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Equatorial Guinea moves to support prospective entrepreneurs by cutting bureaucratic obstacles with a One-Stop Shop for business incorporation

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The step is a very positive move, and a sign that Equatorial Guinea’s government is listening to international investors’ concerns

JOHANNESBURG, South Africa, January 15, 2019/ — Equatorial Guinea’s one-stop shop became a reality this week, allowing investors and corporations alike to set up a business in sub-Saharan Africa’s fourth largest oil producer in only seven days.

The step is a very positive move, and a sign that Equatorial Guinea’s government is listening to international investors’ concerns over the country’s bureaucracy and regulations, which have prevented it from exploiting its full investment potential over the past few years. The one-stop shop will provide suitable information support for future entrepreneurs and enable them to start with business operations in the shortest time possible.

One-stop shop solutions allow businesses to deal with all permits and processes required to set up a business at a single counter, hence reducing bureaucracy and eliminating red tape. These have been gradually implemented across the world and Africa, resulting in increased local and foreign investments, and promoting small and medium enterprises (SMEs) growth.

Equatorial Guinea’s step is expected to be very positive for business and puts the country at par with its regional and global competitors. It further signals the country’s political will to reform, and echoes President Obiang Nguema Mbasogo’s commitment to see the National Economic Development Plan: Horizon 2020 being fully implemented.

“Our clients are excited about this. As a firm, we work to encourage investment into the country, ensure investors can have a seamless transition and operate well. The one-stop shop is a welcomed and timely development as Equatorial Guinea expects billions of investments during its Year of Energy 2019 and is a crucial step towards achieving the country’s economic diversification and poverty reduction goals under its National Economic Development Plan: Horizon 2020,” declared Santiago Olo Lima, Director for Equatorial Guinea at Centurion.

Equatorial Guinea has doubled efforts to reach out to the international community and boost its attractiveness to investors in recent years. The country joined the Organization of Petroleum Exporting Countries (OPEC) in 2017, and is now spearheading the LNG 2 Africa initiative, which seeks to create new markets for Africa’s natural gas. “This is an exciting time to be looking at Equatorial Guinea and Centurion is well-positioned to assist investors navigating the country’s energy sector,” added NJ Ayuk, CEO of Centurion.

Under its Year of Energy 2019, Equatorial Guinea is also hosting the APPO Cape VII Congress & Exhibition between April 1-5, and the 5thSummit of the Gas Exporting Countries Forum in November. In addition, the 3rdNational Economic Conference is also set to be held this year in Equatorial Guinea. These events are expected to attract billions of investments into the country’s energy and infrastructure sectors.

SOURCE: Centurion Law Group

Press Release

Koa Academy Wins MEST Africa Challenge 2023, Secures $50,000 Funding

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Koa Academy team

MEST Africa, a leading Pan-African tech entrepreneurship training program, seed fund, and incubator, proudly announces Koa Academy as the grand prize winner of the 2023 MEST Africa Challenge (MAC), securing a $50,000 equity investment after a competitive pitch battle among Africa’s brightest tech innovators.

In a thrilling showcase of ingenuity and entrepreneurial spirit, Koa Academy from South Africa stood out at the MEST Africa Challenge finale in Accra, Ghana, surpassing contenders from across the continent. This coveted startup competition, known for identifying and nurturing tech talent, saw Koa Academy clinch the top spot with its groundbreaking solution, poised to transform the Edtech industry.

The competition drew applications from hundreds of early-stage tech startups, rigorously assessed on criteria such as innovation, scalability, and team strength. Finalists from Ghana, Nigeria, Senegal, South Africa and Kenya competed in the grand finale, demonstrating their unique solutions and business models to a panel of esteemed judges, including investors and industry experts.

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Koa Academy, Winner of the 2023 MEST Africa Challenge and a South African innovator in online education, offers dynamic and interactive courses for grades 4-12. With a focus on engagement and accessibility, it champions digital learning, making quality education available to anyone, anywhere, and transforming the educational landscape in South Africa. The startup impressed the judges at the MAC Finale showcasing significant market potential, revenue growth, and social impact.

“Winning the MEST Africa Challenge has been an amazing experience for the Koa Academy team. It highlights the hard work and dedication that everyone has put into growing Koa. This recognition is not just an award; it’s a testament to the passion and perseverance that drives us every day. Amidst the challenges, this journey has brought us closer to others across the continent, forging relationships and connections that fuel our mission even further. We are reminded that we’re not alone in this endeavor and are incredibly grateful for the support and learning opportunities this challenge has presented,” said Lauren Anderson, Co-founder and CEO, Koa Academy, expressing gratitude and optimism for the future of tech startups in Africa.

Ashwin Ravichandran, Portfolio Advisor at MEST Africa congratulated the winner and finalists for their exceptional achievements and resilience. The event also highlighted the support of Absa Bank Ghana for contributing to the challenge’s success. The MEST Africa Challenge continues to be a pivotal platform for emerging tech startups in Africa, offering funding, visibility, and support to innovate and scale. Koa Academy’s victory underscores the vibrant potential within Africa’s tech ecosystem, promising a brighter future for the continent’s digital landscape.

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Deel Acquires PaySpace

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Deel announced today that it is acquiring African-based payroll and HR solution company PaySpace for an undisclosed amount. It is one of Deel’s largest acquisitions to date.

PaySpace has more than 20 years of payroll technology experience, providing payroll engines and HR services in 44 countries across Europe, Latam, Middle East and Africa for more than 14,000 customers. Its size, expertise, and proprietary disruptive payroll technology give it unrivaled scale and reach. Customers include multinationals across various industries such as Heineken, Coca-Cola Beverages and Puma Sports SA.

By acquiring PaySpace, Deel will become the first global payroll & Employer of Record (EOR) with its own full-stack payroll engine localized in 50 countries and integrated into its offering. Deel has the ability to be the system of record for HR organizations worldwide and can give its customers a simple and single interface to manage their global teams. All of this results in greater efficiency and control for companies, faster payroll cycles, more localized compliance insights relevant to their workforce, plus the ability to make changes to their payroll at any time.

The news follows Deel’s acquisition of leading APAC payroll provider PayGroup. Deel now owns the full HR stack- entities, local teams (legal, HR, payroll), and local payroll engines – across six continents. Its four-year ambition is to serve 100 countries with native payroll engines, and this acquisition is a significant step toward that goal.

Deel co-founder and CEO Alex Bouaziz said, “Global payroll is hard to do and critical to get right. As a company, you want assurances you can pay your teams on time, compliantly, anywhere in the world. PaySpace’s single-platform payroll expertise and breadth of coverage, particularly in Africa and the Middle East, combined with PayGroup’s presence in APAC, will give Deel customers the reach they need to grow their businesses globally. Our long-term vision is to be the most comprehensive payroll system in the world.”

PaySpace’s proprietary technology is a cloud native framework built as a single engine. Its platform allows for easy configuration to add additional countries through localization. These localization projects normally take years to complete, but with PaySpace’s innovative technology, it can localize much faster than any other payroll provider.

Clyde van Wyk, PaySpace Director explained, ”Like PaySpace, Deel strives to evolve its offering through disruption. We set out to modernize the payroll industry, which was burdened by manual processes and stringent legislative and compliance requirements, much like Deel revolutionized global hiring. This acquisition brings together leading employment services and payroll technology expertise, delivering a unique and powerful customer offering with unrivaled automation, flexibility and scalability.”

Deel also announced today that it has achieved $500M+ in annual recurring revenue (ARR) organically, outside of this acquisition. In under five years, the company has grown to 3,000 team members in more than 100 countries. It has been EBITDA positive and consistently generating cash for a year and a half.

Since its founding, Deel has transformed into the all-in-one HR and payroll solution for global teams. It owns 150+ entities in the world and now manages in-house in-country payroll teams in over 70 countries, in addition to offering Employer of Record, contractor, immigration, HRIS, and performance management services worldwide.

 

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Press Release

Dream VC Launches Its 2024 Venture Capital Fellowship Program

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Dream VC, Africa’s foremost venture capital institute and investor accelerator announces the commencement of applications for the 2024 cohorts of their flagship African-focused Venture Capital training programs. Founded in 2021, Dream VC has trained more than 170 African and Africa-focused investment professionals across 3x successive cohorts and 5x programs, many of whom are currently leading and operating in different investment roles across over 65x African investment firms.

The annual remote venture capital fellowship programs provide the ideal launchpad for all aspiring and current investors to break into the African venture space, with an extensive curriculum, practical training, and direct exposure to world-class investors provided to both junior and more venture enthusiasts.

Dream VC’s tailored educational investor training programs are dedicated to creating the necessary pipeline of talent, the next generation of African-focused investors. Investor Acceleratorand Launch into VC are Dream VC’s remotely delivered flagship venture capital fellowship programs, both run entirely virtually. The two concurrently running programs provide an ideal launchpad for all aspiring and current investors to learn, practice, and sharpen the skills needed to successfully find, invest in, and grow African technology businesses.

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“The Dream VC fellowship was a big part of my journey into Venture Capital, it allows you to work alongside enthusiastic venture capitalists in the African VC ecosystem, gain hands-on experience in due diligence and deal sourcing, and build a strong network in the industry,” said Cinderella Alinaitwe, now an Investment Analyst at Pearl Capital Partners, a Dream VC alumni (2021 cohort).

“Dream VC is what I wished I had access to when I started my VC journey. The barrier to entry is high for anyone looking to break into the African VC industry, and going through Dream VC equips individuals with the necessary skills set needed to land that entry-level role at an African VC firm. With more African funds springing up every year, there is a huge opportunity to fill positions and get the best talent. The current gaps in the market for talent are huge, and Dream VC is plugging into a critical pain point. With Dream VC, you are sure of the best talents to hire from.” echoes Dayo Koleowo, General Partner at Microtraction and a past speaker at Dream VC’s venture capital training programs.

This year, Dream VC is back in full force with an expanded team and a success rate evidenced by the many funds that count Dream VC alumni on their teams. In 2024, the investor accelerator will accept applications for their now-familiar venture capital training programs from today, the 27th of February 2024. The two programs running for this year are:

Dream VC’s focus on accessibility continues, and Dream VC is proud to share that they have once again secured a round of commitments from their partners and alumni to enable the Dream VC Access Foundation (Dream VC’s scholarship arm) to provide much-needed support and financial assistance to any aspiring investor-in-training, who makes it through the application process but cannot cover a portion of the program costs.

“Our commitment at Dream VC extends far beyond merely churning out a set number of investors within a specific timeframe. We’re dedicated teachers and builders, meticulously identifying and bridging gaps within the investor ecosystem across Africa. We firmly believe in the immense potential of African talent. Through our programs, we’re shaping future leaders poised to enter various roles within the venture capital landscape, from joining VCs and launching funds of their own to becoming angels, venture builders, and ecosystem enablers at ESOs,” remarked Mark Kleyner, Co-Founder of Dream VC, highlighting Dream VC’s pivotal role and continued success rate in nurturing and empowering investors, funds, and corporate entities to actively participate in Africa’s burgeoning startup scene.

Applications for the 2024 cohort for “Launch into VC (LIVC)’’ and “Investor Accelerator” programs open on Tuesday, February 27th, and will close at 23:59 GMT on the 14th of April 2024.

Both programs will run concurrently from summer to autumn. Launch into VC runs for 4 months from June to Late September. The Investor Accelerator program commences in June and runs until October for a total of 5 months.

Interested applicants can apply for the 2024 cohort of Dream VC’s programs here before 23:59 GMT on April 14th, 2024: https://forms.gle/DJuY7QHsMMYxBEBZ9

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