Author: Gugu Lourie

How much is Epic Games valued as a unicorn? The maker of popular game Fortnite announced today that it completed a $1 billion (R14,5 billion) round of funding, which will allow the company to support future growth opportunities. Epic’s equity valuation is now $28.7 billion (R422 billion). This round includes an additional $200 million (R2,9 billion) strategic investment from Sony Group Corporation, which builds on the already close relationship between the two companies and reinforces their shared mission to advance the state of the art in technology, entertainment, and socially-connected online services. Other investment partners include Appaloosa, Baillie Gifford, Fidelity…

Capitec Bank CEO Gerrie Fourie had his pay cut in half in 2021, compared to 2019. Fourie’s total pay dropped to R49 million in 2021 versus R94.9 million in 2019. In 2021, his total salary cut was R23 million. Fourie’s guaranteed pay amounts to R13 million and R31.8 million in long-term incentives. Total guaranteed pay in light of the impact of the COVID-19 pandemic, Capitec board decided that executive directors will not receive an increase in their guaranteed pay from May 2021. Capitec chief financial officer, Andre du Plessis, was paid R33.3 million in 2021 versus R52 million…

Capitec Bank revealed that its retail clients using digital channels climbed by 28% to 8.6 million for the year ended 28 February 2021. “We are the biggest digital bank in South Africa with 8.6 million active users of either the Capitec banking app, USSD channel or a combination of digital channels,” the digital bank said. Capitec Bank continued to grow its active client base during the past year by an average of 160 000 clients per month – a 14% increase to 15,8 million customers. Gerrie Fourie, CEO of Capitec Bank, says the bank’s agility and tech focus came to the fore…

Microsoft has entered into a definitive agreement to buy Nuance Communications, a market leader in conversational AI and ambient intelligence, for $19.7 billion (R277 billion). Today’s acquisition announcement represents the latest step in Microsoft’s industry-specific cloud strategy. Microsoft’s acquisition of Nuance builds upon the successful existing partnership between the companies that was announced in 2019, the company said. By augmenting the Microsoft Cloud for Healthcare with Nuance’s solutions, as well as the benefit of Nuance’s expertise and relationships with EHR systems providers, Microsoft will be better able to empower healthcare providers through the power of ambient clinical intelligence and other Microsoft…

Tim Hogins has launched Blacqmarket, the first online global marketplace securely backed by a blockchain in South African townships. Hogins is the founder of South Africans Green Outdoor Gyms, GOG Lifestyle Parks (GOG Gardens Soweto) and Happy Island, the biggest water theme park in Africa. Hogins, who hails from Randfontein, owns Hogins Enterprises, a diverse group of companies. A former security guard turned business magnate (serial entrepreneur, investor and philanthropist), says Blacqmarket is an equal opportunity large scale employer, proud supporting SMME entrepreneurship. “We live in unprecedented times. With the constant threat of unemployment, economic downturn and the COVID 19 pandemic…

The BMW brand delivered 560,543 vehicles to customers reflecting a 36.2% rise in the first quarter of this year. With 70,207 units sold in the first quarter of the year, the BMW Group more than doubled its global sales of both plug-in hybrid electric vehicle (PHEV) and fully electric cars. “Our sales performance was boosted by strong demand for our electrified vehicles, in particular. In the past three months, we doubled our global sales of electrified vehicles compared to the same period last year,” said Pieter Nota, member of the Board of Management of BMW AG responsible for Customer, Brands and…

Naspers unit Prosus Ventures announced on Thursday it has co-led a $350 million (R5 billion) investment in HealthTech company API Holdings, which owns India’s largest integrated digital healthcare platforms. The investment was co-led by Prosus Ventures and TPG Growth. Existing investors including Temasek, CDPQ, LGT Lightrock, Eight Roads & Think Investments also participated in the Series E round. Prosus Ventures (formerly Naspers Ventures)  is the venture investing arm of Prosus that identifies new consumer needs that are being transformed by technology and finds founders and entrepreneurs at companies across the globe who are addressing those needs in the most innovative…

Naspers unit Prosus has co-led a €223 million (R3, 8 billion) investment round in Norwegian e-grocery business, Oda. Oda also rebrands today from Kolonial.no. The startup based out of Oslo offers same-day or next-day delivery of food, meal kits and home essentials. The funding round led by Prosus and SoftBank. Vision Fund 2[1]. Existing investors Kinnevik and REMA both participated in the investment round managed by Carnegie. As part of the transaction, Neil Cunha-Gomes, Investor at SoftBank Investment Advisers, and Roger Rabalais, CFO Food Delivery at Prosus Group, will join Oda’s board. While the food delivery companies within the Prosus portfolio…

T-Mobile is finally bringing the much-hyped 5G Home Internet to households in America. The telco announced today its Un-carrier move, described as a sweeping set of initiatives that mark the beginning of the #5GforAll era. The US-telco said its Home Internet launches today with more than 30 million households eligible and 10 million of which are in rural areas. Over the past few years, billions of dollars have been spent to build 5G networks. Billions more have gone for breathless ads touting the promise of a 5G-powered future. But for most people, 5G has been a total nonevent. Why? Because…

The Dutch arm of South African internet titan Naspers, Prosus announced on Wednesday it would sell a 2% stake in software giant Tencent worth $15 billion (R218 billion) at current prices in an accelerated offering to institutional investors. The sale would lower Prosus stake in Tencent to 28,9% from 30,9%. Prosus intends to use the proceeds of the sale to increase its financial flexibility to invest in growth, plus for general corporate purposes.  “Tencent is one of the world’s best growth enterprises. It has consistently delivered value since listing in 2004. Prosus’s commitment to Tencent remains steadfast,” Prosus Chair Koos…