Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Investment

Silvertree Plans $10M Investment in Digital Startups in Coming Year

Article Image
Having already invested US$15 million in African consumer-focused technology companies since inception in 2014, Cape Town-based Silvertree Internet Holdings intends to invest a further $10 million during the coming 12 months in "new and existing portfolio companies that make use of technology to reach consumers," the investment house and startup incubator announced this week.

It also unveiled a new chairman, Freddy Caspers, who has a wealth of experience in the African market from his time as executive board member and CEO of Emerging Markets at multinational consumer goods giant Reckitt Benckiser.

Silvertree claims its existing portfolio, which includes the likes of car-buying website Carzar (carzar.co.za), meal-kit delivery company Ucook (ucook.co.za) and e-commerce wine and beer store CyberCellar (cybercellar.com), has achieved annual revenue growth in excess of 200% and is now looking to invest in further companies with strong teams and simple, proven business models, with a focus on "growth stage and buy-out opportunities."

In a media statement about his appointment, Caspers said that he plans to build Silvertree "into the most successful internet technology company across Africa. Similarly to my approach at RB, exceptional people with a performance driven culture and executional excellence will be key to our value creation to transform economic growth across the region."

Peter Allerstorfer, Silvertree's founder and managing director, added: "We want to partner with like-minded entrepreneurs looking to disrupt large and high margin industries in Africa. It is still day 1 of the Internet in Africa!"

Africa is regarded as a region that offers tremendous opportunities for technology startups. In 2016 there was a near 17% year-on-year increase in the number of tech startups that secured funding, though the total amount of funding in tech startups in Africa declined year-on-year to $129 million. (See 17% Rise in Number of African Tech Startups Funded in 2016 – Report.)

Just recently, international communications services giant Orange created a dedicated €50 million ($56 million) fund for startups focused on dealing with "Africa's fundamental challenges," while Nigerian WiFi services startup Tizeti raised $2.1 million in late June. (See Orange Launches €50M Fund for Startups Focused on Africa and Nigerian WiFi Services Startup Raises $2.1M.)

— Ray Le Maistre, Follow me on TwitterVisit my LinkedIn profile, International Group Editor, Light Reading for Connecting Africa.

Innovation hub

Story

African tech startup funding hits $3.3B in 2022

Investment in Africa's tech startup ecosystem passed $3 billion for the first time in 2022, with Nigeria taking the biggest piece of pie and fintech dominating other sectors, according to a report from Disrupt Africa.

Story

Connecting Africa Podcast: S2 Ep. 4 – Agri-fintech, from kibbutz to Kenya

The Connecting Africa Podcast team speak to Israeli-Kenyan startup Avenews' co-founder and CEO, Shalom Ben-Or, about his fintech super-app that has been built specifically for Africa's agriculture industry.

More Innovation hub

Flash poll

All polls

Partner perspectives

All Partner Perspectives

Africa Tech Perspectives

Story

Women in Tech: Spotlight on inclusivity with Digital Council Africa's Juanita Clark

Digital Council Africa founder and CEO, Juanita Clark, talks to Connecting Africa as part of our Women's Month series about her career and what needs to be done to make the tech industry intentionally inclusive.

Story

Women in Tech: Spotlight on legal tech with Life.file's Sinal Govender

Life.file co-founder, Sinal Govender, talks to Connecting Africa as part of our Women's Month series about her career and how we can encourage more young girls to enter the legal tech field.

Story

Digital inclusion as a catalyst for economic empowerment: Mastercard's Imelda Ngunzu

Mastercard's Imelda Ngunzu talks to Connecting Africa about how digital payment solutions and mobile money are transforming the lives of small business owners, women and marginalized groups in East Africa.

More AfricaCom perspectives

Latest video

More videos

Industry announcements

More Industry announcements

Guest Perspectives

Story

Omdia View: July 2022

By Omdia Analysts

Kenya and Zambia move towards 5G with new spectrum allocations while Tunisie Telecom plans to shut down its 3G network - that and more in this month's Omdia View.

Story

Omdia View: June 2022

By Omdia Analysts

5G was the major news trend across Africa in June, as Orange became the first operator to launch 5G in Réunion and operators in Senegal accelerated their 5G plans despite spectrum delays.

More Guest Perspectives

Sponsored video

More videos

Like us on Facebook

Newsletter Sign Up


Sign Up