Startups in Ghana, Kenya, Nigeria, and Tanzania have been given the opportunity to scale their impact-driven businesses and receive up to EUR100,000 (US$107,000) in grant funding from develoPPP Ventures. develoPPP Ventures, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and administered by DEG Impulse, strives to empower businesses through entrepreneurial…
Goodwell Investments and Alitheia Capital have announced the first closing of their uMunthu II fund, which invests in early and growth-stage SMEs in Africa, with a particular emphasis on women-led firms. A diversified collection of international investors led the fund’s capital round. uMunthu is a pan-African fund that invests in SMEs that improve access in…
At the West Africa Deal Summit, which was hosted in Accra yesterday, Deal Source Africa, a comprehensive platform to connect African firms with investors and transaction advisers and African Impact Funds with investors, made its official debut. By providing them with solutions that are specifically suited to their company requirements, the program will assist in…
Leading Global South specialist Capria Ventures has announced the first closing of its US$100 million fund. Capria Ventures invests in early-stage Global South firms. In the tech hotspots of the Global South, Capria invests in tech founders with unrestricted aspirations, brings them together into a distinctively collaborative network, and strengthens ties between hundreds of founders…
In order to promote entrepreneurs developing agricultural and climate solutions, Novastar Ventures, a pan-African venture capital business, has received a $25 million equity investment from the US International Development Financing Corporation (DFC). The $80 million East Africa Fund and the $108 million Africa Fund II, which allowed the company to enter West Africa, are followed…
The “missing middle” of East Africa will be addressed by a new EUR20 million (US$22 million) fund that Goodwell Investments and Oxfam Novib have announced. This fund will invest in early-stage development businesses that are having trouble obtaining financing from banks and investment funds. Goodwell Investments is an impact investment company that focuses on inclusive…
Between January 1 and March 31, 2018, African tech companies raised US$649,303,000, a decrease of 57.2% from the total raised during the same period in 2022 as the industry starts to suffer the effects of the global economic climate. The most recent edition of Disrupt Africa’s annual report on funding for African tech startups, which…
Almentor, the top Arabic-language online video learning platform, has acquired $10 million in pre-Series C fundraising from investors to help it develop faster and reach its target of servicing 10 million learners in the MENA area. Since its founding in 2016, almentor has collaborated with more than 950 eminent professionals to produce more than 1,000…
Imran Chaudhri and Bethany Bongiorno, co-founders of the business Humane, which was created by the former Apple design and engineering team, have received an additional $100 million to develop what they refer to as an “integrated device and cloud services platform” for AI. Humane’s work is shrouded in obscurity. But its most recent round of…
A $4 million Series A fundraising round, led by AK Holding and included Al-Wazzan Educational Group, Rasameel Investment House, and other investors, has been secured by Baims, a prominent edtech firm in the MENA area. The organization works in Saudi Arabia, Kuwait, Jordan, Bahrain, and Turkey with the goal of giving university and high school…
An $8 million seed fund dubbed EchoVC Chain has been formed by EchoVC, a Lagos-based early-stage venture capital firm that invests in underrepresented founders and underserved industries. EchoVC Chain is targeted at blockchain investments in Africa. The business, which has invested in around 40 businesses in a variety of global areas, made its initial blockchain…
Azur Innovation Fund has invested $960,000 (MAD10 million) in the Moroccan EdTech startup KOOLSKOOLS. The Fund is a public-private seed fund that intends to give innovative entrepreneurs in Morocco equity and quasi-equity financing. KOOLSKOOLS, a joint educational venture founded in 2020 by Mariam Zrii and Nouredine Amrani, addresses pedagogical issues through the digitalization of numerous…
Dr. Jaishree Naidoo was in charge of pediatric radiology at a South African hospital in 2014 when she had an epiphany after reading about the use of AI recognition patterns in distinguishing animals in a news story. Naidoo was already familiar with pattern recognition as a radiologist with 20 years of experience, and she could…
The International Finance Corporation (IFC), the African Development Bank (AfDB), the Nordic Development Fund (NDF), and the Sustainable Energy Fund for Africa have all contributed $47 million to the AfricaGoGreen Fund (AGGF) (SEFA) The funding will allow AGGF to fund more climate-friendly projects in Africa, such as the purchase of high-efficiency appliances and industrial equipment,…
Due to the rising demand for payroll and other HR solutions, the global HR payroll market is anticipated to develop at a compound annual growth rate (CAGR) of 9.2% and reach a value of $14.31 billion by the end of this decade. As more firms move their activities online, it is anticipated that a rising…
Startup Wise Guys, a VC and accelerator company, has raised the first EUR25 million (US$26.7 million) of EUR45 million (US$48 million). This money will be used to support the company’s new strategy, which is centered on global markets that are still underserved by capital investment. Startup Wise Guys, an organization that was founded in Tallinn,…
Jumba, a tech platform that makes B2B building material purchases easier, has raised a $4.5 million seed round of funding. Enza capital, Logos Ventures, First Check Africa, Seedstars International Ventures, Foundamental, and Alumni Angel Network also contributed to the investment round, which was led by Local Globe. Kagure Wamunyu, co-founder and CEO of Jumba, revealed…
A Nairobi-based accelerator known as The Baobab Network has revealed its most recent batch of five investees, each of whom received US$50,000 in cash. The Baobab Network invests in early-stage software startups around Africa. Since 2019, The Baobab Network has assisted startups with capacity building and fundraising; its most recent cohort was accepted at the…
MobileMasr, an e-commerce platform established in Egypt, has partnered with Intercap Capital Investment Bank to raise $500,000 in a seed round from a group of angel investors in the media and telecom sectors in the UAE and Qatar. Mobile Masr, a marketplace for old gadgets and mobile phones with a variety of payment options and…
A Nigerian insurtech firm called Curacel has raised $3 million in seed capital to expand into North Africa, which includes Egypt, Morocco, and other countries on the continent. Curacel’s mission is to bring contemporary insurance infrastructure to emerging markets. Tencent, AAF Management, Elefund, and other strategic investors joined Covergenius, Zopper, and Pie Insurance in leading…
Sendmarc, a leading provider of email and domain security based in South Africa, has raised US$7 million in a Series A fundraising round to grow its market enablement approach and advance its solution. Sendmarc protects customers’ email domains and keeps an eye out for attempted abuse to help them avoid email impersonation, such as phishing…
Fashion items are among the most popular, if not the most popular, on many e-commerce platforms. In Africa, for example, fashion has consistently been the most popular category of items sold on Jumia. This means that there is no shortage of demand for fashion items across the continent, and supply is increasing even in higher-end…
Yodawy, a pharmacy benefits platform established in 2018 with the goal of restructuring Egypt’s drug supply chain, has secured $16 million in a Series B financing to support its expansion beyond the Middle East and Africa. With the help of Yodawy’s platform, insurance firms and hospitals may streamline approvals, reduce expenses, and enhance customer satisfaction….
The largest Africa-focused fund to date, Partech Africa II has reached its first close at €245 million (about $263 million), according to the international venture capital firm. According to managing partners Tidjane Deme and Cyril Collon, the company, which focuses on early- and growth-stage entrepreneurs throughout the continent, aimed to raise roughly €230 million ($250…
Customer relationship management (CRM) solutions have become increasingly popular over the past several years, and it is predicted that the industry will expand at a 12.5% compound annual growth rate and reach $145.79 billion in the next six years. This expansion is partly related to the rise in online retailers employing CRM solutions to raise…
A Kenyan business called eWAKA that seeks to enhance sustainable mobility has received strategic investment from the State Secretariat for Economic Affairs (SECO) of the Swiss Confederation. The SECO Start-up Fund has given eWAKA a $540,000 loan to support its 2023 ambitions to accelerate a growth strategy centered on providing innovative and sustainable mobility technologies…
Lulalend, a digital business lender based in Cape Town, South Africa, raised $35 million in a Series B funding round that was led by Lightrock, a global impact investor. Other investors included the International Finance Corporation (IFC), Quona Capital, and newcomers DEG, Triodos Investment Management, and Women’s World Banking Asset Management. Lulalend plans to utilize…
Convergence Partners, the top private equity investor in sub-Saharan Africa’s technology industry, is pleased to announce the $296 million closure of its Convergence Partners Digital Infrastructure Fund (CPDIF), exceeding its original objective by more than 18%. Despite tepid private capital raising across the continent in 2022, this accomplishment was made. Convergence Partners’ largest fund to…
Trade Lenda, a Nigerian fintech firm that provides access to financing for micro, small, and informal retailers’ business needs, has acquired US$520,000 in pre-seed funding to accelerate its expansion. The Lagos-based Trade Lenda was established in 2021 to assist small businesses in obtaining quick and affordable credit with no upfront collateral within six hours. The…
Yebo Fresh, a South African e-commerce business that delivers fresh goods and food to townships, has secured a ZAR78 million (US$4.5 million) pre-Series A equity investment in addition to a Jobs Fund grant. Yebo Fresh is an online grocery delivery service for township communities that was introduced in 2018 and is based in the garage…