Chariot raises US$25.5M for offshore gas project in Morocco

MOROCCO – Africa-focused energy exploration company Chariot has raised US$ 25.5 million to progress its flagship Anchois offshore gas project in Morocco, as well as its other renewable energy projects across Africa. The Anchois gas development project, which falls under the Lixus Offshore drilling license, covers an area of around 2,390km², with a water depth that ranges from the coastline…

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Oracle opens new research and development lab in Morocco

MOROCCO – American multinational computer tech firm Oracle has announced it will establish a new branch of Oracle Labs, Oracle’s advanced research arm, at Casanearshore Park in Casablanca, Morocco, to house up to 100 researchers. Researchers at the new facility will use Oracle’s cloud, AI, and machine learning technologies to tackle the most pressing challenges facing business, science, and the…

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Egypt’s Instabug closes US$46M series B round to eliminate bugs within Apps

EGYPT – Egypt’s software company that provides bug reporting, and app performance monitoring, Instabug, has closed US$46 million in series B funding round to eliminate bugs within Apps The funding round was led by global software investor Insight Partners, with participation from current investor Accel and new investors Forgepoint Capital and Endeavor. The raise comes just over two years after…

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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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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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Nigeria’s Interswitch secures US$110M funding from LeapFrog and Tana Africa

NIGERIA –Africa’s top technology-driven enterprises focused on payment digitization, Interswitch has secured US$110 million in joint investment from LeapFrog investments and Tiana Africa Capital. The digital payment company is Africa’s second unicorn, and its latest investment will help it to scale digital payment services across the continent. This news is coming almost three years since Interswitch’s last disclosed funding round…

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Last-mile delivery start-up Mylerz closes US$9.6 million seed funding to scale operations

EGYPT – Egyptian last-mile delivery and fulfillment innovation company, Mylerz has secured US$9.6 million seed funding to scale and expand its operations in Egypt and North Africa. The latest seed funding round was led by Lorax Capital Partners, an Egypt-based private equity firm with participation from Fawry. The start-up will use the funds to fuel expansion plans in North Africa…

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Egyptian startup Paymob closes US$50M series B funding for expansion

EGYPT – Paymob, an Egyptian fintech startup that allows businesses to accept digital payments both virtually and in-store, has closed US$50 million in Series B funding for fuel expansion. The round was led by US-based emerging markets investment company Kora Management, PayPal Ventures, and London-based Clay Point. The round also attracted new investors including Helios Digital Ventures, British International Investment…

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Nigerian fintech start-up Kwaba secures pre-seed funding round for African expansion

NIGERIA – Nigerian fintech start-up Kwaba, which helps low and middle-income earners to split their annual rent into convenient monthly installments, has secured a pre-seed round of funding to help it expand across Nigeria and Africa. The pre-seed round was led by from Co-Creation Hub (CcHub) and other investors, having received investment from Ingressive Capital in 2020. The start-up will…

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Oikocredit invests US$1.48M in Weziza Benin to boost solar electricity in Benin

BENIN – Social impact investor Oikocredit is providing long-term project financing to Weziza Benin, an off-grid distributed energy enterprise, to connect 40,000 people in rural Benin to solar electricity. With the funding, Weziza Benin will provide 21 rural communities with clean, affordable, and reliable electricity generated through renewable energy systems designed as solar photo voltaic-powered mini-grids. The project has been…

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