- LoftyInc Capital Management, a venture capital firm that focuses on early-stage African companies, has announced that its third fund, LoftyInc Afropreneurs Fund 3 (LAF3), has reached its final close at $14.2 million. The fund opened in August 2021 and closed in the first quarter of 2022, with 40%…
- Pivo a female-led fintech startup based in Nigeria, has closed a $2 million seed funding round. They will use the money to improve their existing products and build new ones to help supply chains better manage transactions and reconcile payments. Ijeoma Akwiwu and Nkiru Amadi-Emina started Pivo in…
- Tanzania-based Ramani, a startup that says it is building a cloud network of micro-distribution centres for Africa’s $1 trillion consumer-packaged goods (CPG) supply chain, has closed a $32 million Series A debt-equity funding. Iain Usiri, Calvin Usiri, and Kibet Martin started the Y Combinator-…
- Goodwell Investments, an impact investment firm focusing on emerging markets, has started a new EUR 150 million (about $153 million) fund. According to the organization, this fund will concentrate on assisting high-impact African SMEs to increase their market share and make their products and…
- Autopilot Workflow Solutions, a software company in Cape Town, has won the “new or emerging ISV” category of the Microsoft South Africa Strategic Partner of the Year award. The company makes low-code workflow software. This happened just a few months after integrating with the Microsoft Teams…
- Auto chek, a company that makes it easier and more affordable to own a car in Africa, has announced the launch of Autochek Financial Services, a new part of the business that will focus on offering consumers and businesses across the continent a range of vehicle financing options. Autochek…
- Grinta, a digital pharmacy platform based in Cairo, has closed an $8 million seed round headed by Raed Ventures and Nclude. Grinta, established in 2021 by Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed, is a fintech-enabled B2B software platform that digitizes the pharmaceutical supply…
- The African Union Commission (AUC) and the African Development Bank have signed a grant agreement to do Phase 1 of the Upstream Project for Digital Market Development in Africa. On November 17, there was a signing ceremony at the headquarters of the AUC in Addis Ababa, Ethiopia. Commissioner of…
- Kenyan Leta, a B2B supply chain and logistics SaaS provider, has raised $3 million to expand its operations in West Africa in the coming months. Leta is a B2B supply chain and logistics SaaS provider that helps improve fleet management. It was started by Nick Joshi last year. In a statement, CEO…
- African firms that employ innovation to solve crucial challenges are encouraged to apply for the TechBridge accelerator program, which awards US$200,000 in cash and other assistance. TechBridge accelerator program participants get personalized advice on how to grow their businesses, up to US$200,…
- Smartprof, an edtech company in Morocco, has raised $110,000 in pre-seed funding from UM6P Ventures, Plug and Play, and other angel investors. Hamza, Mustapha, and Ali Faiz started the edtech company in 2021. Its goal is to become a one-stop-shop edtech platform for private tutoring in North and…
- Snapplify, an e-commerce platform for books established in Kenya, has collaborated with Longhorn Publishers to make thousands of high-quality, curriculum-aligned books available to schools and students across the African continent. Longhorn Publisher is the leader in educational publishing in…
- The African e-commerce giant Jumia has said its Amazon-style subscription-based delivery service, Jumia Prime, has been on hold indefinitely. Jumia Prime, which debuted in 2019 as a user acquisition tactic, was a subscription-based delivery service that offered free shipping on the e-commerce…
- Cross-border payment app for Africa According to a statement published with TechCabal, Chipper Cash is preparing to purchase Zambian fintech business Zoona Transactions International. Chipper Cash, which has a self-reported user base of 5 million, will be able to expand its capabilities with new…
- Regarding funding, African fintech startups have always gotten the highest investment in African tech ecosystem. But CB Insights data shows that investments in the sector have dropped significantly in the third quarter of 2022. In the second quarter of 2022, startups’ investments began to fall…
- Flutterwave, Africa’s leading payment technology startup, has released its remittance service’s mobile app version of $end. This will make it easier and faster for people in the diaspora to send money back to Africa. In December 2021, Flutterwave launched $end as a web app to help streamline…
- A report from Disrupt Africa says that a Rwandan startup called HeptaPay now lets users instantly transfer money from their debit or credit card to mobile money accounts in East Africa. Users can send money to Rwanda, Kenya, and Burundi on all major telcos from anywhere in the globe using the new…
- Cellulant, a pan-African payments company, has signed a financial services partnership with Solv Kenya, a B2B digital platform focused on MSMEs. This means that Solv Kenya’s growing list of MSME partners will be able to use Cellulant’s digital payment and collections services. As a follow-up to the…
- Pyramidia Ventures is an agri-food supply venture studio with a portfolio company called Stable Foods. Stable Foods has made a complete solution that includes irrigation-as-a-service (IaaS), the availability of inputs and offtake contracts, and training on best practices for regenerative…
- develoPPP Ventures has started a new €100K funding grant for impact-driven startups in Kenya and Tanzania to help them grow. develoPPP Ventures intends to empower entrepreneurs with entrepreneurial support and a grant of up to €100,000 for growth investments on behalf of the German Federal Ministry…
- BasiGo, a mobility company based in Kenya, has announced that it has raised $6.6 million in funding. Mobility54, Trucks VC, and Novastar Ventures led the funding round. Through the company’s unique Pay-As-You-Drive finance mechanism, this money will allow the startup to begin commercial delivery…
- By 2050, Africa’s digital economy might add $712 billion to the continent’s GDP. In Pakistan, the digital revolution has the potential to unlock up to $59.7 billion in annual economic value by 2030, which is almost 19% of the country’s GDP. In the Middle East and North Africa, technology has the…
- Modus, a venture platform in the MENA region with VC funds, Venture Builders, and a Corporate Innovation arm, has announced a $75 million venture capital fund called Modus Africa that will focus on the SDGs. Modus Africa will invest in the most innovative startups using AI and Blockchain. Vianney…
- South Africa could be in danger if unemployment and poverty keep getting worse and more common. A small and medium-sized business (SME) sector that is growing and stable does a lot to help with these problems. Last week, FNB said it would give R200 million to the Vumela Enterprise Development Fund…
- Paystack, a pan-African payments startup that Stripe bought for $200 million in October 2020, has been given a Payment Service Provider license by the Central Bank of Kenya (CBK) to start doing business in the East African country. With this license, Paystack can help Kenyan businesses accept one-…
- Beekeeper Tech is excited to announce that it has raised $640.000 in a seed round to help it achieve its goal of developing cutting-edge beehive tracking, monitoring, and breeding technologies. 216 Capital Ventures is the lead investor in the company, and other well-known business angels, such as…
- MTN, a multinational telecommunications group that offers cellular network access and business solutions, has chosen Intelsat, which runs one of the world’s largest integrated satellite and terrestrial networks and is the leading provider of in-flight connectivity (IFC). This will help Intelsat…
- Botswana became the first Orange affiliate country in Africa to launch 5G technology after the French telecom firm Orange launched its commercial 5G network there. Botswana is located in southern Africa. Orange says that 30% of Botswana’s people will be able to use 5G, especially in the greater…
- After raising €2.2 million ($2.3 million) to grow its platform, Yaga, an e-commerce company started by women, will soon have too many second-hand clothes for women in Africa and Asia to choose from. Yaga is a pioneer in the second-hand fashion industry, which is still young in Africa and Asia. It…
- Sendy, a Kenyan company that helps with logistics and fulfilment, has said that MOL PLUS, the corporate venture capital arm of Mitsui O.S.K. Lines, is giving it money as part of a new, undisclosed round to help it grow its fulfilment services in Uganda, Ivory Coast, and Nigeria. Sendy makes it…
- The Anzisha Prize is a well-known program that helps young African entrepreneurs between the ages of 15 and 22 build their businesses. Applications are now being accepted for the 2023 group. Africans under the age of 22 who are starting businesses that give their peers jobs are encouraged to apply…
- Eden Care, a digital insurer established in Rwanda and licensed by DOB Equity, Seedstars International, the Norrsken Foundation, and Bathurst Capital, has successfully concluded a pre-seed investment round. Eden Care is the first online insurance company in Rwanda and the rest of East Africa. Its…
- GOMYCODE Nigeria, Africa’s biggest edtech platform, said that after its first hackerspace opened in January 2021 and was a success, its new flagship hackerspace will open in Lagos, Nigeria, in a bigger space. The new hackerspace is a unique architectural model and is situated at 230 Herbert…
- After the COP27 Climate Summit in Cairo, Egypt, the South African government and its investment partners have started a big plan to switch from coal to green energy that will cost $8.5 billion. The UK, the US, France, Germany, and the European Union all support the deal, which is called the Just…
- Stellantis, a company that makes cars, has invested into Africar Group, a digital automotive market in Africa, to start up Auto24, a business that sells used cars in Abidjan, Ivory Coast. Auto24 is a direct-to-consumer used car company that makes it easier and safer for people to buy and sell used…
- Yassir, an on-demand marketplace that offers transportation, grocery delivery, banking, and more, just announced a $150 million Series B funding round from well-known investors from around the world. Strategic investors like Y Combinator, DN Capital, Dorsal Capital, and Stanford Alumni Ventures (…
- OjirehPrime, a Nigerian digital bank, has closed her pre-seed round with a $1,240,000 investment from some of the best investors any startup could hope for. Former Interswitch Board Chairman Adedotun Sulaiman led this round, including Ex-Heritage Bank Director Mrs Mary Akpobome, UK-based…
- Hello Tractor, an initiative originating in Kenya that promotes the sharing of tractors across the continent, has been declared the winner of the fifth annual CATAPULT: Inclusion Africa programme. The CATAPULT: Inclusion Africa program was made by the Luxembourg House of Financial Technologies (…
- MoneyFellows, an Egyptian fintech startup, just closed the first part of its US$31 million Series B round of funding. The company got a US$4 million Series A loan in 2020, and the US$31 million first close of its Series B deal was led by CommerzVentures, Middle East Venture Partners (MEVP), and…
- Contro, a South African telehealth company, has completed its oversubscribed pre-seed financing round, raising R10.1 million ($5.6 million). Four international and local VCs, including iCubed Plug & Play, iCubed Capital, WZ Capital, Jozi Angels Network, and well-known local and international…
- The African music industry has grown by leaps and bounds in the past few years. This is because of collaborations between local and international artists, streaming music, and social media. But only a small number of artists are getting this kind of success, and many talented people are still…
- Nigerian startup CutStruct Technology has raised $600,000 in a pre-seed funding round. This money will help the company grow and scale its B2B construction procurement application, LiveVend. CutStruct, a company started by John Oamen and Tayo Odunsi, has made LiveVend, a platform for construction…
- Sanlam, a pan-African insurance company, has teamed up with MTN Group, a multinational telecommunications company, to sell insurance and investment products all over Africa. Since all the regulatory, competition and other requirements have been met, the transaction will go into effect on Monday,…
- Blnk, an Egyptian fintech startup that provides quick consumer loans, has secured $23.7 million in equity and debt capital and $8.3 million in securitised bond issuance to expand financial inclusion in the country’s disadvantaged neighbourhoods. A number of the most prominent financial institutions…
- Hoods, an Egyptian live e-commerce site, has acquired funding from valU, a part of the Egyptian investment bank EFG-Hermes. Hoods were founded in late 2020 by Mostafa Hanafi and Waleed Ghalwas to assist shoppers in identifying and comparing items using live video. Its digital platform creates a…
- WafR, a fintech company based in Morocco, has raised $120,000 from First Circle Capital. With this funding, the company is worth more than $10 million. This is the fourth round of funding for the new company in 2022. So far, $1.22 million has been raised. Ismail Bargach and Reda Sallak started Wafr…
- Techstars Toronto’s most recent iteration of its accelerator program will feature nine African startups. On demo day, participating entrepreneurs can gain further funding, have access to mentorship, and receive 120 thousand dollars in cash. A total of 12 startups have been chosen to participate in…
- Quona Capital, a venture capital firm, has announced that its Fund III has reached its final close with $332 million, surpassing its $250 million goal. Since its founding, Quona Capital has raised three funds, bringing its total committed capital to approximately $745 million. Quona invests in…
- Paratus Zambia has announced an investment agreement with Meta to see the business build fibre networks in underserved areas of the country. According to ITNews Africa, the company Paratus Zambia, a subsidiary of the Paratus Group, would construct a 900-kilometre-long open-access metro fibre…
- Foodtech firm Brotinni, based in Egypt, has acquired $600,000 in a Seed financing round headed by Innlife investments to bring innovation to the meat market. Dalia Abou Omar founded the company in 2020, offering customers a platform to place orders for meat and poultry products and have those items…
