Nigerian fintech Raenest has raised $11M in Series A funding to expand its reach across Africa. Led by QED Investors, the funding round also got participation from pan-African VC firms Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. The fintech startup will look to deepen its presence in Nigeria and secure licenses in Egypt, Ghana, Kenya, and the U.S. What is Raenest As Africa’s tech ecosystem continues to blossom, more people from the region are landing remote jobs with big tech firms and global startups. However, receiving payments remains an obstacle for many freelancers and remote workers. They struggle to open accounts that accept U.S. dollars, face slow invoicing and payment processes, and it doesn’t help when their foreign employers use incompatible payment platforms. Related Post: Nigerian B2B Payment Startup, Klasha
Author Archives: Stephen Oluwadara
Feb
UK-based solar tech startup GRYD has secured $1.2 million (£1 million) in pre-seed funding to build the nation’s first solar subscription platform. Black Seed VC, an early-stage venture firm dedicated to Black business founders in the UK, and SFC Capital, an investor in disruptive UK companies, participated in the round. Other notable investors include Oasthouse Ventures, whose Director, Simon Turner, has financed and scaled renewable infrastructure businesses globally. The solar tech startup will use the investment to fund its national expansion. GRYD’s Affordable Solution For Residences Mohamed Gaafar, Scott Whiteside, and Tom Jordan founded GRYD in 2023 after meeting at the Antler accelerator program in London. They envisioned creating a subscription-based solar power service, allowing homeowners to access solar power without upfront costs. The solar tech startup has developed a
Feb
The United States continues to dominate the global wealth landscape, with eight of the 10 wealthiest billionaires based stateside. However, the Forbes 2024 list shows that of the nearly 3000 billionaires worldwide, only 17 are Black. Regardless, Black entrepreneurs continue to defy the odds despite the obstacles stacked against them. According to 2021 Census data , Black-owned businesses in the U.S. generated $206 billion in annual revenue and supported 3.56 million U.S. jobs. There are 13 Black billionaires in the United States today. This elite group of leaders has carved out successful careers in media, sports, technology, finance, and entertainment. As we celebrate Black History Month in February, we delve into their journeys to success, showcasing their inspirational stories. David Steward The wealthiest Black American—with an estimated net worth of $11.4B—David Steward grew up in the
Jan
SeamlessHR, a Nigerian startup helping businesses manage HR functions, has raised a $9 million Series-A extension round. The new funding from the Gates Foundation and Helios Digital Ventures brings the startup’s total funding to $25 million. The company plans to use the investment to expand across Africa, which may include acquisitions. Last year, the company reportedly held talks to acquire another HR tech startup in Nigeria. A Step Closer To Redefining Africa’s Productivity Although the company set out to raise $10 million, it eventually raised $9 million. This new funding comes months after SeamlessHR launched new embedded finance products that enable employers and employees to access critical financing solutions, including payroll financing, to fuel their growth and business performance. Related Post: African Remittance LemFi Secures $53M To Expand Into Europe
Jan
OpenAI has announced the appointment of Nigerian billionaire Adebayo Ogunlesi to its Board of Directors. Ogunlesi’s addition signals a strategic pivot for OpenAI, focusing on long-term global strategy, governance, and innovation in artificial intelligence. OpenAI described Ogunlesi’s appointment as integral to its mission of responsibly advancing artificial general intelligence (AGI). With decades of experience and leadership expertise across critical domains, including infrastructure investment, corporate strategy, and regulatory frameworks, Ogunlesi will bolster OpenAI’s ability to navigate the complex landscape of AI development and its real-world implications. OpenAI’s Board Chair, Bret Taylor, praised Ohunlesi, saying, “Bayo has an exceptional track record of driving success in organizations with global reach, expertly navigating complex and dynamic commercial landscapes. We’re honored to welcome him to the Board.” Related Post: Adebayo Ogunlesi Joins Africa’s Billionaire After
Jan
Camarria Williams, a Chicago middle schooler, has uncovered a cancer-fighting compound in goose poop. The droppings that the 13-year-old collected contained a novel compound that scientists at the University of Illinois Chicago found to be toxic to human skin and ovarian cancer cells. STEM Program For Underserved Communities Williams made the discovery while attending the Chicago Antibiotic Discovery Lab—a 14-week STEM outreach program at the Boys and Girls Club in partnership with the University of Illinois Chicago. In a class assignment, she learned how to isolate bacteria and program a robot to catalog and track antimicrobial activity. She was drawn to the program for its unique hands-on experiences for local STEM students. “We walked around and they had these chemicals, and they were working on something. It was just fun,”
Jan
Gen Z founder Pryce Yebesi has secured $3M for his recently launched startup, Open Ledger, which aims to modernize accounting for businesses with AI-driven solutions. The funding round was led by Kindred Ventures with participation from Adventure Fund, Jonathan Chang from Brex, Guy Friedman, the CEO of SteadyMD, and Zach Abrams, who just sold his company Bridge to Stripe. The company will use the new capital to hire talent in product, engineering, and business development. Ideating Open Ledger Pryce Yebesi, 24, already made waves in the tech world by selling his crypto invoicing company, Utopia Labs, to Coinbase. The idea for Open Ledger came to him while he was still working on Utopia Labs. He realized that the businesses he worked with were using outdated accounting softwares. Related Post: How
Jan
Atlanta Tech Village, the fourth-largest tech hub in the U.S., has opened its second location in Atlanta’s South Downtown. Spearheaded by David Cummings, Jon Birdsong, and other prominent innovators, ATV Sylvan is a uniquely distinctive space for up-and-coming builders and innovators. This week’s ribbon-cutting ceremony attracted founders, investors, city council members, and startup ecosystem builders. Named after the historic Sylvan Hotel, the revamped building offers flexible office options for entrepreneurs, from solopreneurs to fast-growing businesses. “The next generation of Atlanta success stories will be written here in these historic downtown buildings,” Mayor Dickens added during the opening ceremony. “A new generation of builders and dreamers [will find] the infrastructure, the resources, and the community they need to scale even faster.” The Making of ATV Sylvan: A Historic Edifice The project
Jan
Former NFL player Mark Clayton has secured $1 million for his LIVV Audio headphones. The $1 million funding from a $1.5 million seed round investment saw participation from an elite group of investors, including tennis legend Mark Knowles. The fresh funding will fuel LIVV Audio’s marketing, production, and innovation growth. Generating The Idea For LIVV Audio Clayton founded LIVV Audio, which offers high-performing headphones for athletes and fitness enthusiasts. The product was inspired by his experiences as an athlete. Drafted to the NFL in 2005 by the Baltimore Ravens, he penned a five-year deal valued at $8.2 million, according to Spotrac. Around 2008, he was among the many athletes sporting Beats headphones. Over the years, the former NFL player recalled breaking two pairs. Related Post: Aesthetic: Harvard Grad Spearheads AI
Jan
As 2025 kicks off, UrbanGeekz has rounded up a list of stellar startups that have the potential to accelerate to new heights this year. These businesses are simplifying cross-border logistics, reimagining shopping, and using AI to create industry-disrupting models. Led by dynamic founders and backed by investors, these ventures are poised (if all goes to plan) for continued success. They’re not just changing industries—they’re revolutionizing them by launching products that transform lives and empower communities worldwide to reach their full potential. Check out our list of eight ventures pushing the frontiers in the ever-evolving landscape of technology and innovation. Zimi: Audrey Djiya Founded by Audrey Djiya (CEO) and Peter Nsaka (CTO) in 2023, Zimi is a cross-border commerce partner dedicated to simplifying global expansion for international brands. The Y Combinator
Jan
Arlan Hamilton, the founder of Backstage Capital, has announced her decision to step down from the company and take on an advisory role. “After 12 years of being deeply involved in the day-to-day operations, I’ve decided to become a chairperson and advisor,” she said in a statement shared on Instagram. Backstage Capital Enters New Chapter Arlan Hamilton’s Backstage Capital has invested in over 200 companies, including the fintech platform Guava, fashion tech brand Xo, digital news platform The Plug, and career resource Career Karma. She was previously a managing partner at the firm. “This move will allow me to focus on what I do best — amplifying Backstage’s mission, hosting office hours with founders and investors, chairing the advisory board, and bringing new opportunities to the table through my platform.”
Jan
African Billionaire Strive Masiyiwa’s Cassava Technologies has raised $90 million to bolster its balance sheet and fuel growth. Cassava has closed a $90 million equity investment round, with participation from the International Development Finance Corporation (DFC), the Finnish Fund for Industrial Cooperation (Finnfund), and Google. The funding is a key part of Cassava’s plan to strengthen its balance sheet, drive sustainable, profitable growth, and cement its position as a global technology company of African heritage. Cassava Technologies Celebrates Three Milestones According to a statement, the company has achieved three significant milestones. These include a substantial equity injection of $90 million, completing its debt refinancing round to $220 million, and finalizing its legal reorganization. “These achievements strengthen our financial position and endorse our founder’s vision,” said Cassava CEO Hardy Pemhiwa in
Dec
South African-based fintech Tyme Group has attained unicorn status after securing $250 million in a Series D funding round. The new funding led by Nu Holdings, which owns Latin America’s largest fintech, NuBank, pushes Tyme’s valuation to $1.5 billion. M&G Catalyst Fund and other existing shareholders also participated in the round. A Vote of Confidence For Tyme Group “It is a unique vote of confidence in our business by the world leaders in our industry, essentially,” Coenraad Jonker, chief executive officer and co-founder of Tyme, said in an interview with Bloomberg. Founded in 2019, the fintech operates a hybrid digital banking model that combines online banking with physical service offices. It has over 10 million users in South Africa, where it is known as TymeBank and operates as a digital
Dec
Independent Black-owned digital platform UrbanGeekz has been ranked among the Top 10 Best Tech Blogs on Ranker’s list of the most impactful technology news sites on the Internet. The multimedia brand, which previously ranked 14th in 2018 , has ascended to 6th in the latest rankings. TechCrunch takes the No. 1 spot. Wired comes in second, followed by The Verge. Other reputable media outlets in the top 20 include Mashable, Gizmodo, and Engadget. UrbanGeekz: A Pioneering Multicultural News Platform Ranker’s crowd-ranked list “is based on traffic as well as influence over the subject online and has been voted on by the Ranker community and tech nerds alike,” states the Ranker website. “Tech bloggers have been discussing technology news in detail online for years, and these blogs and websites are where
Dec
British-Nigerian scientists have participated in inventing the world’s first carbon-14 diamond battery capable of power for thousands of years. A team of scientists and engineers from the UK Atomic Energy Authority (UKAEA) and the University of Bristol completed the revolutionary project. UK-Nigerians scientist Eseosa Ekanem and engineer Fatimah M. Sanni significantly contributed to the innovation. “I want to be a part of something that brings about a change,” Ekanem said in an interview. “Whether it’s change now or change towards the future.” Diamond battery technology is a groundbreaking invention that could redefine energy storage by powering devices. This new type of battery has the potential to power devices for about five thousand years, making it an incredibly long-lasting energy source. Related Post: Artist Becomes First Woman to Marry AI-Generated Hologram
- 1
- 2