Nigerian trade finance startup FrontEdge, which helps facilitate cross-border trades for African SMEs, has raised US$10 million in debt and equity funding to scale operations across Nigeria, Kenya, and other African countries.
Cameroonian health startup Waspito has secured a $2.5 million seed extension from DP World through Newtown Partners, Saviu Ventures, AAIC Investment, Axian Ventures, and CFAO’s Health54 to spur its growth in the Francophone region.
Adobe has reportedly acquired Bengaluru-based Rephrase.ai. Rephrase.ai runs an artificial intelligence (AI)-powered video creation platform. The US software major reportedly looks to integrate Rephrase’s tech stack and generative AIvideo capabilities. The deal will allow Adobe to integrate Rephrase’s technology technology with its Creative Cloud video-editing platform, enhancing its offerings.
Martech keeps taking larger bites out of marketing budgets: 17.3% last year, 19.9% this year, 23.5% next year, and 30.9% five years from now, according to the latest CMO Survey. This despite barely more than half (56.4%) of current tools being used and nearly half (48.8%) of the survey respondents reporting worse-than-expected results. Oddly enough, marketers rate selecting marketing technologies as the thing they do best.