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Mukuru Clean Stoves

StartUp Spotlight

Mukuru Clean Stoves

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Kenya’s Mukuru Clean Stoves is revolutionizing how people cook and heat their homes in Africa.

With a focus on sustainability and innovation, Mukuru Clean Stoves aims to reduce the negative impact of traditional stoves and charcoal on the environment and people’s health. Their solution? An efficient and affordable cookstove that uses up to 50% less charcoal and reduces carbon emissions and toxic fumes. But their impact does not end there. Mukuru Clean Stoves is scaling up a women-led clean cookstove value chain in Kenya, employing local women artisans and technicians to manufacture the cookstoves from recycled materials. To date, the startup has sold over 250,000 clean cookstoves in Kenya, enabling families to save over $20 Million in fuel costs and impacting the lives of over 1,200,000 people.Mukuru Clean Stoves was founded in 2017 by Charlot Magayi.

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Pan-African neobank Payday has raised $3 million in seed funding

New Investments

Pan-African neobank Payday has raised $3 million in seed funding

Payday (Techstars ’21), one of Africa’s leading Pan-African neobank, has raised $3 million in seed funding to drive the future of work for the continent.

The funding round was led by led by TeamApt Inc. (now Moniepoint Inc) Inc, with participation from HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II and angel investors – Dare Okoudjou, Founder and CEO of MFS Africa and ‘Tola Onayemi of  NorabaseThe investment brings Payday’s total investment to $5.1m, following a $2m+ pre-seed round in 2021. Founded in 2021, Payday is a fintech startup helping Africans send and receive money globally.

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South African fintech startup Peach Payments closes $31 million Series A funding round

New Investments

South African fintech startup Peach Payments closes $31 million Series A funding round

South African fintech startup Peach Payments has closed a $31 million Series A funding round for expansion.

Peach Payments is a cutting-edge payment platform that allows businesses of all sizes to process payments quickly, securely, and efficiently. By leveraging the latest technology and a deep understanding of customer needs, the startup has emerged as a leader in the fast-growing fintech sector. Peach Payments secured the latest investment from Apis Growth Fund II, a private equity fund managed by Apis Partners, a UK-based asset manager. The startup will use the funding to fuel its expansion plans across South Africa and beyond.

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Nigerian innovative shared-mobility platform Shuttlers secures $4 million for expansion

New Investments

Nigerian innovative shared-mobility platform Shuttlers secures $4 million for expansion

 Shuttlers, a Nigerian innovative shared-mobility platform, has secured $4 million in funding for expansion.

The funding round was led by Verod-Kepple Africa Ventures, with follow-on investment from VestedWorldEchoVC Partners, CMC 21 & Alsa, and SheEquity. Founded in 2016, Shuttlers offers a range of shared transportation options, including buses, vans, and cars, with routes that cover major cities and suburbs across Nigeria. Their app-based platform allows users to book rides in real-time, and the company is committed to providing safe, comfortable, and reliable services. The company aims to make transportation more accessible and affordable for all Nigerians.

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Kenyan agritech Victory Farms has raises $35 million in Series B funding round 

New Investments

Kenyan agritech Victory Farms has raises $35 million in Series B funding round

Kenyan agritech Victory Farms has raised $35 million in Series B funding to finance its expansion plans.

Creadev led the Series B round, with participation from the Acumen Resilient Agriculture Fund (ARAF)DOB Equity, Endeavor Catalyst Fund, and Hesabu CapitalFounded in 2015, Victory Farms leverages innovative technologies to bring together the best aquaculture practices from around the globe to tackle the challenges of; rapidly declining wild fish catch in Lake Victoria, rising populations and undernourishment. The startup is on a mission to build a commercial tilapia farm to feed 2 billion Africans with affordable, accessible and healthy protein over the next two decades. Victory Farms intends to invest the funding to finance the expansion of its operations in Kenya and Rwanda and potential entry into Ethiopia, Uganda, and Tanzania.

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AstraZeneca to launch Africa Health Innovation Hub 

Key Developments

AstraZeneca to launch Africa Health Innovation Hub

Leading global pharmaceutical company AstraZeneca has announced the launch of its Africa Health Innovation Hub to increase access to healthcare on the continent.

The groundbreaking initiative will use the latest technologies to improve healthcare in Africa. AstraZeneca will roll out the project in partnership with Tricog Health in Kenya and MedSol AI Solutions in South Africa. The hub is part of the company’s A.Catalyst Network, which is made up of more than 20 health innovation hubs.

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VC firm Equator raises $40 million to back climate-tech African startups.

Key Developments

VC firm Equator raises $40 million to back climate-tech African startups

Equator, a VC firm focused on supporting innovative solutions to climate change, has raised $40 million in commitments to invest in African startups tackling climate challenge

Notable investors in the fund include British International Investment (BII), the The Global Energy Alliance for People and Planet (GEAPP), UK charity Shell Foundation and impact investor DOEN Participaties B.V. This investment represents a significant boost for the African climate tech ecosystem, providing much-needed capital to support the development and scaling of innovative solutions to the continent’s pressing environmental challenges. With climate change posing a significant threat to African economies and communities, Equator’s investment in these startups has been backed to drive real impact and create sustainable change.

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Kenya gets $378 million to electrify its public transport system

Key Developments

Kenya gets $378 million to electrify its public transport system

The European Union has provide Kenya with $378 million in funding to power the country’s electric Bus Rapid Transit (BRT) system.

The BRT system is expected to provide a faster, more efficient, and more affordable means of transport. Dubbed BRT 3, the transit line will feature zero-emission electric buses and will introduce intelligent transport system features. With the new funding, the government of Kenya will be able to further expand the BRT system, which renewable energy sources will power.

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DFC backs Novastar Ventures with $25 million to support African startups.

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DFC backs Novastar Ventures with $25 million to support African startups.

The U.S International Development Finance Corporation (DFC) has invested $25 million in Novastar Ventures to support and invest in early stage startups in Africa

This investment will enable the Pan-African venture capital firm to continue its mission of backing innovative and impactful startups that are driving positive change in Africa. With a focus on sectors such as healthcare, education, and financial inclusion,  Novastar has already made significant investments in several African startups.

Novastar will roll out the funding under its new investment vehicle Africa People + Planet Fund. The Africa People + Planet Fund is Novastar’s third pool after the $108 million Africa Fund II, which saw it widen its geographical reach to include West Africa.

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