Good morning. 
We begin today’s newsletter with a heavy heart. Abiola Olaniran, the pioneering Nigerian software engineer and founder of Gamsole, passed away on July 16 in his hometown of Badagry at the age of 36. One of Africa’s earliest gaming entrepreneurs, Abiola dared to dream beyond borders, building mobile games that reached millions and putting Nigeria on the global tech map.
His brilliance, humility and relentless belief in African talent made him a beacon for a generation. Abiola’s legacy lives on in the code he wrote, the minds he inspired and the courage he gave to others to build boldly.
Venture Capital
Rally Cap partially exits South Africa’s Stitch
Venture Capital (VC) firms are starting to get more creative about liquidity. If you find yourself frequently questioning where the exits are, Rally Cap’s partial exit from Stitch is the latest example.
Rally Cap has taken some money off the table. The early-stage venture capital firm just partially exited its investment in South African fintech, Stitch. This came after the startup announced its $55 million Series B fundraise. No one is saying how much they put in or how much they made, but the real story here is how early-stage VCs are starting to find new ways to cash out, and these partial exits have now become a quiet but powerful trend.
The pattern: Oui Capital turned a $150,000 cheque into $8 million with Moniepoint—a 53x return. More recently, Silverback Holdings pulled a 5x return on OmniRetail. Slowly, early-stage investors are finding new ways to unlock value, even without a traditional exit.
Why does this matter? Liquidity changes the game. IPOs, mergers and acquisitions (M&A), and later-stage raises give early investors premium liquidity exit. But with tech startup IPOs still sluggish and M&A activity only gradually picking up, later-stage raises have become the go-to path for investors’ partial exits. This new pattern could force investors to pay more attention to early-stage startups, with founders getting more backing.
These wins are bringing hope to investors who are early to the market, giving VC firms the confidence to recycle capital, and nudging founders to go bolder. African venture isn’t just full of promise; it is now starting to deliver on it.
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M&A
Maziv and Vodacom agree on a revised $2 billion acquisition deal
Vodacom, South Africa’s second-largest telecom operator, has announced updated terms for its long-delayed acquisition of fibre company, Maziv. Under the revised deal, Vodacom will acquire up to 34.95% stake in Maziv and nearly 50% of Herotel, South Africa’s largest fixed wireless internet company. The new deal is now valued between R29.8 billion ($1.6 billion) and R36 billion ($2 billion), nearly triple the initial R13 billion ($734.4 million) agreement in 2021.
Why does it matter? This revision is a step forward in finalising the four-year-long deal which will have an unopposed hearing at the Competition Appeal Court (CAC) scheduled for July 22–24, 2025. Previously, Vodacom aimed for up to a 40% stake in Maziv but adjusted this following negotiations with Maziv’s shareholder CIVH and South Africa’s Competition Commission (CompCom). CompCom had previously opposed the acquisition but changed its stance two weeks ago after reaching an agreement with the two companies to ensure fair competition in the country’s telecommunication sector.
State of play: Vodacom will now contribute approximately R13.5 billion ($763 million) to set up fibre network infrastructure and purchase the shares needed to acquire Maziv. It will also drop an additional R600 million ($34 million) to control half of Herotel. Vodacom also expects to decrease its offer by R1.3 billion ($73 million) if Maziv pays out its dividend before the acquisition deal closes. This is because the dividend payout will decrease Maziv’s valuation.
The big picture: If the deal is successfully cleared by the court, then Vodacom will gain partial control of Maziv’s fibre network. This acquisition will be a crucial step in Vodacom’s “beyond mobile” diversification strategy to increase its revenue from non-mobile services to 30% (from 21% today). It also offers a playbook that future telecom players can use to successfully navigate regulatory pushback
Paga Engine powers the boldest ideas in Africa
“Across various use cases and industries, Paga Engine provides reliable rails for your business needs to run smoothly and grow sustainably.” – Tayo Oviosu. Read the full article.
Regulation
Ethiopia passes long-awaited Startup Act
On July 17, Ethiopia passed its Startup Act after five years of delay, giving its startup ecosystem a formal legal and policy foundation for the first time. The new law introduces tax breaks, funding access, and public procurement opportunities, while pushing universities, state firms, and private investors into closer collaboration.
State of play: Startups can now get five years of corporate income tax exemption and duty-free imports of capital goods. They also qualify for a share of a 2 billion birr ($36 million at the time of drafting and proposal) government-backed fund, along with easier registration and access to regulatory sandboxes. Angel investors backing early-stage tech startups will get reduced withholding tax. Certified startups are guaranteed a 5% cut of government ICT contracts.
Ethiopia’s tech ecosystem is still nascent. Its capital, Addis Ababa, leads the scene, valued at $87 million and growing 15% annually. Startups like Chapa, Gebeya, and popular fintech ArifPay are early standouts. Ethiopian startups raised $42 million—mostly early-stage deals—in 2024. Ethiopia needs structural support to enable startups to scale to late-stage funding rounds.
Between the lines: The law moves the country away from donor-funded pilot projects and toward a more structured, state-supported ecosystem. Universities must now direct 2% of their research budgets to startup partnerships. A new National Startup Council, chaired by the country’s Innovation Minister, Belete Molla, will oversee coordination across government and industry.
However, Ethiopia’s Startup Act still has some holes. Currently, it defines a “startup” as firms earning less than five million birr ($36,000). Companies outside this threshold will qualify as “innovative businesses,” a separate category with fewer guarantees. But inflation is a real problem. If a company raises prices just to cover rising costs, it could cross the cap without actually growing—losing access to the support the law is supposed to provide.
It’s a fixable flaw—but one that could undermine the law’s promises as things progress.
Psss 
Here’s Paystack’s developer contributor of the month!
Software Engineer Andrew Glago built a Paystack plugin for Medusa.js, making it easier for African businesses to accept payments on custom online stores. Read the full story →
Internet
Starlink’s roaming is back, and it might just be a soft launch for South Africa
After nearly a year of silence, Starlink has reopened its roaming services for new users across African countries where the service is supported. While South Africa isn’t officially on the list of countries that support the service, this move is significant for users in the country, because roaming works just fine if you’re near the border or savvy enough to get a kit registered elsewhere.
Why was the service paused? This roaming service, now rebranded as Roam Unlimited, was pulled in 2024 after Starlink cracked down on people abusing its region-based pricing. Users were buying cheaper kits in countries with lower subscription fees and using them in their own countries. To curb this, Starlink rolled out a 60-day ‘return home’ policy. This means if you don’t use your kit at its registered home address within two months, it will be shut off.
Roaming sales paused, but now they’re back, at least in places like Eswatini, Kenya, Lesotho, Mozambique, and Zambia, which neighbour South Africa.
Why now? Starlink’s capacity and infrastructure have improved. With two new ground stations in Kenya and Mozambique—which ease network congestion—latency for South African users has dropped to under 40ms from 200ms.
Plus, Starlink seems to be laying track. They’ve recently opened an office in Lagos, after briefly pausing and resuming kit sales there. These point to a company finding its rhythm on the continent.
For South Africa? This can mean Starlink is inching closer to its debut. With neighbouring Lesotho now offering unlimited roaming, South Africa may no longer be an “if” but a “when.” The reintroduction of roaming could mean that Starlink is testing the waters for a splash. And for many South Africans unable to access the satellite internet due to regulatory pushbacks, that is something.
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CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$118,332 |
+ 0.38% |
+ 14.34% |
| Ether |
$3,773 |
+ 3.63% |
+ 55.57% |
| Solidus Ai Tech |
$0.04528 |
+ 5.42% |
+ 16.41% |
| Solana |
$186.61 |
+ 5.14% |
+ 32.87% |
* Data as of 06.45 AM WAT, July 21, 2025.
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Opportunities
- MEST Africa has opened applications for its 2026 AI Startup Programme. The 12-month training and incubation programme will equip West African software developers aged 21–30 with the skills to build scalable AI startups. Selected participants will undergo seven months of hands-on training in Ghana starting January 2026, followed by a four-month incubation for the most promising teams. Applications close August 22, 2025. Apply here.
- Applications are still open for the 2025 FATE Institute Fellowship, a two-year, part-time and virtual programme for experienced Nigerian professionals passionate about entrepreneurship and policy reform. The fellowship is open to candidates with at least 10 years of relevant experience and a completed or ongoing Master’s or PhD in fields like Economics, Law, or Political Science. Fellows will work remotely, contribute to research on Nigeria’s entrepreneurship ecosystem, engage with policymakers, and take part in virtual policy discussions, without needing to leave their current roles. Apply by July 25.
- We’re launching TechCabal Insights Market Researcher
, a tool that helps you find and analyse African tech and business data in seconds. Whether you’re looking for startup funding numbers, market trends, or investor activity, it does the digging for you—fast and accurately. Be the first to try it. Join the waitlist. - Nithio is offering $50,000–$500,000 in flexible financing to clean energy startups in Kenya and Nigeria. Eligible companies include solar home system providers, clean cooking ventures, and businesses selling appliances like solar fridges or mills. Applications open on July 21; learn more.
Written by: Opeyemi Kareem, Ifeoluwa Aigbiniode, and Emmanuel Nwosu
Edited by: Emmanuel Nwosu
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I am the CEO of 9JAGISTLAND.My name is Adedeji Timothy and my co-owner is Oyekola Damilare.This blog is born out of our passion to educating to people in all aspect of internet life.We are enthusiastic about writing posts and articles online.
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