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MultiChoice Group Shortlists Six South African Startups For The MultiChoice Accelerator Programme

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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.

 

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Press Release

AfCFTA Extends Reach To North Africa

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The African Continental Free Trade Area (AfCFTA) Secretariat and N Gage Consulting signed a Memorandum of Understanding (MoU) to enhance implementation of the AfCFTA within Africa, with a focus on North Africa and Arabic speaking countries as well as harness the potential of the AfCFTA through targeted outreach towards positive impact in Africa. The MoU was sealed by the AfCFTA Secretary General, H.E. Mr. Wamkele Mene and Mr. Karim Refaat, Chairman of N Gage Consulting and Dr. Sherif Fahmy, CEO.

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The was established as an effort to eliminate trade barriers among African countries with the aim of creating a single market size of 1.3 billion people with a combined annual GDP of $3.4 trillion. As the largest free trade area in the world, the AfCFTA is expected to increase intra-African trade and promote regional economic integration of Africa and, as a result, contribute to the sustainable economic and social development of the continent through the creation of employment opportunities and the reduction of poverty.

Pursuant to the MoU, the two parties commit to strengthen cooperation and promote concrete activities in areas of conducting webinars, tailor effective roundtable sessions, public-private dialogues and to develop a series of monthly newsletters to disseminate relevant information through social media platforms with the aim of raising awareness of business and governments on the AfCFTA, its objectives and showcasing AfCFTA’s Guided Trade Initiative and its role in powering trade among members states. 

Additionally, the collaboration will facilitate the preparation for the AfCFTA Business Forum and The Intra African Trade Fair (IATF) and the execution of different capacity building programs for the member states in order to leverage the AfCFTA to boost intra-African trade and utilise Public Private Partnership (PPP) projects to support investment in infrastructure.

The MoU is expected to promote the AfCFTA as a trade liberalisation instrument and sustainable development enabler and accelerator as well as enhance intra-African trade as an engine for economic diversification and industrialisation.

As one of the leading companies operating in the area of government relations and public policy in the MENA region, N Gage Consulting is committed to support the AfCFTA and will deploy all the necessary resources to strengthen and expand cooperation with the AfCFTA Secretariat to enhance African trade integration. 

In addition to her impressive legal background, Rosemond has cultivated a niche expertise in the tech startup ecosystem. She has consistently provided comprehensive consulting, due diligence, and investor readiness services to numerous companies in the tech sector.

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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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