Antler secures $13.5m to accelerate East African startups. 2 other things and an anecdote
This list of stories will help you find out about the latest happenings in the tech world today.
1. Antler secures $13.5m to accelerate East African startups
Antler, a start-up investor, announced that it has secured US$13.5 million to continue supporting early-stage tech startups in East Africa.
The investment comes in the form of a crowd pool which has seen high profile investors such as Baillie Gifford, institutional investors such as IFC and family offices like Canica participate in the round.
Described as oversubscribed, the Antler was initially looking to raise $10 million with a goal of making 35 investments over three years.
Antler launched its first venture capital founding cohort in East Africa in 2019, having led five full cohorts totaling 153 founders.
The firm has seen Antler facilitate investments in 14 startups to date.
As a VC, Antler is arguably the most active startup investor in the world, backing hundreds of tech startups and thousands of entrepreneurs across six continents.
Additionally, the VC Company has invested in over 400 companies in over 30 industries.
“We are excited about Antler’s presence in East Africa and over time in other parts of Africa. With rapidly growing economies and a rapidly developing startup ecosystem, we believe now is the perfect time to launch and build tech startups on the continent,” said Magnus Grimeland, Founder and CEO of Antler.
Tech Trivia: What is ANSI’s goal?
A He translates software into several languages.
B It ports the software to multiple operating systems.
C It verifies the security of new hardware products.
D It promotes and facilitates voluntary consensus standards.
Answer: See end of post
2. Egypt’s Naqla closes $10.5m pre-Series A round
Egyptian trucking logistics startup Naqla has closed a US$10.5m pre-Series A funding round.
READ ALSO: Lagos-based edtech startup Teesas signs Mercy Johnson as ambassador
The round comes as the startup seeks to expand its business into new markets.
Naqla was founded by Sherif Taher and Samer Sallam in 2017, to connect truck owners with freight companies.
According to the co-founders, the idea of the startup was to modernize and expand the Egyptian supply chain by automating orders between shippers and drivers.
Since its launch, the startup has operated in over 35 active zones, overseeing the movement and delivery of over 4.6 million tonnes of cargo.
Commenting on the raiser, the round was reportedly led by El Sewedy Capital Holding (SCH), Hassan Allam Holding (HAH) and the Sallam family.
3. London’s Tactic awards $4.5m to spur industry growth
Led by Index Ventures, London-based Tactic has banked $4.5 million in funding.
The investment, which was joined by Visionaries Club, is expected to help fund the startup’s expansion plans.
The startup explained that its mission is to save time for professionals looking to analyze trends by performing such tasks remarkably well.
“No company wants to pay people to waste time on manual research and data entry. But they do. We knew there had to be a better way,” Rudy Lai, CEO and co-founder of Tactic said in a statement.
“Professionals don’t want research results, they want answers. There is a demand for powerful and customizable smart search, and Tactic is here to meet it.
The startup was founded in 2020 by Jack Hodkinson, an experimental physicist specializing in quantum materials and data analysis; and Rudy Lai, former banker at Morgan Stanley and Bank of America Merrill Lynch.
Trivial answer: ANSI
Stands for “American National Standards Institute”. ANSI is a US-based non-profit organization that works to develop and promote standards in the United States and around the world. By standardizing new products and technologies, ANSI both strengthens the United States’ position in the global marketplace and helps ensure product integrity and safety.
ANSI was originally called the “American Engineering Standards Committee” (AESC), which was formed in 1918. AESC worked with the American Institute of Electrical Engineers (now IEEE) and several other organizations to develop engineering standards. In 1928, the AESC was reorganized and renamed the American Standards Association (ASA).
Join the conversation
Support Ripples Nigeria, Support Solutions Journalism
Balanced and fearless journalism, driven by data, has huge financial costs.
As a media platform, we hold leaders accountable and we will not trade the right to freedom of the press and freedom of expression for a piece of cake.
If you like what we do and are willing to support solutions journalism, please donate to the Nigeria Ripples cause.
Your support would help ensure that citizens and institutions continue to have free access to credible and reliable information for the development of society.