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  • Abu Dhabi out to lure tech startups with new $142m tech hub, $145m fund

    The Abu Dhabi government has launched a 520-million dirham ($142-million) tech hub through which it aims to support tech startups.

    The centre, dubbed Hub 71, is part of the Abu Dhabi government’s 50-billion dirham ($13.6-billion) stimulus programme which it announced last September.

    The emirate hopes the hub will “underpin” Abu Dhabi’s status as a vibrant destination of digital transformation, innovative initiatives and high-tech entrepreneurs.

    Upon launching Hub71 yesterday (24 March), Sheikh Khalid bin Mohamed bin Zayed Al Nahyan also announced a 535-million dirham ($146-million) fund that will be administered by the Abu Dhabi Investment Office to invest in startups and venture capitalists […]

    The post Abu Dhabi out to lure tech startups with new $142m tech hub, $145m fund appeared first on Ventureburn.

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  • Asset finance firm PEG Africa raises $25m for West Africa solar expansion

    Pay-as-you-go solar company PEG Africa has raised a $25-million Series-C round which it plans to use for off-grid solar expansion in Ivory Coast, Ghana and Senegal.

    The firm — which is based in Accra, Ghana — provides West African households with credit for solar home systems via its pay-as-you-go financing model, announced the raise in a statement last Wednesday (20 March).

    PEG Africa said $20-million of the round is in debt, with UK development finance institution CDC Group — along with existing lenders SunFunder and ResponsAbility — having arranged a $15-million multi-currency facility.

    PEG Africa was founded in 2013 by CEO […]

    The post Asset finance firm PEG Africa raises $25m for West Africa solar expansion appeared first on Ventureburn.

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  • Grindstone Accelerator launches call to startups for first Gauteng cohort

    Venture capital (VC) company Knife Capital has joined forces with the SA SME Fund and Deloitte to launch the next iteration of its Grindstone Accelerator programme in Johannesburg.

    Grindstone, which is jointly owned by Knife Capital and Thinkroom Consulting, assists high-growth innovation-driven small businesses to become sustainable and fundable through a year-long programme. Ten startups are selected per cohort.

    The accelerator has run three cohorts so far. In November last year Knife Capital announced the names of those selected for a fourth cohort which is currently under way (see this story). So far all the cohorts have been run in Cape Town. […]

    The post Grindstone Accelerator launches call to startups for first Gauteng cohort appeared first on Ventureburn.

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  • Innovation Prize for Africa founder freed from jail after settlement reached

    Swiss Angolan entrepreneur Jean-Claude Bastos de Morais — the founder of the Innovation Prize for Africa (IPA) — has been released from jail in Angola, following a confidential settlement agreement reached between Bastos de Morais and Angola’s sovereign wealth fund.

    The (IPA) is an annual competition which honours leading entrepreneurs and innovators on the continent and is run by the African Innovation Foundation.

    Bastos de Morais (pictured above) was arrested and jailed September last year by Angolan authorities, who also arrested Jose Filomeno dos Santos, the son of former Angolan president Jose Eduardo dos Santos, over the alleged illegal transfer of $500-million […]

    The post Innovation Prize for Africa founder freed from jail after settlement reached appeared first on Ventureburn.

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