The MultiChoice Accelerator Programme is in collaboration with the Department of Trade, Industry and Competition (dtic), Galelo Africa and Companies Creating Change (C3). Which forms part of the MultiChoice Innovation Fund (MIF) and supports the growth and development of SMMEs in South Africa. It also aims to connect them with global investors to unlock business opportunities that will enrich their lives, the communities they function in and the South African economy at large.
The global investors that will participate on the panel comprise of representation from some of the United Arab Emirates’ (UAE) leading investor. And venture capital firms including Middle East Venture Partners and WAMDA Capital amongst others.
“As MultiChoice, we are excited to be able to create such a platform for up and coming South African entrepreneurs to raise more funding for their businesses as a result creating more opportunities for others. With unemployment rates so high in our country, this is important for MultiChoice. As we understand that the SMME sector is critical to create opportunities in South Africa,”. said Collen Dlamini, Group Executive of Corporate Affairs at MultiChoice.
The leading African video entertainment company has invested R52m made up of grants, resources, and business support towards the shortlisted companies ahead of their final pitch to the global investor panel. The selected companies are as follows:
- EM Guidance: a digital healthcare platform providing access to the largest, up-to-date database of country-specific medicine information in South Africa.
- Lightbulb: a learning management systems provider that enables virtual learning and training.
- Swypa: a township consumer delivery service.
- Whoosh: a fintech company providing end-to-end payment technologies.
- Wetility: a hybrid solar solutions provider.
- IT Thynk: an information and communications technology (ICT) services and gaming technologies provider.
Six finalists have been chosen from a cohort of 20 South African start-ups who have been part of the programme since September 2021. Representing sectors across Healthtech, Fintech, EduTech, Circular Economy and the Creative Industries. The selected finalists will be going forth to take part in an intensive virtual bootcamp programme followed by a live pitch day to industry experts and investors. There will also be key addresses by Expo Live Senior Vice President, Yousuf Caires. And South African Minister of Small Business Development, Stella Ndabeni-Abrahams.
As part of the programme, the initial 20 start-ups had to attend 26 hours of training which saw them receive guidance on critical business fundamentals and exposure to expansion and fundraising opportunities that will come in handy for each start-up as they continue their journeys.
The programme which is facilitated by C3, a United Arab Emirates (UAE) based social enterprise with a footprint in 17 countries across the Middle East and Africa has enabled the start-ups to access a network of experts and trainers within the international start-up community that have put the entrepreneurs through a rigorous Investor Readiness (IR) programme that will see that they are prepared and fit for the final stretch. Medea Nocentini, C3 Founder, said, “I am deeply inspired by the six founders that have been selected for the final stage of the accelerator: they all have come a long way since the start of the programme with their dedication, perseverance and passion towards their businesses and the impact they are creating. We are excited to see the levels that they have reached and their readiness to meet C3 experts and investors and to explore new opportunities stemming from the UAE.”
In partnering with MultiChoice, Galelo Africa – a black-owned South African financial advisory firm, that is also a former benefactor of the MultiChoice Innovation Fund. And currently manages the fund came in a supportive role to assist the companies in developing their business cases (product and business development) as well as financial management.
As part of Team South Africa’s investment drive at Expo 2020 Dubai, MultiChoice as broadcast partner. Along with official news partner, Newzroom Afrika, will be broadcasting excerpts of the bootcamp programme along with each start-up’s journey throughout the programme. As part of the television series, My Start-Up Accelerated, airing Sundays until 30 January 2022 on DStv’s channel 405.
Fawry Announces Its Intention To Raise EGP 800 million and Explore U.S. Listing
Fawry for Banking and Payment Technology Services S.A.E. (the “Company”, FWRY.CA on the Egyptian Exchange) announced today its plans to raise EGP 800 million of growth capital through a rights issue to existing shareholders. The proceeds will be used to fund a new chapter of expansions in financial services for both consumers and merchants. In addition to growing the Company’s offerings on MyFawry, the offering will help position the Company on the forefront of the Super App opportunity in Egypt.
Moreover, Fawry will continue to invest in strengthening its position on merchant acquiring as well as supply chain solutions. A portion of the proceeds will also be directed towards executing the Company’s investment strategy. Fast tracking innovation and supporting the budding ecosystem of high growth startups and fintech that complement Fawry’s offering. Through e-commerce, logistics, fintech services, insuretech among other verticals.
The Company’s board of directors, including the directors representing the main shareholders of the Company (whether representing institutional investors or financial institutions), have approved the proposal. To increase the capital to finance the company’s growth plans in the event that the necessary shareholder and regulatory approvals are obtained.
The Company’s board of directors also approved the creation of an American Depositary Shares (“ADS”) program. And is exploring a listing in the United States in connection with a potential SEC-registered secondary offering. The timing, number of ADSs and price of the proposed offering have not yet been determined. The proposed offering is subject to market conditions, shareholder and regulatory approvals. And there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering.
These materials are not an offer for sale of any securities in the United States. The securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities will be made by means of a prospectus that may be obtained from the Company. And that will contain detailed information about the Company and management, as well as financial statements.
GoDaddy Partners with Fawry to Help Entrepreneurs Build Their Online Presence
GoDaddy Inc. (NYSE: GDDY), the company that empowers everyday entrepreneurs, has partnered with Fawry, the local leading online payment company. To facilitate the process of going online for startups and entrepreneurs in Egypt.
In partnership with Fawry, GoDaddy will provide startups and entrepreneurs with unique services and tools. Including GoDaddy E-store, to successfully build their digital presence, aiming at helping them attract customer attention and conversions to grow their businesses.
“We are excited to partner with Fawry to empower small business owners, startups, and entrepreneurs in Egypt by facilitating the process of shifting online,” said Selina Bieber, General Manager for MENA, GoDaddy. “Along with our affordable integrated suite of online services and easy-to-use tools, young entrepreneurs and business owners now have secure and easy e-payment methods that can help promote their journey towards utilizing digital solutions for their future growth,” Bieber added.
Heba El Awady, Senior Director for Banking and Strategic Sectors, Fawry, said: “Together with GoDaddy, Fawry aims to provide an easy and convenient payment experience for Egyptian startups and entrepreneurs to successfully build their online presence”. “FawryPay offers various payment methods including card payment, mobile wallets, Installment, reference code payments via Fawry channels (“myFawry” app, 250K Fawry point of sale terminals, FawryPlus, banking channels as well as cash payment through Fawry outlets).” El Awady added.
With over 20 years of experience supporting entrepreneurs, GoDaddy is keen to reach more Egyptian youth and business owners. By providing them with the necessary toolkit to name their idea, expand their digital footprint, and help them take their businesses online and grow.
Additionally, GoDaddy supports digitization needs by sharing information about the benefits of being online. Which, in turn, can help to serve Egypt’s digital transformation strategy and contribute to the state’s economy in the light of Egypt’s Vision 2030.
It is important to note that GoDaddy launched its Arabic Website Builder to allow local Arabic-speaking customers in the MENA region. To reach their audience in their mother tongue, creating a user-friendly interface, and providing a personalized user experience. Thus, grow their business, attract new clients, and retain the already existing customer base.
3attar secures seed investment from AUC Angels, UI Investment and Angel Investors
3attar a health-focused tech and e-commerce platform secures seed investment from AUC Angels, UI Investment and individual Angel Investors. Established in 2019, 3attar is a B2C online platform that provides value to its customers through: Online healthy food/products ordering, Delivery services, Diet-consultation programs and Live-coaching programs. Additional subscription and e-payment models.
During the COVID-19 crisis, the company was quick to expand its ‘selection from a few hundred products to +3,000. Rendering it the biggest healthy-shopping destination in Egypt. Its unique name/logo combination expanded to grow into its own private label that generates 20% of the entire business revenue model.
Mohamed Ali, founder/CEO of 3attar said “We aim to become the dominant one-stop shop for the whole health community in Egypt. And expand into MENA regions; including chronic diseases and obesity by providing a holistic healthy lifestyle app.”
The company’s vision is to support the health community that is comprised of At-risk individuals who lack the resources, awareness, products necessary to alleviate their conditions and improve their health (customers suffering from Obesity, Diabetes, Allergies, Hypertension and more). Healthy individuals as well as Athletes, Dieters and Fitness professional. Who maintain and lead a healthy food intake and are constantly seeking a platform that holistically offers all their lifestyle needs.
Eng. Tarek Roushdy, investor and board advisory member of 3attar said: “Since the huge growth in the global “health” community is reaching the MENA region rapidly. 3attar made a smart move to be the first and only platform to serve not only the health community in Egypt and MENA. But also those who want to joint this movement. I am glad to be part of this journey helping them to bring such value to that big market ..”
Mariam Kamel, of AUC Angels said: “The specialized e-commerce space has witnessed increased inflow of angel investments and venture capital this past year. 3attar not only satisfies this, but also strives for impact in addressing the growing trends towards healthier living.”
The investment raised will be utilized to expand the customer-base through marketing acquisition and diversification. Further developing the tech-stack to achieve higher order volume and revenues.