Salam,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
- PwC begins sale of KOKO Network’s assets
- Canal+ faces fresh allegations over MultiChoice restructuring
- Djamo wants $40 million in Series C to conquer Francophone Africa
PwC begins sale of KOKO Network’s assets
One of Kenya’s biggest climate tech success stories is officially looking for a new owner. KOKO Networks, the clean cooking startup that once supplied bioethanol to more than 1.5 million households, has put its business up for sale after collapsing earlier this year. PricewaterhouseCoopers (PwC), acting as administrator and liquidator, has invited potential buyers to bid for the company’s ethanol cooking technology, manufacturing plant in India, and its fuel distribution platform, with only investors capable of completing deals worth more than $15 million eligible to participate. Expressions of interest close on July 17, 2026.
The sale marks the latest chapter in the dramatic fall of a company once hailed as one of Africa’s most innovative clean energy startups. KOKO built a network of smart fuel ATMs that allowed households to refill bioethanol for cooking, offering a cleaner alternative to charcoal and kerosene. Its operations stretched across Kenya and Rwanda, while its proprietary stoves, fuel canisters, and software platform helped it become one of the continent’s most recognisable climate-tech ventures. The sale now includes that entire ecosystem, from its intellectual property and patents to its manufacturing facilities and retail infrastructure.
Founded in 2014, the company expanded rapidly, launching its consumer fuel network in 2019 and surpassing one million households by 2023. It raised hundreds of millions of dollars in debt, equity, and guarantees, with its business model heavily dependent on revenue from carbon credits. But trouble began in late 2025 after the Kenyan government declined to issue the authorisations needed for the company to sell carbon credits into international compliance markets. Combined with allegations that some of its carbon credit claims had been overstated, the setback left KOKO without a key source of revenue. By January 2026, the company had run out of cash and laid off its entire 700-person workforce across Kenya, Rwanda, India, Mauritius, and the UK before entering administration in February.
The collapse has become one of Africa’s biggest climate-tech cautionary tales. KOKO wasn’t just selling cooking fuel; it was demonstrating how carbon markets could subsidise clean energy for low-income households. Its failure exposed how vulnerable climate startups can be when their business models depend heavily on government policy and international carbon markets. The proceeds from the sale will first go to secured creditors, including FirstRand Bank, the AfricaGoGreen Fund, and the Mirova Gigaton Fund, before employees owed salary arrears receive payments under Kenya’s insolvency rules.
Whoever buys KOKO won’t just inherit a manufacturing plant or a fuel network; they’ll inherit years of technology development, a recognised consumer brand and one of Africa’s largest clean cooking platforms. The challenge will be solving the same problem that brought the company down: building a sustainable business that isn’t overly reliant on uncertain carbon credit revenues. The outcome could shape the future of clean cooking innovation and climate-tech investment across Africa.
Canal+ faces fresh allegations over MultiChoice restructuring
Less than a year after completing its takeover of MultiChoice, French media giant Canal+ is facing fresh allegations over how it’s restructuring the DStv owner. An anonymous insider, as reported by MyBroadband, has accused the company of creating working conditions that pressure employees into leaving voluntarily, despite a three-year moratorium on retrenchments imposed as part of the merger approval. The insider also claims Canal+ has introduced unrealistic sales targets for DStv agents, particularly those operating in smaller towns. Canal+ has rejected the allegations, saying it will not comment on anonymous claims and that all organisational decisions comply with applicable laws and governance processes.
Victoria Fakiya – Senior Writer
Techpoint Digest
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Why should you care? Canal+’s acquisition of MultiChoice was only approved after South African competition authorities attached strict public-interest conditions. These included a commitment not to retrench South African employees for three years following the merger. However, while voluntary severance packages (VSPs) are technically permitted, they could undermine the spirit of those commitments if employees feel compelled to leave. More than 600 employees reportedly accepted the VSP because of increasingly difficult working conditions, although the Competition Commission has previously clarified that voluntary severance does not breach the merger conditions.
The complaints extend beyond employees. According to the insider, Canal+ has also introduced new contract terms requiring some DStv sales agents to sign up at least 30 new customers per sales counter each month. Several agents, especially those in small farming and holiday towns, reportedly argue that the targets are unrealistic given their limited customer base. Internal correspondence seen by MyBroadband reportedly shows some agents refusing to sign the revised agreements, fearing they could lose their contracts if they fail to meet the new requirements. Canal+ says its restructuring and operational decisions are being carried out responsibly and in line with regulatory obligations.
The latest claims come against the backdrop of a difficult turnaround for MultiChoice. Canal+ completed its takeover of the broadcaster in September 2025 after a lengthy acquisition process, promising to strengthen the business while expanding across Africa. Since then, the company has embarked on aggressive cost-cutting measures as MultiChoice battles falling DStv subscriber numbers, intensifying competition from streaming platforms and changing viewing habits. In June 2026, reports emerged that over 300 employees had accepted voluntary severance packages, while regulators also began monitoring whether aspects of Canal+’s restructuring complied with the merger conditions.
For now, these remain allegations rather than proven violations, and South African regulators are expected to continue monitoring Canal+’s compliance with the conditions attached to the acquisition. The outcome could shape not only MultiChoice’s future but also how competition authorities across Africa enforce public-interest commitments when approving major mergers, especially in industries where restructuring often follows large acquisitions.
Djamo wants $40 million in Series C to conquer Francophone Africa
Côte d’Ivoire’s fintech startup Djamo is gearing up for its next big move. Fresh off its expansion into Senegal, the Y Combinator-backed company is preparing to raise $40 million in a Series C funding round to fuel growth across Francophone West Africa, per ITWeb Africa. The startup says the new capital will help it strengthen its position at home, accelerate expansion into new markets and bring affordable digital financial services to millions of underserved customers.
The planned raise is another sign that investors still see huge potential in Africa’s digital banking sector, particularly in French-speaking markets that have historically attracted less venture capital than Nigeria, Kenya, and South Africa. Founded in 2020 by Hassan Bourgi and Régis Bamba, Djamo says it has grown to more than 2 million users by offering bank-backed payment cards, mobile loans, current accounts and remittance services. It recently entered Senegal and plans to deepen its footprint across the region, where millions of people still rely primarily on mobile money but have limited access to savings, credit and other formal banking products.
The company’s journey has been steady. Djamo raised $17 million in Series B funding in 2025, backed by investors including Janngo Capital, Partech, Y Combinator, Enza Capital and Oikocredit, after earlier securing additional debt financing. Those funds helped it scale its consumer banking products and begin serving small businesses. The startup is also partnering with banks such as Ecobank to issue international payment cards and is exploring cross-border payment solutions for SMEs. While it has ruled out supporting cryptocurrencies like Bitcoin, it says it’s discussing the use of stablecoins for cross-border payments with Côte d’Ivoire’s central bank through a regulatory sandbox.
Djamo is entering a competitive market. In Senegal, it will go up against players like Wave, while across Francophone Africa, fintechs are racing to close the gap between widespread mobile money adoption and access to full banking services. According to the World Bank, Côte d’Ivoire’s financial inclusion rate rose from 41% in 2017 to 58% in 2024, but millions still lack access to affordable credit and savings products. That gap is exactly what Djamo is betting on as it targets younger users, the African diaspora and small businesses with lower-cost digital financial services.
If Djamo secures the full $40 million, it would rank among the largest fintech raises in Francophone Africa in recent years and further cement the region as one of Africa’s fastest-growing startup ecosystems.
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Have a superb Thursday!
Victoria Fakiya for Techpoint Africa
