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Vendease receives $30M Investment from Partech Africa and TLcom

“A $30 million funding round has been secured by Partech Africa and TLcom for Vendease, a platform for purchasing food for African restaurants.”

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Partech Africa and TLcom invest $30 million in Vendease

A $30 million funding round has been secured by Partech Africa and TLcom for Vendease, a platform for purchasing food for African restaurants.

When Vendease began operating in January 2020, its goal was to use a marketplace model that connected suppliers and farmers to restaurants and food enterprises to address the problems and inefficiencies in Nigeria’s highly fragmented food sector, with delivery made possible within 24 hours.

But over the following few months, Vendease changed from its middleman role — after observing that some of these businesses complained about delivery times, the quality of food supplies, and inadequate setup to handle operations — to one in which, building on its relationship with food suppliers, it buys discounted products in bulk, stores them, and then makes deliveries through third-party logistics partners.

In order to obtain $30 million in Series A funding (divided into $20 million equity and $10 million debt), the YC-backed food procurement platform has doubled down on the pivot that was essential to the company’s $3.2 million seed round last October.

In an interview, Vendease’s CEO, Tunde Kara, stated that the company intends to use the investment to expand into new markets, deepen operations, consolidate its presence in eight cities across Nigeria and Ghana (the company recently expanded to the latter), and develop new products to boost users’ productivity.

About the company’s mission, Kara explained that a technology was being invented that will efficiently convey food from the point of production to the point of consumption.

Partech Africa and TLcom invest $30 million in Vendease

Vendease’s aim is to design basically everything ranging from finance, logistics, warehousing, inventory management that will be geared at ensuring food moves effectively from the site of production to the point of consumption.

African restaurants and food businesses may access financial services, buy supplies, and run their operations thanks to Vendease. There is a reason why Vendease is meticulous about increasing this supply chain’s efficiency.

The majority of its customers, including restaurants and food enterprises, hospitals, hotels, and educational institutions, are said to suffer $100 billion in annual losses as a result of various issues. They range from inconsistent supply and waste to a lack of information needed to make intelligent purchasing decisions and little or no funds to finance purchases.

Its platform, referred to as a collection of stacks, is intended to reduce losses and promote the success of the food industry.

The platform asserts that over the course of the last 12 months, it has transported nearly 400,000 metric tonnes of food for its more than 2,000 clients, helping them to save over 10,000 person hours and about $2 million in procurement expenditures.

Along with Olumide Fayankin, Gatumi Aliyu, and Wale Oyepeju, Kara founded the business. It was also mentioned that Vendease has helped its clients avoid waste expenses of up to $500,000 as a result of overstocking. This advancement, according to the chief executive, was made possible by fully utilizing business data and giving them the tools they need at every stage of their journey, including delivery routes (Vendease has decreased its delivery time from 24 to 12 hours), particularly in the area of inventory management.

While Vendease uses data to inform its distribution of working capital through its BNPL offering, there has been a shift in strategy from how it operated a year ago: now, the company partners with banks and financial institutions to provide financing through its platform rather than using its own books.

Businesses have used the embedded finance product to access more than $12 million in inventory thus far. It has yet to monetize its lending business; however, the company claims that over the past year, revenue has increased by a factor of five.

Over the next three to five years, Vendease plans to become a plug-and-play solution for yet-to-be-opened African restaurants and food enterprises while developing the operating system that automates the movement of food from farm to restaurant.

Partech Africa and TLcom invest $30 million in Vendease Partech Africa and TLcom invest $30 million in Vendease

This round’s participation by the two large pan-African funds that both control, TLcom Capital and Partech Africa, which are the lead investors, augurs well for that plan, according to the chief executive, who also noted that having both investors on board means his company has supporters who are “ready to go the long haul.”

According to a statement released by Vendease, Andreata Muforo, a partner at TLcom Capital, and Cyril Collon, general partner at Partech Africa, say they are supporting Vendease because they think it can unlock significant value in Africa’s fragmented food supply chain and provide solid solutions that have an impact on important issues relating to the food system on the continent.

Despite discussions about a cooling venture capital market, Vendease’s equity round closed quite rapidly for a non-fintech company, according to those involved in the project.

There is a ton of room for expansion in this market area where needs of restaurants and food businesses are a priority, as seen by investors’ interest in the company and the introduction of additional players, such as OneOrder and TopUp Mama. This is especially true in light of rising inflation and food shortages around the world, where the price of food has increased by 42% from 2014–2016, according to statistics from this food price index.

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UK Government To Set Online Bill Criminalizing Self Harm

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UK Government Sets Online Bill To Criminalize Self Harm

In an effort to stop what it calls “tragic and preventable deaths caused by people seeing self-harm content online,” the UK government has announced it will further broaden the scope of online safety legislation by making encouraging self-harm a crime.

According to the most recent modification to the divisive but popular Online Safety Bill, in-scope platforms would be compelled to remove anything that purposefully encourages someone to physically harm themselves, or face legal repercussions.

The government intends to tackle “abhorrent trolls urging the young and vulnerable to self-harm,” according to the secretary of state for digital. People who post such content online may also be prosecuted under the new offence of encouraging self injury.

The maximum fines will be announced in due time, according to the administration.

In the UK, it is already unlawful to promote or aid suicide, whether in person or online. By creating a new offense, self-harm content will now be subject to the same laws that already ban suicide promotion.

Following a snag, last summer associated with political unrest in the ruling Conservative Party, the Online Safety Bill’s progress through parliament is now on hold. However, the newly reorganized UK government has declared that it will reintroduce the measure to parliament next month after making changes to the law.

The abuse of intimate imagery is a problem that will be addressed by recent revisions to the Online Safety Bill, which was just made public by the Ministry of Justice. However, other revisions are planned regarding “legal but harmful” information, thus the final form of the Act is still up in the air.

The government responded to concerns about the bill’s impact on online freedom of expression a few months ago. The (new) secretary of state, Michelle Donelan, announced in September that she would be “editing” the bill to lessen concern about its impact on “legal but harmful” speech for adults.

The most recent changes, making it illegal to send online communications encouraging self harm, came after that announcement.

UK Government Sets Online Bill To Criminalize Self Harm

Donelan was quoted by the BBC as claiming that Molly Russell, a 14-year-old teenager who committed suicide five years ago after watching thousands of online articles on self-harm and suicide on websites like Instagram and Pinterest, was a factor in the most recent changes.

Social media was found to have contributed to Russell’s death, according to the results of an inquest into her death in September. While the coroner’s “prevention of future deaths” report from last month that a number of steps be done to control and monitor young people’s access to social media content.

The addition of the crime of promoting self harm, according to the Department for Digital, Culture, Media, and Sport, will outlaw “one of the most worrying and prevalent internet harms that now falls below the threshold of criminal behavior.”

Donelan stated in a statement:

“I am determined that the abhorrent trolls encouraging the young and vulnerable to self-harm are brought to justice.

“So I am strengthening our online safety laws to make sure these vile acts are stamped out and the perpetrators face jail time.

“Social media firms can no longer remain silent bystanders either and they’ll face fines for allowing this abusive and destructive behaviour to continue on their platforms under our laws.”

Hate crimes, rules regarding revenge porn (including disseminating deepfake porn without content), harassment, and cyberstalking are among the other top criminal offenses already mentioned in the bill.

Regardless of what the measure states on paper, there are still a lot of unknowns regarding how platforms will react to having legal obligations imposed on them to police all forms of speech, as well as if it would actually increase web user safety as claimed.

Critics worry that the regime will have a chilling effect by turning platforms into de facto speech police and encouraging them to overblock content in order to reduce their legal risk of paying a hefty fine.

The regime’s penalties scale up to 10% of global annual turnover, and non-cooperative senior executives even run the risk of going to jail.

On Monday, December 5, the bill is scheduled to return to parliament.

 

 

 

 

 

 

 

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Twitter Amnesty Is What Elon Musk is Going For Next

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Twitter Amnesty Is What Elon Musk is Going For Next

Tesla CEO and newly appointed Twitter CEO, Elon Musk did promise a new dimension for the micro-blogging social media platform prior to taking over, and his actions recently, have just about lived up to the promise, but now, the billionaire is set for an ‘amnesty’ that surely will drive some political divides nuts if certain individuals are granted Twitter amnesty as he wants.

Elon Musk announced on Thursday that starting the next week, Twitter will provide suspended accounts “a general amnesty.” The day before, the platform’s CEO published a poll asking users if they thought affected accounts should be restored.

The announcement comes just after Musk lifted the platform’s restriction on former president Donald Trump after conducting a related poll. Trump declared he had no intention of returning to the platform despite being banned following the attack on the US Capitol on January 6, 2021.

Users of the Twitter platform who had their accounts suspended could rejoin the network “assuming they have not broken the law or engaged in egregious spam,” according to Musk’s user survey.

Twitter Amnesty Is What Elon Musk is Going For Next

The survey received responses from about 3.2 million individuals, who voted 72.4% in favor of amnesty.

“The people have spoken. Amnesty begins next week. Vox Populi, Vox Dei,” Musk said, using a Latin phrase that means “The voice of the people is the voice of god.”

Historically, Twitter has deactivated accounts who advocate violence, celebrate hate and harassment, or persistently disseminate false information that may be harmful.

Some well-known people who were banned from the website include MyPillow CEO Mike Lindell, who made a number of claims that Trump actually won the 2020 presidential election, former Trump advisor and former executive chairman of Breitbart Steve Bannon, who said Anthony Fauci and FBI Director Christopher Wray should be beheaded, and Proud Boys founder Gavin McInnes, who broke the website’s rule against violent extremist groups.

Considering that more voices with possibly negative views will be returning to the site, it’s unclear from Musk’s brief post how Twitter will handle content control going forward.

These worries have only grown as a result of Musk’s huge firings and the outflow of workers who would rather leave than remain “hardcore.”

Elon Musk is surely growing more unpopular by remaining popular these days.

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Twitter Working On New Feature For Long Texts

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Twitter Working On New Feature For Long Texts

Writing a thread on Twitter can be considered daunting especially when you have to divide the text into 280-character sections for it to make meaning.

Good news though as the platform is stated to be working on a way to convert lengthy texts into threads automatically.

When a tweet exceeds the 280-character limit, Twitter’s composer will automatically divide it into a thread, according to a tweet from app researcher Jane Manchun Wong.

Twitter wants to make making threads less difficult, as she stated in a message to a user (identified as me).

Currently, in order to add a tweet to a thread and post the subsequent 280 characters, users must click the Add button. This can be particularly unpleasant when you are trying out an idea or pasting information from another document.

Several users have recently brought up the difficulty posting to and reading conversations with more than a few tweets; the thread in question was 82 tweets long and focused on the defunct crypto-currency exchange FTX. In response, Musk stated that the team is working to make thread writing simpler.

It will be useful to have markers to designate the start and end of a tweet in the thread, although the exact implementation details remain unknown, as Financial Times product manager Matt Taylor noted. This makes it simpler for users to change the text in a way that doesn’t disrupt the reading flow.

Musk has previously addressed the problem of posting lengthy tweets. He previously stated that the social network is developing the capability to attach long-form content to tweets. If that will be a standalone feature from the new thread composer is unclear.

Currently, some users rely on third-party programs like Typefully, ThreadStart, and Chirr App, which offer capabilities like scheduling along with tools to automatically divide your post into threads without interfering with sentence flow.

Thanks to its acquisition of Threader the previous year, the company today provides Twitter Blue customers with a simple way to read threads. However, Musk hasn’t actually stated whether he is altering the reading experience for the typical user.

There is already a long-form writing program on Twitter called Notes, but it is exclusively available to a small number of writers, and under Musk’s leadership, its future is unclear.

Even though Twitter programmers are already working on it, it is unclear when the new composer tool for threads will launch. Since taking over the business, Musk has let go of more than half the employees.

Numerous executives have left, and the new leader even gave the remaining employees yesterday an ultimatum: either be “hardcore” or quit. There is no assurance that goods will be delivered on time in this situation.

The new Twitter Blue plan with a verification mark was hurriedly launched by the firm, only for the scheme to be discontinued a few days later. Musk stated earlier this week that the launch date had been moved to later in the month.

Wong just found code that suggests Twitter is working on encrypting direct communications from end to end.

 

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