Goldman backs Kobo360, Rwanda commits to EVs, Interswitch IPO update – gpgmail


Nigerian freight logistics startup Kobo360 raised a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks.

The company — with an Uber-like app that connects truckers and companies to delivery services — will use the funds to upgrade its platform and expand to 10 new countries beyond current operating markets of Nigeria, Togo, Ghana and Kenya.

Kobo360 looks to grow beyond its Nigeria roots to become a truly Pan-African company, co-founder Obi Ozor told gpgmail .  He co-founded the venture in 2017 with fellow Nigerian Ife Oyedele II.

Since its launch in Lagos, the startup has continued to grow its product offerings, VC backing and customer base. Kobo360 claims a fleet of more than 10,000 drivers and trucks operating on its app. Top clients include Honeywell, Olam, Unilever, Dangote and DHL.

Kobo360’s latest round is also notable for Goldman Sachs’ involvement. Goldman’s participation tracks a growing list of African venture investments made by the U.S. based finance firm.

Chinese mobile-phone and device maker Transsion will list in an IPO on Shanghai’s STAR Market, Transsion confirmed to gpgmail.

The company — which has a robust Africa sales network — could raise up to 3 billion yuan (or $426 million).

Transsion’s IPO prospectus is downloadable (in Chinese) and its STAR Market listing application available on the Shanghai Stock Exchange’s website.

STAR is the Shanghai Stock Exchange’s new Nasdaq-style board for tech stocks that also went live in July with some 25 companies going public.

Headquartered in Shenzhen — where African e-commerce unicorn Jumia also has a logistics supply-chain facility — Transsion is a top-seller of smartphones in Africa under its Tecno brand.

The company has a manufacturing facility in Ethiopia and recently expanded its presence in India.

Transsion plans to spend the bulk of its STAR Market raise (1.6 billion yuan or $227 million) on building more phone assembly hubs and around 430 million yuan ($62 million) on research and development, including a mobile phone R&D center in Shanghai, a company spokesperson said.

The government of Rwanda will soon issue national policy guidelines to eliminate gas motorcycles in its taxi sector in favor of e-motos, according to a preview of the plan by President Paul Kagame at a public-rally

The director general for the Rwanda Utilities Regulatory Authority, Patrick Nyirishema, confirmed Kagame’s comments were ahead of a national e-mobility plan in the works for the East African nation.

“The president’s announcement is exactly the policy direction we’re in…it’s about converting to electric motos…The policy is prepared, it’s yet to be passed…and is going through the approval process,” Nyirishema told gpgmail on a call from Kigali.

Motorcycle taxis in Rwanda are a common mode of transit, with estimates of 20 to 30 thousand operating in the capital of Kigali.

Nyirishema explained that converting to e-motorcycles is part of a national strategy to move Rwanda’s entire mobility space to electric. The country will start with public transit operators, such as moto-taxis, and move to buses and automobiles.

Ampersand, a Kigali-based e-moto startup, has already begun to pilot EVs and charging systems in Rwanda and will work with the country’s government on the moto-taxi conversion.

In an ExtraCrunch feature, gpgmail delved into tech talent accelerator Andela — one of the most recognized and well funded startups operating in Africa.

In a byte, Andela is Series D stage startup ― backed by $180 million in VC ― that trains and connects African software developers to global companies for a fee.

CEO Jeremy Johnson dished on the company’s strategy toward profitability and responded to some of the criticism it receives ― namely a claim the startup is creating a second brain-drain when software developers leave Andela and Africa, to take positions with global companies.

Today Andela has offices in New York and five African countries: Nigeria, Kenya,  Rwanda, Uganda, and Egypt ― which largely align with the continent’s top tech VC markets.

Across this network the company recruits software developers, builds software engineers, and deploys teams of software engineers.

Johnson disclosed numbers on Andela’s expected new hires for the year, current developer staff, how many departures the company expects, and how many of those will likely leave their home countries―which actually amounts to a fairly small percentage.

gpgmail checked in with Nigerian fintech company Interswitch for the latest on its anticipated dual-listing London and Lagos stock exchanges.

A Bloomberg News story (based on background sourcing) revived speculation the IPO could happen this year for the company — which provides much of Nigeria’s digital banking infrastructure and has expanded its operations presence and payments products across Africa and globally.

Reports that Interswitch could be one of the earliest big tech companies out of Africa to go public trace back to 2016, when CEO and founder Mitchell Elegbe told gpgmail the company was considering a listing before the end of that year.

Last month, an Interswitch spokesperson would neither confirm or deny a pending IPO, per a gpgmail inquiry. So, it’s still tough to say if or when the company could list. But there are still several reasons why the business (and its possible IPO) are worth keeping an eye on, which we detailed in the update story.

 

One could be an eventual increase in venture funding to African startups, that could come from Interswitch. Another could be an Interswitch IPO adding another benchmark for global investors to gauge Africa’s tech sector beyond Jumia — the e-commerce company that became the first big tech firm operating in Africa to launch on a major exchange, the NYSE in April.

More Africa-related stories @gpgmail

African tech around the ‘net

 


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Rwanda to phase out gas motorcycle-taxis for e-motos – gpgmail


The government of Rwanda will soon issue national policy-guidelines to eliminate gas motorcycles in its taxi sector in favor of e-motos.

The country’s president Paul Kagame previewed the plan last week. “We will find a way to replace the ones you have now. We urge taxi-moto operators to help us when the phase-out process comes,” he said speaking at a youth forum.

The Director General for the Rwanda Utilities Regulatory Authority Patrick Nyirishema confirmed Kagame’s comments were ahead of a national e-mobility plan in the works for the East African nation.

“The president’s announcement is exactly the policy direction we’re in…it’s about converting to electric motos…The policy is prepared, it’s yet to be passed..and is going through the approval process,” Nyirishema told gpgmail on a call from Kigali.

Motorcycle taxis in Rwanda are a common mode of transit, with estimates of 20 to 30 thousand operating in the capital of Kigali. The country has come a long way since the 1990s, becoming a test-bed for drone-delivery and prioritizing initiatives to become an African tech hub.

Rwanda motorcycle taxisNyirishema explained that converting to e-motorcycles is part of a national strategy to move Rwanda’s entire mobility space to electric. The country will start with public transit operators, such as moto-taxis, and move to buses and automobiles.

“Once the policy is out, we’ll no longer permit any motorcycle that is not electric to be added to a fleet,”  Nyirishema said, adding that the country’s regulators will need to create an appropriate transition period and program for taxi operators to move to e-motos.

The news comes as Africa’s motorcycle taxi markets — worth an estimated $4 billion — have seen a flurry of tech investment and expansion. Uber and Bolt got into the motorcycle taxi business in Africa in 2018.

Norwegian (and Chinese backed) browser service Opera’s recent $50 million backed West Africa product expansion included linking its new payment app to ORide, a motorcycle ride-hail venture it launched in Nigeria.

Nigerian motorcycle taxi and delivery startup MAX.ng raised a $7 million Series A round with participation from Yamaha. The company is using the funding to pilot e-motorcycles in Africa powered by renewable energy.

Another local moto-taxi ventureUganda’s SafeBoda—received outside capital in a Series B round co-led by the venture arms of Germany’s Allianz and Indonesia’s Go-Jek. 

The Director General for  Rwanda’s Utilities Regulatory Authority Patrick Nyirishema prepared to confirm partners for the country’s e-moto conversion.

One startup that says it will be involved is Ampersand, a Kigali based venture that has already begun to pilot EVs and charging systems in Rwanda.

The company has worked with a feasibility study for implementing electric vehicles across Rwanda since last year, according to CEO Josh Whale. “We’ve also got a grant from the government…and it’s been tied in really well with the feasibility study,” he told gpgmail.

Copy of Bike Rebero Ampersand eveningAmpersand has shaped its own e-motorcycle model, building the batteries and fitting them into new motorcycle chassis imported from Asia. To keep the taxi-moto riders consistently moving—vs. delayed while recharging—the startup has developed a battery swapping system and station.

One motorcycle ride-hail startup that’s been testing an Ampersand e-moto is Cango. Founded in 2015, the company has app-based, on-demand taxi-moto fleets in Rwanda and Congo.

“We intend to be among the first to switch our fleet, as the [Ampersand] bikes are ready,” Cango co-founder Barrett Nash told gpgmail in a message from Kinshasa.

Ampersand CEO Josh Wale sees electricity changing the micro-economics of motorcycle taxi markets. He estimates taxi riders in Rwanda spend $2000 a year on fuel and oil-charges for their gas machines.

“Looking at it from a driver point of view, from day one they are paying less for the bike and the battery by going electric,” he said.

 

 

 


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Africa’s ride-hail markets are hot spots for startups and VC – gpgmail


When it comes to VC, vehicles, and startups, Africa’s ride-hail markets are becoming a multi-wheeled and global affair.

The big players such as Uber and Bolt are competing in Kampala and Nairobi—where in addition to car-service—they offer rickshaw taxis. On-demand motorcycle startups are multiplying and piloting EVs with funds from international partners. And many ride-hail companies in Africa are adapting unique product solutions to local transit needs.

In this analysis, I take a look at the leading startups in the mobility space and how the future of transportation on the continent will increasingly come from new entrants.

Africa’s in the midst of digital innovation boom

Africa’s in the midst of digital innovation boom, the components of which are intersecting rapidly across its 54 countries and 1.2 billion people.

Smartphone penetration is improving and in 2017, the continent saw the largest global increase in internet users—20 percent.

By Partech data, the continent surpassed the $1 billion VC mark in 2018. And greater connectivity and venture funding are fueling thousands of startups in every imaginable sector, including digital-transit.

While reliable markets stats for the size and potential of Africa’s ride-hail markets are sparse, there are some indicators of the sector’s potential.

Car ownership and cars per capita in Africa is among the lowest in the world. Parallel to that, any eyes and ears survey of the continent’s big cities reveals that shared transport by buses, cars, or motorcycles is big business that’s already ingrained in consumer culture. Millions of people daily pay fares to pack onto East and West Africa’s Mutatu and Danfo minibuses and Okada and Boda Boda motorbike taxis.

As Africa continues to urbanize, converts to smartphones, and discretionary consumer spending continues to rise—it all adds up to suggest strong potential for conversion to on-demand mobility services.

Unsurprisingly, the most active markets for ride-hail startups and investment in Africa align with the continent’s top spots for VC and tech activity: primarily Nigeria, Kenya, and South Africa.



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