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Apple Card gets updated privacy policy on new data sharing and more transaction detail

By Matthew Panzarino

Apple is updating its privacy policy for Apple Card to enable sharing more anonymized data with Goldman Sachs, its financial partner. Apple’s reasoning here is that this will make it able to do a better job of assigning credit to new customers.

The data is aggregate and anonymized, and there is an opt-out for new customers.

Three things are happening here:

  • Apple is changing the privacy policy for Apple Card with iOS to share a richer, but still anonymized credit assignment model with Goldman Sachs in order to expand the kind of user that might be able to secure credit.
  • There is also a beefed up fallback method to share more personal data on an opt-in basis with Goldman Sachs if you do not at first get approved. Things like purchase history of Apple products, when you created your Apple ID and how much you spend with Apple. This has always existed and you may have seen it if the default modeling rejected your Apple Card application — it has a few more data points now but it is still very clearly opt-in with a large share button.
  • Apple is also finally adding detail to its internal transactions. You no longer have to wonder what that random charge labeled Apple Services is for, you’ll get detail on the Hillary Duff box set or Gambino album you purchased right in the list inside Wallet.

As a side effect of the Apple Card policy evolving here it’s also being split off from the Apple Pay privacy policy. Much of the language is either identical or nearly so, but this allows Apple to make changes like the ones above to Apple Card without having to interleave that with the Apple Pay policy — as not all Apple Pay customers are Apple Card customers.

The new policy appears in iOS 13.4 updates but the opt-in sharing of data points will not immediately roll out for new Apple Card users and will begin appearing later.

Here is the additional language that is appearing in the Apple Card privacy notice related to data sharing, with some sections highlighted by us:

“You may be eligible for certain Apple Card programs provided by Goldman Sachs based on the information provided as part of your application. Apple may know whether you receive the invitation to participate and whether you accept or decline the invitation, and may share that information with Goldman Sachs to effectuate the program. Apple will not know additional details about your participation in the program.

Apple may use information about your account with Apple, such as the fact that you have Apple Card, for internal research and analytics purposes, such as financial forecasting. Apple may also use information about your relationship with Apple, such as what Apple products you have purchased, how long you have had your Apple ID, and how often you transact with Apple, to improve Apple Card by helping to identify Apple metrics that may assist Goldman Sachs in improving credit decisioning. No personally identifiable information about your relationship with Apple will be shared with Goldman Sachs to identify the relevant Apple metrics. You can opt out of this use or your Apple relationship information by emailing our privacy team at dpo@apple.com with the subject line “Apple Relationship Data and Apple Card.” Applicants and cardholders may be able to choose to share the identified metrics with Goldman Sachs for re-evaluation of their offer of credit or to increase their credit line. Apple may share information about your relationship with Apple with our service providers, who are obligated to handle the information consistent with this notice and Apple instructions, are required to use reasonable security measures to protect any personal information received, and must delete the personal information as soon as they have completed the services.”

Some thoughts on all of this.

The fact that Apple is sharing a new anonymized, non-personally identifiable information (PII), customer model with Goldman likely engenders two valid responses.

First, there is more data being shared here than there was before, which is always something that should be examined closely, and all of us should be as cognizant as possible about how much information gets traded around about us. That said, your average co-branded card offer (say an airline card or retailer card) is controlled nearly entirely by the financial services side of that equation (basically the credit card companies decide what data they get and how).

Apple’s deal with Goldman Sachs is unique in a lot of ways, not the least of which is that Apple has controlled the flow of data from customers to Goldman very tightly from the beginning. Evidenced by affordances it continues to offer like skipping your March payment to Apple Card without incurring interest. This new arrangement outlined in the privacy policy does not share any PII unless there is an opt-in, and even allows an opt-out of the anonymized model share.

I cannot stress enough how rare that is in financial products, especially credit cards. Most cards take all of the above information and much more in their approval process, and they don’t do any work beyond what is required by regulatory law to inform you of that. Apple is doing more than most.

THAT SAID. I do wish that the opt-out of the anonymized data model was presented in the flow of normal signup, rather than existing as an email address in the privacy policy. I know why this is, because the model is likely far more effective and a lot more people will likely get approved for an Apple Card using it.

But in keeping with the stated Apple goals of protecting user privacy and making the policy as transparent as possible I would prefer that they find a long-term solution that communicates all of those factors to the user clearly and then offers them the ability to risk non-approval but limiting data share.

The idea behind the new model sharing and the secondary opt-in disclosure of 9 key bits of actually personal information about your purchase history and other things is that Apple will be able to offer credit to people who may be automatically rejected under the old way of doing things. And, out beyond that, it will be able to build tools that help customers to manage debt and credit more accurately and transparently. Especially those new to credit.

Any time an agreement changes to enable more data to flow my eyebrows arch. But there is a pretty straight line to be drawn here between the way that Apple transparently and aggressively helps users to not pay interest on Apple Card and the potential for more useful financial product enhancements to Apple Card down the line.

If you’ve ever looked at a credit card statement you know that it can often be difficult to ascertain exactly how much you need to pay at any given time to avoid interest. In the Apple Card interface it’s insanely clear exactly how and when to pay so that you don’t get charged. Most of the industry follows practices that prey on behavioral norms — people will pay the minimum payment by default because that’s what seems logical, rather than paying what is most healthy for them to pay.

My hope here is that the additional modeling makes room for more of these kinds of product decisions for Apple Card down the line. But, my eyes are up and yours should be too. Check the policy, opt-out if it makes sense to you and always be aware of the data you’re sharing, who with and what they plan to use it for.

Africa Roundup: TLcom closes $71M fund, Jumo raises $55M, AWS partners with Safaricom

By Jake Bright

VC firm TLcom Capital closed its Tide Africa Fund at $71 million in February, and announced plans to invest in 12 startup over the next 18 months.

The group —  with offices in London, Lagos, and Nairobi — is looking for tech-enabled, revenue-driven ventures in Africa from seed-stage to Series B, according to TLcom Managing Partner Maurizio Caio.

He told TechCrunch the fund was somewhat agnostic on startup sectors, but was leaning toward infrastructure, logistics ventures vs. consumer finance companies.

On geographic scope, TLcom Capital will focus primarily on startups in Africa’s big-three tech hubs — Nigeria, Kenya,  South Africa — but is also eyeing rising markets, such as Ethiopia.

TLcom’s current Africa portfolio includes Nigerian trucking logistics venture Kobo360, Kenya’s Twiga Foods,  a B2B food supply-chain company and tech-talent accelerator Andela.

Both of these companies have gone on to expand in Africa and receive subsequent investment by U.S. investment bank, Goldman Sachs .

For those startups who wish to pitch to TLcom Capital, Caio encouraged founders to contact one of the fund’s partners and share a value proposition. “If it’s something we find vaguely interesting, we’ll make a decision,” he said.

One $50 million round wasn’t enough for South Africa’s Jumo, so the fintech firm raised another — $55 million — in February, backed by

Goldman Sachs led the Cape Town based company’s $52 million round back in 2018.

“This fresh investment comes from new and existing…investors including Goldman Sachs,  Odey Asset Management and LeapFrog Investments,” Jumo said in a statement —  though Goldman told TechCrunch its participation in this week’s round isn’t confirmed.

After the latest haul, Jumo has raised $146 million in capital, according to Crunchbase.

Founded in 2015, the venture offers a full tech stack for partners to build savings, lending, and insurance products for customers in emerging markets.

Jumo is active in six markets and plans to expand to two new countries in Africa (Nigeria and Ivory Coast) and two in Asia (Bangladesh and India).

The company’s products have disbursed over $1 billion loans and served over 15 million people and small businesses, according to Jumo data.

Jumo joins a growing list of African digital-finance startups raising big money from outside investors and expanding abroad. A $200 million investment by Visa in 2019 catapulted Nigerian payments firm Interswitch  to unicorn status, the same year the company launched its Verge card product on Discover’s global network.

Amazon Web Services  has entered a partnership with Safaricom — Kenya’s largest telco, ISP and mobile payment provider — in a collaboration that could spell competition between American cloud providers in Africa.

In a statement to TechCrunch,  the East African company framed the arrangement as a “strategic agreement” whereby Safaricom  will sell AWS services (primarily cloud) to its East Africa customer network.

Safaricom — whose products include the famed M-Pesa  mobile money product — will also become the first Advanced Consulting Partner for the AWS partner network in East Africa.

Partnering with Safaricom plugs AWS into the network of one East Africa’s most prominent digital companies.

Safaricom, led primarily by its M-Pesa mobile money product, holds remarkable dominance in Kenya, Africa’s 6th largest economy. M-Pesa has 20.5 million customers across a network of 176,000 agents and generates around one-fourth of Safaricom’s ≈ $2.2 billion annual revenues (2018).

safaricomM-Pesa has 80% of Kenya’s mobile money agent network, 82% of the country’s active mobile-money subscribers and transfers 80% of Kenya’s mobile-money transactions, per the latest sector statistics.

A number of Safaricom’s clients (including those it provides payments and internet services to) are companies, SMEs and startups.

The Safaricom-AWS partnership points to an emerging competition between American cloud service providers to scale in Africa by leveraging networks of local partners.

The most obvious rival to the AWS-Safaricom strategic agreement is the Microsoft -Liquid Telecom collaboration. Since 2017, MS has partnered with the Southern African digital infrastructure company to grow Microsoft’s AWS competitor product — Azure — and offer cloud services to the continent’s startups and established businesses.

More Africa-related stories @TechCrunch

African tech around the ‘net

South African fintech startup Jumo raises second $50M+ VC round

By Jake Bright

South African fintech startup Jumo closed a $55 million round from a diverse group of investors, the company confirmed.

Founded in 2015 and based in Cape Town, the venture offers a full tech stack for partners to build savings, lending, and insurance products for customers in emerging markets.

This week’s funding follows a $52 million raise by Jumo in 2018, led by U.S. investment bank Goldman Sachs, that saw the startup expand to Asia.

“This fresh investment comes from new and existing…investors including Goldman Sachs, Odey Asset Management and LeapFrog Investments,” Jumo said in a statement —  though Goldman told TechCrunch its participation in this week’s round isn’t confirmed.

After the latest haul, Jumo has raised $146 million in capital, according to Crunchbase.

With its latest raise, the company plans to move into new markets and launch new products in Asia and Africa.

“I’m excited for our next phase. This backing will help us build a better business and break new ground,” Jumo founder Andrew Watkins-Ball said.

The company’s products have disbursed over $1 billion loans and served over 15 million people and small businesses, according to Jumo data.

Jumo is active in six markets and plans to expand to two new countries in Africa (Nigeria and Ivory Coast) and two in Asia (Bangladesh and India).

Nigeria, in particular, has become Africa’s unofficial capital for fintech development, surpassing Kenya in 2019 for drawing the most fintech specific and overall VC on the continent, according to WeeTracker.

Jumo joins a growing list of African digital-finance startups raising big money from outside investors and expanding abroad. A $200 million investment by Visa in 2019 catapulted Nigerian payments firm Interswitch to unicorn status, the same year the company launched its Verge card product on Discover’s global network.

In December, Miga expanded its credit products to Brazil, after the startup grew its lending products in Nigeria. Last month, Nigerian payments firm Paga launched in Mexico.

Jumo’s funding also tracks Goldman Sachs’ growing investment in African startups. The U.S. bank has put several hundred million dollars into ventures on the continent —  from Pan-African e-commerce company Jumia to Nigerian trucking-logistics firm Kobo360.

Investors in LatAm get bitten by the hotel investment bug as Ayenda raises $8.7 million

By Jonathan Shieber

Some of Latin America’s leading venture capital investors are now backing hotel chains.

In fact, Ayenda, the largest hotel chain in Colombia, has raised $8.7 million in a new round of funding, according to the company.

Led by Kaszek Ventures, the round will support the continued expansion of Ayenda’s chain of hotels in Colombia and beyond. The hotel operator already has 150 hotels operating under its flag in Colombia and has recently expanded to Peru, according to a statement.

Financing came from Kaszek Ventures and strategic investors like Irelandia Aviation, Kairos, Altabix and BWG Ventures.

The company, which was founded in 2018, now has more than 4,500 rooms under its brand in Colombia and has become the biggest hotel chain in the country.

Investments in brick and mortar chains by venture firms are far more common in emerging markets than they are in North America. The investment in Ayenda mirrors big bets that SoftBank Group has made in the Indian hotel chain Oyo and an investment made by Tencent, Sequoia China, Baidu Capital and Goldman Sachs, in LvYue Group late last year, amounting to “several hundred million dollars”, according to a company statement.

“We’re seeking to invest in companies that are redefining the big industries and we found Ayenda, a team that is changing the hotel’s industry in an unprecedented way for the region”, said Nicolas Berman, Kaszek Ventures partner.

Ayenda works with independent hotels through a franchise system to help them increase their occupancy and services. The hotels have to apply to be part of the chain and go through an up to 30-day inspection process before they’re approved to open for business.

“With a broad supply of hotels with the best cost-benefit relationship, guests can travel more frequently, accelerating the economy,” says Declan Ryan, managing partner at Irelandia Aviation.

The company hopes to have more than 1 million guests in 2020 in their hotels. Rooms list at $20 per-night, including amenities and an around the clock customer support team.

Oyo’s story may be a cautionary tale for companies looking at expanding via venture investment for hotel chains. The once high-flying company has been the subject of some scathing criticism. As we wrote:

The New York Times  published an in-depth report on Oyo, a tech-enabled budget hotel chain and rising star in the Indian tech community. The NYT wrote that Oyo offers unlicensed rooms and has bribed police officials to deter trouble, among other toxic practices.

Whether Oyo, backed by billions from the SoftBank  Vision Fund, will become India’s WeWork is the real cause for concern. India’s startup ecosystem is likely to face a number of barriers as it grows to compete with the likes of Silicon Valley.

Gaming-focused investment firm Bitkraft closes in on at least $140 million for its second fund

By Jonathan Shieber

Esports, video games and the innovations that enable them now occupy a central space in the cultural and commercial fabric of the tech world.

For the investment firm Bitkraft Esports Ventures, the surge in interest means a vast opportunity to invest in the businesses that continue to reshape entertainment and develop technologies which have implications far beyond consoles and controllers.

Increasingly, investors are willing to come along for the ride. The firm, which launched its first fund in 2017 with a $40 million target, is close to wrapping up fundraising on a roughly $140 million new investment vehicle, according to a person with knowledge of the firm’s plans.

Through a spokesperson, Bitkraft confirmed that over the course of 2019 it had invested $50 million into 25 investments across esports and digital entertainment, 21 of which were led by the firm.

The new, much larger, fund for Bitkraft is coming as the firm’s thesis begins to encompass technologies and services that extend far beyond gaming and esports — although they’re coming from a similar place.

Along with its new pool of capital, the firm has also picked up a new partner in Moritz Baier-Lentz, a former Vice President in the investment banking division of Goldman Sachs and the number one ranked esports player of Blizzard’s Diablo II PC game in 2003.

While at Goldman, Baier-Lentz worked on the $67 billion Dell acquisition of EMC and the $34 billion acquisition of RedHat by IBM.

The numbers in venture capital — and especially in gaming — aren’t quite at that scale, but there are increasingly big bets being made in and around the games industry as investors recognize its potential. There were roughly $2 billion worth of investments made into the esports industry in 2019, less than half of the whopping $4.5 billion which was invested the prior year, according to the Esports Observer.

As Ethan Kurzweil of Bessemer Venture Partners told TechCrunch last year:

“Gaming is now one of the largest forms of entertainment in the United States, with more than $100B+ spent yearly, surpassing other major mediums like television. Gaming is a new form of social network where you can spend time just hanging with friends/family even outside of the constructs of ‘winning the game.’”

Over $100 billion is nothing to sneer at in a growing category — especially as the definition of what qualifies as an esports investment expands to include ancillary industries and a broader thesis.

For Bitkraft, that means investments which are “born in Internet and gaming, but they have applications beyond that,” says Baier-Lentz. “What we really see on the broader level and what we think bout as a team is this emergence of synthetic reality. [That’s] where we see the future and the growth and the return for our investors.”

Bitkraft’s newest partner, Moritz Baier-Lentz

Baier-Lentz calls this synthetic reality an almost seamless merger of the physical and digital world. It encompasses technologies enabling virtual reality and augmented reality and the games and immersive or interactive stories that will be built around them. 

“Moritz shares our culture, our passion, and our ambition—and comes with massive investment experience from one of the world’s finest investment firms,” said Jens Hilgers, the founding general partner of BITKRAFT Esports Ventures, in a statement. “Furthermore, he is a true core gamer with a strong competitive nature, making him the perfect fit in our diverse global BITKRAFT team. With his presence in New York, we also expand our geographical coverage in one of today’s most exciting and upcoming cities for gaming and esports.”

It helps that, while at Goldman, Baier-Lentz helped develop the firm’s global esports and gaming practice. Every other day he was fielding calls around how to invest in the esports phenomenon from private clients and big corporations, he said.

Interestingly for an esports-focused investment firm, the one area where Bitkraft won’t invest is in Esports teams. instead the focus is on everything that can enable gaming. “We take a broader approach and we make investments in things that thrive on the backbone of a healthy esports industry,” said Baier-Lentz.

In addition to a slew of investments made into various game development studios, the company has also backed Spatial, which creates interactive audio environments; Network Next, a developer of private optimized high speed networks for gaming; and Lofelt, a haptic technology developers.

“Games are the driver of technological innovation and games have prepared us for human machine interaction,” says Baier-Lentz. “We see games and gaming content as the driver of a broader wave of synthetic reality. That would span gaming, sports, and interactive media. [But] we don’t only see it as entertainment… There are economic and social benefits here that are opened up once we transcend between the physical and the digital. I almost see it as the evolution of the internet.”

These specialized Africa VC funds are welcoming co-investors

By Jake Bright

For global venture capitalists still on the fence about entering Africa, a first move could be co-investing with a proven fund that’s already working in the region.

Africa’s startup scene is performance-light — one major IPO and a handful of exits — but there could be greater returns for investors who get in early. For funds from Silicon Valley to Tokyo, building a portfolio and experience on the continent with those who already have expertise could be the best start.

VC in Africa

Africa has one of the fastest-growing tech sectors in the world, as ranked by startup origination and year-over-year increases in VC spending. There’s been a mass mobilization of capital toward African startups around a basic continent-wide value proposition for tech.

Significant economic growth and reform in the continent’s major commercial hubs of Nigeria, Kenya, Ghana and Ethiopia is driving the formalization of a number of informal sectors, such as logistics, finance, retail and mobility. Demographically, Africa has one of the world’s fastest-growing youth populations, and continues to register the fastest global growth in smartphone adoption and internet penetration.

Africa is becoming a startup continent with thousands of entrepreneurs and ventures who have descended on every problem and opportunity.

Tesla locks in stock surge with $2B offering at $767 per share

By Kirsten Korosec

Tesla has priced its secondary common stock offering at $767, a 4.6% discount from Thursday’s share price close, according to a securities filing Friday.

Tesla said in the filing it will sell 2.65 million shares at that discounted price to raise more than $2 billion. Lead underwriters Goldman Sachs and Morgan Stanley have the option to buy an additional 397,500 shares in the offering.

Tesla shares closed at $804 on Thursday. The share price opened lower Friday, jumped as high at $812.97 and has hovered around $802.

The automaker surprised Wall Street on Thursday when it announced plans to raise more than $2 billion through a common stock offering, despite signaling just two weeks ago that it would not seek to raise more cash.

CEO Elon Musk will purchase up to $10 million in shares in the offering, while Oracle co-founder and Tesla board member Larry Ellison will buy up to $1 million worth of Tesla shares, according to the securities filing.

Tesla said it will use the funds to strengthen its balance sheet and for general corporate purposes. In a separate filing Thursday that was posted prior to the stock offering notice, Tesla said capital expenditures could reach as high as $3.5 billion this year.

The stock offering conflicts with statements Musk and CFO Zach Kirkhorn made last month during Tesla’s fourth-quarter earnings call. An institutional investor asked that given the recent run in the share price, why not raise capital now and substantially accelerate the growth in production? At the time, Musk said the company was spending money sensibly and that there is no “artificial hold back on expenditures.”

At the time of Thursday’s announcement, Tesla shares had risen more than 35% since the January 29 earnings call, perhaps proving too tempting of an opportunity to ignore.

Tradeshift cuts headcount by three figures in effort to turn towards profitability

By Mike Butcher

Last month, Tradeshift, a platform for supply chain payments which has achieved unicorn status in recent years, had some good news and some bad news. It announced a Series F funding round of $240 million in equity and debt, raised from a combination of existing and new investors. It’s now raised a total of $661 million since it started in 2008 and investors include Goldman Sachs, Principal Strategic Investments and Wipro Ventures among others.

The new funding came despite talk of a possible IPO last year. In effect, this new funding round was an admission by the company that it was delaying any IPO and setting the company “on a direct path to profitability in the near future,” which is exactly the kind of noises many larger tech firms have made in the wake of the WeWork and Peloton issues with the public markets.

During that announcement CEO and co-founder Christian Lanng also admitted that the drive toward profitability would mean a cost-cutting exercise ahead of any possible IPO.

Lanng said this would likely mean reducing headcount in its expensive San Francisco offices, but reallocating resources and talent to locations where that is more affordable.

The company has made no formal announcement about the detail on that, but yesterday we got confirmation from the European tech press that the cuts were indeed starting to bite.

The Danish version of ComputerWorld reported that the staffing cuts have now run into three figures and were conducted in mid-January.

The cuts came from headcount at the company’s offices in Copenhagen, San Francisco and other offices.

Mikkel Hippe Brun, a co-founder of Tradeshift and head of the company’s Asian business, confirmed the information to ComputerWorld, but indicated that “there are still some consultations around the world, where we are subject to different rules about notifications and opportunities to raise objections.”

However, he said that the company still has more than 1,000 employees worldwide, which is “significantly more employees” than two years ago.

At the same time, the company has also brought in new executives from SAP, Oracle and Microsoft, among others, as the company tightens its belt, according to ComputerWorld.

Tradeshift has an impressive array of investors, such as Goldman Sachs, although it’s notable that this doesn’t include any of the usual round of typical SaaS-oriented Valley VCs.

Tradeshift customers have included Air France KLM, Kuehne + Nagel International AG, DHL, Fujitsu, HSBC, Siemens, Société Générale, Unilever and Volvo.

TLcom Capital closes $71M Africa fund with plans to back 12 startups

By Jake Bright

VC firm TLcom Capital has closed its Tide Africa Fund at $71 million with plans to make up to 12 startup investments over the next 18 months.

The group —  with offices in London, Lagos, and Nairobi — is looking for tech enabled, revenue driven ventures in Africa from seed-stage to Series B, according to TLcom Managing Partner Maurizio Caio.

“We’re rather sector agnostic, but right now we are looking at companies that are more infrastructure type tech rather than super commoditized things like consumer lending,” he told TechCrunch on a call.

On geographic scope, TLcom Capital will focus primarily on startups in Africa’s big-three tech hubs — Nigeria, Kenya, South Africa — but is also eyeing rising markets, such as Ethiopia.

Part of the fund’s investment approach, according to Caio, is backing viable companies with strong founders and then staying out of the way.

“We are venture capitalists that believe in looking at Africa as an investment opportunity that empowers local entrepreneurs without…coming in and explaining what to do,” said Caio.

TLcom’s team includes Caio (who’s Italian), partners Ido Sum and Andreata Muforo (from Zimbabwe) and senior partner Omobola Johnson, the former Minister of Communication Technology in Nigeria.

Speaking at TechCrunch Disrupt Berlin in 2018, Johnson offered perspective on next startups in Africa that could reach billion-dollar valuations. “When I look at the African market I suspect it’s going to be a company that’s very much focused on business to business and business to very small business — a company that can that can solve their challenges,” she said.

Omobola Johonson

Omobola Johnson

TLcom’s current Africa portfolio reflects startups similar to what Johnson described. The fund has invested in Nigerian trucking logistics venture Kobo360, which is working to reduce business delivery costs in Africa.

TLcom has also backed Kenya’s Twiga Foods, a B2B food distribution company aimed a improving supply-chain operations around agricultural products and fast-moving-consumer-goods for farmers and SMEs.

Both of these companies have gone on to expand in Africa and receive subsequent investment by U.S. investment bank, Goldman Sachs .

Other investments for TLcom include talent accelerator Andela  — which trains and places African software engineers — and Ulesson, the latest venture of serial founder Sim Shagaya.

The firm’s close of the $71 million Tide Africa Fund comes on the high-end of a several-year mobilization of capital for the continent’s startup scene. Investment shops specifically focused on Africa have been on the rise. A TechCrunch and Crunchbase study in 2018 tracked 51 viable Africa specific VC funds globally, TLcom included.

This trend has moved in tandem with a quadrupling of venture funding for the continent over the past six years. Accurately measuring VC for Africa is a work in progress, but one of the earlier reliable estimates placed it at just over $400 million in 2014. Recent stats released by Partech peg Africa focused VC funding at over $2 billion for 2019.

TLcom’s listed in a number of the larger rounds that made up Partech’s tally.

The fund’s latest $71 million raise, which included support from Sango Capital and IFC, reversed the roles a bit for TLcom founder Maurizio Caio.

The VC principal — who usually gets pitches from African startups — needed to sell the value of African tech to other investors.

“It’s been tough to raise the fund, there’s no doubt about it,” Caio said. TLcom highlighted its past exit record and the viability of the African market and founders to bring investors on board.

“We had the advantage of showing some good exits…The emphasis was also on the gigantic size of these markets that are underserved, the role that technology can play, and the fact that the entrepreneurs in Africa are just as good as anywhere else,” said Caio.

He also referenced African startups being constrained by the social impact factors often placed on them from outside investors.

“The equation is not just about ensuring employment and inclusion, but also about the fact that African entrepreneurs have to be in charge of their own destiny without instructions from the West,” he said.

For those startups who wish to pitch to TLcom Capital, Caio encouraged founders to contact one of the fund’s partners and share a value proposition. “If it’s something we find vaguely interesting, we’ll make a decision,” he said.

Africa Roundup: Trump’s Nigeria ban, Paga’s acquisition and raises, Flutterwave’s $35M and Sendy’s $20M

By Jake Bright

The first month of the new year saw Africa enter the fray of U.S. politics. The Trump administration announced last week it would halt immigration from Nigeria — Africa’s most populous nation with the continent’s largest economy and leading tech sector.

The presidential proclamation stops short of a full travel ban on the country of 200 million, but it suspends immigrant visas for Nigerians seeking citizenship and permanent resident status in the U.S.

The latest regulations are said not to apply to non-immigrant, temporary visas for tourist, business and medical visits.

The new policy follows Trump’s 2017 travel ban on predominantly Muslim countries. The primary reason for the latest restrictions, according to the Department of Homeland Security, was that the countries did not “meet the Department’s stronger security standards.”

Nigeria’s population is roughly 45 percent Muslim and the country has faced problems with terrorism, largely related to Boko Haram in its northeastern territory.

Restricting immigration to the U.S. from Nigeria, in particular, could impact commercial tech relations between the two countries.

Nigeria is the U.S.’s second largest African trading partner and the U.S. is the largest foreign investor in Nigeria.

Increasingly, the nature of the business relationship between the two countries is shifting to tech. Nigeria is steadily becoming Africa’s capital for VC, startups, rising founders and the entry of Silicon Valley companies.

Recent reporting by VC firm Partech shows Nigeria has become the number one country in Africa for venture investment. Much of that funding comes from American sources. The U.S. is arguably Nigeria’s strongest partner on tech and Nigeria, Silicon Valley’s chosen gateway for entering Africa. Examples include Visa’s 2019 investment in Nigerian fintech companies Flutterwave and Interswitch and Facebook and Google’s expansion in Nigeria.

On the ban’s impact, “U.S. companies will suffer and Nigerian companies will suffer,” Bosun Tijani, CEO of Lagos based incubator CcHub, told TechCrunch .

Nigerian entrepreneur Iyinoluwa Aboyeji, who co-founded two tech companies — Flutterwave and Andela — with operations in the U.S. and Lagos, posted his thoughts on the latest restrictions on social media.

“Just had an interesting dinner convo about this visa ban with Nigerian tech professionals in the U.S. Sad… but silver lining is all the amazing and experienced Nigerian talent in U.S. tech companies who will now head on home,” he tweeted.

Notable market moves in African tech last month included an acquisition, global expansion and a couple big raises.

Nigerian digital payments startup Paga acquired Apposit, a software development company based in Ethiopia, for an undisclosed amount.

The Lagos-based venture also announced it would launch its payment products in Mexico this year and in Ethiopia imminently, CEO Tayo Oviosu told TechCrunch

The moves come a little over a year after Paga raised a $10 million Series B round and Oviosu announced the company’s intent to expand globally while speaking at Disrupt San Francisco.

Paga will leverage Apposit — which is U.S. incorporated but operates in Addis Ababa — to support that expansion into East Africa and Latin America.

Paga has created a multi-channel network to transfer money, pay bills, and buy goods digitally. The company has 14 million customers in Nigeria who can transfer funds from one of Paga’s 24,411 agents or through the startup’s mobile apps.

With the acquisition, Paga absorbs Apposit’s tech capabilities and team of 63 engineers. The company will direct its boosted capabilities and total workforce of 530 to support its expansion.

On the raise side, San Francisco and Lagos-based fintech startup Flutterwave (previously mentioned) raised a $35 million Series B round and announced a partnership with Worldpay FIS for payments in Africa.

FIS also joined the round, led by US VC firms Greycroft and eVentures, with the participation of Visa and African fund CRE Venture Capital .

The company will use the funding to expand capabilities to provide more solutions around the broader needs of its clients. Uber, Booking.com and Jumia are among the big names that use Flutterwave to process payments.

Last month, Africa’s logistics startup space gained another multi-million-dollar round with global backing. Kenyan company Sendy, an on-demand platform that connects clients to drivers and vehicles for goods delivery, raised a $20 million Series B led by Atlantica Ventures. Toyota Tsusho Corporation, a trade and investment arm of Japanese automotive company Toyota, also joined the round.

Sendy’s raise came within six months of Nigerian trucking logistics startup Kobo360’s $20 million Series A backed by Goldman Sachs. In November, East African on-demand delivery venture Lori Systems hauled in $30 million supported by Chinese investors.

The company plans to use its raise for new developer hires, to improve the tech of its platform, and toward expansion in West Africa in 2020.

Sendy’s $20 million round also includes an R&D arrangement with Toyota Tsusho Corporation to optimize trucks for the West African market, Sendy CEO Mesh Alloys told TechCrunch.

More Africa-related stories @TechCrunch

African tech around the ‘net

Nigeria is becoming Africa’s unofficial tech capital

By Jake Bright

Africa has one of the world’s fastest growing tech markets and Nigeria is becoming its unofficial capital.

While the West African nation is commonly associated with negative cliches around corruption and terrorism — which persist as serious problems, and influenced the Trump administration’s recent restrictions on Nigerian immigration to the U.S.

Even so, there’s more to the country than Boko Haram or fictitious princes with inheritances.

Nigeria has become a magnet for VC, a hotbed for startup formation and a strategic entry point for Silicon Valley. As a frontier market, there is certainly a volatility to the country’s political and economic trajectory. The nation teeters back and forth between its stereotypical basket-case status and getting its act together to become Africa’s unrivaled superpower.

The upside of that pendulum is why — despite its problems — so much American, Chinese and African tech capital is gravitating to Nigeria.

Demographics

“Whatever you think of Africa, you can’t ignore the numbers,” Africa’s richest man Aliko Dangote told me in 2015, noting that demographics are creating an imperative for global businesses to enter the continent.

Trump to halt immigration from Africa’s top tech hub, Nigeria

By Jake Bright

The Trump administration announced Friday it would halt immigration from Nigeria Africa’s most populous nation with the continent’s largest economy and leading tech sector.

The restrictions would stop short of placing a full travel ban on the country of 200 million, but will suspend U.S. immigrant visas for Nigeria, along with Eritrea, Kyrgyzstan and Myanmar.

That applies to citizens from those countries looking to live permanently in the U.S. The latest restrictions are said not to apply to non-immigrant, temporary visas for tourist, business, and medical visits.

The news was first reported by the Associated Press, after a press briefing by Acting U.S. Homeland Security Secretary Chad Wolf. The Department of Homeland Security later provided TechCrunch with Wolf’s remarks and a summary on the measures.

The primary reason for the new restrictions, according to DHS, was that the countries did not “meet the Department’s stronger security standards.”

Secretary Wolf noted, “the restrictions are not permanent if the country commits to change.”

The move follows reporting over the last week that the Trump administration was considering adding Nigeria, and several additional African states, to the list of predominantly Muslim countries on its 2017 travel ban. That ban was delayed in the courts until being upheld by the U.S. Supreme Court in 2018.

Restricting immigration to the U.S. from Nigeria, in particular, could impact commercial tech relations between the two countries.

Nigeria is the U.S.’s second largest African trading partner and the U.S. is the largest foreign investor in Nigeria, according to USTR and State Department briefs.

Increasingly, the nature of the business relationship between the two countries is shifting to tech. Nigeria is steadily becoming Africa’s capital for VC, startups, rising founders and the entry of Silicon Valley companies.

Recent reporting by VC firm Partech shows Nigeria has become the number one country in Africa for venture investment.

Much of that funding is coming from American sources. The U.S. is arguably Nigeria’s strongest partner on tech and Nigeria, Silicon Valley’s chosen gateway for Africa expansion.

There are numerous examples of this new relationship.

In June 2019, Mastercard invested $50 million in Jumia — a Pan-African e-commerce company headquartered in Nigeria — before it became the first tech startup on the continent to IPO on a major exchange, the NYSE.

One of Jumia’s backers, Goldman Sachs, led a $20 million round into Nigerian trucking-logistics startup, Kobo360 in August.

Software engineer company Andela, with offices in the U.S. and Lagos, raised $100 million from American sources and employs 1000 engineers.

Facebook has senior management from Nigeria, such as Ime Archibong, and opened an innovation lab in Nigeria in 2018 called NG_Hub. Google launched its own developer space in Lagos last week.

Nigerian tech is also home to a growing number of startups with operations in U.S. Nigerian fintech startup Flutterwave, whose clients range from Uber to Cardi B, is headquartered in San Francisco, with operations in Lagos. The company maintains a developer team across both countries for its B2B payments platform that helps American companies operating in Africa get paid.

MallforAfrica — a Nigerian e-commerce company that enables partners such as Macy’s, Best Buy and Auto Parts Warehouse to sell in Africa — is led by Chris Folayan, a Nigerian who studied and worked in the U.S. The company now employs Nigerians in Lagos and Americans at its Portland, Oregon processing plant.

Africa’s leading VOD startup, iROKOtv maintains a New York office that lends to production of the Nigerian (aka Nollywood) content it creates and streams globally.

Similar to Trump’s first travel ban, the latest restrictions on Nigeria may end up in courts, which could delay implementation.

More immediately, the Trump administration’s moves could put a damper on its own executive branch initiatives with Nigeria.

Just today the U.S. Assistant Secretary of State for African Affairs Tibor Nagy — who was appointed by President Trump — posted a tweet welcoming Nigeria’s Foreign Affairs Minister Geoffrey Onyeama to the State Department hosted U.S.-Nigeria Binational Commission Meeting, planned for Monday.

The theme listed for the event: “Innovation and Ingenuity, which reflects the entrepreneurial, inventive, and industrious spirit shared by the Nigerian and American people.”

Update: This article was updated to include information provided by Department of Homeland Security.

Daily Crunch: Goldman Sachs calls for diverse boards

By Anthony Ha

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.

1. Goldman Sachs says it won’t take startups public without at least one ‘diverse’ director; it should go further

CEO David Solomon told CNBC that beginning this year, Goldman will no longer take companies public if they don’t have at least one “diverse” member on its board of directors.

Some will, perhaps rightly, see the announcement as little more than marketing. After all, it’s already widely viewed as unacceptable for a company to go public without at least one female board member and preferably far more diversity than that.

2. London’s Met Police switches on live facial recognition, flying in face of human rights concerns

The deployment comes after a multi-year period of trials by the Met and police in South Wales. The Met says its use of the controversial technology will be targeted to “specific locations … where intelligence suggests we are most likely to locate serious offenders.”

3. Sonos clarifies how unsupported devices will be treated

If you use a Zone Player, Connect, first-generation Play:5, CR200, Bridge or pre-2015 Connect:Amp, Sonos is still going to drop support for those devices. But at least the company is backing away from its initial decision that your entire ecosystem of Sonos devices would stop receiving updates, as well.

4. Meet the B2B videoconferencing startup that’s gone crazy for online dating

Eyeson’s website touts “no downloads, no lag, no hassle” video calls. But when TechCrunch came across founder Andreas Kröpfl last December, pitching hard in Startup Alley at Disrupt Berlin, he was most keen to talk about something else entirely: video dating.

5. Layoffs hit Q&A startup Quora

Quora, the 10-year-old question-and-answer company based in Mountain View, is laying off staff in its Bay Area and New York offices. CEO Adam D’Angelo did not disclose the scale of the layoffs.

6. As SaaS stocks set new records, Atlassian’s earnings show there’s still room to grow

Atlassian reported earnings after-hours yesterday and the market quickly pushed its shares up by more than 10%. Alex Wilhelm explores why. (Extra Crunch membership required.)

7. Wikipedia now has more than 6 million articles in English

The feat, which comes roughly 19 years after the website was founded, is a testament of “what humans can do together,” said Ryan Merkley, chief of staff at Wikimedia, the nonprofit organization that operates the online encyclopedia.

Goldman Sachs says it won’t take startups public without at least one ‘diverse’ director; it should go further

By Connie Loizos

Some of the biggest banks in the United States are among the most powerful institutions in the world. But like every incumbent, they still have to hustle to stay relevant. Morgan Stanley has increasingly gotten behind investors who say they want to see more direct listings, for example. Some of those investors wield a lot of influence after all, and if you can’t beat them (and you want to stay ahead of the competition), you’d better join them.

Now Goldman Sachs has made an announcement of its own that’s very much a part of the times: its CEO, David Solomon, today told CNBC that beginning this year, Goldman will no longer take companies public if they don’t have at least one “diverse” member on its board of directors.

“Starting on July 1st in the U.S. and Europe, we’re not going to take a company public unless there’s at least one diverse board candidate, with a focus on women,” Solomon said specifically on the network’s “Squawk Box.”

Some will, perhaps rightly, see the announcement as little more than marketing. After all, it’s already widely viewed as unacceptable for a company to go public without at least one female board member and preferably far more “diversity” than that. WeWork, for example, tried to go public last year with an all-male board, only to realize soon after that if it wanted to pursue an initial public offering, it had better mix it up a bit. (Of course, by the time it amended its S-1 to name Harvard professor Frances Frei as its first female board member, its offering was already starting to implode.)

Adding one’s first female board member ahead of an IPO is such a cliche at this point that the more interesting question is how close to the filing a related announcement will be made.

Airbnb, founded in 2008, brought aboard its first female board member in 2018, so let’s call it two years ahead of its presumed 2020 IPO. A decade is a long time to go without any diversity on a board, but it’s also not atypical. Slack’s first female board member, Sarah Friar, joined the company in March 2017, roughly two years before the company — eight years old at the time — staged its direct listing last year. Similarly, Peloton, the fitness company, now eight years old, brought aboard its first female board director, Pamela Thomas-Graham, in the spring of 2018; in September of last year, it went public.

More important to note at all three companies is what’s gone on at the employee level. Slack, for years, has made diversity core to its operations. Airbnb has also made gains in terms of employing a more diverse workforce.  Peloton, which was roundly heckled for a recent “sexist,” “dystopian” advertisement, has a highly diverse management team.

Indeed, we’re not criticizing Solomon — when it comes to diversity, every little bit helps. But if Goldman Sachs really wants to maintain its place in the banking hierarchy, a much bolder stance would be to only take public companies that have diverse workforces, which is far more important — and beneficial to all stakeholders — than adding a woman and/or person of color to a board of directors as part of preparing an IPO.

Let’s be real here. Directors of public companies typically meet just four times a year to review quarterly results. It’s important and necessary, sure. But beyond ensuring that strategic objectives are being met and hopefully making useful introductions to the company, these roles are assigned more importance by industry watchers than they should. (They often pay ludicrous amounts, too.)

Even pledging that Goldman is only going to take public companies that give back — say 1% of future profits to the NAACP, as one idea — would instantly put it in pole position for those founders and investors who truly want to be progressive. Goldman might miss out on a lot of business in the immediate term, we realize, but we’re guessing it’s a gamble that would pay off over time.

In the meantime, institutionalizing a process that’s already happening and doesn’t have nearly enough real-world impact may be better, just barely, than not institutionalizing that process. Though it’s shocking to note, according to Solomon, about 60 companies in the U.S. and Europe have gone public recently with all-white, male boards.

When we reached out to other big banks today to see if they might make a public commitment of their own regarding pre-IPO companies — we wrote to Morgan Stanley, Bank of America and JPMorgan — each of them, which have said in various ways that they are committed to diversity, declined to comment.

Said Solomon earlier to CNBC, “We realize that this is a small step, but it’s a step in a direction of saying, ‘You know what, we think this is right, we think it’s the right advice and we’re in a position also, because of our network, to help our clients if they need help placing women on boards . . . So this is an example of us saying, ‘How can we do something that we think is right and help moves the market forward?’”

Goldman Sachs’s CEO just called WeWork’s pulled IPO — which Goldman was underwriting — proof that the market works

By Connie Loizos

It’s hard to put a positive spin on terrible situation, but that didn’t stop Goldman Sachs CEO David Solomon earlier today. Asked during a session at the World Economic Forum in Davos about WeWork’s yanked IPO in September,  Solomon suggested it was proof that the listing process works, despite that the CFO of Goldman — one of the offering’s underwriters — disclosed last fall that the pulled deal cost the bank a whopping $80 million.

Reuters was on the scene, reporting that Solomon acknowledged the process was “not as pretty as everybody would like it to be” yet also eschewing responsibility, telling those gathered that the “banks were not valuing [WeWork]. Banks give you a model. You say to the company, ‘Well, if you can prove to us that the model actually does what it does, then it’s possible that the company is worth this in the public markets,'” Solomon said.

Investment banks had reportedly courted WeWork’s business by discussing a variety of figures that led cofounder Adam Neumann to overestimate how it might be received by public market shareholders. According to the New York Times, in 2018, JPMorgan was telling Neumann that it could find buyers to value the company at more than $60 billion; while Goldman Sachs said $90 billion was a possibility, and Morgan Stanley — which has been assigned as lead underwriter of many of the buzziest tech offerings over the last decade — reportedly posited that even more than $100 billion was possible.

Ultimately, the IPO was canceled several weeks after Neumann was asked to resign and WeWork’s biggest investor, SoftBank — which itself nearly tripled the company’s private market valuation across funding rounds — stepped in to ostensibly rescue the company (and its now $18.5 billion investment in it.

Solomon isn’t the only one defending some of the frustrating logic of IPO pricing in recent years. This editor sat down in November with Morgan Stanley’s head tech banker Michael Grimes, who has been called “Wall Street’s Silicon Valley whisperer” for landing a seemingly endless string of coveted deals for the bank.

Because Morgan Stanley pulled out of the process of underwriting WeWork’s IPO (reportedly after WeWork rejected its pitch to be the company’s lead underwriter), we talked with Grimes instead about Uber, whose offering last year Morgan Stanley did lead. We asked how Uber could have been told reportedly by investment bankers that its valuation might be as high as $120 billion in an IPO when, as we now know, public market shareholders deemed it worth far less. (Its current market cap is roughly half that amount, at $64 billion.)

Grimes said matter-of-factly that price estimates can routinely be all over the place, explaining that “if you look at how companies are valued, at any given point of time right now, public companies with growth prospects and margins that are not yet at their mature margin, I think you’ll find on average price targets by either analysts who work at banks or buy-side investors that can be 100%, 200% and 300% different from low to high.”

He called that a “typical spread.”

The reason, he said, had to do with each bank’s or analyst’s guess at “penetration.”

“Let’s say, what, 100 million people or so [worldwide] have have been monthly active users of Uber, somewhere in that range,” said Grimes during our sit-down “What percentage of the population is that? Less than 1% or something. Is that 1% going to be  2%, 3%, 6%, 10%, 20%? Half a percent, because people stop using it and turn instead to some flying [taxi]?

“So if you take all those variable, possible outcomes, you get huge variability in outcome. So it’s easy to say that everything should trade the same every day, but [look at what happened with Google]. You have some people saying maybe that is an outcome that can happen here for companies, or maybe it won’t. Maybe they’ll [hit their] saturation [point] or face new competitors.”

Grimes then turned the tables on reporters and others in the industry who wonder how banks could get the numbers so wrong, with Uber but also with a lot of other companies. “It’s really easy to be a pundit and say, ‘It should be higher’ or ‘It should be lower,’” Grimes said. “But investors are making decisions about that every day.”

Besides, he added, “We think our job is to be realistically optimistic” about where things will land. “If tech stops changing everything and software stops eating the world, there probably would be less of an optimistic bias.”

Catalyst Fund gets $15M from JP Morgan, UK Aid to back 30 EM fintech startups

By Jake Bright

The Catalyst Fund has gained $15 million in new support from JP Morgan and UK Aid and will back 30 fintech startups in Africa, Asia, and Latin America over the next three years.

The Boston based accelerator provides mentorship and non-equity funding to early-stage tech ventures focused on driving financial inclusion in emerging and frontier markets.

That means connecting people who may not have access to basic financial services — like a bank account, credit or lending options — to those products.

Catalyst Fund will choose an annual cohort of 10 fintech startups in five designated countries: Kenya, Nigeria, South Africa, India and Mexico. Those selected will gain grant-funds and go through a six-month accelerator program. The details of that and how to apply are found here.

“We’re offering grants of up to $100,000 to early-stage companies, plus venture building support…and really…putting these companies on a path to product market fit,” Catalyst Fund Director Maelis Carraro told TechCrunch.

Program participants gain exposure to the fund’s investor networks and investor advisory committee, that include Accion and 500 Startups. With the $15 million Catalyst Fund will also make some additions to its network of global partners that support the accelerator program. Names will be forthcoming, but Carraro, was able to disclose that India’s Yes Bank and University of Cambridge are among them.

Catalyst fund has already accelerated 25 startups through its program. Companies, such as African payments venture ChipperCash and SokoWatch — an East African B2B e-commerce startup for informal retailers — have gone on to raise seven-figure rounds and expand to new markets.

Those are kinds of business moves Catalyst Fund aims to spur with its program. The accelerator was founded in 2016, backed by JP Morgan and the Bill & Melinda Gates Foundation.

Catalyst Fund is now supported and managed by Rockefeller Philanthropy Advisors and global tech consulting firm BFA.

African fintech startups have dominated the accelerator’s startups, comprising 56% of the portfolio into 2019.

That trend continued with Catalyst Fund’s most recent cohort, where five of six fintech ventures — Pesakit, Kwara, Cowrywise, Meerkat and Spoon — are African and one, agtech credit startup Farmart, operates in India.

The draw to Africa is because the continent demonstrates some of the greatest need for Catalyst Fund’s financial inclusion mission.

By several estimates, Africa is home to the largest share of the world’s unbanked population and has a sizable number of underbanked consumers and SMEs.

Roughly 66% of Sub-Saharan Africa’s 1 billion people don’t have a bank account, according to World Bank data.

Collectively, these numbers have led to the bulk of Africa’s VC funding going to thousands of fintech startups attempting to scale finance solutions on the continent.

Digital finance in Africa has also caught the attention of notable outside names. Twitter/Square CEO Jack Dorsey recently took an interest in Africa’s cryptocurrency potential and Wall Street giant Goldman Sachs has invested in fintech related startups on the continent.

This lends to the question of JP Morgan’s interests vis-a-vis Catalyst Fund and Africa’s financial sector.

For now, JP Morgan doesn’t have plans to invest directly in Africa startups and is taking a long-view in its support of the accelerator, according to Colleen Briggs — JP Morgan’s Head of Community Innovation

“We find financial health and financial inclusion is a…cornerstone for inclusive growth…For us if you care about a stable economy, you have to start with financial inclusion,” said Briggs, who also oversees the Catalyst Fund.

This take aligns with JP Morgan’s 2019 announcement of a $125 million, philanthropic, five-year global commitment to improve financial health in the U.S. and globally.

More recently, JP Morgan Chase posted some of the strongest financial results on Wall Street, with Q4 profits of $2.9 billion. It’ll be worth following if the company shifts any of its income-generating prowess to business and venture funding activities in Catalyst Fund markets like Nigeria, India and Mexico.

What we know (and don’t) about Goldman Sachs’ Africa VC investing

By Jake Bright

Goldman Sachs is investing in African tech companies. The venerable American investment bank and financial services firm has backed startups from Kenya to Nigeria and taken a significant stake in e-commerce venture Jumia, which listed on the NYSE in 2019.

Though Goldman declined to comment on its Africa VC activities for this article, the company has spoken to TechCrunch in the past about specific investments.

Goldman Sachs is one of the most enviable investment banking shops on Wall Street, generating $36 billion in net revenues in 2019, or roughly $1 million per employee. It’s the firm that always seems to come out on top, making money during the financial crisis while its competitors were hemorrhaging. For generations, MBAs from the world’s top business schools have clamored to work there, helping make it a professional incubator of sorts that has spun off alums into leadership positions in politics, VC and industry.

All that cache is why Goldman’s name popping up related to African tech got people’s attention, including mine, several years ago.

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