South Africa
In a huge win for Nigeria's small business community, Earthbond, a local startup, just raised $200,000 in pre-seed funding. The company, founded in 2023 by Chidalu Onyenso, is on a mission to help small and medium-sized businesses (SMBs) transition to solar power — and with this new funding from Madica, an Africa-focused investment firm, they’re ready to help even more. Earthbond has already done a lot. They’ve assessed the solar power needs of over 100 businesses in Lagos alone, and with deals potentially worth $1 million in the works, the demand for solar power is clear. Even more impressive, over 1,800 SMBs have joined Earthbond’s waitlist, eager to make the switch as fuel prices continue to climb. A Simple Way to Switch to Solar So, how does Earthbond work? It’s pretty straightforward. Business owners simply need to fill out a form on the company’s website, providing basic information about their energy needs and operating hours. Earthbond then connects them with solar panel installers and offers flexible financing options. In fact, Earthbond has partnered with four microfinance banks to offer repayment plans of up to 48 months. That means small businesses can get the clean energy they need without the massive upfront costs. “Leading the charge of energy transition is no easy feat,” said Chidalu Onyenso, CEO of Earthbond, “and we’re glad to have investors like Madica who share our passion and vision.” Why Solar Matters for Small Businesses In Nigeria, small businesses face a major challenge: keeping the lights on. With unreliable power supplies and the high costs of diesel and petrol generators, many are struggling to keep operations running smoothly. Solar power is a clean, reliable alternative — but until now, the high installation costs have kept many businesses from adopting it. That’s where Earthbond comes in. By offering flexible payment options and connecting businesses with solar providers, they’re helping more and more companies make the switch to clean energy — without breaking the bank. Earthbond’s plans don’t stop there. The startup is also looking at ways to help businesses track their carbon emissions, with plans to offer discounts based on how much carbon they save. This could be a game changer, not only for the environment but for the businesses themselves, who can save money while going green. As Nigeria works towards increasing its solar capacity, Earthbond is entering a market already served by established players like Rensource Energy and M-KOPA. But with this new funding and a unique approach to financing, Earthbond is ready to make its mark. Madica, the investment firm behind the funding, is eager to help. “Earthbond has tremendous potential to drive an equitable clean energy future and positively impact Africa,” said Emmanuel Adegboye, head of Madica. For small business owners looking for a reliable, affordable alternative to diesel and petrol generators, Earthbond offers a way forward. Their flexible financing options and easy-to-use platform make it simple to figure out how much solar power your business needs — and how to get it, without the massive upfront cost.
Economy Energy

Terra Firma’s R1.3 Billion Solar Project to Cut South Africa’s Rising Electricity Costs

Terra Firma, a leading South African renewable energy company, has unveiled plans for a groundbreaking R1.3 billion ($73.8 million) solar energy project, designed to help alleviate the financial strain of escalating electricity costs in South Africa. As the country faces a mounting electricity crisis and the potential for Eskom’s tariffs to rise by as much […]

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Xero to Acquire South African SaaS Startup Syft for $70 Million
Partnerships Saas

Xero to Acquire South African SaaS Startup Syft for $70 Million

Xero, a leading global provider of accounting software, has announced plans to acquire Syft, a South African cloud-based reporting and analytics platform, for $70 million. The deal is set to finalise between October and December 2024, pending regulatory approvals. Founded in 2016 by Matt Stephanou and Vangelis Kyriazis, Syft provides AI-driven financial reporting tools to […]

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Starlink's Expansion to South Africa: How Cyril Ramaphosa Is Leading the Charge
Internet Partnerships

Starlink’s Expansion to South Africa: How Cyril Ramaphosa Is Leading the Charge

Elon Musk’s Starlink, the satellite internet service that’s transforming connectivity across the globe, has made significant strides in Africa. With successful launches in countries like Zimbabwe, Botswana, and South Sudan, the service is bringing high-speed internet to underserved areas. However, as Starlink continues its African expansion, one country remains conspicuously absent: South Africa, the birthplace […]

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Economy

Google is making good on their $1billion investment in Africa, South Africa to host its first ever cloud region.

Google announced its plan to establish its first-ever cloud region in Africa in South Africa.  The announcement was made at the 2022 Google for Africa event as an example of how Google is delivering on the $1 bilion investment commitment made last year by the company’s CEO, Sundar Pichai. The new Cloud region will help users, developers, businesses […]

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Business News Technology

Pick n Pay, first sub-Saharan African retailer to migrate to AWS

Pick n Pay, a South African retailer, has moved its entire on-premises information technology (IT) infrastructure to Amazon Web Services (AWS). Pick n Pay collaborated with Lemongrass Consulting, an AWS Premier Consulting Partner, for the migration. The retailer stated in a press statement that it will use the AWS Marketplace and AWS’s wide range of […]

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Startups

Nigerian startup, Sabi, expands to South Africa

Sabi connects merchants — manufacturers, distributors, wholesalers, and retailers — to a larger marketplace and provides them with other useful products such as loans and inventory management. The company, founded in 2020 by Anu Adasolum — CEO and co-founder — and Ademola Adesina, has an office in Kenya’s informal market and has had its sights […]

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Technology Venture Capital

DataProphet raises $10 million to scale its AI-as-a-service offerings

DataProphet, a South African company founded by Frans Cronje and Daniel Schwartzkopff that offers AI-as-a-service software in the manufacturing sector, has completed its $10 million Series A round. Cronje, the company’s CEO, told TechCrunch during a call that DataProphet began focusing on providing end-to-end prescriptive AI for manufacturing plants to improve yield in 2017. The […]

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Business News Technology

Rain proposes an integration with Telkom but faces hurdles

Rain, a South African mobile data-only network, announced that it had made a formal request to the Telkom board of directors to present a proposal that would result in the merger of the two companies. According to Rain, the merger would create a formidable third major player to compete with South Africa’s leading mobile network […]

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Business News Technology

Tymebank announces its proposed acquisition of Retail Capital

TymeBank, a South African digital bank, has announced the proposed acquisition of Retail Capital. This fintech company provides funding to South African Small and Micro Enterprises (SMEs) for an unknown sum. The transaction is still subject to regulatory approval. Retail Capital funds SMEs through a three-step online application process. Over the previous ten years, the […]

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Business News Finance Technology

South Africa’s PayGate adds Samsung Pay as a payment method

PayGate, a subsidiary of South Africa’s DPO Group, has announced that it is now accepting Samsung Pay as an additional payment method for its merchants. Eran Feinstein, CEO of DPO Group, commented on the news, saying that Samsung Pay offers a more frictionless payment journey by eliminating the need for users to browse through their […]

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