Day: June 23, 2023

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CrossBoundary Energy Raises $50 Million to Accelerate Clean and Reliable Power for African Businesses

Key Developments

CrossBoundary Energy Raises $50 Million to Accelerate Clean and Reliable Power for African Businesses

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CrossBoundary Energy, a leading provider of clean energy solutions in Africa, has secured $50 million in funding to accelerate the deployment of clean and reliable power solutions for businesses across the African continent.
 

CrossBoundary Energy specializes in developing and operating distributed solar energy projects for commercial and industrial clients. By offering solar-as-a-service, the company eliminates the upfront costs and operational complexities associated with traditional energy systems. This approach enables businesses to access clean and reliable power, reduce their carbon footprint, and lower energy costs, boosting their competitiveness and sustainability.

 

The $50 million investment will support CrossBoundary Energy’s ambitious plans to expand its project pipeline, reach new markets, and deepen its impact across the continent. With this funding, the company aims to accelerate the deployment of solar energy systems, providing businesses with a cost-effective and environmentally friendly alternative to conventional power sources. With Africa’s energy demand projected to rise significantly in the coming years, the need for scalable and sustainable power solutions has never been more critical.

CrossBoundary Energy’s $50 million funding injection will play a vital role in addressing this challenge and driving the continent towards a more sustainable and resilient energy infrastructure

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Nkiru Amadi-Emina

African Changemaker

Nkiru Amadi-Emina

Amadi-Emina is a Nigerian fintech entrepreneur with a mission to create a one-stop shop for financial services for SMEs and supply chain businesses.

One of her notable endeavors includes her founding of Pivo Africa, a startup dedicated to providing financial services to underserved communities in Africa.

Founded in 2021, Pivo is an all-in-one financial services platform for SME vendors – logistics and transport, suppliers, and wholesale distributors – that operate within large supply chains.

In 2022, Nkiru and her Pivo co-founder Ijeoma became the first all-female founded team Y-Combinator has backed in Nigeria.

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Ahmed Wadi

Ahmed is an Egyptian fintech entrepreneur passionate about improving financial inclusion and empowering communities through technology.

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May 30, 2023
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Egyptian-based logistics startup Trella raises $3.5 million for scaling

New Investments

Egyptian-based logistics startup Trella raises $3.5 million for scaling

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Trella, an Egyptian-based logistics startup, has raised $3.5 million in a recent funding round led by Avanz Capital.

This significant investment will enable Trella to expand its operations further, enhance its technology platform, and solidify its position as one of the leading players in the logistics industry. With the newly secured funding, Trella plans to expand its operations, strengthen its presence in existing markets, and explore opportunities in new geographies.

 

The investment will also be allocated towards enhancing its technology platform, which leverages data-driven insights and machine learning algorithms to optimize freight matching, improve efficiency, and deliver a seamless logistics experience.

Launched in 2022, Trella aims to address the logistics challenges businesses face in emerging markets, particularly in the Middle East and Africa. The platform connects shippers with carriers by leveraging technology, streamlining the process and providing real-time visibility and transparency throughout the transportation journey.

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Kenyan startup Peach Cars secures $5 million seed investment

New Investments

Kenyan startup Peach Cars secures $5 million seed investment

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Kenyan startup Peach Cars KE has secured a $5 million seed investment to fuel its ambitious plans of transforming the automotive industry in Kenya.

Kenyan startup Peach Cars KE has secured a $5 million seed investment to fuel its ambitious plans of transforming the automotive industry in Kenya. The funding round was led by Japan-based UTEC – The University of Tokyo Edge Capital Partners and other angel investors, including Shintaro Yamada (founder and CEO of Mercari), Peter Kenevan (VP, Head of Japan at PayPal), and Hiroaki Ohta (general partner at Japan’s WASEDA University Ventures (WUV)).

 

Founded in 2020, Peach Cars aims to address the challenges faced by buyers and sellers in the used car market by providing a transparent, efficient, and trustworthy online platform. With a focus on enhancing the customer experience and streamlining the car purchasing process, the startup intends to disrupt the industry and create a new standard of excellence in the Kenyan automotive market.

The funding will enable the startup to expand its operations, strengthen its technological infrastructure, and drive user acquisition to establish itself as the go-to destination for buying and selling used cars in Kenya. Peach Cars’ online platform leverages advanced technologies to provide accurate vehicle valuation, comprehensive inspection reports, and personalized recommendations to potential buyers.

By fostering trust and transparency in the used car market, the startup aims to overcome the existing pain points and improve the overall experience for buyers and sellers alike.

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Nigeria’s Eze raises $3.7 million seed funding

New Investments

Nigeria’s Eze raises $3.7 million seed funding

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Nigerian B2B marketplace startup Eze has raised $3.7m to revolutionize the African electronics market.

The funding round, led by Right Side Capital Management, attracted investments from C2 Ventures, Boro Capital, EVPI Investments, and several angel investors. Founded in 2020, the YC-backed startup aims to bridge the gap between the global technology landscape and African consumers by providing them with access to electronics at competitive prices.

 

With this substantial investment, the company intends to ramp up its operations, enhance its product offerings, and expand its reach across the continent. The company’s innovative business model leverages e-commerce platforms and localized retail outlets to reach consumers in both urban centres and remote areas.

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Yellow raises $14 million in Series B funding

New Investments

Yellow raises $14 million in Series B funding

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Yellow, a leading PayGo solar startup in Africa, has secured $14 million in Series B funding to scale across Africa.

Convergence Partners led the funding round with participation from the Energy Entrepreneurs Growth Fund, managed by Triple Jump, and follow-on investment from Platform Capital Investment Partners. Founded in 2018, Yellow offers affordable and accessible solar energy solutions to off-grid households in Africa.

 

The company’s PayGo model enables customers to pay for solar energy products in installments, making clean energy solutions more affordable for low-income households. Yellow’s innovative approach has garnered recognition and support from various organizations, including the United Nations Development Programme and the World Bank.

The $14 million funding round will allow the startup to accelerate its expansion plans and increase its market penetration across the continent. The investment will be primarily allocated to expanding Yellow’s distribution network, enhancing its product offerings, and investing in research and development to improve technological advancements.

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54 African investors were selected to join Dream VC’s accelerator program to drive Africa’s VC space

Key Developments

54 African investors were selected to join Dream VC’s accelerator program to drive Africa’s VC space

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Dream VC, a leading global accelerator program focused on fostering entrepreneurship and venture capital growth, has selected 54 African investors for its accelerator program.
 

This milestone marks a significant step forward in shaping the future of venture capital in Africa, providing a platform for aspiring investors to gain valuable skills, knowledge, and connections. The accelerator program aims to equip these aspiring investors with the necessary tools and resources to excel in the dynamic world of venture capital, driving economic growth and innovation across the continent.

 

The selected investors will undergo an intensive program comprising mentorship, training, and networking opportunities. Seasoned venture capitalists, successful entrepreneurs, and industry experts will provide valuable insights, share their experiences, and guide participants on investment strategies, due diligence, portfolio management, and fundraising. The selected investors are expected to contribute to the growth and maturation of Africa’s venture capital ecosystem.

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Visa launches fintech accelerator program for African startups

Key Developments

Visa launches fintech accelerator program for African startups

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Visa, a global leader in digital payments, has announced the launch of its highly anticipated fintech accelerator program specifically designed for startups in Africa.
 

This initiative aims to foster innovation, drive financial inclusion, and support the growth of the fintech ecosystem in the region. The fintech accelerator program, backed by Visa’s extensive industry expertise and resources, seeks to identify and nurture promising fintech startups across Africa.

The program will provide selected startups access to mentorship, networking opportunities, and tailored support to help them scale and develop innovative digital payment solutions. Africa’s fintech sector has been experiencing significant growth and attracting attention from investors and technology companies worldwide.

With its vast unbanked population and rising digital adoption, the continent presents immense opportunities for fintech innovation. Visa’s accelerator program is strategically positioned to tap into this potential and drive impactful change. The program will focus on supporting startups addressing key challenges in the financial services sector, including access to financial services, digital payments, and financial literacy.

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Google’s Black Founders Fund Invests in 25 African Startups

Key Developments

Google’s Black Founders Fund Invests in 25 African Startups

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Google has announced the 25 African startups selected for the third cohort of Google for Startups’ Black Founders Fund.

Google, in its commitment to fostering entrepreneurship and supporting underrepresented communities, has unveiled the 25 selected startups for its 2023 Black Founders Fund cohort in Africa.

The program aims to empower black-led startups in the continent, providing them with funding, mentorship, and access to resources necessary for their growth and success.

 

The Black Founders Fund is part of Google’s ongoing efforts to promote diversity and inclusion.

 

Now in its third year, the Fund supports Black founders by addressing the inequality in VC funding in Africa’s tech ecosystem.

According to Google, this year, each selected startup will receive up to $150,000 in non-dilutive cash awards, $200,000 in Google Cloud credits, Google Ads support, and one-on-one mentoring from Googlers and industry experts.

 

Since its inception in 2021, participating founders have reportedly seen a 21% rise in employment, with women filling 46% of these positions, and a notable 7% increase in monthly recurring revenue to over $6.1 million.

Here are the selected startups for the 2023 cohort:

  • Akoma Health (Nigeria): Tech platform for accessible, culturally conscious mental health services in Africa.
  • BezoMoney (Ghana): Digital banking for Africa’s underbanked via mobile/web platforms.
  • Chargel (Senegal): Digital trucking platform connecting shippers/carriers in Francophone West Africa.
  • Charis UAS (Rwanda): Provides 3D geospatial data via drone technology.
  • Evolve Credit (Nigeria): SaaS for digitising and managing banking services.
  • Excel At Uni (South Africa): Supports student funders via digital services.
  • EzyAgric (Uganda): AI-powered mobile technology to enhance Africa’s farming sector.
  • Fez Delivery (Nigeria): Last-mile logistics platform for various industries.
  • Fleetsimplify (Kenya): Monetization platform connecting gig drivers & vehicle owners.
  • HealthDart (South Africa): Digital HMO providing end-to-end health services with insurance.
  • Herconomy (Nigeria): Female-focused fintech aiming to be Africa’s first women’s bank.
  • Jumba (Kenya): Improving Kenya’s construction sector supply chain via B2B platform.
  • MDaaS Global (Nigeria): Tech-powered diagnostic centres for affordable healthcare.
  • My Pocket Counsel (Nigeria): Legal tech platform for contract generation and management.
  • Orda (Nigeria): Pan-African neobank for restaurants, offering cloud-based software.
  • Periculum (Nigeria): Data company aiding in credit assessment, fraud/churn risk.
  • Raenest (Nigeria): Fintech offering global financial services to freelancers/startups in Africa.
  • Ridelink (Uganda): E-logistics platform providing shipping and real-time tracking.
  • Susu (Côte d’Ivoire): Health platform providing healthcare services/insurance funded by African diaspora.
  • Talamus Health (Ghana): Tech solutions targeting healthcare inefficiencies in Africa.
  • TruQ (Nigeria): Streamlining mid-mile logistics across Africa with third-party vehicle connectivity.
  • Tushop (Kenya): Tech platform for group buying of daily essentials in Kenya.
  • Uzapoint (Kenya): Mobile/web POS for digitising bookkeeping in Africa’s informal sector.
  • Zinacare (South Africa): Online platform for accessible, affordable healthcare services.
  • Zydii (Kenya): Localised digital training solutions for African SMEs.

 

 

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