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Africa Startup Funding 2024: Fintech Leads While Energy Emerged as the Second-most Funded Sector

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In 2024, fintech solidified its position as the leading sector for start-up funding in Africa, attracting nearly half of the total investment.

Report by Africa: The Big Deal, revealed that fintech startups garnered over $1 billion, representing a significant year-on-year (YoY) growth from 42% of total funding in 2023 to an impressive 47% in 2024, the sector’s highest share since 2021.

Four of the ten largest fundraisers of 2024 were fintech companies. These include the new unicorns Moniepoint and TymeBank, alongside MNT-Halan and M-Kopa. Interestingly, fintech’s dominance wasn’t evident in the first half of the year, when it accounted for just 22% of total funding. However, a surge in deals during the second half (H2), highlighted by Tyme’s substantial fundraising catapulted the sector to the top.

The Energy sector gained significant ground in 2024, emerging as the second-most funded sector, replicating its position from the previous year. Startups in this sector raised a total of $440 million, accounting for 20% of the year’s funding. Two significant players, D.light ($192 million) and Sun King ($87 million) contributed nearly two-thirds of the sector’s total. However, the energy sector experienced a steep decline, with total funding dropping by 42% YoY. Other sectors, such as Agri & Food (-44%) and Healthcare (-61%), also suffered significant losses.

Logistics & Transportation held its third-place position in 2024, attracting $288 million in funding, an increase from $271 million in 2023 (+6% YoY). This growth boosted the sector’s share of total funding from 9% to 13%.

Three startups Moove, Basigo, and Spiro dominated the sector, securing 75% of its total funding. It is however interesting to note that Logistics & Transportation was the only sector to record an increase in funding compared to 2023, further highlighting its resilience and growing importance.

Together, fintech, energy, and logistics & transportation accounted for 80% of all start-up funding in Africa in 2024. Notably, Climate Tech represented 32% of the total invested in start-ups in Africa in 2024. This is a bit less than in 2023 (36%) and this decrease is actually mostly due to the drop in funding going to the energy sector

Other sectors faced both absolute and relative declines, with the exceptions being Deeptech and ‘Services.’ The latter was bolstered by Moroccan travel infrastructure API provider Nuitée, which raised a Series A round in December, making it one of the year’s top 10 transactions.

This data underscores the concentrated nature of funding within a few key sectors and highlights shifting priorities in Africa’s startup ecosystem.

Conclusion

Despite a challenging funding landscape in 2024, fintech emerged as the undisputed leader, achieving record-breaking investments and driving innovation across Africa. Energy and logistics followed, highlighting their strategic importance, while other sectors struggled to maintain momentum.

The year reaffirmed the dominance of fintech and the growing diversification of Africa’s start-up ecosystem.

XRP Price RSI Triggers Buy Signal for Ripple and an AI Altcoin That Could Outpace It in 2025

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XRP price performance could regain its December 2024 bullish momentum in the coming weeks.

However, analysts agree that an XRP price recovery will face competition from Propichain, an AI altcoin with a huge focus on the housing sector. Read on to see why experts say Propichain’s AI Altcoin will raise higher returns than the next XRP price rally.

Ripple Holders Eye $3.2 Target for the XRP Price

Ripple investors are looking forward to an XRP price increase predicted by market experts in recent days. Although Ripple was one of the top-performing altcoins in Q4 2024, it has recently faced reduced momentum, with the XRP price now hovering around $2.35.

Although the XRP price has faced market corrections, there’s still some positive news: over the past 30 days, Ripple has experienced a healthy 8.81% rise, signaling that its growth potential remains intact.

Many analysts remain optimistic about Ripple’s future growth, citing its strong market position. However, experts are divided over whether the XRP price can hit $3.2 by early February, with some pointing to the potential for a continued bullish trend.

Propichain: Leveraging AI Technology for Improved Real Estate Investing

Propichain’s AI altcoin is a dream come true for many real estate investors who face high capital barriers, unclear market dynamics, and geographical limitations in finding quality investment opportunities.

The platform solves these issues using a technology-based approach that incorporates blockchains, artificial intelligence, and the metaverse. Propichain uses blockchain technology to create more affordable investing opportunities by tokenizing real estate assets.

This tokenization involves turning housing assets into smaller shares represented by tokens. Investors can then buy these tokens, acquiring real estate assets in budget-friendly shares.

After tackling high-cost barriers in the housing sector, Propichain moves on to the problem of a limited understanding of market dynamics. Many investors struggle with understanding the traditional housing markets.

This affects the quality of their investing decisions. However, Propichain is solving this problem by using artificial intelligence tools designed to furnish investors with quality market data.

These AI tools will analyze the market, help you spot trends, and calculate the value of desired assets. This streamlines your investing experience while arming you with quality market insights that lead to more profit.

Propichain’s AI tools can also help personalize your experience by focusing on housing assets that match your desired criteria. For instance, you can tailor Propichain’s AI-powered tools to focus on assets that meet your desired ROI potential.

Another exciting feature that comes with Propichain’s AI tools is the ability to complete housing deals using automated trading. This feature allows you to place investing orders ahead of time alongside conditions that will guide their execution.

For instance, you can acquire a penthouse property using a buy order that will only activate when its price falls to your desired level. With automated trading, users get to save time while maintaining high trading efficiency.

Propichain goes beyond offering AI tools that help users make better investing decisions. It also provides virtual bridges that help connect investors to distant markets. By utilizing metaverse technology, Propichain breaks down geographical barriers, enabling investors to explore properties in any corner of the world from a single location.

Imagine virtually touring a luxury property in Dubai from your living room in New York—Propichain’s immersive 3D technology makes this a reality, enhancing convenience and access.

This way, investors can participate in markets worldwide with greater convenience and ease. As Propichain’s AI tools help investors find the right assets and the metaverse allows for global exploration, smart contracts ensure the transactions are executed quickly and securely.

These self-executing agreements also lower the risk of human error and eliminate the need for intermediaries. Furthermore, investors will enjoy high transaction safety, as a BlockAudit-issued security certificate has shown that Propichain’s smart contracts have all it takes to keep investors safe.

Propichain and the XRP Price Performance: Which Prospect is Generating More Excitement?

Propichain’s AI altcoin is drawing praise for its approach to simplifying real estate investments using blockchain technology and metaverse services. The new altcoin is now being compared to established assets like Ripple.

Yet, many analysts say Propichain will come out on top. This prediction was strengthened after Propichain’s AI altcoin was listed on CoinMarketCap, further showing its commitment to long-term growth and profitability. Some bold analysts now predict that $1,000 worth of Propichain could grow to $80,000 by October.

Propichain’s Ongoing Presale: Why You Should Join Now

Propichain is poised for massive growth, and by joining its presale, you’re securing a position in an ecosystem that’s set to transform the real estate industry. Investors who join Propichain’s AI altcoin ecosystem through its ongoing presale can accumulate tokens while its value is low.

PCHAIN now trades at $0.011 after exiting its initial price of $0.004 with a 208.17% increase. Now in round two of its presale, PCHAIN is gearing up for a 108.93% jump that will take it to a round three price of $0.023.

By the end of this ICO, PCHAIN’s value will balloon to $0.032. Join Propichain’s ecosystem today and secure high profits before its presale runs out.

 

For more information about the PropiChain Presale:

Website: https://propichain.finance/

Join Community: https://linktr.ee/propichain

US Regulators Back Musk’s Antitrust Claims Against OpenAI Restructuring to For-Profit Organization

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Elon Musk’s antitrust battle against OpenAI following its restructuring to a for-profit organization, has gained momentum, as the US antitrust regulators have expressed support.

According to Bloomberg, a court filing by the Department of Justice (DoJ), and the Federal Trade Commission (FTC) emphasized that overlapping board memberships can harm competition, even after a director steps down.

This position bolsters Musk’s lawsuit, which accuses OpenAl and Microsoft of antitrust violations. The suit highlights Reid Hoffman’s overlapping roles on both company’s boards from 2017 to 2023, and Deannah Templeton’s brief tenure as a Microsoft executive and non-voting OpenAl board member.

The agencies stated that companies ceasing potentially illegal practices still bear a “heavy burden” to prove the behavior won’t recur. While they did not address the legality of OpenAl’s restructuring itself, their filing supports Musk’s argument about the competitive risks posed by overlapping directorships.

The intervention by the Federal Trade Commission (FTC) and the Department of Justice (DoJ), does not imply a stance on the case’s merits but rather offers a legal framework that could be pivotal in the upcoming hearing.

Recall that Musk had asked the federal court in November to halt OpenAI from transitioning to a for-profit business, accusing them of breaching a contractual agreement. In a response to Musk’s lawsuit, OpenAI via a blogpost disclosed that Musk wanted a for-profit organization.

The company noted that in 2017, Musk not only wanted but created a for-profit as OpenAl’s proposed new structure. The artificial intelligence company noted that when Musk didn’t get major equity and full control, he walked away.

OpenAl wrote,

“Elon Musk’s latest legal filing against OpenAl marks his fourth attempt in less than a year to reframe his claims. However, his own words and actions speak for themselves. In 2017, Elon not only wanted but created a for-profit as OpenAl’s proposed new structure. When he didn’t get majority equity and full control, he walked away and told us we would fail. Now that OpenAl is the leading research lab and Elon runs a competing Al company, he is asking the court to stop us from effectively pursuing our mission.”

“You can’t sue your way to AGI. We have great respect for Elon’s accomplishments and gratitude for his early contributions to OpenAl, but he should be competing in the marketplace rather than the courtroom. It is critical for the U.S. to remain the global leader in Al. Our mission is to ensure AGI benefits all of humanity, and we have been and will remain a mission-driven organization. We hope Elon shares, that goal, and will uphold the values of innovation and free market competition that have driven his success.”

Fast forward to 2023, Elon Musk launched his AI firm xAI as a direct competitor to take on OpenAI. Last year December, xAI raised $6 billion in its latest series C funding round. The company announced that the funds secured will be used to take its first products, to the market, build advanced infrastructure, and accelerate the research and development of future technologies.

With the recent Series C investments raised, ×Al disclosed that the funds will be used to further accelerate its advanced infrastructure, ship groundbreaking products that will be used by billions of people, and accelerate the research and development of future technologies enabling the company’s mission to understand the true nature of the universe.

Also, the company launched a standalone iOS app for its chatbot, Grok, expanding its usage. The app which was previously exclusive to X (formerly Twitter) users, is now available in beta version in Australia and other select regions, offering advanced generative Al capabilities.

The U.S. antitrust regulators’ support for Musk’s claims against OpenAl’s restructuring carries several implications for OpenAl, including its operations, governance, and public perception. This scrutiny might pressure OpenAl to reassess its board composition and decision-making processes to avoid potential conflicts of interest.

If the court agrees with Musk’s claims, OpenAl could face legal challenges to its restructuring. This might include revisiting its conversion to a for-profit model, which could delay its operations or force changes to its corporate structure.

Notably, allegations of antitrust violations and regulatory investigations can damage OpenAl’s public image, potentially affecting partnerships, investor confidence, and its relationship with the broader Al and tech community.

Nigeria Receives 32,000 Tons of Imported Rice to Tackle Food Inflation

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Nigeria has received its first shipment of imported brown rice in a decade from Thailand as part of efforts to address skyrocketing food prices that have strained consumers, stoking sky-high inflation.

This shipment, facilitated by logistics company DUCAT, has reignited debates about the country’s food insecurity, the limitations of its agricultural sector, and the consequences of past government policies.

DUCAT Chief Executive Officer Adrian Beciri highlighted the shipment as part of efforts to address Nigeria’s soaring food prices and improve accessibility.

“Nigeria has been working hard to find solutions to broaden and strengthen its food supply accessibility,” Beciri stated.

The importation follows the government’s tariff moratorium on essential food crops like rice, wheat, and corn.

Nigeria’s hunger crisis was compounded by a wave of economic reforms introduced by President Bola Tinubu’s administration in May 2023. Key measures, including the removal of fuel subsidies, naira devaluation, and electricity tariff hikes, have triggered a surge in inflation. Food inflation, in particular, rose to 41% in May 2024, the highest in 28 years, with prices continuing to climb as the naira’s value plummets.

To address these challenges, the Tinubu administration announced a 180-day duty waiver on the importation of essential food crops. Minister of Agriculture and Food Security Abubakar Kyari revealed plans to introduce guidelines ensuring compliance with the measures and subject imported foods to recommended retail prices.

However, the government’s decision to resort to food imports underscores the agricultural sector’s inability to meet the nation’s food demands.

Nigeria consumes approximately seven million tons of rice annually, but local production accounts for only three million tons, leaving a significant shortfall. The importation of rice is thus seen as a necessary stopgap to address immediate shortages while highlighting deeper systemic issues in the agricultural sector.

The Consequences of Border Closures

The current hunger crisis and broader economic challenges have been traced back to the border closure policy implemented under former President Muhammadu Buhari in 2019. The policy, aimed at curbing smuggling and boosting local production, had unintended consequences, including disrupting legitimate trade and limiting access to essential food items.

Economists and policymakers have argued that the border closure exacerbated food insecurity rather than alleviating it. Senator Francis Fadaunsi, Chairman of the Senate Committee on Industry, recently criticized the policy during a Senate session.

“Border closure is hampering the economic fortunes of the country because rather than curb smuggling, it encourages it,” he said.

Fadaunsi further explained the policy’s impact on rice production and trade.

“For example, on rice production alone, the largest percentage of the four million tons shortfall is being smuggled into the country since local producers are only producing three million tons out of the expected consumption rate of seven million tons,” he stated.

The senator also noted that the closure of Nigeria’s borders with neighboring countries like Niger and Chad has worsened insecurity in border regions and deepened the nation’s economic woes.

He added that the exit of Niger Republic and Chad from the Economic Community of West African States (ECOWAS) with the attendant opening of their borders on the Nigerian side has compounded these challenges.

Despite the growing evidence of the border closure’s detrimental effects, Bola Tinubu’s administration has resisted calls to fully reverse the policy. Senator Fadaunsi and other lawmakers have repeatedly urged the government to reconsider, arguing that reopening borders would facilitate legitimate trade, reduce smuggling, and alleviate food shortages.

He said the borders should be fully opened and not technically closed.

The failure to heed these calls has left Nigeria reliant on emergency measures like food importation, which provide temporary relief but do little to address the structural issues at the heart of the crisis.

While food imports may temporarily ease shortages, experts warn that they are not a sustainable solution. Instead, the government must address the root causes of food insecurity, including inadequate investment in agriculture, poor infrastructure, and restrictive trade policies.

Barcelona Demolish Real Madrid 5-2 to Win Spanish Super Cup in Saudi Arabia

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Barcelona delivered a masterclass performance in Jeddah, Saudi Arabia, thrashing rivals Real Madrid 5-2 in the Spanish Super Cup final on January 12.

This victory marks the first trophy of the Hansi Flick era. It signals a remarkable resurgence for the Catalan giants, who have re-established their dominance in Spanish football with their youngest-ever squad.

Real Madrid started with promise, as Kylian Mbappé opened the scoring in the fifth minute. Capitalizing on a quick counter-attack initiated by Vinícius Jr., the French forward burst through the Barcelona defense and clipped a composed finish past Wojciech Szczesny.

However, Barcelona, unfazed, responded with determination. Lamine Yamal, the 17-year-old prodigy and a symbol of Barcelona’s youth revolution, leveled the score with a sensational solo goal. Cutting in from the right wing, Yamal glided past defenders and fired a low shot into the near post, showcasing composure and skill reminiscent of Lionel Messi, to whom he is often compared.

Barcelona’s pressure intensified as the first half progressed. A clumsy challenge by Eduardo Camavinga on Gavi resulted in a penalty, which Robert Lewandowski converted with trademark precision, giving Barcelona the lead.

Raphinha then extended the advantage with a header from Jules Koundé’s pinpoint cross. Shortly before halftime, Barcelona’s breakneck counter-attacking prowess was on full display. Yamal and Raphinha combined seamlessly to set up Alejandro Balde, who slotted past Thibaut Courtois to cap a dominant first-half performance.

After the break, Barcelona maintained their attacking momentum. Raphinha completed his brace with a dazzling solo effort, dribbling past defenders and finishing expertly after being set up by Marc Casado.

Madrid found a lifeline when Szczesny was sent off following a VAR review. The Polish goalkeeper brought down Kylian Mbappé outside the area, reducing Barcelona to 10 men. Substitute Inaki Peña replaced Szczesny and was immediately tested. Rodrygo Goes scored a stunning free-kick to pull one back for Madrid, but their numerical advantage failed to turn the tide.

Mbappé, who was Madrid’s standout player, orchestrated another chance for Jude Bellingham, but Jules Koundé’s last-ditch tackle denied the English midfielder in stoppage time.

The Youngest Team in Europe Rises to Glory

This Super Cup triumph represents more than just a trophy for Barcelona—it highlights the rapid progress of Europe’s youngest team. With an average age of just 22.8 years, the Catalan side has built a squad around emerging talents like Lamine Yamal, Alejandro Balde, and Gavi, supported by experienced leaders such as Lewandowski and Raphinha.

For the youngsters, this victory serves as their first major title and a testament to the winning mentality instilled by Hansi Flick since his appointment.

Since Flick’s arrival, Barcelona has undergone a dramatic transformation. The German tactician has brought structure, discipline, and a relentless attacking philosophy to a team that had struggled for consistency in recent years. Under his leadership, Barcelona has repeatedly humiliated Real Madrid, including a 4-0 La Liga win in October, and now this emphatic Super Cup victory.

Flick’s influence has rekindled Barcelona’s status as one of Europe’s elite teams. The club is tipped as favorites to win the UEFA Champions League this season. Their current form, driven by youthful exuberance and tactical precision, has made them a formidable force on all fronts.

Madrid’s Troubles Deepen

In contrast, Real Madrid finds itself at a crossroads. While Kylian Mbappé showed flashes of brilliance, the team’s defensive vulnerabilities were glaring. Manager Carlo Ancelotti, visibly frustrated, admitted, “We defended badly, and that cost us the game. They found their goals quite easily.”

Madrid’s struggles against Barcelona have exposed cracks in their system, raising questions about their ability to compete at the highest level. Despite having experienced stars like Luka Modri?, the European champions were outplayed and outclassed.

With this victory, Barcelona extended their record to 15 Spanish Super Cup titles, reaffirming their dominance in the competition. Defender Jules Koundé summed up the team’s spirit saying: “It’s always special to win a trophy, especially in a Clasico against Real Madrid. Right after the red card, we told ourselves we would have to suffer, but we had a big advantage, and this can’t escape us.”