Nigeria is set to launch a $40 million fund to support early-stage tech startups, with equal backing from JICA and NSIA. The initiative, part of the Nigeria Startup Act, aims to fuel innovation, provide tax incentives, and drive economic growth. With 13,000 startups already registered, the government is working to expand awareness and ensure all 36 states and Abuja benefit from this groundbreaking opportunity.
Leta has raised $5 million in seed funding to scale its AI-powered logistics platform, helping businesses streamline deliveries, cut costs, and improve efficiency. With backing from Speedinvest, Google’s Africa Investment Fund, and Equator, Leta is set to revolutionize logistics across Africa.
Nigeria’s Exports Surge to $50.4 Billion as Weaker Naira and Subsidy Cuts Reshape Trade Balance
Moniepoint’s Women in Tech program is growing! Now in its fifth year, the initiative has increased its internship slots from 10 to 15, equipping more women in Africa with the skills and confidence needed to thrive in tech.
Borno State Governor Babagana Zulum has approved N1 billion in grants for 9,403 small businesses in Biu and Hawul as part of efforts to boost local enterprises and reduce poverty. He also launched a 600-unit housing project for teachers and health workers, reaffirming his administration’s dedication to economic and social development.
AfDB and ECOWAS have signed a $12 million grant agreement to implement the REWARD project, enhancing rice production and food security across West Africa. This initiative seeks to reduce import dependency, support local farmers, and strengthen agricultural value chains, aligning with regional development goals.
Badili, a leading Kenyan re-commerce startup, has secured $400,000 in debt funding from Proparco. This investment will drive the expansion of its refurbished smartphone business, making mobile technology more accessible and sustainable across East Africa.
Sahel Capital has secured a $400,000 working capital loan for MM LEKKER to strengthen agricultural trade in Benin. This investment will help smallholder farmers access fairer prices, reduce post-harvest losses, and build more resilient livelihoods.
LoftyInc Capital secures $43 million for its third fund, LoftyInc Alpha, to propel African startups from late-seed to Series A. Backed by sovereign wealth funds, development finance institutions, and high-net-worth investors, the fund aims to bridge the funding gap in Africa’s growing startup ecosystem.