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Grover, who initially joined Cellulant as Chief Financial Officer in 2021, was appointed CEO in the same year, a position he has held for nearly three years. 

Under his leadership, Cellulant has strengthened its position both on the African continent and internationally. His efforts have been pivotal in enhancing the Cellulant brand and driving the company’s strategic objectives.

Grover has decided to leave to focus on personal matters. As Cellulant embarks on this transition, the company is committed to maintaining its momentum and continuing its growth trajectory. 

The current CFO, Peter O’Toole, will oversee the organisation’s operations as Acting CEO. The company is in the process of strengthening its leadership team further with a number of seasoned senior leaders with international and pan-African experience in the payment space. The company will be making further announcements on this in the coming months. 

Feature image: Peter O’Toole, CEO, Cellulant

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The SolarX Startup Challenge 2022-23 highlighted innovations that are implementable, cost-effective, and scalable solutions to some of the persistent challenges in the solar sector. With climate change, energy access, and energy security amongst the world’s most critical issues today, solar power continues to be one of the lowest costs and most economical solutions for adding energy generation capacities.

Invest India, in partnership with the International Solar Alliance (ISA), launched the SolarX Startup Challenge at the 27th session of the Conference of Parties (COP27) in Sharm El Sheikh, Egypt, in November 2022.

Aimed at enhancing the startup ecosystem in Africa, the challenge offered a threefold opportunity:

– Attracting investments in the solar energy sector.

– Thinning the gap in the energy crisis.

– Building the local startup ecosystem to develop innovative solutions.  

The challenge has produced 20 winning startups, each receiving a cash grant of USD 15 K from ISA. They also have access to the market through an in-house acceleration program designed to assist selected innovators. These startups will be completing the acceleration programme and are ready for the pitch session scheduled for November 7, 2023, in Nairobi. 

Angel Investors, Climate and sustainability funds interested in being part of the pitch sessions (both physical and virtual) can get in touch with the Invest India team at solarxgrandchallenge@investindia.org.in. For more details on the startup profiles and information about the company, please get in touch with solarxgrandchallenge@investindia.org.in.

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Changera was established in 2021 with the goal of facilitating effortless and safe cross-border payments and remittances for its customers. The fintech platform is focused on businesses in Nigeria, Ghana, Kenya, and Canada with its value proposition.

This integration is a major step towards Changera’s mission of providing access to cross-border payments for individuals and businesses globally. Changera is now offering cash-in services in Canada, Senegal, Uganda, and Kenya, as well as cash-out services using USDC, Circle’s stablecoin, through the Stellar blockchain network. These services are available at participating MoneyGram locations in over 180 countries.

Speaking on the integration, Ruth Iselema, the Chief Executive Officer of Changera, said, “The primary objective of this integration is to simplify the process of funding Changera wallets for users. Our solution is coming very timely because 1.4b people currently don’t have bank accounts globally. That`s approximately a quarter of the world’s population, and 60% of adults worldwide work in the cash economy despite access to digital wallets. MoneyGram’s extensive network of agents will allow easier deposit and cash transfers in these regions and recipients will have unparalleled access to cash out their funds conveniently. This is the first collaboration of its kind between MoneyGram and a Fintech company in Africa, outside of traditional banking institutions. We’re proud to be pioneers of such.”

Changera’s customers can now benefit from direct cash deposits and withdrawals, which is a significant improvement. This advancement allows them to access their funds quickly and securely, without any previous limitations. As per the company, individuals in Canada, Senegal, Uganda, and Kenya will experience cost savings and faster transactions when they deposit cash into their Changera Wallets at MoneyGram agents closest to their location.

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Agricultural techniques have undergone significant advancements throughout history, owing to improvements in tools, irrigation systems, and crop rotation knowledge. Over time, agriculture has continued to evolve with the introduction of modern farming practices and technology, such as the Green Revolution of the 20th century, which aimed to increase food production. Today, the agricultural sector remains highly diverse and dynamic, adapting to changing environmental, economic, and social factors to meet the needs of our growing global population with utmost confidence.

The potential for development through agriculture in Africa is immense. It can effectively tackle various issues, including food security, poverty reduction, and economic transformation. Despite the pivotal role technology is expected to play in resolving farming and agriculture challenges, the sector is still not receiving the attention it deserves.

Despite the increasing amount of VC funding in the agritech industry in Africa since 2018, it is evident that the sector has not yet reached its tipping point. This industry is confronted with a myriad of challenges, such as poor-quality inputs, limited credit availability, post-harvest losses, and difficulty accessing markets. Another challenge for the venture capital space could be the unheard of ‘big exits’ in the agritech space.

AFEX, a Nigerian company that Financial Times recently recognized as the “fastest-growing” African company, is committed to tackling the challenges in the agricultural technology sector. Currently operating in Nigeria, Kenya, and Uganda, AFEX plans to expand to nine more countries within the next decade. In an email interview with WT, Mariam Tobun, VP of Corporate Services at AFEX, sheds light on why the Agritech sector requires a boost.

The Background

According to the Food and Agriculture Organisation, food security is a major problem on the continent, with as many as 258 million people facing food crises due to problems like lack of access to food, climate change and malnourishment.

A general position on agriculture in Nigeria and, by proxy, the rest of Africa is that it is the singular most important economic activity and the backbone of multiple industries in one way or another. Nigeria’s agric sector is a key driver, contributing 22.35% to the total GDP of the nation and employing about 70% of the population who are mostly involved in small-scale farming. This demographic alone contributes to 90% of food production in the country, yet they are an underserved, excluded group in terms of financing and policy coordination. 

Despite its contribution to the economy, the sector faces multiple challenges that impede productivity and reduce the capacity to feed the burgeoning population. These challenges range from high post-harvest losses, limited financing, poor access to markets, unsophisticated irrigation systems, and lack of access to technology and agricultural extension services to combat climate change and global warming.  

On agriculture financing alone, the World Bank estimates that the value of the financing gap is as wide as USD 65 B. Low financing in agriculture means that farmers do not have the necessary inputs, seeds and fertilisers to produce enough to match demand.  The ripple effect is that people are not able to access the necessary nourishment to stay healthy, and in the case that they can access food, they do so at incredibly high, unsustainable rates. 

“I would say that between 30 years ago and now, we’ve seen a major shift in stakeholder involvement in the sector,” says Mariam.

While Africa has a long way to go in terms of building and maintaining efficient systems, growing exports and reducing reliance on food imports,  the sector has witnessed steady growth.  

She adds, “Today, the landscape is rapidly evolving, with multiple private organisations like AFEX, working to transform the sector by building efficient infrastructure to manage our food needs.”

The Rising Challenge of Climate Change

Nigeria is racing against multiple potentially disruptive factors, from rapid population growth, declining resources and finally, climate change. The potential ripple effect of climate change affects the entire food chain, from farmers to final consumers. Just last year, Nigeria witnessed its most devastating floods since 2012,  and this left many farmers with losses they are yet to recoup to this day. Beyond the loss of income faced by farmers, reduced harvest as an implication of these floods affects subsequent planting seasons, leading to food shortage crises.  

For many rural farmers who typically lack access to data and technology services to build long-term resilience to environmental challenges, climate change poses a major threat to their survival as well as the capacity to manage the demand and supply of food to those that need it.

Climate change poses a huge threat to Africa’s food production and supply. According to a survey carried out by the World Economic Forum, as far back as 2007, 30% of crop harvest fluctuations have been directly caused by climate change. While global agriculture has managed to maintain crop harvest, Africa still has challenges preventing food shortage. 

The Missing Link(s) 

Agriculture today contributes 22.35% to the country’s GDP; however, it is also ironic that it is the least invested sector, making up only 3.26% of bank credit issued in 2019. Even when the government allocation for agriculture is viewed, it stood at 1.73% in 2021 and 1.8% in 2022, significantly lower numbers than the stipulated 10% allocation contained in the Maputo agreement. It is noticed that across private and public sectors, agriculture investments are low.  

An often-repeated rhetoric is that agriculture possesses a credit, liquidity and market risk profile that investors avoid, and while there is a base to this claim, multiple platforms have been working to derisk agriculture.

In order to truly enhance investment in agriculture, it is imperative to have a deep understanding of the unique characteristics of the ecosystem. It is essential to prioritize innovative and progressive financing strategies to enable Africa to fully maximize its productivity and effectively address food security concerns. Taking proactive measures is also crucial to achieving success in this endeavour. 

The potential of agritech to revolutionize agriculture in Africa is immense. However, it is clear that Africa’s adoption rates are still relatively low compared to developed nations due to certain challenges such as limited internet access and lack of knowledge. To increase adoption, stakeholders must prioritise strengthening extension services that educate farmers on best practices, address affordability concerns, and create a favourable policy environment that reduces barriers to accessing agritech solutions. Additionally, it is imperative that stakeholders focus on improving their capacity to ensure successful implementation.

Mariam says, “Identifying these key adoption factors forms the essence of our Code Cash Crop industry platform, where we harness the potential of the technology, finance and agriculture sectors to transform agriculture in Africa.”

The Code Cash Crop features an agritech hackathon, which provides a platform for young, talented minds in the space to ideate and propose ideas that dismantle barriers to sustainable food systems. “Through Code Cash  Crop, we are multiplying opportunities available to relevant players in the commodities value chain to optimize efficiency and create shared prosperity for all,” adds Tobun. 

In Africa, an essential element for climate adaptability is missing, which is data. By utilizing data to monitor climate patterns and enhance precision agriculture, farmers can be assisted in managing climate hazards. This can lead to more sustainable and resilient agriculture that is better equipped to withstand the impacts of climate change.

The Solution

Mariam points out, “At AFEX, we are building the necessary physical and digital infrastructure to enable Africa to solve these problems and enable Nigeria and the African continent to feed itself.” 

The AFEX platform is designed to provide seamless access to infrastructure, markets, and capital for the commodities sector in Africa. They boast over 200 strategically located warehouses in Nigeria, Kenya, and Uganda, providing capacity for storing and aggregating commodities in the right quantity and quality for physical trading.

The digital commodities exchange platform also provides a marketplace for buyers and sellers to trade and invest in commodity-backed investment contracts. The solutions enable price transparency and standardisation, boost export confidence, promote quality, provide better access to markets, and reduce the exploitation of farmers while connecting them to formal markets. 

Mariam adds, “We work with smallholder farmers to improve their capacity for production as well as build resilience via our innovative financing products.”

For smallholder farmers, this includes input financing and advisory services. These tools essentially enable farmers to maximize the value of inputs provided. Extension services include general research and data-driven insights to strengthen knowledge of best agricultural practices, and this knowledge is constantly updated in view of the realities of climate change. Beyond input packages, storage operations prevent post-harvest losses and food wastage while boosting resilience for the nation against global food shocks.  

AFEX is building proactive measures to manage climate change effects.  At the forefront of these models is focusing on innovative financing to unlock climate mitigation and adaptation projects. One such project is the food security fund that was launched in 2021, which is still a future project. The aim of this fund is to scale the “building blocks” required to profitably cultivate and process commodities on the continent, applying technology and data to improve climate-smart agriculture. 

Mariam concludes by saying, “Building a resilient data ecosystem cannot exist in a vacuum; it requires collaboration between governments, research institutions, civil society, and the private sector.” 

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The Event, jointly organised with the Economic Development Board of Mauritius, Indian Angels Network, Africa Business Angels Network and TiE Global, has established itself as the go-to platform for entrepreneurs across the Indian Ocean to meet and discuss opportunities for collaboration.

The global start-up economy is worth nearly US$3 trillion out of the total world economy of around US$90 trillion and is growing exponentially. India and Africa can both partner and benefit from this huge opportunity by leveraging each other’s strengths.

It is often felt that despite deep historical, commercial, and cultural ties, the entrepreneurial ecosystems between India and Africa remains to be connected in a meaningful way. Changing this presents a tremendous opportunity to harness the creative capacity of entrepreneurs in both regions to work together to solve common and pressing problems and accelerate trade and investment in the process. This is the mission of the India-Africa Entrepreneurship Forum (IAEF).

Africa’s fifty-four states produce a combined GDP in excess of US$3.2 trillion – almost the same as India. The continent’s economic growth is estimated to be 3.2 percent in 2023 and also houses six of the world’s fastest-growing economies. 

With  57,000 startups valued at US$450 billion, India is the third largest entrepreneurial ecosystem in the world. Over 650 African startups, on the other hand, received total funding of US$5.2 billion in 2022 ( a 1700 percent increase since 2015), raising the combined valuation of about 900 startups to roughly US$50 billion.

Collaboration between startups and large but entrepreneurial businesses, on the other hand, can increase the reach and impact of innovation, according to Accenture Africa research, which increasingly correlates with higher economic performance at enterprise and economy-wide levels. By leveraging the power of ecosystems and open innovation, African economies can accelerate progress, unlocking Africa’s abundance for all.

Why the 3rd IAEF Summit?

Building on the remarkable success of its two previous editions – held in Mauritius and in Kenya in 2019 and 2022, respectively, the organisers are inviting pre-eminent entrepreneurs, thought leaders, policymakers and investors from both Africa and India to participate in the following Workshops & Panels:

1. Cross-border FinTech
2. Energy & GreenTech
3. AgriTech and Agri-Export
4. EdTech And Remote Learning
5. HealthTech – Telehealth
6. International E-Commerce
7. Automation & Artificial Intelligence

For more information about the 3rd India-Africa Entrepreneurship and Investment Summit, click here.

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The programs offer an extensive curriculum, practical training, and direct exposure to world-class investors, providing the ideal launchpad for aspiring and current investors to break into the African venture space.

Dream VC programs have the support of over 50 Venture Capital Funds for the curriculum. To-date, over 80 fellows have been trained through its flagship Investor Accelerator and Launch into Venture Capital Programs. Though most are based in Africa, these fellows now span everywhere from North America to South Asia.

Past fellows have gone on to launch investment funds, set up accelerators and startup hubs, and join new and established investment funds across Africa and beyond. Today, Dream VC fellows work with over 35+ VC and PE funds, including the likes of Ajim Capital, Capria Ventures, Future Africa, Lateral Frontiers, Oui Capital, Verod-Kepple Africa Ventures and more, and are investing in hundreds of startups. 

This year, Dream VC will run two programs:

• The 3-month-long Launch into Venture Capital Program (LIVC)
• The 5-month-long Investor Accelerator Program 

The Launch into Venture Capital Program is ideal for junior professionals and graduates who wish to build an unparalleled skillset and break into entry-level roles (interns, analysts, associates) in African-focused VC and investment firms. 

The Launch into Venture Capital Program curriculum is very intensive and structured like a bootcamp, with predominantly skills-based training throughout the program. Fellows on this program would get a crash course into VC, learn fundamental venture capital skills like due screening, analysis, due diligence and more, and be trained on post-investment value add and startup support. The program also includes extensive career-building, mentorship and network development.

The Investor Accelerator Program is geared towards mid to advanced-stage career professionals with the capital and experience to begin investment activities upon program completion.

The Investor Accelerator Program is an immersive experience that covers over 800 hours of on-demand content and multiple weekly lessons across skill-building, theory, fundamentals, venture capital, and angel investing, covering many topics, from VC 101 to Fund Launch and VC Career Development. Fellows in this program would be immersed in the 0-100 of Dream VC’s extensive curriculum. Upon program completion, they will be ready to begin investment activities or launch an initiative.

Dream VC’s application process has an acceptance rate of less than 10% based on past data and interviews with the founders. Applicants undergo a four-stage application process involving motivational questions, research assignments, interviews with past fellows, and Dream VC staff.

Applications for both programs are now open and will close on April 16th.

The programs will run in Summer and Autumn, with the Launch into VC program running from June to late August and the Investor Accelerator program running from June to late October.

How to apply

To apply to the Launch into VC program, interested applicants should use this link.

To apply to the Investor Accelerator program, interested applicants should use this link.

For any questions about the applications, potential fellows can contact applications@dream-vc.com.

Feature image:  Dream VC Co-Founders Mark Kleyner (Left) and Cindy Ai (Right) are active ecosystem builders, advisors and investors in African startups. Source: Dream VC. 

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TiE Africa is a non-profit organisation that promotes entrepreneurship and fosters the growth of startups in Africa. The organisation has been actively supporting women in their entrepreneurship endeavours by providing mentorship, networking opportunities, and resources to help them succeed. 

TiE Africa recognises that women face unique challenges in the African markets and is committed to providing support and resources to help female founders overcome these challenges.

TiE Africa celebrated female founders’ achievements by hosting them alongside powerhouses and renowned investors of the African entrepreneurship ecosystem on March 02, 2023. These women have overcome numerous obstacles and successfully built efficacious start-ups that positively impact their communities. The event was hosted at the BDO offices in Nairobi, Kenya.

One of these female founders is Sahar Jamal, the founder of Maziwa. Jamal’s startup Maziwa is focused on making the life of new mothers easier. Maziwa breastfeeding has created milk-pumping devices for new mums to feed infants when they return to work. 

Another female founder who is making waves in the African tech ecosystem is Jenny Fletcher, CEO and Co-founder of Ariya Finergy. Ariya Finergy is now a leader in the solar energy sector in Kenya and other African countries. Ariya helps businesses meet their power needs by supplying and financing clean energy.

TiE Africa also celebrated the achievements of other female founders, such as Sneha Mehta, the founder of Uncover Skincare, a beauty products company focused on modern African women, and Sonia Kabra, the founder of Buupass, a platform that bridges the gaps in the public transport system by providing a marketplace model for ticket booking. Her leadership bagged BuuPass win the USD 1 million Hult Prize Challenge, supported by former President Bill Clinton in 2017.

These women create jobs, promote innovation, and drive African economic growth. TiE Africa recognises the importance of supporting female founders in the tech industry and is committed to providing resources and support to help them succeed.

An interesting panel discussion with eminent women business leaders like Maryanne Ochola- Managing Director of Endeavor Kenya, Carolyne Gathinji-Associate Partner at McKinsey & Company, Eva Warigia- CEO of EAVCA, Sheila Kimani Omukuba, the Founder CEO-SOLV Kenya and Nonnie Burbidge, an Investor followed the presentations. Sandeep Khapre, TiE Africa VP and CEO of BDO, East Africa moderated the discussion with the topic- “Only 3 percent of venture capital in 2021 was allocated to ventures led by women. What will enable a more diversified capital allocation to women-led ventures.”

From L to R: Nonnie Burbidge, Sheila Kimani Omukuba, Eva Warigia, Maryanne Ochola, Carolyne Gathinji

In conclusion, TiE Africa’s celebration of female founders in the African entrepreneurship ecosystem this International Women’s Day is a testament to the growing number of women positively impacting all industry sectors. Their achievements serve as an inspiration to other women who aspire to pursue careers in tech and entrepreneurship.

TiE Africa’s commitment to supporting female founders in the industry is helping to create a more inclusive and diverse tech ecosystem in Africa, one where women can thrive and make their mark.

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