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Tunisian LegalTech startup Juridoc.tn has secured a strategic investment from Go Big Partners and 216 Capital Ventures to expand its operations across the OHADA region, which includes 17 West and Central African countries. This funding will enhance its AI-driven legal solutions, addressing the growing demand for digital legal services and improving access to justice. Co-founder Qais Asali emphasized the goal of democratizing legal solutions through technology, positioning Juridoc.tn as a leader in Africa's digital legal ecosystem.
LoftyInc Capital Management has raised $43 million for its LoftyInc Alpha Fund, targeting late-seed investments in promising African tech startups, particularly in Nigeria, Egypt, Kenya, and Francophone Africa. The fund attracted diverse backers, including sovereign wealth funds and development finance institutions, reflecting strong regional confidence in LoftyInc's investment capabilities. With a focus on helping startups scale, the fund leverages LoftyInc's extensive network and expertise to support founders in overcoming operational challenges and expanding their market reach.
M&A activity in African tech startups continued to decline in 2024, with only 12 deals recorded, a 20% drop from the previous year. Total funding fell to $1.1 billion from $2.4 billion, marking a second consecutive year of downturn, with South African startups leading acquisitions. Notably, mobility startups saw three acquisitions, while fintech's dominance in previous years waned.
LoftyInc Capital Management has announced the first close of its LoftyInc Alpha Fund, raising $43 million to support late-seed investments in promising African tech startups across Nigeria, Egypt, Kenya, and Francophone Africa. The fund aims to empower entrepreneurs in sectors like financial services, logistics, and AI, backed by a diverse group of investors, including sovereign wealth funds and development finance institutions. Managing partner Idris Ayodeji Bello expressed excitement over surpassing fundraising targets, emphasizing the commitment to fostering Africa's tech ecosystem.
LoftyInc Capital Management has raised $43 million for its LoftyInc Alpha Fund, targeting late-seed investments in Africa's tech startups, particularly in Nigeria, Egypt, Kenya, and Francophone Africa. The fund attracted diverse backers, including sovereign wealth funds and high-net-worth individuals, reflecting strong regional confidence in LoftyInc's expertise. With a seasoned leadership team, the fund aims to support startups in scaling their operations and navigating market challenges, contributing to Africa's growing role in global innovation.
Arab stock markets experienced steady growth in January, marking a second consecutive month of gains, with the composite index rising by 0.97%. Casablanca's stock exchange led the way with a 9.98% increase, followed by Kuwait and Amman at 5.73% and 5.11%, respectively, driven by strong corporate earnings and supportive monetary policies.While most markets thrived, Egypt, Qatar, Palestine, and Dubai saw modest growth of less than 1%. Notably, the Palestinian market recorded a remarkable 261.4% surge in traded value, contrasting with declines in Dubai, Egypt, and Muscat.
Arab stock markets showed positive performance in January, with a composite index increase of 0.97%, driven by strong corporate earnings and supportive monetary policies. The Bourse de Casablanca led gains at 9.98%, while the Tunisian market faced a significant decline of 71.7%. Despite mixed trading values, investor sentiment improved, reflecting a broader global market rebound.
Web Summit Qatar concluded with the QRDI Council announcing the winners of the Rising Innovators Award, celebrating student projects that showcase innovation. The first place was awarded to the Modular Automatic Sorting Hub (M.A.S.H) from Doha University, while the AI-powered Sharia Bot and Electronic Medical Triage System (EMTS) secured second place. Additionally, QRDI signed MoUs with the Ministry of Labor and ITQAN to enhance healthcare innovation and streamline certificate authentication through blockchain technology.
Cauridor, co-founded by Oumar Rafiou Barry, has achieved over 90% revenue from its payment rails division, reaching a total payment volume of $500 million in 2024. With plans for expansion into Mali and Nigeria, the company is also exploring blockchain integration to enhance cross-border payments in Africa.Meanwhile, Libya's first B2B e-commerce platform, Alkremeya, has launched to modernize the grocery supply chain, aiming for regional expansion across North Africa and the Middle East. The platform connects retailers with importers, streamlining procurement and enhancing transparency.In Egypt, Souhoola has partnered with Visa to launch a new prepaid card aimed at promoting financial inclusion and improving the shopping experience for Egyptians, set to launch in 2025.
Alkremeya is transforming Libya's grocery industry through digital innovation, aiming for expansion in North Africa and the MENA region. The company plans to invest in AI and machine learning, enhance partnerships, and empower local communities, positioning itself as a leader in the B2B digital economy. Meanwhile, Egypt's fintech sector has surged 5.5 times in five years, driven by digital payments and lending, supported by government initiatives to foster financial inclusion and innovation.
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