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Catalyst Fund releases report on investor due diligence

Global Tech accelerator Catalyst Fund has released a new report on remote due diligence and inclusion opportunities for investors.

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Global Tech accelerator Catalyst Fund has released a new report on remote due diligence and inclusive opportunities for investors.

The company released the report, titled Remote Due Diligence Guide, on 25 May.

The report offers insight into remote due diligence best practices used by investors in the wake of the COVID-19 pandemic

It also identifies key fintech product areas that have the potential for recovery and tips on how investors can evaluate startups better.

“We created this guide to share what we and our community have learned over the last 12 months about remote due diligence and the next opportunity areas for inclusive fintech, as we look hopefully ahead toward the new normal, and continue to invest in founders with the potential for transformative impact,” Catalyst Fund Managing Director, Maelis Carraro said in a statement.

Key insights from the Catalyst Fund report

The report compiled insights from more than 75 members of Catalyst Fund’s Circle of Investors. It also included critical input from three fintech investors, namely; Accion Venture Lab, Flourish Ventures, and Quona Capital.

The report that effective remote due diligence should focus on startup teams, product, market, and financials.

While insurtech has seen a steady increase in the sector, nearly a quarter of new initiatives do not survive. This is due to problems with customer acquisition not enacting cost-effective service delivery.

In addition, the report found evidence that households respond to past incidents by saving more. To counter this, startups should focus on building trust, keeping their customers, and generating revenue.

“Savings and investments are a good use case to build financial education and awareness,” Johan Bosini of Quona Capital said.

“Having savings can prevent someone from needing an expensive loan and prevent the need to make quick, uninformed decisions in a crowded lending market that may have detrimental effects when savings are low.”

You can download and read the Catalyst Fund Remote Due Diligence Guide here.

Read more: Entrepreneurs, what type of ‘pitcher’ are you?
Read more: CrazyLabs gaming accelerator launched in Cape Town

Featured image: Charles Forerunner via Unsplash

It also identifies key fintech product areas that have the potential for recovery and tips on how investors can evaluate startups better.

Source: https://ventureburn.com/2021/05/catalyst-fund-releases-report-on-investor-due-diligence/

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Pan African fintech secures $1-million in pre-seed funding 

Pan-African fintech Payday secures $1-million in pre-seed funding from several investors and aims to become ‘paypal’ of Africa.

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African fintech Payday has secured $1-million in a pre-seed round from several investors including; LofyInc, Microtraction, Magic Fund, Ventures Platform, Voltron Capital, CcHub Syndicate, Helicarrier Inc, Greencap Equity, Midlothian Angel Network and Emergence Capital.

Other investors include Olugbenga Agboola (GB), Charles Odita, Eke Eleanya, Adegoke Olubusi, Edmund Olotu, Prosper Otemuyiwa, Dimeji Sofowora, Perseus Mlambo, Abdul Hassan, Onyekachukwu Somtochukwu Eyisi, and several others.

African fintech secures funding

According to reports, the funding will be used to create a fintech platform similar to that of international service “PayPal”.

Temi Awogboro, General Partner at MAGIC Fund comments on their investment made into the fintech.

“Magic is delighted to be an early backer of Favour and the Payday team in achieving their audacious vision of enabling swift borderless online payments services for Africa, thereby connecting its users with vast opportunities around the world. This aligns with our founders-backing-founders thesis and we are excited by the opportunity to support the team as they positively disrupt the space.”

Payday

Founded in 2021 by entrepreneur Favour Ori, Payday has soared since its official launch in July reportedly processing over $1.4-million in transactions.

The newly established fintech platform and services enable users to send and receive money globally. This service allows users to be paid by foreign employees and clients along with the service of virtual mastercards.

Payday aims to provide a one-stop fintech service for its users allowing them to move money freely globally.

Read more: Nigerian tech startup secures $1.4-million in seed funding

Featured image: Supplied

Source: https://ventureburn.com/2021/10/pan-african-fintech-secures-1-million-in-pre-seed-funding/

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Augmental Technologies courts investors for Tracto mental health app

Healthtech startup Augmental Technologies is engaging with investors to accelerate the development of Tracto, its app for neurodiverse children.

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Healthtech startup Augmental Technologies is engaging with investors to accelerate the development of Tracto, its app for neurodiverse children.

The South African startup’s app lets parents and teachers track the treatment progress of neurodiverse children and children with anxiety.

The app is already available on app stores. Multiple education institutions have also implemented the app.

Since its launch, over 200 parents have adopted Tracto to manage their children’s health care.

“We are actively engaging with investors to participate in our seed funding round,” Augmental Technologies Co-Founder, Michael van der Linde, said in a statement.

“The funding will be used to accelerate our product development and commercialisation initiatives including expanding our global footprint.”

Tracto app supports parents with neurodiverse children

In 2019, Augmental Technologies collaborated with parents, teachers, and health care providers to find out if technology could assist neurodiverse children who have ADHD or who are on the autism spectrum, as well as children with anxiety.

“Our mission is to build a digital health platform that transforms the way parents, teachers and care providers work together to support children on their mental health care journey,” Van Der Linde explained.

Tracto launched in July 2021 after the startup ran pilot groups in South Africa and Canada to refine it.

The startup also received pre-seed funding at the start of the year.

The app is available to download on the Google Play Store and Apple App Store.

Tracto lets parents and teachers collaboratively track care symptoms and concerns of children.

They can also use the app to set up reminders for medication, activities, and assessments.

Care providers such as paediatricians and therapists can also use the care history captured on the app to make appropriate decisions.

Since its launch, over 200 parents have adopted Tracto to manage their children’s healthcare.

Two Cape Town schools, Shelanti Private School and Table View Primary School, also use the app to collaborate with parents.

“This is a great milestone for us, but only a small step in what we are ultimately planning,” Augmental Technologies Co-Founder, Herman Lintvelt said.

The startup plans to add one of two new Parent Training programs to the app later this year.

“Investors are invited to get in touch with us and discover how we can work together to accelerate our development and commercialisation,” Lintvelt added.

Read more: Local investment platform launches grant funding for SA edtech startups

Read more: Cape Town healthtech Aviro secures funding

Featured image: Santi Vedrí via Unsplash

“The funding will be used to accelerate our product development and commercialisation initiatives including expanding our global footprint.”

Source: https://ventureburn.com/2021/10/augmental-technologies-courts-investors-for-tracto-mental-health-app/

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Africa Tech Female Founder Summit date announced

TLcom Capital has announced that its 2021 Africa Tech Female Founder Summit will take place virtually on 13 October 2021.

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TLcom Capital, an Africa-focussed venture capital firm has announced that its 2021 Africa Tech Female Founder Summit will take place virtually on 13 October 2021.

The summit will be held virtually on 13 October 2021.

Running for the third year in the row, TLcom has opened applications for female tech founders across the continent to attend the prestigious summit. applications

Omobola Johnson, Senior Partner at TLcom Capital comments on this year’s event.

“Over the last 18 months, African tech has broken into a completely new threshold of investment activity and as the ecosystem continues to mature, founders are being exposed to an entirely new set of challenges. From our conversations with entrepreneurs in our network, the most pressing of these issues lie in building a core team both above and below a founder and ensuring they all work in the interests of the organisation. If we want our sector to continue on its current trajectory, it’s vital we equip founders to successfully execute these processes both in terms of establishing a more deliberate C-Level hiring strategy and effectively partnering with their boards to amplify the value generation process for their businesses.”

This year’s event will be headlined by Julia Gillard, the former Prime Minister of Australia and the chair of tech startup Andela. The summit will provide attendees with a wealth of knowledge and touch on topics such as early-stage growth and scaling a tech startup.

In addition, the summit will be featuring a number of renowned and established female executives from leading African tech startups such as Desiree Craig of uLesson, Mayokun Fadeyibi of Autochek, Kristen Kelly of Terragon, and Susan Kiama of Twiga Foods.

With the theme of “Board and C-Suite Matters – Counsel, Coach and Collaborate”, the third Female Founder Summit aims to provide expert insights on the following; how to build and leverage a senior team and board to drive strong execution and growth.

The summit aims to connect attendees, act as a networking platform and grow the community of female tech entrepreneurs in Africa. Attendees will have the opportunity to submit their burning questions to the panel of speakers and gain valuable insight to assist their entrepreneurial journey.

Andreata Muforo, Partner at TLcom Capital, comments on the importance of hosting summits and events dedicated to women in tech.

“Whilst the evolution of a board may present a new journey for founders across African tech, we cannot deny that there are fundamental differences in how female entrepreneurs are viewed in these settings. Women in leadership still have to deal with harmful stereotypes and biases irrespective of their position but a strong and supportive network can make a huge difference in this journey. This is why the Female Founder Summit is so important as nobody understands our experiences like other women and in Julia, and our incredible panellists, we’re delighted to have people who can not only identify with our attendees, but can also share expert strategies on how to navigate these spaces.”

Read more: SA food tech startup partners with V&A Waterfront

Featured image: Supplied

Omobola Johnson, Senior Partner at TLcom Capital comments on this year’s event.

Source: https://ventureburn.com/2021/10/africa-tech-female-founder-summit-date-announced/

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