Below is a line-up of the latest tech news and updates from around the world, today. Read now.
Senegal’s Socium Secures $5 Million to Boost African Expansion
Senegal-based HR technology company, Socium, has secured $5 million in seed funding to fuel its regional growth. The round was led by venture capital firm Breega.
The company’s CEO, Aissatou Diagne, announced the development in a statement seen by Tech Parley on Monday November 25, 2024.
The funding aims to address Africa’s fragmented HR ecosystem by providing businesses with innovative, tech-driven workforce solutions. Socium utilises artificial intelligence and machine learning to offer tailored recruitment tools, automated onboarding systems, and workforce analytics. It helps to streamline HR operations for organisations across various sectors.
“This investment reinforces our vision to bridge the gap between companies and top talent through technology,” said Diagne.
Socium intends to leverage the funding to expand its presence in West Africa while exploring new markets across the continent.
While the platform has already gained traction among SMEs and large corporations in Senegal, its expansion efforts will likely face competition from established players like SeamlessHR, raising questions about its potential to dominate the market regionally.
Trivia: ChatGPT is an example of what?
A. Generative AI
B. Social networking
C. CAD modeling
D. DNS lookup
Find answer below
Egypt’s Sylndr Secures $7.4M to Drive Expansion in Used Car Market
Egyptian startup Sylndr, an online platform for trading used cars, has raised $7.4 million in a fresh funding round aimed at scaling its operations and boosting efficiency, with EFG Hermes as the sole financial advisor.
This funding was confirmed by Mai Hamdy, Managing Director of Debt Capital Markets at EFG Hermes in a comment seen by Tech Parley on Monday November 25, 2024
The funds are set to enhance the company’s vehicle inventory, improve the overall customer experience, and diversify funding sources, positioning the startup as a key player in Egypt’s burgeoning used car market.
Hamdy described the funding as a pivotal moment for both the trading platform and the Egyptian startup ecosystem. “This financial structure not only supports Sylndr’s expansion plans but also ensures the protection of lenders’ interests,” she said.
Sylndr has gained traction by offering a transparent and user-friendly alternative to traditional used car dealerships, meeting the growing demand for affordable vehicles as new car prices continue to soar.
Techparley’s Latest Tech News correspondent gathered that the new funding follows a $12.6 million pre-seed investment secured by Sylndr in May 2022
As the startup advances its mission, could this model set the stage for similar platforms across other emerging markets, transforming the way we buy and sell cars globally?
AfriLabs and NASENI Partner to Launch Innovation Hub in Nigeria
Pan-African network supporting innovation, AfriLabs and the National Agency for Science and Engineering Infrastructure (NASENI) have partnered to establish an innovation hub aimed at empowering Nigerian tech entrepreneurs.
AfriLabs’ Director of Programmes, Nanko Madu confirmed this partnership in a statement seen by TechParley, om Monday November 25, 2024.
The newly launched NASENI Innovation Hub plans to run several programmes, including initiatives to empower women in engineering, support young talent through FutureMakers, and bring Nigerian researchers abroad back into the fold. With projects addressing public sector challenges and offering acceleration opportunities, it aims to cultivate a vibrant tech ecosystem.
AfriLabs, known for its extensive network of 496 hubs across 53 African countries, is dedicated to fostering innovation and entrepreneurship by connecting technology hubs, startups, and investors. On the other hand is NASENI, a Nigerian government agency focused on advancing science, technology, and engineering infrastructure in the country.
The hub will offer critical resources, including capacity building, mentorship, and infrastructure.
Techparley’s Latest Tech News correspondent gathered that networking opportunities will also be a core feature, connecting innovators with stakeholders to facilitate knowledge exchange and funding.
According to Nanko Madu, the partnership signifies a transformative step in scaling innovation and addressing local challenges with far-reaching global impacts.
NASENI’s Executive Vice Chairman, Khalil Suleiman Halilu, also emphasized the hub’s role in nurturing local talent, driving industrial growth, and accelerating economic diversification for Nigeria’s future.
DigMo Launches in Zambia to Transform Financial Planning Through Gamification
A fintech startup aiming to revolutionize financial planning for Africa’s mass market has launched its innovative platform, DigMo, in Zambia.
Sylvia Brune, CEO of DigMo Group confirmed this in a statement seen by Techparley on Monday November 25 , 2024.
Licensed by the Bank of Zambia to operate as a digital wallet provider, DigMo introduces a secure and free digital money account with a unique twist. The platform features a “financial planning game” designed to encourage users to adopt sustainable saving habits by offering the chance to win significant rewards.
Its first product, Save to Win, makes saving accessible and exciting for low and middle-income earners. With no fixed costs or fees, users can start saving with as little as ZMW10 (US$0.37) and stand a chance to win prizes of up to ZMW500,000 (US$19,000).
“We are committed to financial planning innovation for low and middle-income earners across Africa,” said Sylvia. “To create meaningful impact, we operate like a game studio—constantly designing and testing new products to find those that truly resonate and deliver outsized impact.”
Could gamifying financial planning be the key to transforming the financial futures of Africa’s underserved populations?
Answer: Generative AI
Generative AI is a category of artificial intelligence model designed to generate new data. These models are trained on large data sets that teach them to identify patterns and structure in text, images, video, and audio.
