Innovation Wrapped: What have techies been up to this year?
A little review... just for you! ✨✨
Hello, Innovator Munchkin 👋
The much-awaited end-of-year is here!
If you haven't gotten the memo yet, you should know that this month, we're focusing on a series that's all about accountability, innovative sober reflections, and some serious redirection (where it's needed) as we collectively plan for 2025.
Your own Detty December starts right now, and we're kicking it off by reviewing the 2024 track record of innovators like you 🫵
At the end of this series, the goal is for one of these two things to happen:
You’ll feel good and inspired to start building something with immediate alacrity
orrrrr….
Your heart will do ‘gbish-gbish’ cos you haven’t been on your A-game all year
Whatever the case may be, you’re sha not supposed to go to bed with both eyes closed after this✌️
***
What have your mates been up to?
In November 2024, 32 African tech companies collectively raised $180 million, bringing this year's total venture funding to $1.86 billion.
Notably, Sun King, the solar energy company, was one of them and they $80 million in debt financing, which was led by the International Finance Corporation (IFC).
Another notable company is Mawingu, a Kenya-based internet service provider, which raised $15 million in debt and equity to expand its services across East Africa.
Moniepoint achieved ‘unicorn’ status in October after raising $110 million from investors, including Google's Africa Investment Fund. The company plans to use the funds to expand its digital payments and banking solutions across Africa, addressing the needs of the unbanked population 🤑
Ghanaian electricity grid management startup, Beacon Power, secured a Series A round led by Partech's $300 million fund, aiming to enhance energy distribution efficiency in the region.
Earlier this year, Moove also secured $100m in Series B funding round from Uber and Mubadala.
These aren’t small numbers o. How will you survive with this kind of competition at your current operating level? 👀
How tech has changed lives in Africa this year
This year, tech has significantly impacted various sectors across the board.
LifeQ (South Africa) is a notable player in the wearable health-tech space. The company provides health data solutions that use biometric sensors to track key health parameters.
In 2024, LifeQ has continued its work in collaboration with global health and wellness brands, helping to make health monitoring tools accessible to users worldwide, including underserved African regions. They have enhanced their capabilities to offer predictive health analytics, making chronic disease management more efficient and accessible.
Kitovu, the Nigerian Agritech company, uses AI-driven agronomic advisory services and remote sensing technology to assist smallholder farmers 😘. Their platform provides personalised soil and crop health analyses, input recommendations, and yield optimisation insights, enabling farmers to reduce input costs and increase yields. So far, they’ve been able to support over 16,500 smallholder farmers in Nigeria, helping them cut input costs by 20% and boost yields by 30%.
In Ed-tech, some players have been doing some really big things. Andela has played a key role in bridging the global tech talent gap by training and connecting African software developers with int’l opportunities.
Andela's adaptive hiring platform has had the following significant impacts: Companies that use Andela have achieved a 97% ROI over a three-year span. They also have accelerated the hiring process of their users by 66%. Additionally, those companies have reported a 33% reduction in project timelines, leading to faster time-to-market and increased revenue.
Dear Innovator, are you still with us? Did you come here just to witness other people doing big-big things?
Trends that have been making the rounds…
In 2024, Africa's tech landscape has experienced significant transformations, driven by emerging trends that have reshaped various sectors across the continent. These developments have not only spurred economic growth but also enhanced the quality of life for many African tech solution providers 💪
1. Artificial Intelligence (AI) Adoption
The use of AI technologies has increased across Africa, affecting sectors like healthcare, agriculture, and finance.
In Zambia, AI-powered diagnostic tools have been implemented to improve disease detection and patient outcomes. Farmers in Kenya also use AI to spot crop diseases, which helps increase yields and food security
The rise of spatial computing and the industrial metaverse is changing the game, going beyond traditional screens and allowing more immersive, 3D experiences.
If you don’t know it, spatial computing is the use of technology to interact with and manipulate digital data in three-dimensional space, either through augmented reality (AR), virtual reality (VR), and other immersive technologies.
This shift is especially important in sectors like healthcare, where AR tech help with training and diagnostics and many tech solution providers have been playing around with it, in the hopes of doing more in the future ✨
Oh and hey…
P.S.S: Whenever this newsletter gets to you, pls know that the delay is ‘cos of the time-zone difference (We’ve been helping Santa Klaus prepare your Christmas gifts at the North pole). Sorrryyy 🥺