Hi everyone, and welcome back to This Week in StartupGhana! We’ve got an exciting edition for you, filled with news on funding wins, groundbreaking partnerships, and important policy updates. Dive into the key stories shaping Ghana’s startup ecosystem this week. Here are the top headlines:
- Kofa Technologies secures $8m to expand its battery swapping network.
- Tendo Technologies joins Morgan Stanley’s Inclusive Ventures Lab securing £250,000.
- Blossom Academy secures funding to train data professionals for the digital economy.
- eGotickets partners with StarLife Assurance to insure event experience.
- Government launches Ghana Knowledge and Skills Bank, powered by Npontu Technologies.
- Court orders ride-hailing app Bolt to pay $121,000 compensation in identity theft case.
- Ecovon, Farmercy and Ghanadiapi win the inaugural Startup Discovery Africa Climate Champion Competition.
Funding
Kofa Technologies, the Ghanaian company re-engineering energy access through clean, portable battery solutions has $8m to expand its battery swapping network. The company is partnering with PASH Global, a leading impact investor, to embark on the initiative. The expansion project is supported by a £2.35 million investment from Shell Foundation, co-funded by the UK Government’s Transforming Energy Access (TEA) platform. An additional £1.4 million from Shell Foundation and TEA will be used to boost Kofa’s e-bike asset financing, conduct research on the impact of its multi-use battery technology, and cover operational expenses.
Tendo Technologies, the platform addressessing the challenges faced by aspiring online retail entrepreneurs in Africa by connecting them with suppliers, has been chosen for Morgan Stanley’s Inclusive Ventures Lab. The five-month accelerator aims to nurture and scale startups in the seed to Series A funding stages. The company will receive a £250,000 investment from Morgan Stanley and benefits from a customized entrepreneurship curriculum, as well as access to growth resources from the firm’s network of internal and external partners.
Blossom Academy has secured a grant from the Internet Society Foundation for its “Building Data Professionals for Internet Opportunities” program. The upskilling edtech company will the funding to equip underemployed professionals in Ghana with essential data and leadership skills, helping them unlock freelance and consulting opportunities and ultimately increase their incomes.
Product Launch
eGotickets, the event ticketing platform, has partnered with StarLife Assurance to enhance the event experience for users through its comprehensive insurance coverage. The partnership allows eGotickets customers to purchase tickets that include protection for accidental death, total and permanent disability and hospitalization. The initiative underscores eGotickets’ commitment to not only providing convenient ticketing but also ensuring the safety and security of its users.
The Ministry of Education has launched the Ghana Knowledge and Skills Bank, a digital portal containing over 5 million online library archives and educational resources. Aimed at enhancing digital learning, the platform serves as a repository for educational materials across all levels, from basic education to tertiary and vocational training. The initiative is funded by the World Bank, supported by MTN, and developed by the local tech firm, Npontu Technologies.
Policy
An Adentan Circuit Court awarded GHS 1.9 million (≈ $121,000) in compensatory damages against Bolt Holdings OU, the processor for Bolt Operations, in a civil suit over identity theft. The plaintiff, Justice Noah Adade, a lecturer and Board Chairman of the Kumasi Technical University, sued after discovering his personal details were used fraudulently to register a Bolt driver.
Bolt Holdings was found liable for failing to perform proper identity verification checks, breaching its duty of care under Ghana’s Data Protection Act. The court dismissed claims against Bolt Ghana Limited, stating it was not the appropriate party to the suit. The plaintiff experienced significant emotional distress and reputational damage as a result of the identity theft. The court ordered Bolt to implement thorough identity verification processes and called for a forensic audit of Bolt’s systems by March 2024.
Accelerator & Incubator
Ecovon, Farmercy, and Ghanadiapi have emerged as the winners of the inaugural Startup Discovery Africa Climate Champion Competition. Ecovon, which transforms coconut waste into panel boards for furniture and construction, won the top prize of $3,000. Farmercy and Ghanadiapi secured second and third place, receiving $1,500 and $500, respectively. The competition, organized by Startup Discovery School and Sahara Impact Ventures in partnership with Academic City University College, aims to support innovative and scalable solutions addressing climate change in Ghana.
That’s it for this week’s roundup! Stay tuned for more exciting developments in the ever-evolving Ghanaian startup scene.
Until next time,
The GIJ Team
