Solar system provider Sun King closes US$260m funding round to accelerate rural electrification

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…

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Cryptocurrency exchange VALR raises US$50m Series B funding round to expand across the continent

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…

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Fintech startup ChapChap secures funding round to accelerate its commercial growth

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…

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Health startup mPharma secures US$35m in Series D round to expand its business

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…

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Fintech startup Alvin raises pre-seed funding round led by Ingressive Capital

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…

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Ecommerce platform Gahez raises US$2m funding round led by Disruptech Ventures

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…

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Vehicle subscription platform Metro Africa Xpress raises US$31m Series B funding round

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,…

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Fintech Flex Finance raises pre-seed funding round to support its growth

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…

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Agri-tech startup Shamba Pride raises US$1.1m funding round for expansion

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…

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Inspection software beXel raises funding round to expand into other countries

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…

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