Hi everyone, over the last two weeks, the startup scene sizzled with major funding rounds and competition wins to new initiatives empowering entrepreneurs across Ghana. Let’s dive in!
- Fido secures $30 million Series B round to expand its credit services to individuals and MSMEs.
- Standard Chartered Women in Tech Incubator backs 6 startups with $60,000 to scale their products.
- Kodu Technology nabs $50,000 as winner of the 2024 GoGettaz Agripreneur Prize Competition.
- Naamgwinaa Technologies scores GH¢250,000 as winner of the 2024 NEIP Presidential Pitch.
- Skin Gourmet secures GHS200,000 as the top winner of the Fidelity Bank GreenTech Innovation Challenge.
- EcoCapital Investment Management launches Youth Entrepreneurship Program to back scalable and sustainable businesses.
- Dennis Coffie appointed to TikTok’s Sub-Saharan African Safety Advisory Council.
- Telesto Strategy wins grant to double down on accelerating climate tech startups in West Africa.
Funding
Fido, the Ghana and Uganda-based digital lender, raised $30 million in a Series B round to expand its financial services to individuals and small and medium-sized enterprises. The cash will help the company double down on its mission of providing credit to individuals and businesses while expanding in Southern and Eastern Africa.
Skin Gourmet, the sustainable skincare brand renowned for its 100% natural and organic products, clinched the top prize at the Fidelity Bank GreenTech Innovation Challenge. Skin Gourmet emerged as the overall winner in the Commercialisation Category, receiving a cash award of GHS200,000 for its innovative, eco-friendly, and market-ready solutions that harness Ghana’s rich natural resources.
Naamgwinaa Technologies has been named the winner of the 2024 National Entrepreneurship & Innovation Programme Presidential Pitch. The company develops Smart Switch, optimizes energy management and automation for homes, businesses, and public infrastructure. As part of the prize, Samuel was awarded GHS 250,000, which includes GHS 50,000 as a personal donation from President Akufo-Addo.
The Standard Chartered Women in Tech Incubator has invested $60,000 in six startups from its 2024 incubator program. The winners include Poka Technology, Zuputo, DrDoGood, Appcyclers, FreshLine Post Harvest Solutions and Even Sparrows.
Kodu Technology, a startup addressing key challenges in rural communities—period poverty and agricultural waste—has secured one of the grand prizes, $50,000, in the 2024 GoGettaz Agripreneur Prize Competition. Founded in 2022, Kodu Technology specializes in producing biodegradable sanitary pads made from banana and plantain fibers.
Accelerator & Incubator
EcoCapital Investment Management Ltd, a licensed SEC fund manager, has launched the EcoCapital Youth Entrepreneurship Program, an initiative aimed at empowering young entrepreneurs across Africa. The program offers training, mentorship, and financial support to help young innovators turn their ideas into scalable and sustainable businesses.
Telesto Strategy with its partners Academic City University College and the Aspen Network of Development Entrepreneurs have been awarded a grant by the U.S. State Department Office of Global Partnerships to continue their work to propagate climate tech entrepreneurship in West Africa. Last year, the consortium accelerated six Ghanaian climate tech startups.
Talent
Ghanaian content creator Dennis Coffie has been appointed to TikTok’s Sub-Saharan African Safety Advisory Council. The council, composed of independent experts from across the region, will collaborate with TikTok to develop policies and processes that address safety concerns and anticipate future challenges.
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
