Author: Weddy Thuranira

Sycamore, a Nigerian peer-to-peer (P2P) lending startup, has raised an undisclosed seed round to expand its operations. White Hibiscus Capital (WHC), a US-based venture capital firm, led the undisclosed seed funding round, which also included a number of additional private investors. Sycamore will use the funds to boost market awareness, double down on its financial education efforts, and acquire enough engineering talent to expand its capacity as it embarks on a strategy to expand to other African countries. Sycamore, which was founded in 2019 by Babatunde Akin-Moses, Onyinye Okonji, and Mayowa Adeosun, uses proprietary risk assessment tools to disburse business…

Exits, a regional online marketplace for buying and selling websites, apps, and traditional businesses, has been acquired by PIE, a Mergers and Acquisitions advisory firm. PIE acquired Exits to help grow the microacquire market in the region by making it simpler for smaller companies to gain more visibility from investors and eventually list on an M&A marketplace, as well as for buyers to seek for potential acquisitions online. PIE was founded by Mohamed Aboulnaga with the goal of creating a strong boutique that would serve as a flagship for investment banking services for startups and SMEs in this market area.…

SmartWage, an innovative HR and communications technology startup, has raised a $2 million seed funding round that was oversubscribed to support its vision of transforming Africa’s workforce through digital inclusion, particularly for frontline employees such as cashiers, restaurant staff, security personnel, and healthcare workers. SmartWage provides businesses with a simple yet efficient approach to digitize their most time-consuming HR activities, allowing them to focus on what matters most – their people. Employees who do not have access to email can use WhatsApp to receive company-wide communication, view payslips, request leave, and access financial wellness products. 90 percent of frontline employees…

ZirooPay, based in Lagos and Helsinki, has secured $11.4 million in a Series A round led by Lagos-based venture capital firm Zrosk Investment Management.  Existing investors Inventure and other private and institutional funds such as Fedha Capital and Exotix Advisory returned, with participation from other private and institutional funds such as Fedha Capital and Exotix Advisory. Individual investors included Petri Kivinen, a former managing director at Deutsche Bank, Morgan Stanley, and Renaissance Capital; Abiodun Ajai, a director at Bank of America’s Sub-Saharan Africa division; and Jonas Dromberg, a former Bloomberg bureau chief. This additional funding will be used to develop…

WafR, an application that allows retail brands to broadcast smart promotions to grocers to increase their market share on the traditional channel, announced that it has raised 2.7 million dirhams from UM6P Ventures, Plug and Play, and several other Moroccan and foreign business angels, following an initial round of funding of 3.5 million Moroccan Dirhams (MAD). The Moroccan startup now has a valuation of 73 million dirhams, which is more than double that of the previous round. Plug & Play, the most active venture capital investor in Silicon Valley with approximately 300 investments each year, has made major investments in…

Global logistics and package delivery company UPS will leverage Jumia’s network across Africa to grow its reach in the continent, following a new partnership announced today that gives it access to the e-commerce firm’s last-mile delivery infrastructure. UPS customers can now pick up or drop off packages for international shipping at Jumia’s stores in Kenya, Morocco, and Nigeria. The partnership is being expanded to Ghana and the Ivory Coast, with the rest of Africa (Algeria, Senegal, Tunisia, Uganda, and South Africa) to follow. Jumia began designing its logistics company seven years ago, owing to the fragmented nature of the logistics…

O7 Therapy is a refined, scientific, and evidence-based online platform, established to support clients from around the world providing pathways to mental wellness and positively impacting the workforce. Led by serial entrepreneur and CEO Ashraf Bacheet, alongside Co-Founders, Assistant Professor of Psychiatry and Founder of nine psychology, Dr Ashraf Adel, and tech entrepreneur and Chairman of EME International, Nader Iskander. Together, they have developed a platform that takes clients through a technology-enabled therapeutic journey and ensures the security and safety of clients, through trusted protocols for data encryption and storage, in a user-friendly framework. O7 Therapy has constructed a network…

Swvl, an Egyptian mobility company, has began trading on the NASDAQ stock exchange in the United States, with an initial offer price of US$9.95 per share. Swvl is a mass-transit system founded by Mostafa Kandil in 2017 that allows riders travelling in the same direction to share a van or bus ride. The company’s innovative mobility solutions are assisting in the resolution of mass transit supply and demand difficulties in emerging regions, providing dependable, convenient, safe, and affordable transportation to underserved communities. The startup is among the best-funded in Africa, and is presently dynamic over 16 nations. Its gross income…

Samsung Electronics Co., Ltd. today showcased its 2022 lineup for Neo QLED 8K, soundbars, accessories and sustainability initiatives at its virtual Unbox & Discover event that was streamed on the tech company’s social media pages to enthusiasts all over the world. With this new lineup, Samsung aims to redefine the role of television by creating beautifully designed, cutting-edge screens that offer more than just entertainment. This year’s products and features take the screen to new heights by providing one central hub to play, connect, work and more. “We are focused on creating a seamless experience across all of our products,…

Khazna, a Cairo-based financial Super App that offers easy to use, technology-driven financial services to Egypt’s underserved consumers and micro-businesses, announced today it has raised a Series A round of $38 million in equity and debt, with the equity investment led by impact investor Quona Capital with the participation of Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank, and CVentures, among others. The company’s debt financing is provided by Lendable, while the Arab Bank Egypt is the Security Agent facilitating the transaction. The round comes as Khazna ramps up its efforts to replace…

Sticitt, a South African fintech startup, has secured an oversubscribed round of seed funding to help it expand. Sticitt Pay, a simple payment system co-founded by Theo Kitshoff, Mitch Dart, and Dennis Wevel in January 2018, simplifies payments within the South African education industry by providing niche groups with an alternative payment solution to cash, formal banking, and card-based payments. Sticitt, which is primarily focused on the education industry, earned $250,000 in funding in 2020 and has now received a strategic investment from a consortium led by Nustate Capital Ventures in a seed round that was 1.5X oversubscribed. Grindstone Ventures,…

PayMint -the Egypt-based fintech startup- secures seed funding of 7 figures from AUR Fintech- a subsidiary of AUR Capital, to enable PayMint expand its fintech and SMEs’ financial inclusion plans in the Egyptian market. PayMint began offering financial technology services to small and medium-sized companies in 2019, focusing on wage payments, working capital financing, and supplier payments. “We are so proud of our partnership with AUR fintech,” Said Mohamed Rabie, PayMint CEO “We are looking forward to utilizing this round in our expansion plan to enhance our fintech services for SMEs and provide a wide range of microfinance in addition to…

ON Market, an online grocery market, has raised $215,000 from a team of regional angel investors led by Yasser AlGhamdi. The funding will help the startup expand across major cities such as Cairo, Alexandria, Tanta, and Mansoura, as well as scale its tech solutions. ON Market enables grocery stores with tech solutions to create and sustain online commerce. It was founded in June 2020 in Tanta by Moatasem Marzouk, Seif Yasser, Ahmed Najjar, and Moataz Marzouk, and graduated from the AUC Venture Lab’s acceleration program in 2021. Simultaneously, they connect customers with nearby grocery retailers via their app, allowing them…

Dapio, a UK-based company that provides cashless payment solutions to businesses, announced that it has raised $3.4 million to support the launch of its “Tap to Pay” app for Android users in the UK and Europe. Flutterwave, an African payments company, and Techstars co-led the development round. Daniel Gould of Asymmetry Ventures and PactVC were among those who took part. Dapio, previously Paymob, and not to be confused with the Egyptian payment processor of the same name, allows businesses to accept cashless payments in-store by turning any Android smartphone into a direct card reader terminal. Microbusinesses and solo operations, particularly…

Intella, MENA’s first real-time intelligence provider, has announced a $1 million seed financing round led by Hala Ventures and Falak Startups, with the Egyptian Ministry of International Cooperation and its venture capital arm, Egypt Ventures, as well as the Egyptian Ministry of International Cooperation . Other investors, including Beyond Capital and a number of well-known angel investors, have also contributed to the investment. Intella offers real, on-demand intelligence and market research for a wide range of clients as a forward-thinking, digitally native market research platform built to suit for today’s ever-evolving world that is increasingly reliant on data. In the domains…

Grindstone, a business accelerator in South Africa that provides chosen companies with access to a structured entrepreneurship development program, is now accepting applications. The Grindstone Accelerator is a structured entrepreneurial development program co-owned by VC fund manager Knife Capital and Thinkroom Consulting, and supported primarily by the SA SME Fund. Grindstone Ventures, a ZAR100 million (US$6.5 million) fund committed to primarily investing entrepreneurs who have completed or are currently enrolled in the accelerator program, was recently spun out. “Almost a decade of growing businesses has realised an impressive alumni that has raised just less than two billion rand in venture…

Following the approval of its license to operate in Saudi Arabia, Egypt-based quick commerce (q-commerce) platform Rabbit intends to invest $60 million in the kingdom over the next two years. The company, which raised $11 million in its pre-seed financing round last year, has stated that its activities in the kingdom will create 700 jobs. Rabbit said it has delivered more than 100,000 items to customers in Egypt. Ahmad Yousry, co-founder and CEO of Rabbit said: “Saudi Arabia has created one of the most progressive startup ecosystems globally thanks to the outstanding efforts by the government in recent years. “This…

CredPal, one of Nigeria’s early adopters of buy now, pay later (BNPL), has concluded a $15 million gap round of equity and debt, with the latter accounting for a significant proportion of the funding, to expand its customer credit operations across the continent. The funds will be used to expand into other African markets, including Kenya, Egypt, Ghana, and Cameroon. According to CEO Fehintolu Olaogun, CredPal launched a point-of-sale consumer credit solution linked to e-commerce sites for lower-to-middle-income earners in 2018. The notion of BNPL was new at the time, especially in Nigeria. CredPal experimented with a new credit giving…

Xpovi, a Robo-advisory startup, plans to scale-up autonomous financial and business planning services, after closing a USD300 Thousand Pre-Seed Round led by StrategicAngel Investors. Xpovi, a recently founded startup, launched operations with the release of its “Automated BusinessPlanning” solution, which allows early-stage startups to build financial models and business plans with a few clicks using a web-based questionnaire. Commenting on the funding round, Mohamed Marei, Xpovi’s CEO said: “We are grateful for our Investors’ early-on belief in Xpovi’s vision and founding team, and the support we received while venturing into a greenfield. The pre-seed round has enabled us to grow…

The 12th Orange Social Venture Prize in Africa and the Middle East kicked off on March 28. Candidates have until May 27 to submit their applications here. POESAM was first launched in 2011. It has given roughly €555,000 to African business ventures with beneficial social and environmental consequences in diverse areas, including health, education, e-commerce, and farming, over the course of 11 previous editions. The competition is categorized into two: A national stage to gather applications, between March and late May at Orange’s 17 subsidiaries. When this stage is complete, a jury with representatives from Orange’s start-up ecosystem will meet…

The Africa’s Business Heroes competition, which annually awards ten outstanding entrepreneurs from around Africa with a share of a US$1.5 million grant, is now accepting applications for the fourth year. The Africa’s Business Heroes (ABH) competition is the Jack Ma Foundation’s flagship philanthropy effort focused at helping and motivating the next generation of African entrepreneurs in all industries. ABH will recognize 100 African entrepreneurs over the course of ten years and commit to providing grant funding, training programs, and other support for the building of a stronger entrepreneurial ecosystem. Entrepreneurs from all 54 African countries, across every sector, age group,…

Morocco’s Al Mada Holding Group announced earlier this week the launch of a pan-African venture capital fund to invest in the continent’s fast-growing startups. According to converging news reports, the Al Mada-backed venture fund aims to attract innovative investors and participate in the exponentially developing African startup ecosystem with a budget of MAD1.1 billion (€100 million). The new venture capital aims to capitalize on the significant growth prospects of the African startup industry, which continues to set records year after year, growing 12-fold in the last five years while receiving only 1% of funding from global venture capital firms. The…

Egyptian health-tech startup Otida has raised $340,000 in a pre-seed round led by Lofty Inc., a Texas-based VC, with the participation of Flat6Labs Cairo, Afropreneurs, Jedar Capital, OQAL Angel Investors, UI Investments and some angel investors. Otida is a diabetes app that serves as a nutritionist, fitness coach, and physician, among other things, for diabetic patients who struggle to go through their daily lives. This round will help in the productization of Otida’s activities as well as the expansion of distribution to reach more patients. Ahmed Tawfic, founder and CEO of Otida: “Otida’s business model revolves around the needs of…

Waspito, a Cameroonian e-health startup, has raised US$2.7 million in seed funding to grow its user base in Cameroon and Ivory Coast. Waspito, founded in 2020 by Jean Lobe , connects users with doctors via instant video consultations from their smartphones. It also offers mobile laboratory services, in which a lab professional collects samples from a user’s home and sends the results to them digitally. Waspito has served over 15,000 patients to date, and it plans to expand to ten countries in the next four years. It also includes a health-focused social network where users may engage anonymously with medical…

WaterSpirit, a Tunisian B2B biotech startup, has announced the completion of a DT6.2 million ($872,000) funding round. Tunisian investors and contributors provided the funding. The investment will allow the creation of an industrial facility capable of mass-cultivating microalgae and extracting the molecules. The startup is also exploring export potential, particularly in the North American and European markets. WaterSpirit is the go-to firm for extracting bioactive chemicals from microalgae since it grows its own. Manufacturers of pharmaceutical and cosmetic items are sold these substances. The startup was founded by Mehdi Bhouri in 2018 and obtained its startup label in March 2020. “During…

The Association of Startups and SME Enablers in Kenya (ASSEK) and the Konza Technopolis Development Authority (KoTDA) have signed an MoU to boost innovation and support startups in Kenya. Starting with the Startup Bill, which is currently before the Senate, the two will use existing innovation platforms, conduct joint innovation initiatives, and jointly fight for the development of innovation legislation. ASSEK will use its membership network and partnerships to achieve the MoU’s objectives, while KoTDA will provide infrastructure and international linkages. Speaking on the partnership at Konza Technopolis, Eng. John Tanui, Chief Executive Officer of KoTDA lauded the engagement, terming…

Kwik, a French-Nigerian B2B startup that delivers Software as a Service (SaaS) logistics services to African social vendors and e-commerce platforms, has raised $2 million in its Series A round. The new funding will allow the business to expand its focus on building digital services for the three core pillars of last-mile delivery, e-commerce and fulfillment, and financial services, with the goal of digitizing informal African trade from logistics to financial services. XBTO Ventures, a digital asset and fintech investor, led the round, which also included investments from several new and existing owners, including venture capital firm Humla Ventures, Nabuboto,…

The LHoFT Foundation has selected ten African fintech startups to participate in CATAPULT: Inclusion Africa: Special Edition in Dubai, which aims to encourage financial inclusion-focused companies. CATAPULT: Inclusion Africa, developed by the LHoFT Foundation, aims to make a real difference in Africa’s financial inclusion by providing education, insight, and connectivity to participating firms, leveraging Luxembourg’s experienced ecosystem of entrepreneurs, finance professionals, and financial inclusion and impact specialists. This special edition of CATAPULT: Inclusion Africa will be held in Dubai, and is sponsored by the Ministry of Foreign & European Affairs – Directorate for Development and Humanitarian Affairs, with support from the Alliance…

African Valuables Collective (AVC), founded by a Grammy Award-winning Nigerian musician, has announced the launch of its platform to help content creators create and trade non-fungible tokens (NFTs). The AVC platform, which is based in Lagos and Accra, is aimed to make it simple for African creators to create, manage, and sell digital art and assets through collaborations with worldwide NFT exchanges. NFTs, for the uninitiated, employ blockchain technology to generate one-of-a-kind, non-replicable digital assets that can be easily stored online and exchanged. Lately, the market is booming. AVC, which is live with artists in Nigeria, Ghana and South Africa…

Jonathan Ndede would often hear his logistics industry friends talk about how difficult it was to navigate the informal transportation market while catching up during their free time. For one thing, their drivers would have to wait in yards for extended periods of time in order to find a walk-in consumer willing to do business with them, or rely on brokers who would take hefty commissions on the money they made, eroding their earnings. When they got a prospect, they would have to charge a lot of money because the products would only be delivered one way and there would…