Author: Staff Writer

TFG’s new fashion and lifestyle shopping platform, bash, made a standout official debut this week, becoming the most downloaded app within six hours of its launch to customers. The platform, available on desktop and mobile web, as well as the IOS, Android and Huawei App stores, was the most popular app both within the shopping category and across all categories. Bash already boasts over 150 brands across 15 TFG store brands. Combined, this showcases an unrivalled selection of SA’s most-loved retail brands, augmented by the TFG rewards programme and TFGMoney. “We always knew that TFG had the ideal pillars to…

Naspers-backed car subscription company Planet42 has raised $100 million or R1.8 billion in combined equity and debt funding. The $15 million or R275 millionequity round was co-led by Naspers and ARS Holdings, with participation from existing and new shareholders, including Rivonia Road Capital, who also provided a $75 million  or R1.3 billion credit facility. Private investors contributed a further $10 million or R183 million in debt financing. The funds will enable Planet42 to rapidly scale its business and meet its ambition of providing 1 million cars worldwide. The car subscription startup addressing transport inequality by putting cars in the hands…

Shoprite is the first South African retailer to introduce an exclusive private label product range primarily sourced from local small, medium and micro enterprises (SMMEs). The Homegrown label creates opportunities for emerging enterprises to thrive in the retail space. With access to market via Shoprite’s 534 supermarkets nationwide, it enables SMMEs to get their products onto shelves, increase turnover, and impact their local community by creating more jobs. This comes only months after the launch of Shoprite Next Capital, a business division dedicated to giving small suppliers access to its consumer market. ‘Homegrown’ speaks to the products within the new…

MTN SA has announced the appointment of Rami Farah to the position of Executive for Network and Nomthi Nelwamondo as Executive for Information Technology (IT). Farah joined MTN SA on 01 January 2023 from MTN Iran while Nelwamondo’s appointment is effective from 01 May 2023. The appointments are a deliberate move from MTN to ensure its ongoing evolution from telco to techco as the company works towards delivering its Ambition 2025 strategy. The Executive for Network role is a new role within MTN’s technology business and will support MTN in delivering its next-generation network aspirations. “We have faced some of…

inDrive, a global platform for mobility and urban services that has recently expanded its footprint in Africa to seven countries, has announced that it has raised $150 million or R2.7 billion from General Catalyst in an innovative hybrid instrument to fund marketing spend. This includes user acquisition and retention costs.   inDrive will benefit from increased financial flexibility thanks to this new funding, which will also help the business to continue its rapid expansion. Earlier, in the year 2021, General Catalyst took part in inDrive’s $150 million Series C investment round, which was headed by Insight Partners. Arsen Tomsky, inDrive founder…

Balwin Properties will list its shares for trade on A2X Markets from 28 February 2023. Balwin will be the first specialist residential property developer and the 10th company from the property sector to list on A2X, joining Attacq, Equites Property Fund, Fairvest, Growthpoint Properties, Hyprop, MAS, NEPI Rockcastle, SA Corporate Real Estate and Stor-Age. A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies. It is regulated by the South African Financial Sector Conduct Authority and the Prudential Authority of the South African Reserve Bank in terms of the Financial Markets Act 19 of 2012.…

Kholo Capital Mezzanine Debt Fund I (Kholo Capital), has secured R870 million in commitments for long-term mezzanine debt investment in support of growth, job creation and advancement of transformation within mid-market companies with operations in Southern Africa (South Africa, Botswana, Namibia, Lesotho and eSwatini). These first close commitments have been secured from leading institutional investors including the 27four Black Business Growth Fund, RisCura (on behalf of various clients), the Mineworkers Provident Fund, the National Fund for Municipal Workers and Thuso Partners, and represent a significant milestone in the mezzanine debt fund’s ambitions to reach a target final close of R1,5…

Electric mobility has been the centre of attention globally for a couple of years. The spotlights have often been turned to Tesla, which is revolutionising the automobile industry. But Africa also holds amazing potential when it comes to electric mobility (often simplified by the term “e-mobility”), especially when it comes to electric motorbikes. Indeed, mobility in Africa relies in a big part on 2-wheelers “moto taxis”. Africa hosts an estimated 27 million motorbikes, out of which 80% is estimated to be used for commercial taxi service. And all these motos have the potential to soon be riding on electricity! REM,…

MTN GlobalConnect today announced the appointment of  two Managing Director for its operations in Nigeria and Uganda. Juliet Nsubuga will take the lead as Managing Director, of MTN GlobalConnect Uganda, effective 1 April 2023, and Josephine Sarouk will assume the role of Managing Director, MTN GlobalConnect Nigeria, effective 1 March 2023. “I look forward to working closely with our newly appointed business leaders as we continue to build our business in Africa,” shares Frédéric Schepens, MTN GlobalConnect CEO. “We welcome Juliet and Josephine into the MTN GlobalConnect family and look forward to learning from their knowledge and rich experience in…

The Pretoria-based electronics company Etion Create, recently made part of South Africa’s Reunert, has just revealed its new brand identity at the IDEX 2023 exhibition in the United Arab Emirates. It is proudly showing on Stand 08-A29 at IDEX. Etion Create is now a division within the large South African industrial company’s Reunert Applied Electronics Holdings. “It was felt that the name Etion Create is well-known and firmly established in the Middle East, an important market for our defence solutions,” said Tobie van Loggerenberg, executive manager business development. “At the same time, a new identity coupled with a fresh look…

South African business outsourcing company Sigma Connected has announced it has already created hundreds of new jobs as part of its pledge to create 1,000 roles across the country by 2025. The company, which offers customer contact services to the South African financial services, education, telecommunications, insurance, hospitality, and retail sectors, has already created and filled 500 new vacancies over the past six months at its offices in Cape Town, Johannesburg and Pretoria. Over 100 of the new roles have been created through Impact Sourcing, which provides employment opportunities for high potential but disadvantaged people across several communities. David Neale,…

Upgraded security, improved grid integration, and the increasing use of artificial intelligence (AI). Those are just some of the trends identified by David Minnis, Huawei Senior Solution Director of Energy Storage Systems (ESS), which are set to shape the smart photovoltaic (PV) space in the coming years. Speaking at the Solar Power Africa 2023 Conference, which took place in Cape Town, Minnis explained that while increased demand for renewable energy sources has resulted in booming growth for the global solar PV industry, Africa still faces several challenges when it comes to meeting its immense potential. According to the International Energy…

Startup accelerator and early-stage investor Startup Wise Guys has closed the first €25 million or R483 million of €45 million or R869 million that will be used across its various geographies and vertical-focused funds to support its new strategy focused on global markets that remain underserved by capital investment. With the funds, it will invest in a minimum of 200 startups from mostly across Europe and Africa in 2023/24, after making 120 investments in 2022. In 2022, the global economy faced challenges that resulted in a 35% drop in global venture investment compared to the previous year. Europe experienced a…

Axiz today kicked off its SME Connect-to-Connect programme at the Copperleaf Golf Estate in Centurion. With this programme, Axiz is providing a platform for SMEs in the ICT space to share and showcase their capabilities and experiences with leading vendors in the sector. “As the custodian of a superior technology-distribution network, we know that the value of a network increases exponentially with each new node,” says Craig Brunsden, CEO of Axiz. “By reappropriating Metcalfe’s principle for the network between SMEs and vendors, our belief is that connecting more stakeholders through our relationships and through our business and industry network, it will expand…

As impact investing gains momentum worldwide, Intellidex has launched the inaugural Africa Impact Investment Awards. The project is being conducted in partnership with the African Venture Philanthropy Alliance, ANDE West Africa, Impact Investing Ghana, Impact Investing South Africa, the national advisory boards for impacting investing of both Nigeria and Zambia, and the Southern African Venture Capital and Private Equity Association. “We’re introducing the awards to recognise organisations across Africa that are doing valuable work at the intersection of finance and social development,” says Dr Graunt Kruger, managing director of Intellidex. “If we want transformation, we need to encourage investment in transformational businesses,…

The world’s largest student accommodation platform, Student.com has increased its stake in South African tech start-up, DigsConnect. Student.com initially invested an undisclosed amount in mid 2022 and founder CEO Luke Nolan says Africa offers exciting growth avenues for Student.com. “Finding student accommodation can be a confusing and frustrating process, especially if you’re searching in another country or in another language,” says Student.com founder and CEO Luke Nolan. “We have found that DigsConnect aligns with our vision of making student properties immediately accessible in a variety of cities at the touch of a button. The relationship between the two companies has…

Naked — the South African artificial intelligence (AI)-driven insurtech company that offers a new, fully digital way for consumers to insure their cars, homes, and valuables — has announced that it has raised $17 million or R306 million in Series B Funding. International Finance Corporation (IFC) – a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets – is leading the funding round. The German Development Finance Institution (DEG), and Naked’s original investors, Yellowwoods and Hollard are also taking part in the funding round. IFC and DEG are both…

Banking group Nedbank names Daniel Mminele as chairman designate to replace Mpho Makwana. “The boards of the Companies are pleased to announce the appointment of Daniel Mminele as an independent non-executive director and chairperson-designate of the companies,” Nedbank informed investors on Wednesday. “The required regulatory approval for the appointment has been received.” Mminele’s appointment as an independent non-executive director of the companies will be effective from 1 May 2023 and the boards of the companies have resolved to elect him as Chairperson of the Companies immediately following the conclusion of the Nedbank Group AGM scheduled to be held on 2…

On-demand breakdown management and analytics platform Right Now Response (RNR) has raised R10 million  in a HAVAÍC -led round. Cape Town-headquartered HAVAÍC’s, the venture capital (VC) firm, R9.2 million investment makes up the lion’s share of the round in partnership with Capacitech. RNR is an on-demand breakdown management and analytics platform. Using technology to match supply with demand, the company provides truck fleet managers and truck OEMs (Original Equipment Manufacturers) with breakdown support via its nationwide network of vetted mechanics, electricians, and repair centres. By mobilising its closest subcontractor, RNR not only vastly improves response times but also completes 70%…

South Africa’s failing infrastructure and local service delivery has been well-documented in recent years. Failing infrastructure has an outsize impact on township and rural communities with the growing digital divide in townships fuelling inequality.  Townships were never designed to become major economic drivers, with the result that today they are characterised by high rates of unemployment and challenges with housing, education, healthcare, transport, crime, and inadequate digital access. South Africa’s digital divide is exacerbated by uneven broadband distribution. In 2021 the Department of Small Business Development – through its implementation agency, the Small Enterprise Development Agency (Seda) – put out…

South Africa’s first private equity fund which allows green energy investors to qualify for SARS-approved tax deductions was launched today. Section 12B of the Income Tax Act No. 58 of 1962 allows for a tax deduction for certain qualifying assets used for electricity generation from renewable sources. A similar tax incentive, Section 12J, was launched in 2014 and it became  the fastest growing alternative asset class in South Africa, with over R12 billion of capital raised across 200+ funds. The Section 12J tax incentive reached its sunset clause in June 2021. “Green energy has become a necessity due to SA’s…

Huawei has launched smart photovoltaic (PV) solutions for all scenarios of the African residential market at the Solar Power Africa Conference 2023 held in Cape Town, South Africa. At the press conference announcing the launch, Xia Hesheng, President of Huawei Digital Power Sub-Saharan Africa Region, said that Huawei was releasing three residential solutions: Power-M, LUNA, and the high-end luxury solution. Xia said, “The three residential solutions will help users cope with daily challenges such as load-shedding, which are prevalent across the region. Meanwhile, the residential market faces some challenges such as user experiences, mixing manufacturers, quality, service, efficiency and aesthetics.”…

The Financial Sector Conduct Authority (FSCA), with the concurrence of the Prudential Authority and the South African Reserve Bank, has cancelled ZAR X’s exchange licence with immediate effect. In a statement, FSCA said the cancellation of ZAR X’s licence follows its prolonged non-compliance with section 8(1)(a) of the Financial Markets Act, 2012 (Act No. 19 of 2012) (FMA), read with Regulation 8 and 43(2) of the FMA Regulations, 2018, which relate to the liquidity and capital adequacy requirements of an exchange. The licence was suspended effective 20 August 2021. In line with section 60(4) of the FMA, ZAR X is…

Today, neobank Be Mobile Africa has announced the launch of its cryptocurrency exchange platform South Africa. This will enable individuals to buy and trade cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL) as well as USD stablecoins such as USDC. The service is live and available immediately to all South African users. Users are able to convert ZAR to crypto, and visa versa. Despite the challenges faced by the tech industry and the crypto market in 2022, Be Mobile Africa, which launched in South Africa last year, has experienced significant growth in both user registration. Historically, the platform has…

Savii, the financial platform designed for teens and young adults, today announced their official product launch in the UAE. The Savii banking app and Visa prepaid card allows teenagers and young adults to make payments independently and relieve parents of the anxiety of giving them premature access to their own credit card. “If you are a parent, giving your teens some financial responsibility early on is a smart move. They’ll get to flex their money management skills, like budgeting and saving, learn the value of a dirham and begin to appreciate the consequences of overspending.,” Jane Harvey, Co-founder and CEO…