News

Amini, Corp., an early-stage company focused on solving Africa's environmental data gap through artificial intelligence and satellite technology, has raised $2M in pre-seed funding in an oversubscribed round led by Pale Blue Dot, a leading European Climate Tech fund. Other investors include Superorganism, RaliCap, W3i, Emurgo Kepple Ventures and a network of angel investors from the global technology community.

Africa, home to 65% of the world's uncultivated fertile land and 30% of its mineral resources, accounts for only 3% of the global GDP. One reason for this disparity is lack of reliable and trustworthy data which has held back Africa's development for decades by hampering business decisions and capital allocation as well as making it difficult to measure the impact of climate change.

Within the first six months of operation, the company has developed a robust data aggregation and analytics platform capable of collecting, unifying, and processing satellite data, weather data, and other types of data down to a square meter. The platform provides access to valuable environmental data analytics, including drought, flood, soil and crop health. This data can be processed to forecast crop yields for millions of smallholder farmers in mere seconds, as well as measuring the impact of natural disasters across the region.

Amini was designed to address Africa's data scarcity, facilitate capital investment, promote climate resilience, and accelerate economic development opportunities in the region.

Amini has found its first customers in the agricultural insurance sector, using the platform's granular, verifiable, and actionable data for enhancing farmers' resilience through parametric agricultural insurance coverage. With a focus on regenerative agriculture, this collaboration aims to support both African farmers and global food chains.

While the company initially focused on the insurance industry, they are now experiencing rapid expansion into supply chain monitoring, specifically at the “last mile,” or the initial stages of the global supply chain. This expansion holds significant importance for multinational companies seeking precise measurements of their carbon footprint and the ability to report on their environmental impact. This need is further emphasized by upcoming global regulations, such as the SEC Climate Disclosure rules and the European Green Deal. These regulations mandate companies importing commodities like coffee, cocoa, timber, and palm oil to have comprehensive knowledge of their supply chain and its impact on deforestation and degradation down to the finest details at the last mile.

Heidi Lindvall, General Partner, Pale Blue Dot, said: “The scarcity of high-quality environmental data of Africa is a concern as it prevents others from building important climate solutions such as for example improving farmer insurance, monitoring climate risk or supply chains. When meeting the team behind Amini we were blown away by their ambition and expertise and we believe they are best positioned to fill the environmental data gap of Africa”

The team possesses a strong track record of using deep technologies to tackle challenges specific to Africa, showcasing a unique blend of talent and expertise. Kate Kallot, the founder and CEO of Amini, boasts over a decade of leadership experience in driving global innovation in artificial intelligence and machine learning at renowned technology companies like Intel, Arm, and NVIDIA. Kallot has spearheaded initiatives focused on leveraging artificial intelligence and social impact to benefit the African continent, such as the United AI Alliance, which aims to bridge the AI compute gap and enhance data capabilities in emerging markets. Joining Kallot on the executive team are Mwenda Mugendi, Muthoni Karubiu, and Eshani Kaushal. Together, they bring a wealth of experience in machine learning, data science, geospatial analysis, and fintech, gained from leading organizations such as Microsoft, NASA and MTN. The Amini team is deeply committed to making a positive impact, in Africa and beyond.

Kate Kallot, CEO and Founder of Amini, said: “We are building the single source of truth for environmental data across Africa. Data has the potential of transforming livelihoods by enabling everything from climate resilience to sustainable value chains. Should Amini reach its full potential and solve this problem, we are setting up Africa for tremendous transformation and development over the next decade. It's a long way to get there but the early customer success and interest from global enterprises, governments and international organizations is showing us that we're on the right track. ”

Amini has also become the first African company accepted onto the highly selective Seraphim Space Accelerator programme, which scouts from the top 2% of global early-stage space companies.

Distributed by APO Group on behalf of Amini.

Media Contact:
Chadi Assoualma
chadi@amini.ai

Africa is highly vulnerable to climate change, and its impacts—flooding, droughts, cyclones, sea-level rise-- are already driving shifts in how Africans grow food, live, and earn their livelihoods.

Yet, most of the climate funding for the continent goes toward climate mitigation rather than adaptation. This is a problem, partly because adaptation creates well-paying jobs and diversifies economies, strengthening societal resilience. Agriculture is one sector where adaptation promises immense potential.

For example, Soupah Kitchen & Grocery Technology Company, a woman-led agribusiness based in Ibadan, Nigeria, is unlocking innovative solutions to climate change to advance the continent's energy transition.

With support from the African Development Bank, the Global Centre on Adaptation, and its Africa Adaptation Acceleration Program (AAAP) (https://apo-opa.info/3ByCbr9), Soupah Kitchen uses resource-smart technology to control the environment for growing lettuce, kale, leafy green, and herbs. The start-up produces cheaper and healthier vegetables through hydroponics on Ibadan rooftops than those grown on rural farms.

Ifeloluwa Olatayo, Soupah Kitchen's CEO, was among 15 winners of the 2021 African Youth Adaptation (YouthADAPT) Solutions Challenge organized by the AAAP, a joint initiative of the African Development Bank and the Global Center on Adaptation.  

Olatayo said, “Our resource-smart technology is designed to grow up to three tonnes of fresh food within a 650 square-meter area. It will enhance the urban landscape and improve the air quality in our cities.”

She added that Soupah Kitchen farms could sustainably plant with 95% less water than traditional farms without chemical fertilizers. Yields from the company's farm are 30% larger than those of conventional farms and are produced in half the time.

Using vertical hydroponic technology, Soupah Kitchen can cultivate 1,600kg of vegetables within a 26-day cycle.

A desire to expand her business and impact led Olatayo to apply for the YouthADAPT program.

“With the YouthADAPT opportunity, my enterprise received funding of $100,000. This has been enormously helpful, and the investment made thus far in our implementation plan has had a demonstrable impact in strengthening our climate-conscious mission. The one-year accelerator program has enabled me to learn about the best financing options to scale our impact,” Olatayo said. 

Soupah Kitchen plans to tap into blockchain technology to replicate and scale up the technology in other African countries.

In addition to the YouthADAPT funding, Soupah Kitchen received €10,000 from the Netherlands Embassy in Nigeria as a Food Connection Challenge Winner.

In recognition of the private sector's critical role in closing financing gaps for green growth and building climate resilience, the African Development Bank Group has chosen as the theme for its 2023 Annual Meetings, Mobilizing Private Sector Financing for Climate and Green Growth in Africa.

The Annual Meetings will take place from 22 to 26 May in Sharm El Sheikh, Egypt.

Click here (https://apo-opa.info/3Mq8KhD) to learn more.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

After five years of impacting lives and businesses in the country, CashToken Rewards Africa Limited (https://CashTokenReward.com/), the Nigerian RewardTech company that has revolutionized reward, is looking to spread its unique, socially smart business model to other parts of Africa for the purpose of helping businesses to succeed in order to lift millions on the continent out of poverty.

The company is buoyed into going international by the fact that in the relatively short period of its existence, the pilot phase of its Universal Gamification of Sales and Consumer Rewards Program (UGSCRP) has provided consumers of goods and services with potentially life changing cash rewards for purchases made across multiple businesses. The program has boosted businesses for organizations; enhanced the individual economy of consumers and aided the economic growth of countries where it is currently in operation, thus proving to have the capacity to bring about wealth redistribution for poverty alleviation on the continent.

In just five years, CashToken Rewards Africa has, through the UGSCRP, rewarded about one million Nigerians with CashTokens worth about $10 million. It has also partnered over 2,000 Nigerian businesses during the period. A new partnership it has just entered into with the Nigerian government to establish a national reward program would enable Nigerians all over the country to receive cash rewards in all purchases they make – be it goods or services.

The company's international drive is going to be made possible by a $100 million commitment from the Global Emerging Market, which would see it covering sub-Saharan Africa. The success of the program in Ghana, Cote D'ivoire, Uganda, Kenya and Tanzania, in addition to having merchants across Africa to provide CashToken reward for consumers, is an indication of the impact it would make on the continent.

Lai Labode, Chief Executive Officer of CashToken Rewards Africa Limited, says arrangements have reached advanced stages for the company to be listed on the Nigerian Exchange Limited and the New York Stock Exchange. This would inspire confidence and trust not just in consumers, but also in investors.

In addition to improving the fortunes of manufacturers and service providers and creating wealth for consumers, the company is about to position itself as a veritable investment option for potential investors.

Distributed by APO Group on behalf of CashToken Rewards Africa Limited.

Deal Source Africa (https://DealSourceAfrica.co/), a comprehensive program to connect African businesses with investors and transaction advisors and African Impact Funds with investors,  officially  launched at the West Africa Deal Summit held in Accra yesterday. The program will help to bridge the $331 billion funding gap for African SMEs, especially those with high growth potential by offering solutions that are tailored to meet their business needs. Businesses and funds can sign up at https://DealSourceAfrica.co/ to access the platform which was developed with funding from the Research and Innovation Systems for Africa (RISA) Fund of UKAid and piloted in 2022.

Deal Source Africa comprises a digital platform that connects investors with businesses, in-person and virtual Deal Rooms where businesses can meet investors, and Impact Fund Showcases where investors can meet African venture funds and other local capital providers. Experienced transaction advisors are connected with businesses to provide professional support along their fundraising journey. The platform's Deal Officers facilitate connections with investors.

According to the CEO of Impact Investing Ghana, Amma Lartey, “The research is clear that growing SMEs can significantly accelerate the achievement of the SDGs and that creating more efficient connections between businesses, local funds, and limited partners could help deploy more appropriate patient capital. Innovative platforms like Deal Source Africa, built and tested with its users can therefore greatly accelerate the closing of the SME financing gap.”

Etemore Glover, CEO of the Nigeria National Advisory Board for Impact Investing (Nigeria NABII) said “Deal Source Africa has the potential to become a significant enabler of financing for businesses and local capital providers across Africa. We are excited to be able to collaborate with IIGh on this initiative and to see it grow across Africa through our partners in other countries. Africa-wide platforms with strong local partners are essential to fill the financing gap facing our businesses.”

Justina Mensah, who leads the Deal Source Africa program shared the successes the program has achieved during the pilot phase, including enabling 94 businesses to connect with 18 investors in Deal Rooms and connecting 45 businesses to transaction advisors for one-on-one support leading to 3 investments being finalised.  She called on African businesses who are looking to raise financing, venture funds, and other local capital providers to sign up at  https://DealSourceAfrica.co/

Distributed by APO Group on behalf of Deal Source Africa.

For media inquiries, please contact:
Emelia Essumanba- Josiah (Ghana)
emelia.josiah@impactinvestinggh.org

Ifeoluwa Ogunfuwa (Nigeria)
iogunfuwa@impactinvestorsfoundation.org

For partnerships, please contact:
Justina Mensah
justina.mensah@impactinvestinggh.org

About Impact Investing Ghana:
Impact Investing Ghana (IIGh) is the Ghana National Advisory Board for Impact Investing. We are an independent private-sector-led initiative promoting sustainable development and advancing the development of the impact investment ecosystem in Ghana. IIGh is Ghana's representative to the Global Steering Group (GSG) for Impact Investing, the successor to the Social Impact Investment Taskforce established by the G8. IIGh aims at tackling Ghana's pressing social and environmental challenges by driving more capital to deliver real impact. We are a local platform representing all the stakeholder groups needed to redirect significant capital flows toward social and environmental impact, bringing together leaders from the worlds of finance, business, government, social organizations, and philanthropy. Private-sector-led, yet in close partnership with the national government, we raise awareness, create market intelligence, change policies, and mobilize additional financial resources for the public good. IIGh has an ambitious plan to support the growth of impact ventures and to catalyze $ 1 billion in impact funds for investment in impact ventures in Ghana and the West African sub-region. Find more here www.ImpactInvestingGh.org

About National Advisory Board for Impact Investing (NABII):
The National Advisory Board for Impact Investing (NABII) is a cross-section of influential leaders consisting of people and organizations united in purpose to grow impact investing in Nigeria. It is a representation of the entire impact investing ecosystem, dedicated to designing and implementing a national strategy that addresses barriers that inhibit its growth and unlock opportunities for more Impactful Investments. The NABII collectively accelerates and shapes the impact investing ecosystem in Nigeria.

Download logo

By NJ Ayuk, Executive Chairman, African Energy Chamber (https://EnergyChamber.org/)

Renewable energy holds great promise for Africa.

As more and more operators invest in the continent's clean energy and energy transition objective, we will undoubtedly see continued growth. At the African Energy Chamber, we are excited about the possibilities.

And yet our excitement is tempered by a bit of reality: Africa's current renewables capacity and geographic reach are limited. At present, very little contributes to Africa's energy needs. We must be realistic about the capabilities – and limitations – of green energy sources instead of pressuring the continent to give up fossil fuels prematurely.

As the chamber's “The State of African Energy Q1 2023 Outlook Report” (https://apo-opa.info/40VrCJf) indicates, close to 80% of the 2023 capacity on the continent is driven by wind and solar. But even among these “strongholds,” only about 7% of the wind capacity and 9% of solar capacity is currently operational. We expect Africa's 2023 capacity to reach 21.5 GW — or 1% of the global capacity. And while all signs point to its increase to 30 GW over the next two years, even this growth is miniscule, representing a scant 2% of total global capacity.

Current global renewables capacity (which includes solar, wind, and hydrogen electrolyzer capabilities) stands at 1,500 GW. In sharp contrast, Africa's 2023 announced capacity is only a fraction: 134 GW for wind, 120 GW for solar, and 112 GW for hydrogen.

Perhaps a bigger concern is that these figures are mainly represented in just a handful of countries. Djibouti, Egypt, Mauritania, Morocco, Namibia, Nigeria, and South Africa produce the vast majority of the current renewables capacity, to varying degrees. This means that most of the continent lags much further behind — or adds absolutely nothing to — the continent's total green capacity.

These statistics provide clear evidence that renewables remain distant promises. Green solutions alone are, at present, insufficient to provide energy for the people of Africa.

CWP, Bechtel Lead Development

That's not to say that we aren't witnessing some exciting developments.

Renewable energy developer CWP Global of Serbia and American global engineering, construction, and project management giant Bechtel are partnering to bring about real results. They are working on some exciting renewables projects across a number of countries that represent close to 25% of the current announced capacity in Africa.

For one, the USD40 billion AMAN green hydrogen project in Mauritania is the largest green hydrogen project on the continent. Once operational, it will have a 15 GW electrolyzer capacity powered by 30GW of combined solar and wind. In addition to boosting Mauritania's GDP by up to 60% by 2035, AMAN promises other important benefits for the country, from universal electrification to job creation to cleaner development through hydrogen-powered vehicles.

Another CWP Global project is Morocco's AMUN project. The first phase near the city of Tan Tan, due to be completed in 2029, is expected to produce 3 GW of wind and 3 GW of solar power, which will then be used to produce green hydrogen for local ammonia synthesis.

CWP Global also signed an agreement with the government of the Republic of Djibouti to develop a 10-GW renewable energy and green hydrogen hub. Like the goals in Mauritania, the project will go a long way in helping Djibouti foster cleaner and more secure energy supplies, create green jobs and businesses, and generate exports to fast-emerging markets for low-carbon fuels and industrial products.

Promises, Promises

All of this is very promising. And we should all be thinking about the transition to green energy. However, more than 95% of the partners' announced capacity of 88.5 GW is still in concept phase, and a mere 4% has received approval for development.

This simply underscores the need for African countries to forge ahead with the vast oil and gas resources at their disposal.

The green transition must be made strategically and soundly, carefully considering the needs of the African people. Keep in mind that hundreds of millions of Africans have insufficient access to electricity in the current configuration, with hydrocarbons still in the mix. Take away what little availability they have to fossil fuels, and they will — quite literally — be left in the dark.

Solar and wind farms capture renewable energy (from the sun or the wind) and convert it into electricity. This electricity must then be transmitted to where it will be used or stored. Unfortunately, as our report highlights, much of the continent lacks sufficient transmission infrastructure to economically accommodate utility-scale solar and wind installations. Building up the required transmission and storage infrastructure will require serious capital.

And as pointed out by Cecily Davis, a partner with Fieldfisher and co-head of the European law firm's Africa Group, many African hydrocarbon-dependent economies face a conundrum regarding investments in green energy projects: "If they scale back fossil fuels, they lose the tax revenue to pay for other infrastructure; if they maintain oil and gas production, that makes it harder for renewable energy to compete,” she said.

The African Energy Chamber's “The State of African Energy: Q1 2023 Report” (https://apo-opa.info/40VrCJf) is available on the chamber website (https://EnergyChamber.org/)

Distributed by APO Group on behalf of African Energy Chamber.