Fintech startup Numida raises US$12m pre-series A round to expand into new markets

UGANDA – Ugandan fintech startup Numida, which uses proprietary credit models and tech-enabled underwriting processes to provide unsecured working capital loans to African micro and small businesses (MSBs), has raised a US$12.3 million pre-Series A round of equity and debt funding to help it expand its team and move into new markets. Serena Ventures leads the US$7.3 million equity portion…

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B2B trucking marketplace Trella secures debt facility from Contact Financial Holding

EGYPT – Egyptian B2B trucking marketplace Trella has secured a significant debt facility from Contact Financial Holding, the leading Egyptian non-banking financial services company, to expand its business in a number of ways. The two companies are partnering up through four different subsidiaries within Contact – Contact Factoring, Contact Leasing, Contact Credit, and Contact Creditech. Each agreement provides a tailored…

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BMCE Capital Investment launches its first venture capital for Moroccan startup

MOROCCO – BMCE Capital Investment, part of the BMCE Capital Group, has announced the launch of its first venture capital dedicated to financing Moroccan startups. The new MAD 50 million (US$4.5 million) fund underlines BMCE Capital Group’s plan to support Moroccan startups in the seed phase. Over the upcoming months, the fund is set to raise money from renowned Moroccan…

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Digital identity startup iiDENTIFii secures US$15m in funding to expand face biometric authentication

SOUTH AFRICA – iiDENTIFii, a South African-based automated platform that provides a remote digital biometric identity authentication process, has raised US$15 million in growth capital. The round was led by African investment company Arise whose cornerstone investors include Rabobank Partnerships, Norfund, NorFinance and FMO. This is, to date, the largest African Series A in the identity verification space. “I’m incredibly…

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Tunisian startup Kumulus raises US$0.97m pre-seed funding to further improve its product

TUNISIA – Kumulus, a Tunisian startup that extracts drinking water directly from the air, has successfully closed a €1 million (US$0.97m) pre-seed funding round to further improve its product and even deliver its first pre-ordered copies. Several institutional investors participated in the round, including Paris Techstars Accelerator, Flat6Labs, WILCO and Bpifrance, and business angels. Kumulus is a company that operates…

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Agritech startup Farmerline secures US$1.5m investment from Oikocredit

GHANA – Farmerline, a Ghanaian agritech startup, announced the second close of a pre-Series A investment raise with an additional US$1.5 million investment from Dutch social impact investor Oikocredit. The investment is part of a total funding round worth US$14.4 million raised by Farmerline from investors including FMO and ARAF. Farmerline supports smallholder farmers and agribusinesses with digital tools, logistics,…

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Ignite Investment launches equity crowdfunding platform for Ethiopian startups

ETHIOPIA – Ignite Investment Inc. has developed an equity crowdfunding platform that links Ethiopian startups with investors from the diaspora who are interested in investing in Ethiopian companies. By giving equity in their business to a large number of individual investors contributing relatively modest amounts of money, entrepreneurs can obtain financing through a process known as equity crowdfunding. Ignite is…

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Fintech startup SecondSTAX raises US$1.6m pre-seed funding to expand internationally

GHANA – SecondSTAX, a platform that connects institutional investors like pension funds and broker-dealers with international markets, has raised US$1.6 million in pre-seed funding from private investors and VC firms like LoftyInc Capital, Orbit54, and STEMeIn. According to co-founder and CEO Eugene Tawiah, this money will be used to expand SecondSTAX’s reach internationally by the end of the year. It…

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UM6P Ventures invests in De Novo Dairy’s precision fermentation milk production technology

SOUTH AFRICA – De Novo Dairy, the first African company to use precision fermentation technology to produce nature identical, animal-free dairy proteins that replicate mammalian immuno-protein’s function and nutrition, has clinched an investment from UM6P Ventures, an early-stage venture capital firm headquartered in Morocco. De Novo Dairy based in South Africa, specializes in the production of milk proteins using precision…

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Healthtech startup Remedial Health raises US$4.4m seed round to expand geographically

NIGERIA – Remedial Health, a Nigeria-based healthtech startup that develops solutions to make Africa’s pharmaceutical value chain more efficient, has raised US$4.4 million in seed funding to accelerate its expansion across Nigeria. The round was led by Global Ventures, with participation from Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures and True Capital Management…

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