In order to expand its service offerings throughout Kenya and East Africa, the Kenyan startup Duhqa, a B2B platform for retail distribution of consumer goods in FMCG, Cold Chain, and Pharmaceuticals, has closed a US$2 million Seed round. Participating in the investment round were CrosssFund, Roselake Ventures, and Mo Angels. Additionally, it included current investors…
A spend management software will assist African firms to control their spending and cut down on the time spent on recordkeeping and reconciliations thanks to funding raised by the South African fintech startup Sava, which has raised $2 million. Crunchbase lists Breega, Quona Capital, Ingressive Capital, CRE Venture Capital, RaiCap, Sherpa Africa Partners, and Unicorn…
The UK government’s Development Finance Institution (DFI), the British International Investment (BII), said on Thursday that it has invested $20 million in debt financing in Nigeria’s mobility financing firm Moove. Moove has a voracious thirst for fundraising. Moove has demonstrated that it has a tremendous thirst for cash by raising $10 million in debt financing…
Ignite Procurement, based in Oslo, has secured $7.1 million in a Series A fundraising round. Ignite gives procurement experts a ton of data, as you can guess from the brand name, enabling them to make wiser and more sustainable decisions. Ignite has raised $11.6 million since late 2019. Keeping track of expenses has always been…
In order to grow from Mexico to the rest of Latin America, Proptech Around, the “Netflix of real estate,” raised $3.8 million in a seed round led by LEAP Global Partners with participation from Latitud Ventures, Ganas Ventures, Gaingels, Unpopular Ventures, August Hill, and a16z scout fund. Leading U.S. proptech SquareFoot co-founder Jonathan Wasserstrum, co-founder…
To help Moringa expand outside of Kenya, renowned investor Proparco (AFD Group) has completed a pre-series-A investment in the tech-based learning organization. With the investment, Moringa will play a vital role in fostering African tech talent and connecting it with meaningful and substantial employment prospects, whether through full-time employment, the gig economy, or starting their…
Fido, a fintech company with headquarters in Ghana, has raised $30 million in a Series A round of fundraising with the goal of expanding throughout Africa. Since 2015, the fintech has provided credit to thousands of consumers via their mobile devices. This year, it plans to expand to Uganda and other parts of the continent…
Synapse Analytics, an AI tech firm in Egypt, has completed its pre-series A investment round. led by Egypt Ventures, with participation from Amr Awadallah, the founder of Cloudera, Simon Rowlands, the founder of Africa Platforms, and current investors. More than $2 million was invested in the round as a whole. The additional investment will be…
The majority of us desire coding skills. But, to be completely honest, programming requires a lot of ability and mental energy in addition to being a difficult task. But what if there was a method to make up for that weakness with some sort of academic work? Well, and ideally, many companies have been working…
A $1 million seed round of funding has been secured by the Moroccan company Jobop, an on-demand platform for temporary labor, in order to expand its “Workforce-as-a-Service” market. Jobop, which debuted in early 2021, uses its own technology to link businesses with blue-collar temporary labor in industries like hospitality, construction, logistics, and manufacturing. In a…
The co-founder of Code.org’s venture capital business, Neo, led a $2 million seed round for the Nigerian edtech startup Kibo School. Future Africa, Pledges, and other angel investors also contributed to the investment round. Online school Kibo School provides access to talent and networks in addition to top-notch degrees. Ope Bukola established it in 2021….
A fintech business in Uganda called XENO Corporation has secured $2 million in seed funding, led by Beyond Capital Ventures. On the XENO board of directors, Eva Yazhari, general partner at Beyond Capital Ventures, will sit as an observer. The Uganda-based business was established in 2017 by XENO’s CEO, Aéko Ongodia. XENO has helped 20,000…
AXIAN Group in Madagascar has provided investment to Egypt-based Disruptech, a venture capital firm that focuses on the fintech industry, to enable Disruptech to assist additional budding fintechs in scaling and entering new markets. In addition to fostering a rising number of businesses in related industries that are speeding financial inclusion, Disruptech is a venture…
According to a statement provided to TechCabal today, Thepeer, a Nigerian tech infrastructure startup that facilitates frictionless wallet transfers between businesses, has raised a $2.1 million seed round. Thepeer was created in August 2021 as a solution to the expensive and time-consuming transfer of money across mobile wallets by Kosisochukwu Chike Ononye (CEO) and Michael…
According to a statement provided to TechCabal today, Healthtracka, a Nigerian firm that provides simple at-home lab tests, has acquired $1.5 million in pre-seed funding. Venture capitalists Ingressive Capital and Hustle Fund are leading this round, which also includes angel investors Alunmi Angels Alliance and Flying Doctors. After taking part in the Techstars Toronto accelerator…
According to its co-founder, Eche Emole, Afropolitan, a firm that aims to create a digital nation for Africans, has raised $2.1 million in pre-seed funding. Afropolitan was founded in 2016 by Eche Emole and Chika Uwazie as a platform for the African diaspora to organize parties, events, and festivals. It gained a name for itself…
mTek, a Kenyan insurtech and digital insurance platform, has received an additional financial commitment from Finclusion Group, an African-focused fintech platform, totaling $3 million (KSh 340 million) in debt and equity. The increased collaboration aims to speed up mTek’s entry into the Kenyan market by making continuous platform upgrades and expanding its customer base. Ms….
Jodop, a Moroccan startup, has secured $1 million in a seed round led by Azur Innovation Fund and including Plug and Play and business angels. This year’s round was completed in April. Jodop, which was founded in 2020 by Adil Zghaoui and Salim El Merrassi, uses artificial intelligence (AI) to match temporary workers with potential…
Boyot, a business located in Egypt that provides an end-to-end operating system for payments and financial services focused solely on the real estate industry, has raised a six-figure pre-Seed round headed by a Kuwaiti real estate firm. Boyot, founded in 2020 by Mahmoud El Sabongy (CEO), Khaled El Refaay (CTO), and Mohamed Sayed, allows real…
CrossBoundary Energy Access (CBEA), Africa’s first project financing facility for mini-grids, has announced $25 million in new investment commitments from ARCH Emerging Markets Partners Limited, Bank of America, and the Microsoft Climate Innovation Fund. This investment will leverage an additional $25 million in senior debt to invest $50 million in CBEA’s pipeline of solar-powered mini-grids…
Jumba, a B2B construction technology platform located in Kenya, has raised $1 million in a pre-seed fundraising round to fine-tune its technology and expand its reach to capture markets in Kenya’s main towns. Seedstars International Ventures, Chandaria Capital, Future Africa, Logos Ventures, First Check Africa, and a number of angel investors participated in the pre-seed…
Khazenly, a digital storage and fulfillment network located in Cairo, has acquired $2.5 million in startup funding. The funding round was co-led by Arzan Venture Capital, which focuses in innovative, early-stage companies, and Shorooq Partners, which specializes in seed-stage digital investments across MENAP. Other investors included Camel Ventures, Averroes Ventures, and a number of angel…
MFS Africa, a digital payments network, has raised an additional $100 million in equity and debt capital led by Admaius Capital Partners, increasing the total amount raised in the series to $200 million. Vitruvian Partners and AXA IM Alts, as well as current investors AfricInvest FIVE and CommerzVentures, re-invested as a result of the extension….
According to Gozem, a Francophone Africa-focused smart app, 12 million motor vehicle drivers work in informal markets across West and Central Africa. But there’s a catch: these drivers can’t have their automobiles financed through traditional banks or microfinance companies. Instead, many turn to payday lenders, who demand exorbitant interest rates—some as high as 70% yearly….
DXwand, an Egyptian firm that specializes in conversational artificial intelligence (AI), has raised $1 million in a pre-series A financing. The funding round was led by Shanghai-based Huashan Capital. Mohsen Abulleil and Ahmed Bakeer, both angel investors, participated in the round. SOSV, a VC firm based in the United States that was one of the…
Vework, an Egypt-based petcare platform that connects pet parents with pet care service providers in a timely and convenient manner at home, has raised a bridge round with several Saudi Arabian investors and Alexandria Angel Network members, as well as receiving financial support from Nestlé Purina and conducting a POC (proof of concept) together. The…
ADVA, an Egypt-based fintech, has raised an undisclosed “six-digit figure” Seed round from Sawari Ventures in order to extend its product offering and financial services breadth. ADVA is a consumer finance platform founded by Rania Gaafar in 2020 that allows clients to pay for a variety of services and products in installments. “ADVA is unusual…
MFS Africa has agreed to buy Global Technology Partners for $34 million in cash (GTP). GTP is Africa’s top prepaid card processor, with UBA, Ecobank, BIA, Stanbic, Coris, NSIA, and Zenith Bank among the over 80 banks that use their platform. GTP’s client base is spread over 34 countries, and the company is fully integrated…
GOMYCODE, a Tunisian edtech business, has raised $8 million in a series A round of funding. AfricInvest, through its Cathay AfricInvest Innovation Fund (CAIF), and Proparco, a French-based development financing institution, co-led the deal, with existing investor Wamda Capital joining as a follow-on. After raising a seed of $850,000 in October 2020, this new round…
Franc, a South African financial app, has secured ZAR8 million (US$522,000) in a seed extension round and unveiled a B2B solution that allows partner organizations to quickly and easily deploy savings and investment products. Franc was founded in 2017 by Sebastian Patel and Thomas Brennan, who were upset by the complexity and high barrier to…