The Daily Brief: Mastercard launches $2M fund for Africa, and more

Mastercard Foundation announced a new fund for African social ventures while Nigerian startup Edves secured $120,000 in funding from Chinook Capital and CcHub's Growth Capital Fund. That and more in today's brief.

Kalon, Smollan up stake in SnapnSave to over 50% with new R7m funding tranche

VC firm, Kalon Venture Partners, and retail solutions company, the Smollan Group SA, have increased their stake in SA shopping community SnapnSave to over 50% with a new funding round totaling R7 million (approx. $500,000). Ventureburn.

Mastercard Foundation Announces USD 2 Mn Fund For African Social Ventures

For the next two years, the Foundation will set aside $2 million for a pilot project that is focused on fostering the capacity of Scholars of the Mastercard Foundation. This is believed to be aimed at implementing transformative leadership by bringing the social and entrepreneurial ideas of these Scholars to fruition. Weetracker.

AfriLabs is adding new hubs to its network

AfriLabs — a pan-African network of tech innovation hubs — has announced that it is adding 12 new hubs to its network and extending its reach to nine countries after concluding a partnership with Francophone open innovation organization Jokkolabs. Ventureburn.

4 more African entrepreneurs join global Endeavor network

The organization supports entrepreneurs that have passed through the initial startup phase and demonstrate the potential for rapid expansion and scale. At its 83rd International Selection Panel (ISP) in Athens last week, Endeavor selected 26 high-impact entrepreneurs from 18 companies in 13 countries to join the network. Disrupt Africa.

Uganda collected $28M from mobile money tax in three months

Uganda Revenue Authority (URA) has collected Shs103 billion (approx. $28 million) from mobile money tax out of the targeted Shs151.5b in the first quarter of the 2018/19 financial year, underlying the continued impact of the controversial tax on the service. Sautitech.

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