Nigeria’s Daystar Power raises $20m IFC facility. 2 other things and a trivia

Tech

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Nigeria’s Daystar Power raises $20m IFC facility

Nigerian startup, Daystar Power, has raised a US$20 million facility from the International Finance Corporation (IFC).

According to the startup, the new raiser is to help it deliver against its project pipeline.

Daystar, which is a provider of hybrid solar power solutions to businesses, was founded in 2017.

Today, Daystar Power is an off-grid power service provider whose solutions, “Solar-as-a-Service” and “Power-as-a-Service” provide clean and reliable power while significantly reducing clients’ overall power costs.

In January, the company announced a Series B investment of US$38 million to help it deepen its presence in various West African markets.

The IFC will provide a US$20 million loan to Daystar Power’s Nigerian subsidiary for investing in hybrid renewable energy systems.

The investment is structured as a US$10 million subordinated loan from the Canada-IFC Renewable Energy Programme for Africa and a US$10 million local currency loan from IFC.

Tech Trivia: Which country first developed military drone technology?
A. America
B. Japan
C. Israel
D. Russia
See end of post for answer

2. African legal firm launches support programme for women-led startups

Vazi Legal, an Africa-focused law firm, on Thursday, launched a programme dedicated to providing fundraising support to women-led startups on the continent.

Self-acclaimed “Africa’s top innovation-driven law firm” works through a network of multi-jurisdictional qualified lawyers based in Lagos, London, New York, Johannesburg and Nairobi.

According to the legal firm, its programme: Unhacked+ is dedicated to providing fundraising support for women-led startups.

Although, only a select number of founders will be admitted to the Unhacked+ programme, successful applicants will be granted access to low-bono legal advisory, access to Vazi Legal’s investor network, workshops on negotiating with investors, and introductions to strategic partners.

Commenting on the development, the firm mentioned its partnership with Tiphub to provide office hours and how it intend to award a community perks valued at US$50,000.

The firm said: “We are also actively working on partnerships to provide discounted public relations services, financial advisory and technical capacity building to startups led by women.”

3. Omnisient secures $1.4-million in second funding round

Omnisient, Cape Town-based startup, has announced securing a second funding round at $1.4-million.

Re-incorporated in 2019, the company was founded by Jon Jacobson and Anton Grutzmacher.

Experts say that the round speaks of investors confidence as three original investors made their mark again.
It is hoped that this gesture will go a long way to help the startup achieve its global expansion goal.

Speaking on the development, Co-founder and CEO Jacobsen expressed excitement over the new raiser as the firm looks to expand its footprints.

Jacobsen said: ”We have brought in visionary international investors – Technova, Grand Bay Ventures, Tahseen Consulting, and Kepple Africa Ventures – who will be key to supporting our expansion globally.

“Investec, Nedbank and Compass – Omnisient’s three original investors – led the round, reflecting their confidence in our ability to innovate and grow.

“The data economy is at the heart of the digital transformation that so many of our customers embraced a couple of years back and this has been accelerated by the global pandemic. We see a huge and largely unaddressed market opportunity.”

Tech Trivia Answer: Israel

Israel was the first country which developed military drone technology after the 1973 Arab-Israeli war, during which its air force sustained large losses.Answer: See end of post.

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