AppZone acquires switching license from the Central Bank of Nigeria

NIGERIA – Appzone, a sub-Saharan African payment infrastructure company, has been granted approval in principle by the Central Bank of Nigeria (CBN) to operate under the switching and processing license category. The switching license would allow the company to directly interact and collaborate with key payment stakeholders, including the Nigeria Central Switch hosted by the Nigerian Interbank Settlement System (NIBSS),…

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Agri-tech startup Nile raises US$5m equity funding led by Naspers Foundry

SOUTH AFRICA – South African agri-tech startup Nile, which enables buyers to purchase directly from Africa’s leading food producers through its marketplace, has raised a ZAR83 million (US$5.1 million) equity funding round led by Naspers Foundry. Nile was founded in 2020 to provide farmers with digital solutions that can address various pain points inherent to food trading – including price…

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Egyptian healthcare startup Doxx raises US$1.5M in a seed round for expansion

EGYPT – Doxx, an Egypt-based healthcare startup, has raised US$1.5 million in seed round and plans to expand to close the loop on patients’ requirements while becoming the preferred app for doctors and patients. Following the seed funding led by VC Openner and Elevate, the start-up has launched first fully integrated digital platform in the MENA region connecting medical professionals…

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Nigerian healthtech start-up, Carepoint bags US$10M for African expansion

NIGERIA – Pan-African technology-driven healthcare startup, CarePoint has secured a US$10 million bridge round to accelerate its growth across Africa. The latest funding round was led by TRB Advisors and brings the total funding raised by CarePoint to US$30 million. It follows a US$18 million Series A round announced  mid-November last year. New and existing investors that took part in…

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IFC partners with pharmaceutical producer, Rameda to green its operations in Egypt

EGYPT – The International Finance Corporation (IFC), a member of the World Bank Group, has partnered with Egyptian pharmaceutical producer, Rameda to support the company’s strategy to green its operations Through the partnership, IFC will help Rameda adopt solutions that reduce its carbon, and water footprints, and improve efficiencies in materials and resource usage. As a growth-focused enterprise that produces…

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Nigerian digital freight forwarding start-up Topship bags US$2.5M in seed round

NIGERIA – Nigerian digital freight forwarding start-up, Topship has secured US$2.5 million in a seed round, just months after finishing the YC winter batch, to scale operations across Africa. The round was led by Flexport with the participation of Y Combinator-Soma Capital, Starling Ventures, Olive Tree Capital, Capital X, and True Capital. Individual investors in the round include Mercury CEO…

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Nigerian fintech start-up Bridgecard secures US$440k pre-seed funding for expansion

NIGERIA – Nigerian fintech start-up Bridgecard has secured a US$440,000 pre-seed funding round to expand its user base and build out its platform in Nigeria. The pr-seed funding round was led by ABV funds with participation from Ingressive Capital, Voltron Capital, Venture Platform, Velocity Digital, and Berrywood Capita. Other angel investors in this round include Johnson Yaya, Kennedy and Duke…

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Amazon acquires stake in valU worth US$10Mexpands in Egypt

EGYPT – American multinational technology company, Amazon has expanded into the Egyptian market with the acquisition of US$10 million stake in valU. Based on the terms and conditions of the transaction agreement, the option will be exercisable prior to or upon the occurrence of a qualified liquidity event at the level of valU. It will be in the form of…

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Africa’s agri-tech company, TINGO merges with financial services provider MICT

AFRICA – African agri-tech company Tingo and financial services provider MICT have executed a definitive merger agreement to consolidate both operations across the African and Asian markets. The merger is anticipated to create a US$900 million annual revenue and is also expected to spark a global expansion strategy. The combined technology stack of both Tingo and MICT is expected to…

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Egyptian B2B e-commerce startup Teegara secures undisclosed funding to expand operations

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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