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The Aurora Tech Awards 2025 in Cairo showcased women-led startups globally, with Egypt’s Salma Medhat receiving special recognition for her personal safety platform, Hiryo. The event featured ten finalists from over 2,000 applications, competing for financial support and networking opportunities.Winners included Solape Akinpelu from Nigeria, who took first place with HerVest, a fintech platform for African women, followed by Loretxu Garcia Arraztoa from Chile and Shreya Prakash from India in second and third places, respectively. InDrive announced a partnership with Entlaq to bolster local entrepreneurship through mentorship and capital access.
Over 80 Nigerian web3 startups have collectively raised $130 million, with $20 million secured in 2024 alone, according to a report by Hashed Emergent. Funding for finance startups surged from $2 million in 2023 to $7 million in 2024, driven by stablecoin payment solutions. Nigeria now accounts for 4% of global new web3 developers, leading Africa's growth in the sector.
OPEC has revised its 2025 global oil demand growth forecast down by 150,000 barrels per day to 1.3 million bpd, citing US tariffs and trade uncertainties. The group also lowered its projections for non-OPEC+ liquids production and global economic growth for 2025 and 2026. Despite these adjustments, OPEC maintains a long-term optimistic outlook for oil demand, expecting total demand of 105.05 million bpd in 2025 and 106.33 million bpd in 2026.
Arnergy, a Nigerian cleantech startup, has raised an additional $15 million in an extended Series B round, totaling $18 million, to expand its solar energy solutions. The funding will support the installation of over 12,000 solar systems by 2029 and enhance its lease-to-own product, Z Lite. However, the company faces challenges from a proposed ban on imported solar panels, which could disrupt the sector's growth.
Kenya’s Umba has secured a $5 million debt facility from Star Strong Capital to expand its digital banking operations across Africa. The startup, which relocated from Nigeria to Kenya in 2023, offers no-fee current accounts, low-cost payments, and loans, aiming to enhance financial inclusion for underserved markets. With a 19% month-over-month revenue growth in 2024 and a sixfold increase in revenue last year, Umba is on track to report a profit by 2025, positioning itself as a key player in Kenya’s fintech landscape.
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African tech funding has stagnated, with 55 startups raising $284 million in Q1 2025, a slight decline from the previous year. Total investment in 2024 fell over 50% to $1.1 billion, reflecting ongoing challenges from a global capital shortage. The largest funding rounds went to Nigeria's LemFi, South Africa's Naked, and Togo's Gozem.
Huawei Nigeria Digital Power has launched the LUNA2000-215 Series, the first hybrid air and liquid cooling energy storage solution for commercial and industrial use, aimed at addressing Nigeria's power challenges. The innovative system emphasizes safety, efficiency, and reliability, with 84 units already ordered by local partners. Key features include advanced thermal management, high profitability, and flexible installation options, underscoring the urgent need for improved energy solutions in the region.
Nigerian startup Payhippo has raised US$4 million in pre-Series A funding and rebranded to Rivy, focusing on AI-powered lending for Africa’s renewable energy sector. Since pivoting in 2023, Rivy has disbursed over US$2 million in clean energy loans, aiming to enhance access to solar power in underserved communities. The funding will support Rivy's growth and partnerships, addressing the critical need for clean energy in a region where over 600 million people lack reliable electricity.
Presight has launched an AI Startup Accelerator in the UAE, offering up to $200,000 in support to AI-driven startups, with applications open until April 10, 2025. The six-month program provides market access, mentorship, and financial resources to help startups scale their innovations across 15 countries.Meanwhile, UAE-based fintech enza has raised $6.75 million to enhance Africa's digital payments landscape, focusing on financial inclusion through its cloud-native technology. Additionally, Yango Group has introduced a $20 million venture fund, Yango Ventures, aimed at empowering early-stage startups in emerging markets, including MENA, by providing capital and strategic support.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
women-led startups shine at aurora tech awards 2025 in cairo
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nigerian web3 startups raise 130 million driving digital innovation in africa
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african tech startup funding declines in first quarter of 2025
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Huawei launches innovative energy storage solution to tackle Nigeria's power issues
17:46 05.04.2025
nigerias payhippo secures 4 million funding and rebrands as rivy
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