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Supported By
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Good morning!
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Today we are starting with TymeBank's $77.8 million pre-Series C round. Then, new layoffs hit Alibaba. Data breach in Nigeria has shrunk by half.
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Other funding news from yesterday includes E3 Low Carbon Economy Fund and Lion’s Head Global Partners' $48.1 million fund for African startups.
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Below are the tech stories and news you need to know to start your day, carefully curated by Technext.
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Summary of the news
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- Data breaches in Nigeria have shrunk by half
- Kenya-based content creators say that the government does not deserve the new 15% withholding tax
- Tyme has raised $77.8 million in a pre-Series C round
- Alibaba is cutting 7% of its workforce
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Ecosystem
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- Zoho has opened its new office in Nairobi, Kenya, as part of its expansionist movement across the continent. (TechTrend)
- Tyme, owners of the South African digital bank TymeBank has raised $77.8 million in a pre-Series C round led by Norrsken22 and Blue Earth Capital to expand its global footprint. (Technext)
- Kunda Kids has raised $700,000 in a pre-seed fundraising round to enhance their production capabilities, expand their reach, and bring their storytelling experiences to an even wider audience. (Technext)
- The E3 Low Carbon Economy Fund for Africa (E3LCEF), a fund by early-stage VC E3 Capital and Lion’s Head Global Partners, has closed its first round at $48.1 million to back African startups. (TechCrunch)
- Jumia's operating losses fell by 54% year-over-year to $31 million, even as gross profits rose to $28.6 million, a 5% year-on-year change, its Q1 2023 report shows. (Techpoint Africa)
- MTN Nigeria is 3rd on the list of top 5 highest paying salary Companies in Nigeria with over N33.93 billion in 2022 and a staff strength that declined by 1.41% to 1,675 from 1,699 employees the prior year. (Nairametrics)
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Policy
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- The International Organization of Securities Commissions Organisation (IOSCO) has issued consultation detailed recommendations on how to regulate crypto assets. "Crypto-asset service providers need to address unacceptable conflicts of interest and take far more seriously the right of clients to have their monies and assets carefully minded and accounted for," the body said. (Nairametrics)
- Kenya-based content creators say that the government does not deserve the new 15% withholding tax on income generated from digital content monetization. "You cannot milk a cow which you’ve not given grass,” skit maker Alex Mathenge said. (Technext)
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Social Tech
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- Data breaches in Nigeria shrunk by half in Q1 2023 to 41.6 million accounts from 81 million last year. However, the number of leaked accounts rose by 64% to 82 thousand this year making Nigeria the 32nd most breached country in Q1 2023. (Technext)
- The Solana Foundation has officially incorporated AI into its network after introducing a ChatGPT plug-in, a contrivance of Solana Labs. (Technext)
- Google has expanded its Flood Hub platform to 8 new African countries including Burundi, Eswatini, Guinea Bissau, Lesotho, Madagascar, Rwanda, Senegal, and Zimbabwe. (Technext)
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Global News
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- Microsoft says companies can build their own AI-powered “copilots” — using tools on Azure and machine learning models from its close partner OpenAI. (TechCrunch)
- Alibaba is cutting 7% of the workforce in its cloud computing division as the unit gears up for an initial public offering. (CNBC)
- Anthropic, an artificial intelligence startup has raised $450 million in funding to bolster the development of its AI bot, named Claude, the largest AI funding round this year since Microsoft’s investment in OpenAI in January. The deal brings the company’s total raised to more than $1 billion. (Bloomberg)
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Latest in funding
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Other stories we are following
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