trends: Late-stage startups saw a 33% reduction, while early-stage funding declined by 7% in Q1 2024.
• Seed Investments: Seed funding experienced a 12% increase, but still fell short by 27% compared to the previous year.

• A well-structured go-to-market strategy is crucial for deep tech start-ups to secure investment and accelerate commercialization.
• Deep tech founders must assess their positioning, target markets, and unique value propositions to strengthen their negotiating position.
• Implementing a “Whole Product” strategy that integrates the product into the ecosystem is essential for deep tech start-ups.
• Leveraging advocates and industry key opinion leaders can help secure funding and accelerate the commercialization plan.

• Startup Praia Health, spun out of Providence incubator, secures $20M in funding
• Praia Health develops platform for patient portals to enhance patient experience
• Providence Digital Innovation Group incubated Praia Health, now led by CEO Justin Dearborn
• Funding led by Frist Cressey Ventures, with support from SignalFire and Providence Ventures
• Praia Health’s technology already serving over 3.5 million users, with Indiana’s Community Health Network as a customer

Revolutionizing Patient Portal Tech: Praia Health Secures $20M Funding

In the dynamic landscape of healthcare technology, the emergence of startups dedicated to enhancing patient experiences is a welcome development. Read more

• **Health Tech Funding**: Several major funding announcements in the payer/employer space were made in March.
• Bethesda-based HiLabs raised $41 million in a Series B funding round led by Denali Growth Partners and Eight Roads Ventures.
• New York City’s Pelago secured $151 million in a Series C funding round led by Atomico, supporting substance use management programs.
• San Francisco’s Brightside Health raised over $100 million in a Series C funding round led by S32, focusing on telemental health services.

• Shifty Eye Games secures $580K funding and welcomes renowned gaming experts as advisors
• Funding from Canadian government aims to promote Canadian gaming industry globally
• Advisors include industry veterans like Alex Seropian, Vikas Gupta, and Justin Ratushniak
• CEO Tuncer Deniz excited about the potential of advisors to elevate the studio
• Studio focuses on creating fun and unique gameplay experiences, gearing up for a major release in 2025

Shifty Eye Games Secures Funding for Future Growth

In a recent development that has sent ripples through the gaming industry, Shifty Eye Games, an independent game studio based in Calgary, Alberta, has successfully secured $580,500 in funding. Read more

• Flying taxi startup TCab Tech raises $20 million in series A funding for development and commercialization in the Middle East and Asia
• Blueground, a furnished rentals operator, secures $45 million in series D funding, with plans to expand globally and enhance technology
• Ember receives $13.9 million in series A funding to expand its fleet of electric buses for inter-city travel in Scotland
• Moonware, a platform for airport ground operations, raises $7 million in seed funding to streamline tasks at major airports
• Overall, travel tech startups secure nearly $86 million in funding for various innovative projects in the industry

TCab Tech Raises $20 Million for Flying Taxi

Flying taxis have been a hot topic in the tech world, with startups like TCab Tech making significant strides in this innovative sector. Read more

• Y Combinator’s Demo Day is approaching, with startups landing funding ahead of the event
• Investors are noticing high-quality startups receiving term sheets from VCs
• YC is focusing on both software and hardware ideas, with a growing interest in AI applications
• Demo Day is becoming less of a starting point for VCs to invest, as many companies secure funding before the event
• YC’s reputation for quality early-stage investments is on the rise under the leadership of Garry Tan

YC Startups Secure Funding Ahead of Demo Day

As the excitement builds around Y Combinator’s upcoming Demo Day on April 3 & 4, the startup accelerator is already making waves in the investment world. Read more

• P1 Ventures secures $35 million in latest funding round completion
• Second fund closed at $25 million, attracting capital from industrial conglomerates, private companies, and global fund partners
• Expansion plans to Dakar, Senegal, and Nairobi, Kenya
• Focus on sectors like AI-powered SaaS to tap into Africa’s economic potential
• World Bank’s IFC joins as public institutional investor to support early-stage tech startups

Expanding Horizons: P1 Ventures Secures $35 Million in Latest Funding Round Completion

In exciting news for the tech investment landscape, P1 Ventures, a pan-African Seed Venture Capital (VC) fund, has successfully closed its second round of funding, securing an impressive USD 35 million. Read more

• Super{set} raised $90 million to double down on building startups focused on data and AI for enterprise products and services.
• The startup studio has a track record of successful exits, with the co-founders having sold companies for a total of $1.2 billion before investing in super{set}.
• Super{set} focuses on the engineering of AI applications, offering an alternative to traditional fundraising for entrepreneurs.

• Satgana, a climate tech VC, closes its first fund targeting early-stage startups in Africa and Europe, reaching a final close of £8 million ($8.6 million).
• The firm, led by founder Romain Diaz, decided to close the fund early due to a challenging fundraising environment and has already invested in 13 startups out of the 30 it aims to support.
• Satgana focuses on investing in startups working on climate change resilience, particularly in sectors like mobility, food and agriculture, energy, and the circular economy.

• Eindhoven’s Integer Technologies secures pre-seed investment from Graduate Entrepreneur Fund, backing the startup specialized in sustainable energy installation solutions.
• Integer Technologies, founded by Antoine Post and Pau Brossa Rodriguez, aims to simplify and optimize sustainable energy installations in residential and office buildings through a hardware and software platform.
• The company’s platform streamlines smart software development for energy installations, making them faster, more cost-effective, and simpler to implement.

• Indonesian tech startups funding declines 36 percent in first quarter of 2024
• Total funding in Indonesia tech sector reaches $91.7 million in Q1 2024, down from $143 million in Q1 2023
• Late-stage investments drop by 99 percent, while early-stage funding increases by 26 percent
• FinTech, enterprise applications, and real estate tech lead in funding in Q1 2024
• Jakarta emerges as the top city for tech startup funding in Indonesia, with East Ventures, AC Ventures, and Alpha JWC Ventures as active investors

Overview of Indonesian Tech Startups Funding Decline

In a recent report by Tracxn, it was revealed that Indonesian tech startups faced a funding decline of 36 percent in the first quarter of 2024 compared to the same period in 2023. Read more

• UAE tech start-ups set for better funding in 2024 with a projected surge in venture capital market to $1.1 billion
• UAE ranks 2nd in the Middle East and 28th globally in the Global start-up Ecosystem Index
• MENAPT region sees $519.7 million in investments in January, with UAE and Israel leading in funding
• Dubai’s VC ecosystem ranks as the fastest-growing globally, attracting start-ups and funds
• UAE’s VC market growth driven by government support, diverse economy, and young, tech-savvy population

UAE Tech Start-Ups Poised for Funding Surge in 2024

In 2024, tech start-ups in the UAE are set to thrive in a more favorable environment with an anticipated increase in funding opportunities. Read more

• Vietnam tech startups funding falls 39 percent in first quarter of 2024, totaling $35.7 million
• Vietnam ranks third in Southeast Asia for tech startup funding, behind Singapore and Indonesia
• Early-stage investments drop by 47 percent compared to 2023, with no late-stage funding for three consecutive quarters
• Be Group secures highest funding in Series B round, with AutoTech and EdTech sectors performing well
• Ho Chi Minh City leads in city-wise funding, with CyberAgent Capital, Nextrans, and Vietnam Silicon Valley as top investors

Vietnam Tech Startups Funding Decline in Q1 2024

In the first quarter of 2024, Tracxn reported that Vietnam’s tech startup ecosystem faced a significant decline in funding, with a total of $35.7 million raised to date. Read more

• New fund, Higher Education Innovation Fund (HEIF), launched by Department of Science and Innovation and UNDP to support university tech entrepreneurs
• Fund aims to cultivate entrepreneurship and innovation culture in South African higher education institutions, focusing on job creation and spin-off companies
• Dr Blade Nzimande envisions growing the fund to R1 billion, inviting private sector companies and funding institutions to contribute
• HEIF to address challenges like lack of skilled student tech entrepreneurs, limited entrepreneurial support and networks, and inadequate exposure to opportunities
• Fund to provide support for students in entrepreneurship, design thinking, business model development, market access, intellectual property protection, and investor readiness

Empowering University Tech Entrepreneurs: The Higher Education Innovation Fund

In a significant move to support and nurture tech entrepreneurship within universities, the Department of Science and Innovation (DSI) and the UN Development Programme (UNDP) have launched the Higher Education Innovation Fund (HEIF). Read more

• SEA tech startups experience a 13% decline in funding in the first quarter of 2024
• Funding in the sector amounts to $816 million, the lowest in five quarters
• Late-stage funding drops by 80%, while seed-stage funding decreases by 36%
• FinTech, enterprise applications, and retail are the top-performing sectors
• Singapore leads in startup funding, with $604 million raised in the first quarter of 2024

Decline in Funding for SEA Tech Startups

The Southeast East Asia (SEA) tech startup ecosystem has experienced a significant decline in funding, with a 13 percent drop in the first quarter of 2024 compared to the same period last year. Read more

• UAE startup funding landscape shifting towards tech, renewable energy, and tourism ventures
• Technology platforms like Incomlend connecting smaller businesses to major international investors for financing
• Government support driving UAE’s ambition to become a tech hub, attracting investors
• Emerging focus on innovation and sustainable business in the investment sector
• Technologies like AI, blockchain, and fintech reshaping investment practices in the UAE

Revolutionizing UAE Startup Funding Landscape

In recent years, the UAE has emerged as a hotspot for global investors and venture capitalists looking to redirect their funding towards innovative startups in sectors such as technology, renewable energy, and tourism. Read more

• Exceptional founders have nothing to worry about in agrifoodtech funding, as money is available for disruptive products or technologies
• Vinod Khosla and Dave Friedberg highlight the presence of diamonds in the rough in the agrifoodtech sector
• The market has separated good startups from the not-so-good, with a decline in funding reported in 2023
• Advances in predictive modeling, automation, and AI are driving significant changes in agriculture and biotechnology
• Venture capital is a good fit for agrifoodtech due to the long-term nature of technology innovation, as seen in companies like Impossible Foods

Exceptional Founders in Agrifoodtech Funding Landscape

In the realm of agrifoodtech funding, the landscape may seem daunting with reports of declining investments and startups facing financial challenges. Read more

• Egyptian tech talent startup Sprints raises $3 million fund to fuel expansion into 10 new markets
• Sprints is an AI-powered edtech redefining education for the future
• Founded in 2020, Sprints aims to bridge the tech talent gap in the MEA region
• Sprints offers guaranteed hiring programs and has delivered over 2.5 million learning hours
• The funding round will strengthen Sprints’ growth trajectory and expand its impact on the tech talent landscape

Egyptian Tech Talent Startup Sprints Raises $3 Million Fund

Egyptian tech talent education startup, Sprints, has recently secured a $3 million bridge round to support its ambitious expansion plans into 10 new markets. Read more