Bus sharing company Shuttlers raises US$1.6m seed round to scale operations

NIGERIA – Shuttlers, a tech-enabled scheduled bus sharing company, has announced a US$1.6 million seed round and its plans to scale operations into other cities across Africa. This new investment round was led by VestedWorld, a Chicago and Africa-based investment firm with Interswitch, Rising Tide Africa, Launch Africa, EchoVC, CMC 21 & Alsa, ShEquity, Five35, Consonance Investment, CcHub Syndicate, Sakore,…

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Fintech Kwara raises US$4m in seed round to build neobank for credit unions in Kenya

KENYA – Fintech startup Kwara has raised US$4 million in a seed round to build a neobank app that will enable individuals to sign-up with their preferred credit unions to access various financial services. Kenyan fintech Kwara was launched in 2019 to help credit unions (savings and credit cooperatives societies, SACCOs) in the East African country shift to digital platforms by providing…

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Blockchain startup NFTfi raises US$5m seed round to expand its platform

SOUTH AFRICA – NFTfi, a blockchain startup, has raised US$5 million in a seed round to continue pioneering the financialization of NFTs. The round was headed by 1kx, with participation from Ashton Kutcher’s Sound Ventures, Maven 11, Scalar Capital, Kleiner Perkins, and others. NFTfi intends to use the new funding to expand its workforce, introduce new product features, expand the…

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Mobility startup Shuttler raises US$1.6m seed round to scale its operations across Africa

NIGERIA – Shuttlers, a tech-enabled mobility startup, has raised a US$1.6 million seed round and shared plans to scale operations across cities in Africa. The seed round led by VestedWorld, a Chicago-based, Africa-focused venture capital company, and also featuring Interswitch, Rising Tide Africa, Launch Africa Ventures, EchoVC Partners, CMC 21, Alsa, ShEquity, Five35, Consonance, CcHub Syndicate, Sakore, and Nikky Tarus.…

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E-commerce startup Efreshli raises US$550,000 to build on strong early growth

EGYPT – Efreshli, an Egypt-based home furniture e-commerce startup, has raised a seed round worth US$550,000 to help it build on strong early growth. The seed round was led by angel investor Tarek Sakr and property developer Marakez, with participation from other investors. The startup will now focused on strengthening its technology solutions and opening a first GCC location in…

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EdTech startup Semicolon Africa closes US$1.2m seed round to increase its delivery capacity

AFRICA – Semicolon Africa, an EdTech startup creating employment and economic opportunities by training software engineers and techpreneurs, has closed a US$1.2 million seed round of funding with participation from angels and VCs like Launch Africa Ventures and Consonance Investment Managers. The acquired fund will be used by Semicolon to increase its training, talent management, and project delivery capacity. Semicolon…

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Startup Payhippo closes US$3m seed funding round to support small businesses

NIGERIA – Payhippo, the Nigerian SME lending startup, has closed a US$3 million seed funding round to enhance its technology capabilities to support small businesses in Nigeria with innovative solutions to unlock sources of capital for their customers. The round was led by influential African fintech founders and financial leaders Ham Serunjogi and Maijid Moujaled, co-founders of Chipper Cash; Olugbenga…

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API fintech Stitch extends seed round to US$6m, expands to Nigeria

SOUTH AFRICA – Stitch, a South African API fintech startup, has extended its seed round to US$6 million from the US$4 million announced earlier in the year 2021 and confirmed its expansion into Nigeria. The Stitch API allows developers to connect apps to financial accounts within minutes, allowing their users to share their transaction histories and balances, confirm their identities, and initiate…

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Agri-tech startup Vendease closes US$3.2m seed round to expand its operations

NIGERIA – Vendease, an agri-tech startup that lets restaurants and other food businesses buy supplies directly from manufacturers and farms, has secured a US$3.2 million seed round to expand operations and build out its technology. The funding round was led by Global Founders Capital with participation from Y Combinator, Hustle Fund, Liquid 2 Ventures, and Soma Cap. Other local investors…

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Tech startup Elmawkaa raises Seed round to expand its suppliers base

EGYPT – Cairo-based construction tech startup Elmawkaa has raised a six-figure Seed round headed by Flat6labs and joined by a group of Oqal investors from Saudi Arabia.   Elmawkaa plans to use the funds to onboard 2,000 suppliers and complete 4,000 transactions worth US$2 million in gross merchandise value.  “We are not a listing or ordinary marketplace, we are digitalising and innovating the process of buying building materials through a…

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