Month: July 2023

Posted on by

Invest International injects $10.8M in uMunthu II Fund to support African SMEs

Key Developments

Invest International injects $10.8 million in uMunthu II Fund to support African SMEs

| Article

Invest International, a leading investment firm, has made an investment of $10.8 million in the Umunthu II Fund to support African Small and Medium Enterprises (SMEs).
 

The Umunthu II Fund specializes in identifying and investing in high-potential SMEs across various sectors.

By providing capital, strategic guidance, and mentorship, the fund aims to unlock the growth potential of African businesses and contribute to their long-term success.

Invest International’s investment in the Umunthu II Fund will significantly bolster its resources, enabling the fund to extend its support to a broader range of SMEs and fuel their expansion.

The funds will be utilized to provide equity investments, working capital, and capacity-building initiatives, enabling SMEs to scale, innovate, and create sustainable jobs.

The partnership between Invest International and the Umunthu II Fund showcases the commitment of both entities to fostering entrepreneurship and driving economic growth in Africa.

By channeling resources and expertise towards SMEs, the investment will play a pivotal role in addressing the financing gap faced by many African businesses, allowing them to seize opportunities, drive innovation, and contribute to the continent’s economic prosperity.

Invest International’s decision to invest in the Umunthu II Fund is rooted in the recognition of the immense potential and resilience of African SMEs and aligns with its mission to unlock opportunities, create value, and support sustainable development in emerging markets.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

You may also like...

Posted on by

Redefining Education: How uLesson is shaping the future of learning in Africa

StartUp Spotlight

How uLesson is shaping the future of learning in Africa

| Article

In this week’s edition of the startup spotlight, we feature Nigerian ed-tech startup, uLesson.

In a digital age where technology has become an integral part of our lives, the education sector has experienced a remarkable transformation.  One standout player in the African edtech landscape is uLesson—a groundbreaking platform that has been making waves since its inception. Founded in 2019 by tech visionary Sim Shagaya, uLesson has quickly emerged as a game-changer on a mission to revolutionize learning and empower students across Nigeria and beyond. At its core, uLesson aims to bridge the educational gap by making high-quality education accessible to every learner, irrespective of their background.

 

By leveraging innovative technology, uLesson seeks to empower students with a world-class learning experience, equipping them with the tools and knowledge they need to thrive. With a team of dedicated experts, uLesson has rapidly gained traction, becoming a driving force in the edtech space. The success of uLesson extends beyond Nigeria, with the platform expanding its reach to other African countries, contributing to the advancement of education across the continent.

 

Its innovative approach has garnered recognition globally, with accolades and strategic partnerships reinforcing uLesson’s commitment to transforming education on a broader scale. The journey of uLesson exemplifies the transformative power of technology in education. By combining innovation, accessibility, and comprehensive content, uLesson continues to empower students, revolutionize learning, and pave the way for a brighter future on the African continent.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

You may also like...

Posted on by

Chari, a Moroccan e-commerce startup, raises $1.5 million to revolutionize the African retail industry

New Investments

Chari, a Moroccan e-commerce startup, raises $1.5 million with a goal to revolutionize the African retail industry.

| Article

The startup secured the investment from Verod-Kepple Africa Ventures (“VKAV”).

Chari | YC S21 | Ecom and Fintech apps for retailers in Francophone Africa, a Moroccan startup aiming to revolutionize the African retail industry, has secured $1.5 million in funding to fuel its growth. Founded in 2020, Chari has developed an advanced e-commerce platform that aims to bridge the gap between traditional brick-and-mortar stores and online shopping experiences.

 

The startup’s cutting-edge technology and user-friendly interface provide customers with a seamless and personalized shopping experience while empowering local retailers to digitize their operations. The $1.5 million investment will be instrumental in supporting Chari’s expansion plans, which include scaling its operations.

 

In addition to financial backing, Chari will benefit from the extensive industry expertise and network of its investors following the appointment of Ryosuke (Rio) Yamawaki, a Partner at VKAV, as a Strategic Advisor to Chari.

 

 

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

You may also like...

Posted on by

Nigerian fintech Zuvy secures $4.5 million debt funding to provide invoice financing for African SMEs

New Investments

Nigerian fintech Zuvy successfully secures $4.5 million in debt funding to provide African SMEs with invoice financing to fund its expansion in Africa

| Article

Nigerian tech startup, Zuvy Technologies, has raised $4.5 million in a recent funding round to provide invoice financing for African SMEs.

Zuvy aims to bridge the gap between vendors and buyers by leveraging innovative digital solutions. The company’s platform provides a user-friendly marketplace that connects small-scale vendors with potential customers, enhancing accessibility and expanding the customer base for these entrepreneurs.

 

The startup’s latest funding round was led by TLG Capital, Dunbar Capital, David Mussafer (chairman of Advent International), Next Chymia Consulting HK Limited, Khalil Osman from Vicus Ventures, and others. The capital injection will enable Zuvy to scale its operations, improve its technology infrastructure, and drive customer acquisition efforts.

Zuvy aims to provide a platform that supports small-scale businesses’ growth while offering customers a superior shopping experience. Since its launch in 2021, Zuvy has steadily gained traction in the Nigerian market.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

You may also like...

Posted on by

MYDAWA, a leading Kenyan e-health startup, has raised $20 million to fund its mission of becoming an all-in-one health platform for consumers

New Investments

MYDAWA, a Kenyan e-health startup with an all-in-one health platform for consumers has secured $20 million to fund its expansion in Africa

| Article

MYDAWA, a leading Kenyan e-health startup, has raised $20 million to fund its mission of becoming an all-in-one health platform for consumers.

The investment was made by Alta Semper Capital LLP, a dedicated frontier-markets private equity firm investing in flexible and strategic capital in healthcare and consumer opportunities. MyDawa aims to provide convenient access to quality healthcare products and services through its innovative online platform.

 

The company has gained prominence by offering customers a seamless experience of ordering prescription medication, over-the-counter drugs, health supplements, and personal care products, which are then delivered directly to their doorstep. The startup’s innovative approach has played a pivotal role in addressing the challenges faced by traditional brick-and-mortar pharmacies, such as long wait times, limited inventory, and counterfeit medications.

 

The e-health industry has witnessed substantial growth in Kenya and across Africa, driven by increasing internet penetration, the rise of mobile technology, and the growing demand for accessible healthcare services. MyDawa’s success story highlights the potential of digital health platforms to transform the healthcare landscape, ensuring that individuals can easily access essential medications and healthcare products.

 

With the new funding, MyDawa aims to expand its network of partner pharmacies, strengthen its supply chain capabilities, and further invest in customer support and user experience. The company also plans to explore strategic collaborations with healthcare institutions and insurers to create a comprehensive ecosystem that caters to the holistic needs of patients.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

You may also like...

Posted on by

Nuru, a leading renewable energy company, has secured over $40 million in funding to expand its efforts in providing access to clean and sustainable energy solutions

Key Developments

Nuru, has received funding of over $40 million to scale its renewable energy business in the DRC

| Article

Nuru, a leading renewable energy company, has secured over $40 million in a Series B equity funding round. Nuru, a leading renewable energy company, has secured over $40 million in a Series B equity funding round.
 

This significant investment will empower Nuru to expand its efforts in providing access to clean and sustainable energy solutions in DR Congo, heralding a new era of progress and environmental stewardship. The funding round was led by prominent international investors, including the IFC – International Finance Corporation, The Global Energy Alliance for People and Planet (GEAPP), the REPP (Renewable Energy Performance Platform), Proparco, E3 Capital (formerly Energy Access Ventures), Voltalia, The Schmidt Family Foundation, Gaia Impact Fund, and the Joseph Family Foundation.

 

Founded in 2015, Nuru has emerged as a frontrunner in the renewable energy landscape, leveraging innovative technologies to deliver affordable and reliable energy solutions to underserved communities in the DRC. With this latest funding injection, Nuru is poised to accelerate its operations and make substantial strides in expanding renewable energy access, particularly in remote areas where traditional energy infrastructure is limited.

 

The investment will be utilized to bolster Nuru’s existing operations, including the deployment of additional solar power systems, the establishment of mini-grids, and the implementation of energy storage solutions. Nuru aims to address the diverse energy needs of communities, supporting households, businesses, and public institutions with reliable and sustainable power sources by adopting this multi-faceted approach,

 

As Nuru sets its sights on scaling up its operations, the Series B funding marks a turning point in the quest for widespread renewable energy access in the DRC. It serves as a beacon of hope, showcasing the potential of innovative solutions to address energy poverty while mitigating climate change’s adverse effects.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

You may also like...

Posted on by

Eastcastle, a telecom infrastructure provider, gets $60 million investment from IFC to accelerate digital connectivity in DRC

Key Developments

Eastcastle, a telecom infrastructure provider, gets $60 million investment from IFC to accelerate digital connectivity in DRC

| Article

EASTCASTLE INFRASTRUCTURE LIMITED, one of the leading telecom infrastructure providers, has secured a $60 million investment from the IFC – International Finance Corporation.
 

The funding will be utilized to expand EastCastle’s telecom towers network across the Democratic Republic of Congo (DRC), bolstering connectivity and improving access to telecommunications services in the country. EastCastle has been at the forefront of providing reliable and efficient telecom infrastructure solutions in the DRC, where access to telecommunications services remains a significant challenge due to geographical constraints and limited infrastructure.

 

With this new investment, EastCastle aims to bridge the digital divide by expanding its network of telecom towers, which will enhance connectivity and facilitate the delivery of affordable and high-quality telecommunications services to previously underserved areas. The $60 million investment from IFC comes at a critical time when the DRC is experiencing rapid growth in mobile phone usage and demand for reliable network coverage.

 

The expansion of EastCastle’s telecom towers network will contribute significantly to meeting this growing demand, especially in remote and rural areas where connectivity has traditionally been scarce. As EastCastle prepares to expand its telecom towers network, the company will collaborate closely with local communities, mobile network operators, and relevant stakeholders to ensure the efficient deployment and maintenance of the infrastructure.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

You may also like...

Posted on by

Digital-first and data-led distribution platform Kyosk Digital Services acquires KwikBasket to revolutionize the African fresh produce market

Key Developments

Digital-first and data-led distribution platform Kyosk Digital Services acquires KwikBasket to revolutionize the African fresh produce market

| Article

Kyosk aims to leverage its technological prowess to streamline the supply chain, enhance convenience, and improve access to high-quality fresh produce across the continent.
 

Kyosk Digital Services, a digital-first and data-driven distribution platform known for its innovative solutions in the digital retail space, has set its sights on the untapped potential of the African fresh produce market with the acquisition of e-grocery platform KwikBasket.

KwikBasket has earned a strong reputation for its user-friendly interface, wide product selection, and efficient delivery network. By joining forces with Kyosk, KwikBasket’s platform will benefit from advanced digital capabilities and a robust infrastructure, enabling it to scale rapidly and meet the evolving needs of customers. The acquisition aligns with Kyosk’s broader vision to transform Africa’s retail landscape through digital innovation.

 

By integrating KwikBasket’s operations into its existing ecosystem, Kyosk aims to offer consumers a seamless shopping experience, bridging the gap between local farmers and urban customers. One of the key objectives of the acquisition is to empower small-scale farmers by providing them with a reliable and transparent marketplace to showcase their produce.

 

Kyosk’s technological expertise will enable farmers to access a broader customer base, reduce post-harvest losses, and improve their overall profitability. The expansion into the African fresh produce market comes at a time when e-commerce and digital solutions are gaining momentum across the continent. Kyosk recognizes this trend and aims to become a dominant player in the African e-grocery landscape.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

You may also like...

Posted on by

FAO to launch fall armyworm research Hub in Kenya to pave way for innovative solutions in crop protection

Key Developments

FAO to launch fall armyworm research Hub in Kenya to pave way for innovative solutions in crop protection

| Article

Kyosk  The Food and Agriculture Organization (FAO) has announced plans to establish a dedicated Fall Armyworm Research Hub in Kenya.
 

This initiative aims to provide a comprehensive and collaborative platform for research, knowledge sharing, and effective management strategies to mitigate the impact of this pest on agriculture. The Fall Armyworm Research Hub will be located in Kenya, a country significantly affected by the invasive pest.

Establishing this hub in the heart of East Africa reflects the region’s importance as an agricultural hub and highlights Kenya’s commitment to tackling the challenges posed by the fall armyworm.

This move by the FAO comes in response to the urgent need for targeted research and coordinated efforts to control the spread of the fall armyworm.

The pest, native to the Americas, has rapidly spread across Africa, causing substantial damage to crops such as maize, sorghum, rice, and other staple food crops.

The Research Hub will serve as a focal point for scientists, researchers, and policymakers to collaborate on understanding the biology and behavior of the fall armyworm, as well as developing effective strategies for its management.

The hub aims to facilitate knowledge exchange, develop innovative approaches, and strengthen regional capacity to combat this pest effectively by bringing together experts from different fields and countries.

Through the Fall Armyworm Research Hub, the FAO aims to support national and regional efforts in Africa by providing technical expertise, training, and access to advanced technologies.

The collaborative nature of the hub will foster partnerships between governments, research institutions, and other stakeholders, creating a united front in the battle against the fall armyworm.

This initiative aligns with the FAO’s broader commitment to sustainable agriculture, food security, and the livelihoods of smallholder farmers.

The hub is expected to strengthen Africa’s response to the fall armyworm.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

You may also like...