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Category: DealStreet Africa

Fintech startup Blnk raises US$23M in funding to accelerate financial inclusion in Egypt 

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EGYPT – Blnk, a fintech startup that enables instant consumer credit in Egypt, has raised US$23.7 million in equity and debt funding, and US$8.3 million in securitized bond issuance to accelerate financial inclusion within underserved communities across the country.  The funds will support further development of Blnk’s Artificial Intelligence-powered lending infrastructure and the financing of the company’s fast-growing portfolio of customers. …

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Absa Bank partners Interswitch to support SMEs acquire electronic tax registers 

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KENYA – Absa Bank Kenya has signed an agreement with Interswitch to provide financial assistance to Small and Medium Enterprises (SMEs) to fast track acquisition of KRA’s new electronic tax devices.  The partnership between the lender and the electronic payments and infrastructure company comes just three weeks ahead of the November 30 set by the taxman.  KRA extended the deadline…

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Egyptian dark butcher startup Brotinni raises seed funding round to grow business 

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EGYPT – Brotinni, an Egyptian foodtech and dark butcher startup bringing innovation to the meat industry, has raised US$600,000 in a seed funding round led by Innlife investments.  Founded by Dalia Abou Omar, Brotinni offers a platform to order hand-cut, farm-sourced and vacuum-sealed fresh meat and poultry cuts.  Its offerings also include flash-frozen and ready-to-cook products and provides delivery services…

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VC firm Quona Capital secures US$332m funding to boost fintech solutions 

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AFRICA – Quona Capital, an emerging market venture capital (VC) firm, has raised US$332 million for its third fund, exceeding its US$250 million aim and significantly exceeding the US$203 million it disclosed for its second fund in 2020. This raises the VC’s total fund raised to over US$745 million.  The funding will help fintechs establish solutions that have an impact on…

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Logistics platform Sendy secures investment from Tokyo-based KMOL 

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KENYA – Sendy, a Nairobi-based on demand logistics platform, has secured an investment from KMOL PLUS, a Tokyo based investor.  This is the first investment by MOL PLUS in an African startup.   Sendy operates a platform that connects logistics companies and shippers in Kenya and the rest of Africa.   Connecting consumer goods manufacturers and e-commerce companies’ delivery needs with individual…

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Algerian super app Yassir clinches US$150 million Series B funding for expansion 

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ALGERIA – Yassir, an Algerian multi-sided marketplace offering on-demand services such as ride-hailing, food and grocery delivery, banking and more, has raised US$150 million in Series B funding from prominent global investors.  The investment was led by BOND, with participation from DN Capital, Dorsal Capital, Quiet Capital, Stanford Alumni Ventures (aka Spike Ventures) and Y Combinator, among other strategic investors. …

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Fintech startup MoneyFellows closes US$31m Series B funding round to accelerate its growth

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EGYPT – Egyptian fintech startup MoneyFellows has announced the first close of its Series B round funding with a US$31 million investment to help it accelerate its growth and move into new markets. The startup raised a US$4 million Series A round back in 2020, and the US$31 million first close of its Series B was led by CommerzVentures, Middle…

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EdTech company Classera secures US$40m Series A investment to accelerate its expansion

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EGYPT – Sanabil Investments, a wholly owned company by Public Investment Fund, has led a US$40 million Series A investment round in Classera, a global EdTech e-learning company focused on emerging markets. “Classera has developed and successfully deployed a platform that reaches millions of users and has grown to become one of the leading emerging market e-learning solution providers globally,”…

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AfDB issues US$50m credit line to Nigeria’s FCMB to support women-owned businesses

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NIGERIA – The African Development Bank has signed an agreement with First City Monument Bank (FCMB) for a US$50 million line of credit to support access to finance for small and medium-sized and women-empowered enterprises. FCMB will use the line of credit to expand lending activities that will boost the country’s post-pandemic economic recovery and drive more inclusive and climate-resilient…

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Ecommerce platform Sharwa completes US$2m pre-seed investment to build its platform

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EGYPT – Sharwa, a social ecommerce platform, has announced the completion of a US$2 million pre-seed investment round to further build the technological platform and expand the team. Nuwa Capital and Hambro Perks Oryx Fund co-led the round, joined by many key angel investors. Founded in 2022 by Alaa Shalaby, Hassan Elshourbagi and Mohamed Hanafy, Sharwa offers customers low prices…

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