Inspiring Sustainable Business in Africa
AFRICA – Sun King, a solar home systems provider, has closed a US$260 million funding round to expand its operations in Asia and Africa. The funding raised from several investors will help accelerate rural electrification in Asia and sub-Saharan Africa. This is one of the largest deals in the solar home systems segment in the world, and in Africa in…
Read More
SOUTH AFRICA – VALR, a cryptocurrency exchange platform based in South Africa, has raised a US$50 million Series B funding round that values the company at US$240 million, and will use the proceeds to expand across the continent. The startup raised its Series A in 2020, and its oversubscribed US$50 million Series B funding round was led by Pantera Capital…
Read More
UGANDA – ChapChap, a Ugandan fintech startup that creates reliable financial profiles for MSMEs, has secured a funding round from Nordic Impact Funds to accelerate its commercial growth and social impact creation. “We are very excited to start out 2022 with this capital injection to accelerate our expansion within and beyond the Ugandan market,” said Emmanuel Emodek, co-founder and managing…
Read More
GHANA – mPharma, a leading health startup in Ghana and one of the most valuable health startups in Africa has secured US$35 million in a Series D round. The transaction consists of US$30 million in equity and US$5 million in debt from CitiBank, bringing mPharma’s total funding to US$65 million. JAM Fund, a venture capital firm founded by Tinder co-founder…
Read More
KENYA – Alvin, a Kenyan fintech startup which owns a smart money manager app that helps people align their daily spending around savings goals, has raised a US$740,000 pre-seed funding round as it continues to hone its product, which is in the private beta phase. The round was led by Ingressive Capital, and featured Zephyr Acorn, Voltron Capital, Future Africa…
Read More
EGYPT – Gahez, an Egypt-based ecommerce business and B2B fashion platform, has raised US$2 million in its newest round of funding. Disruptech Ventures led the pre-Seed round, which included Egypt Ventures, Tanmeyah (an EFG Hermes business), Afropreneur Fund, and other strategic angel investors. The startup was founded by Wael Olama and Mohamed El-Zahaby. “We are on a mission to revolutionise…
Read More
NIGERIA – Metro Africa Xpress (MAX), a vehicle subscription platform for low-to-zero emission vehicles, has raised US$31 million in the first close of a Series B funding round, with further closes expected in the next few weeks. The funding round was led by global private equity platform Lightrock, for whom it is a first investment in the African mobility space,…
Read More
NIGERIA – Flex Finance, a mobile ecosystem that helps MSMEs and solo entrepreneurs better manage and track their daily business spending and finances, has raised a six-figure pre-seed fundraising round to support its growth in Nigeria. Gumroad CEO Sahil Lavingia, LoftyInc Capital Management, Berrywood Capital, Paradox Capital, Kairos Angels, Brett Kopf, Julian Shapiro, Maneesh Arora, and others recently invested in…
Read More
KENYA – Shamba Pride, a Kenyan agri-tech startup, has raised a US$1.1 million funding round to support its expansion across the country and roll out its solution to over 1,000 shops. Shamba Pride is a one-stop online-to-offline platform that connects smallholder farmers to quality inputs, services, and information through technology-powered “DigiShops”. The startup has just raised a US$1.1 million funding round…
Read More
EGYPT – beXel, Egyptian cloud-based inspection management software, has raised a six-figure US dollar round of funding to expand to Saudi Arabia and other GCC countries. Founded in early 2019 by Ayman Abou Regeila, Ahmed Hussein and Mahmoud Latif, beXel is a SaaS digital cloud-based inspection management software that focuses on industrial services such as energy, oil and gas, and…
Read More