The investment will fuel the company’s expansion plans and enhance its ability to connect job seekers with life-changing employment opportunities.

Founded in 2018 by Christiaan van den Berg and Heine Bellingan, JOBJACK is a free-to-use web-based platform that empowers job seekers seeking entry-level positions.

The platform guides users through a seamless CV creation process, enabling them to apply directly from their mobile phones.

Notably, JOBJACK is data-free for MTN and Vodacom network users, further removing barriers for job seekers.

With nearly two million registered job seekers and a daily growth rate of 2,000, JOBJACK has established a strong presence in the South African recruitment landscape.

The newly secured funding will fuel the company’s operational expansion and network growth, allowing it to connect even more job seekers with promising career opportunities.

NEXT176 led the funding round, with participation from the Michael & Susan Dell Foundation.

This investment signals a strong belief in JOBJACK’s potential to transform the entry-level recruitment landscape and empower South Africa’s youth.

Ona Meyer, programme manager for youth employment at the Michael & Susan Dell Foundation, emphasized the organization’s commitment to supporting companies that provide innovative solutions to address the unemployment challenge faced by many South Africans.

The foundation’s investment in JOBJACK aligns with its mission to empower individuals and families through access to meaningful employment opportunities.

With its fresh injection of capital, JOBJACK is poised to make a significant impact on the South African recruitment landscape, particularly in the entry-level segment.

This funding will support Maisha Meds’ efforts to expand its mobile software platform to 7,500 pharmacies and clinics across Africa, providing subsidized malaria care to nearly 1 million patients.

Maisha Meds’ platform connects rural pharmacists and clinicians with affordable, quality medicines and provides them with incentives to follow best practices in malaria care.

The platform also offers discounted testing and treatment to patients, making it easier and more affordable for them to access essential healthcare services.

Stage 3 grants, DIV’s highest level of funding, are awarded to innovators who have demonstrated the ability to scale up their proven solutions to critical global challenges.

Maisha Meds has successfully used its platform to improve malaria care in Kenya and is now expanding its reach to other African countries.

In addition to the USAID DIV funding, Maisha Meds is also receiving support from the Bill & Melinda Gates Foundation.

This additional funding will help Maisha Meds to expand its reach and impact further.

About Maisha Meds

Maisha Meds is a leading digital health organization in Africa that provides affordable, high-quality healthcare services to rural communities.

The organization’s mobile software platform connects pharmacists and clinicians with affordable, quality medicines and provides them with incentives to follow best practices in malaria care.

Maisha Meds is also working to expand its platform to provide services for other health conditions, such as family planning and HIV prevention.

The proceeds from the bond will allow BURN to expand its manufacturing capacity and establish a new facility in Lagos, Nigeria.

This expansion will raise production from the current 400,000 units per month to 600,000 units, focusing on the production of life-saving biomass, electric, and LPG stoves.

BURN’s stoves have undergone rigorous independent verification by reputable institutions such as the University of Pennsylvania and the University of Chicago, as well as through comprehensive impact assessment surveys conducted by Yunus Social Business.

These studies have consistently demonstrated that BURN stoves provide substantial health, financial, and climate action benefits.

The funds raised through the Green Bond are expected to extend these benefits to an additional 2 million households in 2024.

“Our decision to issue the first green bond to support clean cooking underscores our strong belief in the power of financial innovation to drive positive environmental and social change,” said Peter Scott, CEO and Founder of BURN.

“Green bonds have gained considerable traction in recent years due to their appeal to investors seeking sustainable investment opportunities and the potential tax advantages they offer. BURN is excited to deploy this innovative instrument to catalyze sustainable development.”

The bond issuance was supported by DRY Associated Limited, acting as the Placement Agent. FSD Africa, a specialist development agency funded by UK International Development, played a key role in providing technical input on the bond framework and contributing technical assistance for the second-party opinion, which was conducted by Agusto & Co., the leading Pan-African Credit Rating Agency and Green Bond Verifier.

BURN’s green bond issuance marks a significant step forward in mobilizing capital to support clean cooking solutions in Africa.

By providing access to affordable and efficient cooking technologies, BURN is helping to improve the health and well-being of millions of households while also reducing greenhouse gas emissions and deforestation.

This latest funding brings the total amount raised by Inclusivity Solutions to nearly $4.5 million and will be used to support the company’s pan-African expansion plans.

Founded in 2015, Inclusivity Solutions designs, builds, and operates inclusive, embedded digital insurance solutions and delivers them through digital channels in partnership with mobile operators, insurance companies, and other distribution partners.

The company’s mission is to make simple and affordable insurance cover accessible to underserved and unserved communities across Africa.

Inclusivity Solutions has already achieved significant traction, serving over two million customers in eight African markets.

With the new funding, the company plans to expand its reach to at least 12 African markets by the end of 2024.

The company will also continue to invest in its no-code, open-API platform, which enables distribution partners and insurers to offer a full range of insurance products in a matter of hours.

The fund will back African startups that are ready to scale, otherwise called growth-stage startups.

The Norrsken22 African Tech Growth Fund was first launched in January 2022 and reached its first close at $110 million.

It counts wealthy Swedish founders, including Skype co-founder Niklas Zennström, iZettle co-founder Jacob de Geer, and Delivery Hero co-founder Niklas Östberg as limited partners; Flutterwave co-founder and CEO, Olugbenga Agboola also invested in the tech growth fund.

Approximately 59% of the funding came from a consortium of 30 unicorn founders globally.

Institutional investors in the fund include Standard Bank Group Ltd., Norfund, British International Investment, the International Finance Corporation, and the US International Development Finance Corporation.

The closure of Norrsken22’s fund comes at a time when growth-stage investments in African startups have declined.

In 2023 there have been only 26 Series A and onwards deals disclosed, compared to 69 deals in the same category in 2022, and 76 in 2021.

This is likely due to a number of factors, including the global economic slowdown and rising interest rates.

However, Norrsken22 believes that the growth-stage market in Africa is still very attractive.

The firm sees a number of opportunities in sectors such as fintech, edtech, and healthtech.

Norrsken22 plans to invest in 20 startups across Africa, with a ticket size of about $10 million to $16 million per investment.

The closure of Norrsken22’s fund is a positive development for the African tech ecosystem, as it will provide African startups with access to much-needed capital at a critical stage in their growth.

The investment will be used to build 20 modern warehouses in strategic locations in Nigeria, Kenya, and Uganda, scale warehouse technology, and next-generation software that captures post-harvest pricing, and develop a soybean processing plant in Ibadan, Nigeria, and a drying facility in Uganda.

The additional warehouses will provide 230,000 MT of storage capacity, enabling up to 200,000 more farmers to access low-cost storage and maximise sales from crop harvests, potentially helping increase farmer incomes by more than 200 per cent.

BII’s investment will also help to develop new markets for smallholder farmers and provide them with access to training and other resources to improve their productivity and profitability.

The investment in AFEX is expected to have a significant impact on food security in Africa.

By supporting smallholder farmers to produce more and higher quality crops, AFEX is helping to increase the availability of food and reduce prices for consumers.

The company’s investment in storage and processing facilities will also help to reduce food waste and ensure that more food is available for people to eat.

Overall, the investment in AFEX is a positive development for Africa’s agricultural sector and food security.

The partnership goes beyond mere monetary terms, with SBI Holdings aiming to rally additional matching commitments from other Japanese institutional investors.

In return, Novastar will offer co-investment avenues and provide market insights.

SBI Holdings will also occupy a non-executive seat on Novastar’s Management Board, while Riki Yamauchi, a former investment banker in Tokyo, will join Novastar’s team to spearhead the partnership’s goals.

Yoshitaka Kitao, the top-tier executive of SBI Holdings, lauded Africa’s potential, highlighting its fast-paced growth, tech-inclined youth, natural assets, and urban evolution.

He envisioned this partnership as a robust conduit between Japan and Africa, fostering financial growth, knowledge transfer, and innovative collaborations.

Novastar has a proven track record of investing in socially and environmentally impactful companies in Africa.

Its portfolio includes Moniepoint, a Nigerian fintech, BasiGo, and mPharma.

The partnership between SBI Holdings and Novastar Ventures is a significant development for the VC landscape in Africa and Japan.

It represents a fusion of visions, ambitions, and a shared commitment to a sustainable and prosperous future for both regions.