WheelsOn, the UAE’s mobile-first car rental platform, has closed a $12.5 million funding round to expand WheelsOn’s fleet, speed up product development, and grow its market presence.

The funding included $2.2 million in equity from a group of MENA-focused private investors, including partners of Xploration Capital, $6.5M for a fleet expansion round and $4M financing from local banks.

This latest round brings WheelsOn’s total funding to $12.5 million, pushing its valuation near $30 million.

According to Maxim Olivson, CPO at WheelsOn,“Our mission is to rethink car rentals by offering full transparency, digital convenience, and a product that puts users in control. We remove deposits completely, eliminate paperwork and counter queues, and give customers a seamless experience all through our intuitive mobile app and website,” 

WheelsOn is working on advanced AI tools for dynamic pricing, vehicle personalisation, insurance, and rental periods based on user preferences. Upcoming tech features include digital car keys, enabling renters to unlock vehicles directly via smartphones for a contactless rental.

Founded in 2023 by Nikolay Melnichuk, Partner at Xploration Capital, and Adlet Shagirov (Co-Founder & COO), and later joined by Maxim Olivson (CPO), WheelsOn was created out of frustration with the traditional car rental experience. In the UAE, for instance, customers still face steep security deposits, hidden fees, and lengthy paperwork, making the process stressful for locals, expats, and tourists.

Unlike aggregator platforms, WheelsOn owns and directly operates its entire fleet, controlling the complete rental experience to ensure consistent vehicle quality, transparent pricing without hidden fees, and reliable service. The company’s proprietary fleet management and vehicle tracking system monitors each vehicle in real-time, enabling proactive maintenance scheduling and operational transparency that safeguards customers and improves fleet availability.

This technological backbone is a key reason why WheelsOn can eliminate the need for large security deposits and reduce hidden costs: better fleet control and data-driven operations translate into less risk and more trust between renters and the company. WheelsOn’s technology also powers an enhanced customer support loop, integrating user feedback directly into product and service improvements, ensuring rental issues are swiftly addressed and customer satisfaction remains high.

WheelsOn plans to strengthen its footprint in the UAE and expand to other Gulf countries where travellers and residents face similar rental frustrations. it’s presently available in  English, Arabic, Chinese, and several European languages, including French, Italian, Spanish, and German.

WheelsOn caters to locals seeking flexible monthly rentals, business customers who require premium cars or chauffeured vans for events, and tourists looking for convenient airport or hotel delivery.

Africar Group, operator of the used car marketplace AUTO24.africa, has acquired Koto.ci, a Côte d’Ivoire–based platform that provides reference pricing for new vehicles. The deal strengthens Africar’s position in West Africa and expands its ecosystem beyond the used car segment.

The acquisition is part of Africar Group’s broader strategy to become a fullstack automotive services provider across Africa. By integrating Koto.ci’s new car pricing data into AUTO24.africa’s marketplace, the company aims to engage with consumers earlier in the vehicle ownership journey from the initial research phase through financing, insurance, and post-purchase services.

“We aim to support African car buyers throughout their entire journey from research and comparison, to buying, financing, insuring, and now having full visibility on new car prices,” said Axel Peyriere, CEO of AUTO24.africa.

AUTO24.africa currently operates in five markets including Côte d’Ivoire, Morocco, Senegal, Rwanda, and South Africa and is backed by Stellantis, one of the world’s largest automotive manufacturers. The platform has gained traction by offering certified pre-owned listings, financing tools, and cross-border services tailored to emerging market consumers. The group recently launched an EV marketplace, the first in Africa.

Founded in Abidjan, Koto.ci has built a reputation for accurate pricing benchmarks and market transparency in new car listings. Its integration gives Africar Group a competitive edge as it works to build what it describes as a pan-African digital automotive ecosystem.

Terms of the deal were not disclosed.

Creem, an Estonian fintech startup, co founded by South African entrepreneur Alec Erasmus, has raised €1.8 million in pre seed funding to build a programmable financial operating system for the next generation of AI native companies.

The round was led by Practica Capital, with backing from Antler and a group of angel investors including Johan Pietilä, Martin Olofsson, and advisors to Revolut and Crypto.com.

Founded just 10 months ago by Erasmus and Gabriel Ferraz (a Brazil born founder), the company is already generating over €930,000 in annualized revenue — without a sales team and operated solely by the two founders. Creem’s product is targeted at lean, globally distributed startups built around AI native workflows, offering them programmable tools to manage global payments, revenue automation, tax, and compliance.

“AI is blowing open the doors of entrepreneurship, but the financial infrastructure hasn’t caught up,” said Ferraz, Creem’s CEO. “These are small teams of global contributors who need programmable, scalable financial tools, not enterprise systems built for another era.”

Replacing the Traditional Finance Department

Creem’s platform functions as a financial operating system, designed to integrate directly into product workflows and developer stacks. It supports both fiat and stablecoin payments, and features such as Revenue Splits allow companies to automatically distribute income across contributors, sales channels, or products.

The platform is already gaining traction with startups in emerging markets, solving operational bottlenecks caused by manual reconciliation and outdated financial tooling.

“Creem is building the orchestration layer for a new category of companies,” said Arvydas Bložė, Partner at Practica Capital. “They are serving a future where small teams of builders work alongside agentic workflows and distributed contributors from day one.”

South African Expertise in Global Fintech

Co founder Alec Erasmus, originally from South Africa, previously led KYC infrastructure at Adyen and built backend systems for crypto brokerages. His co founder Ferraz had earlier scaled a crypto payments platform in Brazil to over €180 million in GMV before relocating to the Baltics.

The company envisions a wave of what it calls programmable organisations — startups embedded with automated compliance, finance, and contributor workflows from their inception.

With the new capital, Creem plans to expand into additional markets, deepen its compliance stack, and develop programmable APIs for revenue automation, tax, KYC, and embedded finance.

“As company formation becomes more decentralized and global, Creem is creating the infrastructure to support the next generation of digital entrepreneurs,” said Tobias Bengtsdahl, Partner at Antler.

The African Angel Academy (AAA), an angel investor training organization, has launched its 12th cohort amid growing recognition that angel investing represents a critical solution to Africa’s massive startup funding gap.

Since its inception, the organization has trained more than 770 investors from over 26 African countries, empowering them to back high-potential ventures in fintech, health tech, agriculture, climate solutions, and education.

“Angel investing in Africa has moved beyond hobby investing; it is now a strategic lever for economic transformation,” said Stephen Gugu, Angel Investor, Co-founder of the African Angel Academy, and Director at ViKtoria Ventures.

Gugu noted that of the 100 participants in Cohort 11, sixty percent were new to angel investing, and thirty-five percent were women—well above the global average of 20-30% female representation in angel networks.

The Academy’s measurable impact includes 216 facilitated deals that have unlocked $53.6 million in funding for startups and innovation. Of this total, $7.2 million represents direct investments by AAA-trained angels, while curated startup showcases alone have generated 10 deals worth $1.8 million 2. This growing alumni network is playing a transformative role in strengthening Africa’s investment landscape and catalyzing growth across multiple sectors.

The announcement of Cohort 12 follows the successful completion of Cohort 11, which brought together over 100 participants from more than 25 countries including Nigeria, Kenya, South Africa, and Egypt. AAA’s innovative model blends self-paced learning with live, interactive sessions led by experienced African angels, and continues post-program with access to an active alumni network for deal flow, syndication, and peer learning.

According to the African Development Bank, Africa’s early-stage businesses face an annual financing shortfall of $194 billion, equivalent to approximately 7% of the continent’s GDP.

Over the past five years, AAA has directly addressed this challenge by building a pan-African platform that equips new and active angel investors with the skills, tools, and networks needed to fund early-stage innovation.

Cohort 12 offers two sequential tracks: Mechanics of Angel Investing (September 17 – October 29, 2025), a foundation-level course for new angels, and Advanced Angel Investing (November 5 – December 10, 2025), a deep dive for experienced investors. Participants can join either track individually or complete both as part of the Full Programme Experience. Delivered fully online, the program blends self-paced modules on Thinkific, live Q&As and masterclasses via Zoom, simulations, and peer engagement on WhatsApp.

Speaking about Cohort 12, AAA Programme Manager Fiona Kiruja said, “When we launched AAA in 2020, our mission was simple: bring angel investing out of the shadows and create a space where new and seasoned investors could learn, connect, and back Africa’s boldest startups. Four years and 11 cohorts later, we’ve listened to our community—what works, what’s missing, and what’s next. Cohort 12 is the result: more dynamic, flexible, and personal than ever before.”

Guided by the tagline “for angels, by angels,” AAA’s trainer network features seasoned investors including Stephen Gugu, Alexandra Fraser, David van Dijk, Michelle Matthews, Sewu-Steve Tawia, and SG Laubscher, giving participants direct access to the practical expertise shaping Africa’s early-stage capital markets.

Applications for Cohort 12 close September 10, 2025. For more information or to apply, visit: https://bit.ly/AAACohort12Application

Kenya’s Poa Internet, a local internet service provider, has raised $4 million from Finnfund in a debt investment to expand its network and improve internet accessibility.

Poa Internet will use the debt financing to bridge the digital divide by providing affordable broadband internet to underserved communities in Kenya.

According to Andy Halsall, CEO of Poa Internet, “We are delighted to be partnering with Finnfund on our mission to bring internet access to every home in Africa. Abundant broadband connectivity is a fundamental enabler for trade, education, healthcare and government services. Using Finnfund’s financing and Nokia’s fibre infrastructure we will be able to bring Poa’s highly affordable internet service to even more Kenyan communities and increase their digital inclusion.”

Finnfund is acting in a broader Finnish-Kenyan context with Nokia serving as preferred fibre technology partner for Poa Internet. Furthermore, earlier this year in May the President of the Republic of Finland Alexander Stubb, and his spouse Suzanne Innes-Stubb visited Kawangware in Nairobi to learn about Poa Internet’s operations in the area, including affordable residential internet services and the transformative impact of connectivity in low-income communities.

The fund is betting on Kenya as the country’s economic growth is expected to strengthen to 5.5 per cent this year, supported by resilient performance in tourism and recovery in the agricultural sector. Lower inflationary pressure and robust remittances to Kenyan households will also bolster consumer spending, representing a key driver for growth over the next few years.

“We are excited to support Poa Internet in expanding its provision of high-speed internet to lower income areas in Kenya. At Finnfund, digital infrastructure is one of our strategic priorities. Improving digital connectivity through affordable broadband internet supports economic growth and enables inclusive access to remote work, financial services, education, healthcare, and provides possibilities for small businesses to connect with global value chains. This new investment, supported by the European Union and the European Fund for Sustainable Development Plus, underscores our commitment to fostering digital inclusion and economic growth across the continent,” says Kelvin Kiiru, Investment Associate at Finnfund.

Finnfund also believes digital tools and technologies are key drivers of economic growth, boosting productivity, fostering innovation and opening new markets. Digitalisation enhances access to information and resources, empowering entrepreneurs and small businesses, especially in developing countries. E-commerce platforms, mobile payments and digital supply chains have already revolutionised the business landscape, allowing greater participation in the global economy.

The investment into Poa Internet is part of the EU’s Global Gateway, as Poa Internet  brings high-speed, affordable internet to more under-served neighbourhoods and vibrant communities in Kenya’s cities.

“It proves that human-centred digitalisation is not just a vision, but a reality—one that empowers people, creates opportunities, and strengthens social inclusion. The private sector is a crucial partner in this journey, helping us bridge the digital divide and ensure that everyone can participate in and benefit from the digital economy,” says Henriette Geiger, EU Ambassador to Kenya.

Koolboks, the climate-tech company making clean, affordable cooling accessible across Africa, has raised $11 million to scale its solar-powered, IoT-enabled refrigeration solutions across Africa and other emerging markets.

The Series A equity and debt financing, led by KawiSafi Ventures and co-led by Aruwa Capital, the Lead Investor in the Seed Round, and All On, another follow-on investor. Debt funding was secured from FFEM and bpifrance with grants from FFEM/AFD, PREO, Efficiency for Access, and Innovate UK and results-based financing (RBF) from BGFA (Uganda), CEI Africa, and Shell Foundation.

“Every day, I meet small business owners, mostly women, who are forced to throw away unsold food or burn diesel just to stay open,” said Ayoola Dominic, Co-Founder & CEO of Koolboks. “For them, cooling is not about convenience. It’s about survival, dignity, and income. This raise allows us to deepen our reach, build locally, and put power literally back in their hands.”       

With over 10,000 solar freezers deployed in 25 countries, including Kenya, Koolboks is empowering market women, frozen food sellers, bars, and rural clinics with reliable cold storage without the need for diesel or unstable electricity. Each Koolboks unit is embedded with IoT technology, enabling remote monitoring of temperature, energy use, location, and door activity while powering its flexible Pay-As-You-Go (PAYGO) payment system.                                                                                  ​

“As a woman and co-founder, I’ve seen firsthand how access to reliable cooling can transform a small business and a household,” added Deborah Gaël, Co-Founder of Koolboks. “This isn’t just about technology. It’s about economic freedom for women, for families, for communities. This funding helps us reach the people who’ve been overlooked for too long.”

Koolboks will use the funds to expand its Koolbuy platform, which offers both solar and non-solar cooling products on BNPL (Buy Now, Pay Later) terms, and to scale Scrap4New, its circularity program that transforms discarded freezers into refurbished, solar-powered, IoT-enabled units extending product life cycles while reducing e-waste.

As temperatures rise and energy insecurity grows, Koolboks sits at the intersection of climate resilience, gender equity, and inclusive tech innovation.