Endeavor raises US$8m for its Harvest Fund to fund startups in South Africa

SOUTH AFRICA – Endeavor South Africa, a community of high-impact entrepreneurs, has raised R130 million (US$8.19m) to date in its Harvest Fund II, doubling the fund size since its first close in late February. The firm says the fund is on track to be fully invested by 2022, a year ahead of plan, and has invested in six technology companies to date, with a further four in the immediate pipeline. Harvest Fund II is a founder-aligned, rules-based fund, investing in a vetted pipeline of medium-sized, high-growth Endeavor Entrepreneurs. The fund…

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Fintech startup Asilimia raises US$2m funding to expand its footprint

KENYA – Asilimia, a Kenyan-based fintech startup that is building the digital infrastructure to connect African MSMEs to the formal financial economy, has secured US$2 million to grow its team, deliver new services and expand into new markets in East Africa. The startup raised US$1 million in pre-seed funding from a wide range of investors, including two-time unicorn founder, Fredrik Jung Abbou (co-founder of Kry and Lendo), Norrsken Impact Accelerator, and other prominent founders from across Europe. It also raised US$1 million in a debt round that included Bpifrance and…

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Tech-logistics startup Sendy launches a digital platform for online sellers in Kenya

KENYA -Sendy, a Kenyan tech-logistics startup, has set up a digital-enabled platform that relieves online sellers of logistics difficulties and their associated costs, reports KenyanWallstreet. The state-of-the-art Fulfilment Centre with multiple picking locations across Nairobi will serve as Sendy’s nerve center. This e-commerce platform is aimed at retailers that do not have storage or delivery systems, and it will pick, pack, and ship orders to customers for a fee of 13% of the product’s selling price. The price also includes picking up the shipment from the vendor’s location, three shipping…

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FinTech startup Hollydesk raises US$325k pre-seed funding to expand its services and solutions

EGYPT – Hollydesk, a financial technology startup based in Cairo, has raised US$325,000 in a pre-seed funding round led by the angel investor Faisal Abdel Salam in participation with other investors. The funding will help Hollydesk to scale and pursue further the horizontal expansion of its offerings. The startup further intends to expand its services and solutions in new markets in the region. “We seek to use the new funding to develop technologies for our solutions, assign new competencies within the team, and launch other services that will be announced…

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PraxiLabs’ Khadija Elbedweihy emerges winner of 2021 Africa’s Business Heroes

AFRICA – Africa’s Business Heroes (ABH), a flagship philanthropic programme established by the Jack Ma Foundation to help foster an inclusive and vibrant entrepreneurial ecosystem in Africa, has announced its winners for 2021 with US$1.5 million in grant funding awarded to the top 10 finalists. The Top 10 represent seven African countries, with 80% operating businesses in rural areas and half of the finalists are female. The top three Africa’s Business Heroes for 2021 were; Khadija Mohamed Elbedweihy – Founder, PraxiLabs (Egypt) who was 1st therefore winning US$300,000; Ikenna Nzewi…

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Fintech startup KIWE closes first investment round to drive up its growth

EGYPT – KIWE, an Egyptian fintech startup, has closed its first investment round, to drive the startup’s growth by utilising the offerings of its investors. The round was led by dfin Holding with participation from EFG Hermes, Marakez for Development, and a group of angel investors. The investment will be used “We are strong believers of empowering freelancers and business owners by helping them identify their targets, level up their customer experience and accept online and offline payments,” part of a statement by the company said. “Our vision is for…

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Aboki Africa startup raises pre-seed funding to scale up its product

NIGERIA – Aboki Africa, a money transfer startup, has raised an undisclosed round of pre-seed funding to help it expand its team and scale its product. The startup’s pre-seed funding round was led by Mr Abdul Hassan, CEO of fellow Nigerian fintech Mono, and also includes Niche Capital, Ingressive Capital, Decimal Point Ventures and other strategic investors. The capital will be invested in scaling its product and expanding its core team. “We built Aboki Africa out of necessity. I have had personal experiences with the pain points we are trying…

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Flutterwave in aggressive Africa expansion with creator platform Disha acquisition

AFRICA – Flutterwave, the Silicon-Valley based and Pan-African focussed payments company has acquired Nigeria creator platform Disha in an undisclosed deal but is expected to be a six-figure amount. Disha is a platform allowing digital creators to curate and receive payments from their content and portfolios worldwide. Early 2021, Disha made an announcement of its closing down for unclear reasons. Under the terms of the deal terms, Disha will carry on operating as a separate brand and the start-up’s 20,000 users will earn value from their digital content using Flutterwave’s pay-out and…

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Kenya’s edtech startup Craydel raises US$1m for Africa expansion

KENYA – Education technology startup Craydel has announced it has raised US$1 million to expand outside of Kenya to serve more students on the continent. The funding will also be used to improve its search and recommendation engine, enhance its proprietary online career resources and technology. Founded by ex-WPP Scangroup Executive Manish Sardana, John Nguru, and Shayne Aman Premji, Craydel the web-based platform allows working professionals and students to select courses from a large pool of local and international universities. Users are also able to compare the cost of studying…

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VC fund Grindstone raises US$6.61m to support tech start-ups

SOUTH AFRICA –  Venture capital fund Grindstone Ventures has launched a US$6.61 million fund dedicated to seed funding predominantly South African innovative technology start-ups that have completed or are part of its Grindstone Accelerator program. The initiative is a growth engineer for participating start-ups and acts as an early due-diligence mechanism for the new fund. The female-led African venture capital fund will focus on post-seed investments, where there is a major gap in the South African funding landscape. The fund will invest primarily in early-stage innovation-driven and/or technology companies that…

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