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Children’s financial app Greenlight signals next app iteration with family safety features • ZebethMedia

Greenlight Financial Technology, a venture-backed fintech company focused on providing a debit card, banking app and financial education to children, added another layer to its subscription plan with the introduction of family safety features. Greenlight Infinity, priced at $14.98 per month for the whole family, includes location sharing to see where anyone in the family is and do check-ins; SOS alerts to emergency contacts and/or 911 with one tap; and crash detection with automatic 911 dispatch wherein if a crash is detected while driving, driver and trip information is provided to emergency services. Tim Sheehan, co-founder and CEO of Greenlight, explained that the driver for the new features aimed at safety was simply, “you need to know where your kids are and want to keep them safe.” “I like the way we implemented the SOS alerts where you can choose to notify your family or the emergency services,” he added. “And if you click the SOS button and don’t choose whether to notify family or emergency services, they’ll just notify both by default. It’s so if you are in a really dangerous situation and can’t make that second decision.” Along with that is the Greenlight Savings Reward, where teens can earn 5% on their savings. Last year, the Atlanta-based company served more than 3 million parents and kids, and that has now increased to more than 5 million, according to the company. It has also raised about $556.5 million in total funding since Greenlight was founded in 2014, according to Crunchbase data. This includes a $260 million Series D round in 2021 that doubled the company’s valuation to $2.3 billion. Greenlight is not alone in turning venture capital heads toward the financial literacy for children and parents space. For example, last year, teen digital banking service Step raised $200 million in a Series C round and this week borrowed $300 million in debt financing to launch a crypto investing feature. Similarly last month, Stack raised $2.7 million for its cryptocurrency education and trading app.  

After selling his last startup to Google, this founder now wants to automate mundane tasks with Relay • ZebethMedia

Some seven years after selling his previous company to Google, Jacob Bank is preparing to launch his next project, this time with a focus on automating mundane, repetitive tasks. Bank was previously cofounder and CEO at Timeful, a smart scheduling app that helped users make better use of their time through automatically prioritizing their various commitments. After selling up to Google in 2015, Bank joined Google’s ranks and set about integrating core Timeful technology into Gmail and Google Calendar, before transitioning into various roles at the tech giant — including product lead for Gmail, Calendar, Google Chat, and Google Workspace. Fast-forward to July 2021, and Bank parted ways with Google to found Relay, which has a self-stated mission to “tackle collaborative workflows” with a product that sits somewhere at the intersection of Zapier and Asana. He also said that he’s managed to hire a number of product, design, and engineering personnel from the Gmail and Google Calendar development team. “From a product perspective, we aim to combine the time saving automations of Zapier with the accountability of Asana, but optimized for repeated workflows,” Bank explained to ZebethMedia. Relay: Automations Image Credits: Relay Automation for the people There are certainly no shortage of workflow automation tools out there, Zapier perhaps chief among them, while newcomers such as Bardeen have also been attracting the attentions of venture capitalists. And it’s this desire to reduce tedious, repetitive tasks that Relay is looking to capitalize on too, with specific scenarios in mind — use-cases that are less about “automated mechanical data flows from one product to another,” as Bank puts it, and more about supporting collaborative activities that may require multiple people to work together. For example, anything that recurs or repeats across the business sphere, such as all-hands meetings, investor updates, board meetings, newsletters, planning cycles, and so on, are within Relay’s scope. As are “function-specific playbooks” such as new-hire onboarding, customer onboarding, or feature launches. It’s basically aimed at reducing time-consuming admin from various business functions, from COO to product management and customer success. Relay sits on top of existing productivity tools such as calendars and team collaboration software, and reduces much of the manual labor involved in organizing a specific event or activity. For example, a monthly all-hands meeting may involve several contributors from different departments, each charged with preparing their own updates — with Relay, companies can preconfigure a lot of the administrative steps such as messaging contributors a few days before the all-hands with the correct presentation template, who are then prompted to add their content, and then automatically create a dedicated Slack channel for that specific meeting. Relay: Workflow automation in action  Image Credits: Relay Using these various productivity tools separately in their own silos, if the all-hands meeting date has to be pushed back a few days at the last minute, this would ordinarily require organizers or management to manually update dates and schedules in Asana, for example. With Relay, any change is reflected up and down the chain. “Maybe the most consequential difference between our product and what’s out there is that we’re going after a class of use-cases that haven’t been explicitly served before,” Bank said. “The operating workflows required to run a great team: all-hands, leads meetings, executive updates, product reviews, business reviews, newsletters, planning processes, onboarding, project tracking, feature launches, customer updates, and much more.” Ramping up For now, Relay remains a closed early-access product, with plans to transition into an open beta phase before the end of the year. While it’s keeping most of its early users under wraps for now, it did confirm Ramp and Lumos as “design partners” as it readies for a wider rollout. “We’re targeting organizations that are between 30 and 500 [workers] in size, and most of our early design partners are tech companies,” Bank said. To help take things to the next level, Relay has also announced it has raised $5 million in a seed funding round led by Khosla Ventures, which also invested in Timeful back in 2014, with participation from Neo, BoxGroup, SV Angel, and a handful of angels. “Relay’s vision of understanding the best practices of top-performing teams and creating assistive software to bring those workflows to everyone could transform the entire way people work,” Khosla Ventures’ partner Sandhya Venkatachalam said in a statement. “In Jacob, we have a founder that we have backed before, with a team that has the track record, conviction and talent to execute on this incredibly daunting challenge.”

Lifestores Healthcare raises $3M to expand its pharmaceutical marketplace across Nigeria • ZebethMedia

Africa’s $45 billion pharmaceuticals market is expected to grow 10% CAGR to $100 billion by 2030. Yet, the sector struggles with highly fragmented and undercapitalized supply chains rife with fake medications, which cause the death of thousands of patients yearly; in Nigeria, 20-40% of drugs are counterfeit.  A handful of healthtech companies bring efficiency to Nigeria’s pharmaceutical supply chain issues; Lifestores Healthcare is one. In 2020, it raised a $1 million seed round, followed by its newly announced $3 million pre-Series A funding; the latter and oversubscribed round was led by Health54, with Aruwa Capital Management as a supporting lead and participation from other existing investors. Pharmacies in Nigeria play an essential role in how people access medication in the country. Although pharmacies sometimes help facilitate self-diagnosis dealings among patients, they remain the cheapest options for getting healthcare. However, given the fragmentation and underdevelopment of resources in healthcare, pharmacies cannot perform to their optimal capabilities. These inadequacies lead to the high prevalence of fake medications as quality ones also become expensive and difficult to obtain.  After taking on pharmaceutical-related and supply-chain projects in their previous jobs, co-founders Bryan Mezue and Andrew Garza knew that whatever they were building should democratize access to quality and affordable primary healthcare. They launched Lifestores Healthcare in 2017 as a chain of retail pharmacies using technology to provide various services. There are two B2B components to Lifestores. The first is the B2B marketplace called OGApharmacy. Launched during the pandemic in 2020, it lets pharmacies and hospitals aggregate their purchasing needs, with which Lifestores negotiates with suppliers for the lowest possible price on high-quality medications, thereby getting 10 to 20% discounts for them. The other is an ERP system that pharmacies and dispensaries can use to run their operations.  Image Credits: Lifestores Healthcare Lifestores Healthcare provides its services through a network of more than 750 outlets. The healthtech outfit said it’s experiencing a 25% monthly marketplace growth and counts more than 10% of Nigeria’s pharmacies as registered customers; it plans to expand its market share to 25%, which will increase the number of patients reached by 4x from 100,000 to 400,000 by 2023. “The number of patients who have loyalty accounts with us is growing by double digits every month. And then we also think a lot about the scale of impact we have through the pharmacies we don’t own but support through our software,” CEO Mezue said. “And then, we indirectly touch over 200,000 patients from our software and the services we offer to those pharmacies. As of today, those are the ways we think about our patient impact. We’re also on the verge of launching several B2C initiatives and some cool features that are more direct to the patient.” To drive this growth, Lifestores will open a new Lagos processing centre and launch new technology features as part of its B2B offerings, including pharmacy management software, AI-driven predictive ordering, advanced credit offerings, and patient management initiatives, it said in a statement. Lifestores will also expand its B2C services, with pilots in patient savings, care management, and medication delivery. While telemedicine remains the standout healthcare offering that has witnessed massive adoption globally since the pandemic, startups that digitize the supply chain and distribution to providers like Lifestores have achieved scale faster and seen the most impressive growth among Africa’s healthcare space in the last 12 months, according to this report. Other companies in this space which work with community pharmacies and lower-end providers such as drug shops to help stock products, include Mutti by mPharma, HealthPlus, Shelf Life by Field Intelligence and Maisha Meds. “In many cases, players are working on multiple geographies, and possibly multiple segments. But we’ve taken a bit of a different angle, where we’re going quite deep,” said the CEO describing how Lifestores differs in expanding operations. “Because the market is fragmented, we’re saturating certain regions before we move to other ones.” The founders also shared some learnings acquired in the past five years of running their startup: the importance of building partnerships across the board, including pharmacies, dispensaries, hospitals, and regulators; the fact that pharmacists are adopting technology more than people think; and how healthcare providers are concerned about transparency on quality and price of medications.  “We’ve also seen how healthcare wholesalers serve as banks and give pharmacies and hospitals medications on credit which lets these healthcare providers do their work upon credit effectively much cheaper than what they’d secure from the banks,” added Garza on some of the company’s learnings. “This reality has existed for a long time in the healthcare space. We’ve started seeing the enormous benefit of that in terms of flexibility as we work on more advanced features like AI-driven predictive ordering. It’s become much easier to do stuff like that since we have all the technology for the ERP and marketplace in-house, for which we can layer new advanced things on top.” Lifestores’ seed round marks Health54’s first investment on the continent. The recently launched firm is the healthcare-dedicated corporate venture capital (CVC) vehicle of CFAO Group (part of Toyota Tsusho), which has the largest healthcare distribution channel in sub-Saharan Africa. “We’re proud and happy to make our first investment with Health54 in Nigeria and in Lifestores. We were impressed with Bryan and Andrew’s on-the-ground experience of having run multiple retail pharmacies in Nigeria,” said Côme Vercken, Managing Director, Health54, on the investment. “In two years, they have built a first-rate distribution platform with OGApharmacy. As a strategic partner, we’re delighted to work together and bring the benefits of our vertically integrated pharmaceutical supply chain so we can support more patients in Nigeria and beyond with quality primary healthcare.” This investment will see Lifestores leverage Health54’s increasing network of health services providers and CFAO Healthcare’s existing wholesale distribution capabilities in Nigeria and across Africa should it plan regional expansion down the line. But for now, the healthtech wants to fuel growth in Nigeria, improve its software capabilities, reach new customer segments and ramp up hiring across sales

FlapKap provides revenue-based financing to e-commerce brands in MENA, gets $3.6M seed funding • ZebethMedia

Recent research suggests that the e-commerce market in Saudi Arabia, UAE and Egypt account for a combined $21.4 billion and is projected to grow by more than 50% to $33.3 billion in the next three years. And as MENA shoppers increase their commerce spending, it is increasingly becoming imperative for online stores to position themselves to take full advantage of the growing phenomenon. FlapKap, using its revenue-based financing platform (RBF), is helping these stores solve the growth-destructive challenges that emerging online stores encounter. The company, which allows e-commerce businesses to scale and grow by targeting businesses with limited bank or venture financing access, is announcing that it has raised $3.6 million in seed funding to supercharge its efforts. Ahmad Coucha and Khaled Nassef founded FlapKap; Sherif Bichara and Adel Hodroj are on the founding team. It was during Coucha’s time at Kijamii, a digital agency upstart he launched in 2014 that conducted projects for Fortune 500 companies, that the CEO noticed late payment and access to working capital issues businesses, including his, faced. For instance, most of Kijamii’s clients always paid late, sometimes 30 to 120 days from when a sale closed. “We always thought to ourselves that this should be the exact opposite. Big clients with massive amounts of cash shouldn’t be the ones that get super flexible payment terms from the agencies; it should be the small and medium enterprises struggling for cash and growth. These should be getting the support,” CEO Coucha told ZebethMedia. In 2021, Coucha spent some time in the U.S. and witnessed the rise of revenue-based financing platforms in the country and the West, including Clearco and Wayflyer. The idea to replicate a similar operation for MENA existed, hence the launch of FlapKap. Yet, while most revenue-based financing companies have prevalent SaaS and e-commerce clientele, FlapKap strictly serves e-commerce platforms. E-commerce operations have flexible payment terms that suit FlapKap’s business as they spend a lot on advertising, marketing and inventory, recurring activities responsible for these brands making late payments or taking loans to remain operational. “SaaS is still growing in its early stage in the Middle East, but it’s not yet sizable. On the other hand, e-commerce is booming in all parts of the world, and is underserved by the current finance infrastructure in Africa,” he added on his company’s preference to pick e-commerce brands. FlapKap’s business model is one where it finances e-commerce platforms’ expenditures and recoups its money when these brands pay back a percentage of their revenues until repayment is complete. In other words, FlapKap adds a fixed fee — split to be paid in percentages from their revenues within a specific timeframe — to whatever amount its clients access on its platform. FlapKap claims to have helped generate more than an 85% increase in revenue and over 70% increase in net profits within a few months for its customers. The revenue-based financing company for e-commerce platforms, which claims to be growing 300% quarter over quarter, also mentioned that it has partnered with tens of clients from Egypt and UAE in six months. Some include Dresscode, Raw African, Palma and Tam’s Shoemaker. FlapKap has also recently integrated its AI-based insights and financial data analytics with Shopify, WooCommerce, Facebook and Google, and expects to strike more partnerships, it said in a statement. “Aside from the financing solutions we offer our partners, we also give them other value-added services to help them go further. So we always like to position ourselves as a growth partner; we’re not just financing,” said the chief executive. “We want to drive growth. We have a model work in progress built for identifying the clients’ growth potential; it’s a model we are currently building and getting enhanced daily by the data we’re collecting.” This latest capital injection comes six months after FlapKap’s pre-seed raise and the investors on board are strategic for FlapKap. QED, for instance, has invested in some of FlapKap’s global counterparts, such as Wayflyer and Fairplay. The fintech-focused venture capital firm used Bolt, its arm for investments in the Middle East, to complete the transaction. There’s also Egyptian government-backed Nclude, legacy Pan-African investor A15 and Outliers. “I’m excited to be building FlapKap along with them,” said Coucha. “I think they are not just investors; they are real partners in what they’re doing for us now and expected to do in the future as well,” said Coucha. With the new funding, FlapKap plans to increase its capacity to help more e-commerce businesses in the MENA region scale and maximize their growth potential, as well as consolidate its position as the region’s leading revenue-based financing player. The company aims to solidify its presence in Saudi Arabia, the UAE and Egypt by offering e-commerce businesses the ability to scale their inventory and digital ads now, while flexibly paying later. Gbenga Ajayi, a partner at QED, commented on the investment: “Having invested and worked with similar companies to FlapKap across other regions such as Europe and Latin America, we are confident this team can attain similar success.”

Investing platform raises $10M to offer climate investing from a different angle to ESG ratings • ZebethMedia

Net Purpose, a platform for sustainable investors, has raised £10 million in a Series A round led by ETF Partners, funding which will be used to expand its product and team, says the company. The company is benefitting from a shit to investing in sustainable products. According to the UN Principles for Responsible  Investment, $120 trillion is committed to invest sustainably, with allocations growing at 22% year on year.  New investors M-Tech Capital and Exceptional Ventures joined the round, and existing investors Jim O’Neill, former Chair of Goldman Sachs Asset Management, Kevin  Gould, Co-Founder IHS Markit, the Louis Family, Illuminate Financial, and Revent increased their commitments. Currently, investors rely on reported and estimated data and ESG ratings., These tend to measure financial risk, not social and environmental return. Net Purpose claims its platform looks more at social and environmental performance based on factual reporting. Indeed, there are claims that MSCI, the largest ESG rating company, doesn’t even try to measure the impact of a corporation. Sam Duncan, Net Purpose Founder and CEO said: “Net Purpose’ core differentiator is that we provide investment-grade facts on the social and environmental performance of companies and investment portfolios and no black box ratings or scores. Facts measure social and environmental performance, not financial risk. Net Purpose also has more and higher quality data than any other provider.”  Net Purpose competitors are ESG Ratings providers like MSCI and Sustainalytics.

Carbon accounting platform acquired by Sage as ClimateTech heats up • ZebethMedia

Spherics, a UK-based carbon accounting platform for SMEs to understand and reduce their environmental impact, has been acquired by accounting giant Sage. Terms of the deal were not disclosed but it’s understood Spherics had raised £1.25m in equity financing from angel investors and £300,000 in grants. Spherics was a smaller startup playing in a similar space to larger ones which include Normative, Plan A, Klimametrix.global, Persefoni and Planetly.com (other carbon accounting players, like Watershed and Climatiq, operate more like consultants). Sage had previously stated it plans to support SMEs to get to net zero, and this acquisition appears to be part of their strategy. Spherics automates the process of calculating emissions by ingesting data from a company’s accounting software and matching transactions to gauge an estimate of their carbon footprint. It can also apply carbon emission factors to procurement categories (such as delivery, accommodation, electricity, and travel). “We know that SMBs care about the impact they have on the environment, and our research shows that they want to work with suppliers  and partners that can help them understand and address it,” said Amaya Souarez, EVP Cloud Operations, Sage, in a statement. “By combining Spherics’ innovative software with Sage’s  digital network, we are connecting businesses with their customer and supplier emissions data, enabling easy and collaborative climate action across value chains which helps to reduce carbon.”   George Sandilands, CEO & Co-founder, Spherics, added: “Our vision and mission align very much with Sage’s core values, and we are excited to embark on this new journey to help SMBs knock down barriers to a more sustainable  future. Global emissions are still rising fast, and we need immediate and meaningful climate action across the world.” Headquartered in Bristol, United Kingdom, Spherics is the second Bristol startup to be acquired by Sage in the last year, after Brightpearl was picked up in 2021. Bristol seems to be making a habit of Climate Tech, also producing Ecologi Zero, real-time carbon footprinting software for businesses.

Uber scales back in Pakistan • ZebethMedia

Uber is scaling back its operations in Pakistan, the latest in a series of efforts from the ride-hailing firm as it looks to improve its financial performance. The company says its marquee app is ceasing operations in five of the six cities where Uber had launched and expanded to over the years. The eponymous service will now only be available in Lahore in Pakistan, Uber said. Uber insists that it remains committed to Pakistan and its subsidiary brand, Careem, will offer services in Karachi, Multan, Faisalabad, Peshawar and Islamabad. The move will nonetheless impact several jobs. Uber says it will help some driver partners switch over to Careem. It did not specify the number of jobs that will get eliminated as part of the decision. “We know this is a difficult time for the teams who have worked incredibly hard to build this business over the past few years,” the company said in blog post. “We greatly appreciate everyone’s contributions and our priority is to minimize the impact to our employees, drivers, riders, and Hero partners who use the Uber app during this change in Karachi, Islamabad, Faisalabad, Multan and Peshawar.” Uber’s abrupt decision came as a surprise to local residents. Uber entered Pakistan in early 2016 as part of a $250 million push to expand into the Middle East and North Africa. The company has faced tough competition from InDrive and Prosus Ventures-backed Bykea in the nation in recent quarters. The company, which aggressively expanded to dozens of nations half a decade ago, has slowed its investments in many markets. In India, a key overseas market for the firm, Uber offloaded its Uber Eats delivery business to Zomato, a local rival, and sold its shares in the company recently at an assumed unrealized loss of $707 million. Media reports in recent months have speculated that Uber might sell its India ride-hailing business to rival Ola, a claim both the firms have denied.

Apple and Google to soon release 5G support software updates in India • ZebethMedia

Apple and Google said Wednesday they will roll out software updates to enable 5G support on their respective handsets in India, the world’s second largest wireless market, just days after local bureaucrats began pushing the phonemakers to expedite their efforts. Reliance Jio and Airtel, India’s two largest carriers, have started to offer 5G services in select Indian cities in recent weeks, but many popular handsets in the nation currently don’t support the local airwaves. These smartphones have hardware capabilities for 5G, but manufacturers need to work with local network carriers to release software updates to enable support for local airwaves. To that end, Apple today said that it will issue a software update in December to enable 5G on iPhones used in India. Apple first introduced 5G capabilities with the iPhone 12 in 2020. “We are working with our carrier partners in India to bring the best 5G experience to iPhone users as soon as network validation and testing for quality and performance are completed. 5G will be enabled via a software update and will start rolling out to iPhone users in December,” an Apple spokesperson told ZebethMedia. Google has also promised a software update for its devices — though it hasn’t provided a specific timeframe for the rollout. “Pixel 7, 7 Pro, and Pixel 6a are 5G capable devices. We are actively working with the Indian carriers to enable functionality at the earliest,”  a Google spokesperson said in a statement. Google launched the Pixel 6a in India in July, and the Pixel 7 series will go on sale soon. In July, India sold the license to 5G airwaves in an auction for a record sum of $19 billion. Billionaire Mukesh Ambani’s Jio has purchased most of the spectrum and has committed to spending $25 billion alone in rolling out and broadening its 5G services. The South Asian nation, which is one of the last major markets to adopt 5G, has high hopes about its potentials. “5G is a knock on the doors of a new era in the country. It is the beginning of an infinite sky of opportunities,” Prime Minister Narendra Modi said at an event last month. Both Apple and Google’s devices hold a small percentage in terms of market share in the Indian smartphone market. While Apple commands just 4% of the local smartphone market, Google’s numbers are not available because of comparatively lower sales. According to analyst firm Counterpoint, the total install base of 5G-ready smartphones in India was 50 million in July. Samsung, India’s second largest smartphone vendor, didn’t immediately respond to requests for comment. According to a support page by carrier Bharti Airtel, some headsets from Chinese manufacturers like Xiaomi, Oppo, Vivo, Realme, and OnePlus already support its 5G services. Notably, Airtel has enabled its 5G services in eight cities and Reliance Jio has enabled them in four cities through an invite-only program. Both these network providers aim to expand the 5G coverage across the country in the coming few years. Airtel’s chairman Sunil Bharti Mittal said that the company aims to cover all parts of its eight launch cities by March 2023 and the entire country by 2023. Reliance Jio’s goals are rather ambitious as it plans to roll out its 5G services across the country by 2023.

Homa raises another $100 million for its data-driven mobile gaming tools • ZebethMedia

French startup Homa has raised a $100 million Series B funding round. Quadrille Capital and Headline are leading the round. Homa partners with indie mobile game studios so that their games are perfectly optimized to become a hit game on the App Store and Google Play. In other words, Homa builds tools that help third-party developers build games. The reason for that is that it has become incredibly challenging to stand out when you build a hypercasual, casual or board game with a small dev team. Other investors in the Series B include Northzone, Fabric Ventures, Bpifrance, Eurazeo and Singular. With Voodoo, Homa is one of the companies that have turned mobile gaming development into a methodical, data-driven process. Homa’s software development kit (SDK) helps you track various metrics thanks to built-in analytics features. It can be important if you want to improve session times, retention after one day, seven days or 28 days. Homa also fosters A/B testing at scale to optimize user engagement. After that, Homa helps you monetize with ads. The SDK gives you tools to track monetization metrics, such as the cost per install compared to the eCPM. This way, Homa can run predictable ad campaigns that will grow a game’s user base and eventually generate more revenue. The company’s metrics are mind boggling. Since 2018, Homa has published 80 games and attracted one billion downloads. Overall, the company has raised $165 million and now works with 160 people. Up next, Homa wants to explore web3 and the world of NFTs. It has started collaborating with Sorare and it has ambitious plans for its collection of games going forward. The startup wants to build a universe of interconnected games with virtual worlds and characters owned by creators and players — a sort of Homa metaverse. Even if that plan doesn’t pan out, it seems that Homa is on the right track with its game publishing tools — and it now has more money to invest to improve its tech stack.

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