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VC Firm Enza Capital Closes $58m Fund II to Support Next Generation of African Entrepreneurs

New Investments

VC Firm Enza Capital Closes $58m Fund II to Support Next Generation of African Entrepreneurs

Enza Capital, a Pan-African venture capital firm, has closed its second fund at $58 million.

The fund will be used to invest in early-stage startups that are “organizing the offline online” and “digitizing key African industries.”

Enza Capital was founded in 2019 by Niyi Ajao and Wale Ayeni, two experienced venture capitalists with a deep understanding of the African startup market.

The firm has already invested in a number of successful startups, including fintech company Flutterwave, logistics company Kobo360, and healthcare company Lifebank.

The closing of Fund II is a significant milestone for Enza Capital and for the African startup ecosystem as a whole.

It is one of the largest early-stage funds ever raised in Africa, and it is a testament to the growing interest from global investors in the continent’s startup scene.

The fund will focus on investing in startups in the following sectors:

  • Fintech
  • Logistics
  • Healthcare
  • Human capital
  • Climate tech

Enza Capital is particularly interested in startups that are using technology to bridge the gap between the online and offline worlds and to digitize key African industries.

The firm is also known for its innovative approach to venture capital. In addition to providing capital, Enza Capital also provides its startups with access to a network of mentors, advisors, and resources.

The closing of Fund II is a positive development for the African startup ecosystem. It shows that there is growing interest from global investors in the continent’s startups, and it provides Enza Capital with the resources it needs to continue to support the next generation of African entrepreneurs.

Analysis

The closing of Enza Capital’s Fund II is a significant event for the African startup ecosystem. It is one of the largest early-stage funds ever raised in Africa, and it is a testament to the growing interest from global investors in the continent’s startup scene.

The fund is also notable for its focus on investing in startups that are “organizing the offline online” and “digitizing key African industries.” This is a critical area of investment, as Africa is still rapidly urbanizing and its economy is becoming increasingly digital.

Enza Capital’s innovative approach to venture capital is also worth noting. The firm provides its startups with access to a network of mentors, advisors, and resources, in addition to capital. This is important, as startups in Africa often face unique challenges that require specialized support.

Overall, the closing of Enza Capital’s Fund II is a positive development for the African startup ecosystem. It provides a strong signal to global investors that Africa is a place where they can find attractive investment opportunities.

It also gives Enza Capital the resources it needs to continue to support the next generation of African entrepreneurs.

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Cleantech Investor Gaia Impact Raises New $42M Fund to Invest in African Startups

New Investments

Cleantech Investor Gaia Impact Raises New $42M Fund to Invest in African Startups

Gaia Impact, a cleantech investment firm focused on Africa, has raised a new $42 million fund to support early-stage startups developing sustainable solutions for the continent.
 
Gaia Energy Impact Fund II had the backing of Schneider Electric, Capital Croissance, and Investisseurs & Partenaires – I&P.

The fund will be used to invest in startups that are developing innovative solutions to Africa’s most pressing environmental and social challenges.
 
These include climate change, energy access, water scarcity, and pollution. The fund will also focus on supporting startups led by women and entrepreneurs from underrepresented groups.

Gaia Impact’s portfolio of companies includes several successful African startups, such as M-KOPA Solar, a solar energy company that provides pay-as-you-go solar systems to households in East Africa, and Afribon, a waste management company that converts organic waste into biogas and fertilizer.

The fund comes when there is growing investor interest in African cleantech startups.
 
The growth of the African cleantech sector is being driven by a number of factors, including the continent’s rapid urbanization, its growing population, and its abundant natural resources.
 
Africa is also home to some of the world’s most pressing environmental and social challenges, making the continent one of the most vulnerable to the effects of climate change.

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Cassava Technologies and Atlas AI Partner to Bring AI Revolution to Africa

Key Developments

Cassava Technologies and Atlas AI Partner to Bring AI Revolution to Africa

Cassava Technologies, a pan-African technology company, and Atlas AI, a leading provider of artificial intelligence (AI) solutions, have announced a partnership to accelerate digital transformation in Africa.
 
The partnership will focus on developing and deploying AI solutions to real-world challenges in sectors such as agriculture, healthcare, and education.

Cassava Technologies is a subsidiary of Econet Global, a leading telecoms group with operations in 13 African countries.
 
The company provides a wide range of technology services, including mobile money, cloud computing, and data analytics.

Atlas AI is a global leader in AI solutions, with offices in the United States, Europe, and Asia.
 
The company has a proven track record of developing and deploying AI solutions to solve complex challenges in a variety of industries.

Under the terms of the partnership, Cassava Technologies and Atlas AI will work together to develop and deploy AI solutions tailored to the specific needs of African businesses and communities.
 
The two companies will also collaborate on research and development initiatives to advance the state of the art in AI.

The partnership between Cassava Technologies and Atlas AI is a significant development for the African tech scene.
 
It is one of the first partnerships of its kind between an African technology company and a leading global AI provider.
 
The partnership is expected to accelerate the adoption of AI in Africa and help to solve some of the continent’s most pressing challenges.

By accelerating the adoption of AI and developing solutions that are tailored to the specific needs of African businesses and communities, the partnership can help to solve some of the continent’s most pressing challenges and drive sustainable economic growth.

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South African Fintech Startup Revio Raises $5.2M to Revolutionize African Payments

New Investments

South African Fintech Startup Revio Raises $5.2M to Revolutionize African Payments

Revio, a South African fintech startup, has raised $5.2 million in a seed round led by QED Investors and Partech.

The funding will be used to expand Revio’s team, launch new products, and enter new markets across Africa.

Revio provides businesses with a payment orchestration platform that makes it easy to accept payments from customers all over Africa.

The platform supports a wide range of payment methods, including mobile money, bank cards, and local payment schemes.

Revio’s platform is particularly useful for businesses that sell products and services to customers in multiple African countries.

The fintech startup is already working with a number of leading businesses in Africa, including MTN, Airtel, and Uber.

The company plans to use its new funding to expand its reach and help more businesses streamline their payment processes.

Revio’s latest investment is a sign of the growing interest in fintech in Africa.

Africa has a large and growing population, but many people do not have access to traditional banking services.

Fintech startups like Revio are making it easier for people to access financial services and make payments.

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South African VC Firm Secha Capital Closes $15.8 Million Fund to Invest in Early-Stage Startups

New Investments

South African VC Firm Secha Capital Closes $15.8 Million Fund to Invest in Early-Stage Startups

Secha Capital, a South African venture capital firm, has announced that it has raised $15.8 million in new funding.

The firm plans to use the funds to invest in early-stage startups in South Africa and other African countries.

Secha Capital was founded in 2020 by Rushil Valabh and Brendan Mullen, who have over 20 years of experience in investing and building businesses in Africa.

The firm focuses on investing in startups that are addressing large addressable markets and have the potential to create significant job growth.

Secha Capital has already invested in a number of successful South African startups, including SweepSouth, a digital platform for on-demand home cleaning services, and Luno, a cryptocurrency exchange.

The firm’s new funding round was led by the SA SME Fund, a jobs-focused fund of funds, and also included investments from the venture arm of Rand Merchant Bank, 27four Investment Managers, and Caleo Capital.

The investment by Secha Capital is a positive development for the South African startup ecosystem.

The firm’s focus on investing in early-stage startups is particularly important, as it can help to fill a gap in the funding landscape for South African startups.

The investment is also a sign of the growing interest in investing in African startups.

Africa is one of the fastest-growing regions in the world, with a booming startup ecosystem.

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AfDB and Google Join Forces to Accelerate Digital Transformation in Africa

Key Developments

AfDB and Google Join Forces to Accelerate Digital Transformation in Africa

The African Development Bank (AfDB) and Google have announced a new collaboration to support digital transformation in Africa.
 
 

The partnership will focus on three key areas:

– Infrastructure: The AfDB and Google will work together to invest in and develop digital infrastructure, such as broadband internet and data centers.

– Skills: The two organizations will collaborate to provide training and development opportunities for Africans in digital skills, such as coding and data science.

– Innovation: The AfDB and Google will support African startups and entrepreneurs in developing new digital products and services.

The partnership is part of the AfDB’s Digital Transformation Strategy, which aims to accelerate Africa’s transition to a digital economy.

The collaboration is expected to have a significant impact on digital transformation in Africa.

The AfDB’s financial resources and expertise in development, combined with Google’s technological expertise and global reach, will help to accelerate the adoption of digital technologies across the continent.

The partnership is also expected to boost economic growth and create jobs in Africa.

The digital economy is growing rapidly around the world, and Africa is well-positioned to benefit from this growth. with the latest move expected to help ensure that Africa has the infrastructure, skills, and innovation ecosystem necessary to compete in the global digital economy.

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SunCulture Gets Backing From Investment Energy Platform Nithio to Drive Solar Irrigation, Farming Innovations Across Africa

New Investments

SunCulture Gets Backing From Investment Energy Platform Nithio to Drive Solar Irrigation, Farming Innovations Across Africa

Nithio, a leading energy investment platform, has invested in SunCulture, a Kenyan solar irrigation company.
 
 

The investment will be used to expand SunCulture’s operations across Africa and to develop new farming innovations.

SunCulture provides farmers with affordable solar-powered irrigation systems, which can help to increase crop yields and reduce costs.

Solar irrigation is a particularly promising technology for Africa, as it can help farmers overcome the challenges of water scarcity and climate change.

The company also offers a variety of other farming services, such as training and support.

SunCulture has already helped over 50,000 farmers in Kenya, Tanzania, and Uganda to adopt solar irrigation. The company’s goal is to reach 1 million farmers by 2025.

The investment by Nithio in SunCulture is expected to have a significant impact on the agricultural sector in Africa.

SunCulture’s solar irrigation systems can help farmers increase their crop yields and reduce their costs, which can lead to higher incomes and improved livelihoods.

The investment is also expected to boost innovation in the agricultural sector.

Nithio’s investment, made through its investment vehicle, Nithio FI, is part of the Productive Use Appliance Financing Facility (PUAFF), which catalyzes the uptake of productive use appliances across Africa.

PUAFF is managed by CLASP, an international non-profit organization that improves the energy and environmental performance of appliances and equipment.

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Pan-African VC Firm P1 Ventures Completes First Close of Second Fund at $25 Million To Invest in African Startups

New Investments

Pan-African VC Firm P1 Ventures Completes First Close of Second Fund at $25 Million To Invest in African Startups

P1 Ventures, a Pan-African seed venture capital fund, has announced the first close of its second fund at $25 million.
 
 

The fund will invest in early-stage software startups across Africa, with a focus on fintech, e-commerce, healthtech, SaaS, and AI.

P1 Ventures was founded in 2020 by Mikael Hajjar and Hisham Halbouny, both of whom have extensive experience investing in and operating businesses in Africa.

The firm has a strong track record, having already invested in 29 early-stage companies across 10 countries, including Money Fellows in Egypt and Reliance Health in Nigeria.

The firm’s second fund is backed by a global group of investors, including institutional investors, family offices, and high-net-worth individuals.

The fund’s first close is a significant milestone, and it demonstrates the strong investor interest in Africa’s rapidly growing startup ecosystem.

P1 Ventures is a highly selective investor, and it takes a high-conviction approach to investing.

The firm typically invests between $500,000 and $2 million in early-stage startups, and it provides its portfolio companies with access to its deep network of mentors and advisors.

The firm’s investment in Africa’s startup ecosystem is timely, with the continent priding itself on the youngest and fastest-growing population in the world.

This presents a significant opportunity for software startups that can address the needs of Africa’s growing population and middle class.

The first close of P1 Ventures’ second fund is a positive development for the African startup ecosystem.

It demonstrates that global investors are increasingly interested in investing in early-stage software startups in Africa.

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Payhippo: The Nigerian Fintech Making Financial Services Seamless for African SMEs

StartUp Spotlight

Payhippo: The Nigerian Fintech Making Financial Services Seamless for African SMEs

Small and medium-sized enterprises (SMEs) are the backbone of the African economy, accounting for over 90% of all businesses and employing over 50% of the workforce.

SMEs play a vital role in driving economic growth and development in Africa, with the sector experiencing rapid growth in recent years.
 
This is due to several factors, including population growth, technological advancement, and government support.
 
However, SMEs in Africa still face a number of challenges, with lack of access to finance the biggest one.
 
Be that as it may, tech startups are using digital technology to make it easier and faster for SMEs to access loans.

One such startup is Nigeria’s Payhippo.
 
This Nigerian fintech startup has been making waves with its innovative solutions, empowering individuals and small businesses to access financial services.
 
Who is Payhippo?
 
Payhippo is a Nigerian fintech startup that provides loans and other financial services to small and medium-sized enterprises (SMEs).
 
The company was founded in 2019 by Chioma Okotcha, Uche Nnadi, and Zach Bijesse.
 
Payhippo’s mission is to make financial services seamless for African SMEs.
 
What Payhippo does

Payhippo offers a variety of financial products and services to SMEs, including:

– Loans: Payhippo provides loans to SMEs in under three hours without collateral. The company uses a variety of data points, including bank statements and social media activity, to assess a business’s creditworthiness.

– Banking services: Payhippo also offers a range of banking services to SMEs, including business accounts, debit cards, and international money transfers.

– Insurance: Payhippo also offers insurance products to SMEs, including asset protection and business interruption insurance.

Payhippo’s mission

Payhippo’s mission is to make financial services seamless for African SMEs. 
 
The company believes that SMEs are the backbone of the African economy and that they need access to affordable and convenient financial services to grow and thrive.

Payhippo’s achievements

Payhippo has achieved a lot in a short period of time.
 
The company has disbursed over 25,000 loans to SMEs in Nigeria.
 
Payhippo has also raised over $3 million in funding from investors such as Y Combinator, Ventures Platform, and Future Africa.

Payhippo’s impact

The startup is making a real impact on the lives of SMEs in Nigeria.
 
The company provides SMEs access to the financial services they need to grow and thrive.
 
Payhippo is also helping to reduce the financial exclusion of SMEs in Nigeria.

Additional information about Payhippo:

– In 2022, Payhippo acquired Maritime Microfinance Bank (MFB) to help it expand its product offering and reach more SMEs.
– Payhippo is also working on expanding its operations to other African countries.
– Payhippo has been recognized as one of Africa’s most promising fintech startups. In 2021, the company was named one of the top 10 startups in Africa by Forbes Africa.
 

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