Inspiring Africa's Sustainable Business Growth
EGYPT – Egyptian startup Teegara, a B2B e-commerce platform focused on household and FMCG products, has raised an undisclosed bridge round led by the Alexandria Business Angels Network. The seed round was led by Alex Angels with the participation of investors from Saudi Arabia, Egypt, and Jordan. The startup will utilize the fund in its expansion plan of the company…
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EGYPT – A consortium of investors comprising Paris-based investment firm Amethis, the European Bank for Reconstruction and Development, and private equity firm SPE Capital has acquired a majority stake in Egypt’s financial services provider GlobalCorp. Established in 2015, GlobalCorp is a leading Egyptian non-bank lender with a current focus on leasing and factoring solutions for corporates and small and medium-sized…
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AFRICA – Lagos-based digital security platform, Identitypass has secured US$2.8 million in seed funding to extend its biometric identity verification service across Africa. The funding round was led by Marc Ventures Capital, and from Y Combinator, Soma Capital, True Capital Fund, and Sherwani Capital LP, among other funds. The startup will use the funding to increase its current facilities, roll…
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NIGERIA –Africa’s top technology-driven enterprises focused on payment digitization, Interswitch has secured US$110 million in joint investment from LeapFrog investments and Tiana Africa Capital. The digital payment company is Africa’s second unicorn, and its latest investment will help it to scale digital payment services across the continent. This news is coming almost three years since Interswitch’s last disclosed funding round…
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AFRICA – InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed an agreement committing to provide US$15 million by way of convertible loan notes to Bboxx, a next generation utility ramping up the provision of clean, reliable, and affordable energy access to underserved communities in Africa. To date, Bboxx has successfully delivered clean energy solutions for over…
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RWANDA – Chancen International (CI) has announced the first close for its US$21 million Future of Work Fund (FWF). The close is a significant move aimed at realizing African Union’s agenda 2063 which advocates for well-educated citizens and skills revolution underpinned by science, technology, and innovation. The fund will also bolster UN Sustainable Development Goals in Africa which focuses on…
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KENYA – UBA Kenya, a commercial bank, and Cellulant Kenya, a leading Pan African payments company, have launched a payments gateway platform to accelerate adoption of cashless payments. The digital solution is set to help businesses aggregate payments in a single view which will assist in efficient collection, reconciliation and quick decision making. In recent years, individuals and businesses alike…
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SOUTH AFRICA – South African HR and payroll startup Radar has been acquired by mobile payments provider SnapScan as founders Kobus Ehlers and Gerrit Greeff exit their second startup to their first one. The acquisition will see the Radar founders exit the business, while the rest of the team will join Firepay. There will be no immediate changes for existing…
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KENYA – CCI Global, the largest international contact centre operator in Africa, has announced plans to move to a purpose built, state-of-the-art five-story tower office in Tatu City, creating more than 4,000 jobs for Kenyans. CCI’s facility will be developed by Gateway Real Estate Africa (GREA), a private development company specialising in turnkey construction. CCI first entered the Kenyan market…
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KENYA – MARA, a Pan-African crypto exchange, has received US$23 million (KSh2.7 billion) in funding from a number of angel investors led by Coinbase Ventures to set up the continent’s crypto portal. Other investors include Alameda Research (FTX), Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures, Infinite Capital and nearly 100 other crypto investors, and angels including…
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