Month: September 2023

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Lupiya, Zambia’s Leading Neobank, Secures $8.25m in Series A Funding

New Investments

Lupiya, Zambia's Leading Neobank, Secures $8.25m in Series A Funding

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Zambian fintech Lupiya has raised $8.25 million in a Series A funding round led by Alitheia IDF Fund, with participation from INOKS Capital SA and the German Investment Bank KfW DEG.
 
The company plans to use the funds to enhance its technological infrastructure, expand its range of financial products, and scale its operations to reach more customers.

Lupiya was founded in 2016 with the mission to close the financial inclusion gap in Zambia by providing simple, technology-driven financial solutions to the unbanked and underbanked.
 
The company offers a range of products and services, including mobile banking, online loans, and bill payments.

Lupiya has seen rapid growth in recent years. In 2022, the company processed over $200 million in transactions and grew its customer base by 200%.
 
The company is now one of the leading neobanks in Zambia, with over 1 million customers.

The Series A funding round is a significant milestone for Lupiya and validates its business model.
 
The company’s growth is being driven by the increasing demand for digital financial services in Zambia.
 
According to the World Bank, over 60% of Zambians are still unbanked or underbanked.

The Series A funding round will help Lupiya capitalize on these opportunities and further its mission to close the financial inclusion gap in Zambia.

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Thndr: The Egyptian Fintech Startup Making Investing Accessible and Affordable for Everyone

StartUp Spotlight

Thndr: The Egyptian Fintech Startup Making Investing Accessible and Affordable for Everyone

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Technology is transforming the way people invest in Africa.

In the past, investing was often seen as only accessible to the wealthy or sophisticated investor.

However, the rise of tech startups is making it easier and more affordable for Africans to invest in their future.

Tech startups are helping Africans invest in a number of ways.

For example, they are developing mobile apps that make it easy for people to open investment accounts and start investing with just a few taps.

They are also offering low-cost investment products and services tailored to African investors’ needs. 

One such startup is Thndr.

Who is Thndr?

Thndr is an Egyptian fintech startup that was founded in 2020 by a group of visionary entrepreneurs who recognized the immense potential for disruption in Egypt’s financial services industry.

The company’s founders, Ahmad Hammouda and Seif Amr, embarked on a mission to leverage technology and innovation to bridge the gap between traditional banking and the unmet financial needs of millions of Egyptians.

With a mission to democratize access to financial services and redefine the financial landscape, Thndr has rapidly emerged as a trailblazer in the Egyptian fintech ecosystem.

What Does Thndr Do?

Thndr operates as a digital investment platform, providing users easy access to a wide range of financial products and services.

Their comprehensive offering includes:

  • Investment Opportunities: Thndr offers a diverse portfolio of investment options, allowing users to invest in stocks, bonds, mutual funds, and other financial instruments. Their user-friendly interface simplifies the investment process, making it accessible to novice and experienced investors.
  • Savings and Wealth Management: Thndr’s platform empowers users to save and grow their wealth with customizable savings plans and investment strategies. They provide tools and insights to help users make informed financial decisions.
  • Financial Education: Recognizing the importance of financial literacy, Thndr is committed to educating its users. They offer a wealth of resources, including articles, videos, and webinars, to help individuals enhance their financial knowledge.
  • Accessibility: Thndr is designed to be accessible to all Egyptians. They have made significant strides in ensuring their platform is user-friendly, even for those with limited financial experience or access to traditional banking services.

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Meet the 24 African Women Entrepreneurs Shortlisted for the 2023 AWIEF Awards

Key Developments

Meet the 24 African Women Entrepreneurs Shortlisted for the 2023 AWIEF Awards

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The Africa Women Innovation and Entrepreneurship Forum (AWIEF) announced the 24 finalists for its 2023 AWIEF Awards.
 

The awards recognize, honor, and celebrate women entrepreneurs and business owners in Africa across various industry sectors for their achievements and contribution to the continent’s inclusive economic growth and social development.

The 24 finalists were selected from a record number of nominations received from across Africa.

The finalists represent a diverse range of sectors, including technology, agriculture, education, healthcare, and finance.

They are also from a variety of countries, including Cameroon, Egypt, Ethiopia, Kenya, Morocco, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, Tunisia, Uganda, Zambia, and Zimbabwe.

The finalists for the 2023 AWIEF Awards are (listed in alphabetical order):

Young Entrepreneur Award

Salamba Diene, CEO, BIOSENE SARL, Senegal

Joyce Kamande, Co-founder & CEO, Safi Organics, Kenya

Jovia Kisakye, CEO, Sparkle Agro Brand, Uganda

Tech Entrepreneur Award

Norah Magero, Founder & CEO, Drop Access Limited, Kenya

Kathryn Malherbe, CEO, Med Sol AI Solutions, South Africa

Kidist Tesfaye, Founder & CEO, YeneHealth, Ethiopia

Agri Entrepreneur Award

Chinwendu Nweke, CEO, Bridge Merchant Enterprise, Nigeria

Forget Shareka, Founder, Chashi Foods, Zimbabwe

Nonopa Tenza, Founder & MD, Kevinot Farming, South Africa

Energy Entrepreneur Award

Linda Mabhena-Olagunju, Founder & CEO, DLO Energy Resources Group, South Africa

Ifeoma Malo, CEO, Clean Technology Hub, Nigeria

Margaret Yainkain Mansaray, Founder & CEO, Women in Energy Sierra Leone Limited, Sierra Leone

Creative Industry Award

Yasmina Belahsen, Founder, MayaDigital, Morocco

Gladys Chibanda, Founder & CEO, Krafted Ink, Zimbabwe

Ararat Tamirat, Founder & GM, Tuba By Ararat, Ethiopia

Social Entrepreneur Award

Damilola Aminat Adeyemi, Co-founder & CEO, D-Olivette Global Enterprise, Nigeria

Kayumba Chiwele, Founder & Principal Psychologist, MindAid Zambia, Zambia

Mundih Noelar Njohjam, Medical Doctor, Epilepsy Awareness, Aid and Research Association, Cameroon

Empowerment Award

Aya Chebbi, Founder & President, Nalafem Collective, Tunisia

Zulfat Mukarubega, Founder, University of Tourism, Technology and Business Studies, Rwanda

Catherine Wijnberg, Founder & CEO, Fetola, South Africa

Lifetime Achievement Award

Rina Gunter, Founding Partner, Gunter Attorneys, South Africa

Dalia Ibrahim, CEO, Nahdet Misr Publishing House, Egypt

Anke Weisheit, Co-founder & Chair, PHARMBIOTRAC, Mbarara University of Science and Technology, Uganda

The winners of the 2023 AWIEF Awards will be announced at a special ceremony and gala dinner at the AWIEF2023 Conference and Awards.

The even is set for November 9 and 10 at the Kigali Convention Centre, Kigali, Rwanda.

The AWIEF Awards are sponsored by a number of leading organizations, including Microsoft, Google, and Amazon Web Services.

The 24 finalists for the 2023 AWIEF Awards are a truly inspiring group of women entrepreneurs.

They are making a significant contribution to the inclusive economic growth and social development of Africa. 

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Microsoft-backed FAST Accelerator Selects 12 African Startups for AI Program

Key Developments

Microsoft-backed FAST Accelerator Selects 12 African Startups for AI Program

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The Microsoft-backed FAST (Foundation for African Startups and Technology) Accelerator has announced the selection of 12 promising startups from across Africa for its highly competitive AI program.
 

The accelerator scoured the African tech ecosystem to identify startups at the forefront of AI innovation, and selected a diverse group that spans various industries and regions.

Out of the 12 startups in the FA23 cohort, nine are Nigerian, and one each from Kenya, Tanzania, and Ghana.

The selected startups are:

Fintech:

1. Zeeh Africa – a Nigerian AI-powered open banking platform connecting businesses to financial data.
2. Cotrust Equity – the Uber for micro-lending in Africa.
3. Wallx – a payment and business solution for small business owners, the company is also a Nigerian founded, based in Lagos.
4. Moosbu – an all-in-one AI-Powered Operating System for small African businesses.
5. Aibanc – a Nigeria-based lending firm that allows customers to access credit through a mobile app.
6. Greenbii – an AI-driven asset financing and software management platform for SMEs.

Healthtech:

7. Zendawa Africa – a Kenyan healthtech service provider that is enabling neighborhood pharmacies to sell online.
8. 10mg Pharma – a Nigerian healthtech that employs an AI algorithm based on the code tree model to pair healthcare providers with financing partners who meet specific criteria.

Others:

9. Sumundi (eCommerce) – an eCommerce platform for Africa’s retail businesses based in Ghana.
10. Trucki (Logistics) – a Lagos-based logistics startup leveraging blockchain and AI to provide a haulage infrastructure that connects cargo stakeholders.
11. KCG Aquatec Fish Farming (Agritech) – a Tanzanian startup that is providing aquaculture infrastructure for fish farmers.
12. Orange VFX.

The FAST Accelerator is backed by tech giant Microsoft, which has pledged substantial resources to support these startups on their journey to harness AI for positive societal impact.

Through the program, these companies will gain access to cutting-edge technologies, mentorship, funding opportunities, and the chance to collaborate with industry experts.

The FAST Accelerator’s AI program aligns with the broader mission of supporting African startups in overcoming barriers to success.

By providing access to resources and expertise, the program seeks to empower entrepreneurs to create solutions that address pressing issues in their respective countries and regions.

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Gates Foundation Funds 29 Healthcare Supply Chain Startups in Africa Through i3 Program

New Investments

Gates Foundation Funds 29 Healthcare Supply Chain Startups in Africa Through i3 Program

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The Bill & Melinda Gates Foundation has announced that it will fund 29 healthcare supply chain startups in Africa.
 

The startups were selected through the Investing in Innovation Africa (i3) program, which is a pan-African initiative to support the growth of early- and growth-stage healthcare supply chain companies.

The selected startups operate in 21 different African countries and are developing a wide range of innovative solutions, including online pharmacies, telemedicine platforms, inventory management systems, and data analytics tools.

The goal of these startups is to improve the efficiency and effectiveness of healthcare supply chains in Africa, which will help to ensure that more people have access to the essential medicines and medical supplies they need.

The i3 program provides selected startups with a grant of $50,000, as well as access to market opportunities and tailored investment readiness support.

The program is sponsored by Cencora (formerly AmerisourceBergen), Merck Sharpe & Dohme (MSD), Microsoft, and Chemonics.

The following is a list of the 29 healthcare supply chain startups selected for the second cohort of the i3 program:

  1. Afia Group Limited (Tanzania)
  2. Aimcare Health (Kenya)
  3. Bena Care (Nigeria)
  4. BioCertica (Ghana)
  5. Chari Pharma (Morocco)
  6. CheckUps Medical (Nigeria)
  7. Chefaa (Egypt)
  8. Dawa Mkononi (Tanzania)
  9. Drugstore Nigeria (Nigeria)
  10. Famasi Limited (Ghana)
  11. Field Intelligence, Inc. (Kenya)
  12. GICMED (Nigeria)
  13. Grinta (Rwanda)
  14. Healthtracka (Nigeria)
  15. Kapsule (Ghana)
  16. Medical Diagnostech (Nigeria)
  17. Medpharma Alliance International Limited (Kenya)
  18. Octosoft Technologies Limited (Nigeria)
  19. Pharmarun (Nigeria)
  20. Pharmaserv Health
  21. Project Nigeria Limited (Nigeria)
  22. Reductiona (South Africa)
  23. SASA Health Limited (Nigeria)
  24. Tech Care For All Eastern Africa (Kenya)
  25. Technovera – Pelebox Smart Lockers (Cameroon)
  26. Tibu Health (Kenya)
  27. UltraTeb (Algeria)
  28. Waspito (Rwanda)
  29. WellaHealth (Kenya)
    Welo (Senegal)

The Gates Foundation’s investment in these startups is a significant boost for the healthcare supply chain sector in Africa.

The startups are developing innovative solutions that have the potential to make a real difference in the lives of millions of people.

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Catalysts of Progress: Celebrating 30 VC Mavericks Pioneering African Tech Investment

Catalysts of Progress: Celebrating 30 VC Mavericks Pioneering African Tech Investment

Africa is a continent of youthful potential and boundless innovation.

With over 1.2 billion people, over half of whom are under the age of 25, Africa is home to the world’s fastest-growing young population.

This demographic dividend presents a unique opportunity to transform the continent’s economy and lift millions out of poverty.

Technology is playing a pivotal role in driving this transformation, with African startups leveraging technology to solve some of the continent’s most pressing challenges.

Tech venture capitalists (VCs) are playing a critical role in supporting these startups.

By providing them with the funding, mentorship, and resources they need to succeed, VCs are helping to bridge the poverty gap, drive innovation, and support dreams in Africa.

At Empower Africa, we believe that Africa is a continent brimming with untapped potential waiting to be unleashed.

We are thrilled to shine a spotlight on 30 incredible individuals who share our vision.

These remarkable venture capitalists have dedicated their time, expertise, and resources to invest in African tech entrepreneurs and startups, paving the way for a brighter, more prosperous continent.

1. Ken Njoroge – Co-Founder, Cellulant


2. Maya Horgan Famodu – Founder & Partner at Ingressive Capital


3. Danladi Verheijen – CEO, Verod


4. Zachariah George – Managing Partner, Launch Africa Ventures


5. Ido Sum – Partner at TLcom Capital


6. Tokunboh Ishmael, CFA – Managing Partner at Alitheia Capital


7. Yacob Berhane – Co-founder, CEO @Pariti


8. Sewu-Steve T. – Co-Founder & Managing Partner, Jaza Rift Ventures


9. Polo Leteka – Founder and Chairman @ IDF Capital


10. Biola Alabi – General Partner, acasia


11. Dhekra KHELIFI – Partner at 216 Capital Ventures


12. Eloho Omame – Partner, TLcom Capital


13. Luke Mostert – Co-Founder, CatalyzU


14. Darshan Chandaria – Founder & Managing Partner, Chandaria Capital


15. Eunice Ajim – Founding Partner at Ajim Capital


16. Anthony William Catt – Founder & Director, Ventures 54


17. Adesuwa Okunbo Rhodes – Founding Partner, Aruwa Capital Management


18. Sam Sturm – Chief Portfolio Officer, Founders Factory


19. Yele Bademosi – Founding Partner at Microtraction


20. Eghosa Omoigui – Investor at Kbox Global


21. Mia von Koschitzky-Kimani – Managing Partner at Future Africa


22. Maryanne Ochola – Managing Director at Endeavor Kenya


23. Hannah Subayi Kamuanga – Partner at Launch Africa Ventures


24. Ben Marrel – Co-Founder & CEO @ Breega


25. Ouis Abdessadok – VC investor @ Quona Capital


26. Nneka Eze – Managing Partner @ VestedWorld


27. Fadilah Tchoumba – Secretary General at ABAN


28. Johnathan Smit – Senior Investment Associate at Knife Capital


29. Bunmi Akinyemiju – Partner at GreenHouse Capital Africa


30. Maelis Carraro – Managing Partner @ Catalyst Fund

Each of these extraordinary individuals has played a pivotal role in fostering innovation, economic growth, and positive change across the African tech landscape.

Their unwavering commitment to investing in the dreams of our continent’s brightest minds has not only empowered countless entrepreneurs but has also propelled Africa onto the global stage of innovation.

At Empower Africa, we are profoundly grateful for their dedication and relentless pursuit of a brighter future for Africa.

They serve as beacons of inspiration for us all, reminding us that the key to unlocking Africa’s immense potential lies in collaboration, innovation, and unwavering belief.

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Ghanaian Agritech Startup, Complete Farmer, Raises $10.4 Million Pre-Series A Funding

New Investments

Ghanaian Agritech Startup, Complete Farmer, Raises $10.4 Million Pre-Series A Funding

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Complete Farmer, a Ghanaian agritech startup, has secured $10.4 million in pre-Series A funding to streamline its operations and expand its reach.
 

Complete Farmer, a Ghanaian agritech startup, has secured $10.4 million in pre-Series A funding to streamline its operations and expand its reach.

The funding round was co-led by the Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital (via its uMunthu II Fund in partnership with Goodwell Investments).

Other participants in the round include Proparco, Newton Partners, VestedWorld Rising Star Fund, Sahel Capital’s SEFAA (Social Enterprise Fund for Agriculture in Africa) Fund, Alpha Mundi Group’s Alpha Jiri Investment Fund, and Global Social Impact Investments.

Complete Farmer is an end-to-end agricultural marketplace that provides African producers and industries across the globe with competitive markets, resources, and data.

It utilizes in-house cultivation protocols for crop production, ensuring that small and large-scale farmers can rear crops and other agricultural products that satisfy international market needs, reducing post-harvest losses.

The company was founded in 2017 by Desmond Koney, who was inspired to start the business after inheriting his father’s farm and discovering the many challenges faced by farmers in Ghana and across Africa.

Complete Farmer has since grown to become one of the leading agritech startups in Ghana, working with over 10,000 farmers and supplying buyers in over 10 countries.

The new funding will be used by Complete Farmer to expand its team, develop new products and services, and reach more farmers and buyers.

The company plans to launch a new finance solution that promotes remittances from buyers to farmers, as well as a vendor outlet that facilitates the purchase of fertilizers and commodities by farmers.

The investment in Complete Farmer is a sign of the growing interest in agritech in Africa.

The continent is home to over 60% of the world’s arable land, but its agricultural sector is still underdeveloped.

Agritech startups are playing a vital role in addressing this challenge, using technology to improve efficiency and productivity across the agricultural value chain.

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MarketForce: The Kenyan Startup Redefining Retail in Africa with Tech-Driven Solutions and Purpose

StartUp Spotlight

MarketForce: The Kenyan Startup Redefining Retail in Africa with Tech-Driven Solutions and Purpose

| Article

The state of B2B and end-to-end distribution in Africa is still in its early stages of development, but it is growing rapidly.

There are several factors driving this growth, including the increasing urbanization of the continent, the growth of the middle class, and the rise of e-commerce.

While the sector continues to experience a raft of challenges, a number of startups are working to address the challenges facing B2B and end-to-end distribution in Africa.

MarketForce is one such startup.

Who is MarketForce?

MarketForce is a Kenyan B2B e-commerce platform that digitizes retail distribution in Africa.

It enables informal merchants to order goods for next-day delivery directly from its merchant super-app dubbed RejaReja.

Traders are also able to access goods on credit based on the history of their transactions and credit profiles.

MarketForce was founded in 2018 by Tesh Mbaabu and Mesongo Sibuti.

The company is headquartered in Nairobi, Kenya, and has operations in Kenya, Uganda, and Tanzania, with plans to expand to more African countries in the near future.

What Does MarketForce Do?

MarketForce offers a comprehensive suite of solutions designed to transform how retailers and brands interact with their customers and manage their operations.

Here are some key aspects of what MarketForce does:

  • Retail Merchandising: MarketForce provides a cutting-edge platform that enables retailers to manage and optimize their in-store merchandising activities efficiently. This includes real-time visibility into store compliance, shelf space allocation, and inventory management.
  • Mystery Shopping: The startup offers a unique mystery shopping platform that allows brands to gain valuable insights into their customers’ in-store experiences. This helps brands fine-tune their strategies to meet customer expectations better.
  • Field Sales Optimization: MarketForce empowers field sales teams with tools to streamline their operations, from route planning to order management. This results in increased sales, reduced operational costs, and improved customer satisfaction.
  • Data Analytics: Leveraging the power of data, MarketForce provides retailers and brands with actionable insights. This data-driven approach helps them make informed decisions, refine their strategies, and stay ahead in the competitive retail landscape.

MarketForce’s Mission:

At the heart of MarketForce’s mission is the desire to transform retail into a more customer-centric and efficient industry.

They aim to empower retailers and brands with the tools and insights to create exceptional shopping experiences.

MarketForce believes that enhancing the connection between brands and retailers can ultimately benefit the end consumer through improved product availability, better service, and personalized shopping experiences.

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ANKA Secures $5M Pre-Series A Extension to Accelerate E-Commerce Growth in Africa

New Investments

ANKA Secures $5M Pre-Series A Extension to Accelerate E-Commerce Growth in Africa

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ANKA, an Ivorian SaaS e-commerce platform for African businesses, has raised $5 million in a pre-Series A extension round led by the International Finance Corporation (IFC) with participation from Proparco and Bpifrance.

This brings the company’s total investment to date to $13.5 million.

ANKA provides a comprehensive e-commerce solution for African businesses, including website design and development, payment processing, and shipping.

The platform also offers a variety of features to help businesses grow their online sales, such as marketing tools and analytics.

ANKA plans to use the new funding to strengthen its product development and expand its services.

The investment in ANKA is a sign of the growing interest in African e-commerce.

E-commerce sales in Africa are expected to reach $30 billion by 2025, according to Statista.

ANKA is well-positioned to capitalize on this growth with its comprehensive e-commerce solution and focus on African businesses.

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