On-demand jobs platform Jobop secures US$1m seed fund from Azur Innovation Fund

MOROCCO – Jodop, the Casablanca-based temporary staffing startup, has announced that it has secured US$1 million in seed funding from Azur Innovation Fund, a Moroccan innovation-focused fund.

Jobop raised the funds from Azur Innovation Fund through the Plug and Play program, a Silicon Valley-based initiative aiming to stimulate the growth of the global startup ecosystem by connecting startups to venture capitalists and investors.

With the new funds, the startup will work to enhance the efficiency of its marching algorithm. In addition, the startup will use the investment to extend its market footprint to other countries.

Launched in 2021 by Adil Zghaoui and Salim El Merrassi, Jobop’s founding mission is to link businesses with blue-collar workers for short-term employment contracts using its own algorithm.

Jodop’s client pool includes companies from the hospitality, construction, logistics, and manufacturing sectors.

The startup’s quarterly growth rate is set at 80%, according to data reported on news platform Wamada. The company is said to be eyeing Egypt next at the end of 2022.

Commenting on the company, the founders said in a statement that they have seen a phenomenal market response since their launch in 2021.

“The economic uncertainty surrounding Covid has forced a lot of companies to turn to temporary workers,” they highlighted.

They added that “Jobop has been simplifying and accelerating their experience of finding qualified and vetted workers.”

Azur Innovation Fund’s General Partner Adnane Filali said that his fund is “thrilled to invest in Jobop and support them in their ambition of becoming the leading temp staffing company in Africa.”

“Not only are they building a robust business but will also be having an important social impact by providing jobs to thousands of Africans,” he added.

Fintech startup Yellow secures debt funding

South Africa-based fintech startup Yellow, which delivers asset-backed finance to 200,000 households, has raised US$23 million in debt funding to scale further.

Founded in 2018 by Mike Heyink and Maya Stewart, Yellow is a digital retail business currently focused on access to energy and has provided power on a pay-as-you-go (PAYG) basis to 30,000 homes in its two markets – Malawi and Uganda.

The company raised a US$3.3 million Series A round back in September 2020 and has also expanded into Rwanda and Zambia. It has now concluded the final piece of a series of debt transactions, totalling US$23 million, with Lion’s Head Global Partners joining Triple Jump, SunFunder, SIMA and Trine in backing Yellow.

“We were delighted to close our Series A in May 2020, that funding together with the debt facilities from our new partners give us the resources we need to serve at least one million more people,” said Ross Thompson, Yellow’s CFO.

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