Founded in 2022, Cynoia is dedicated to simplifying and streamlining collaboration within organizations.

Its innovative platform integrates a comprehensive suite of essential tools, from chat and video conferencing to email and calendar management, document handling, and project management.

Currently serving over 3,000 users across nine countries, Cynoia is poised for further expansion following this strategic funding round led by United Gulf Financial Services, 216 Capital Ventures, and Bpifrance.

The startup aims to capitalize on the burgeoning UEMOA markets, with Senegal and Ivory Coast identified as key growth targets.

“We are thrilled to have secured this funding, which will enable us to accelerate our expansion plans and make Cynoia the go-to collaboration platform for businesses across West Africa,” remarked Riahi, CEO of Cynoia.

“Our partners share our vision of empowering teams with a centralized platform that enhances collaboration and productivity.”

Cynoia’s expansion into UEMOA is a testament to its commitment to revolutionizing team collaboration across Africa.

With its innovative platform and strong leadership, the startup is well-positioned to significantly impact the region.

The three firms will receive $9 million, $10 million, and $8 million, respectively, from the Africa Growth Fund, bringing the total number of funds to five.

The Mastercard Africa Growth Fund has previously invested $2.2 million in Aruwa Capital Management and $5 million in Inua Capital.

Aruwa Capital was founded in 2019 and is one of a handful of African investment firms founded or headed by women.

The firm, which invests in women or businesses targeted at women, has invested in Fastizers, CrowdForce, Taeillo, Pngme, and Lifestores Pharmacy.

The Africa Growth Fund is an initiative of the Mastercard Foundation aimed at closing the financing gap in Africa’s impact investment space.

The fund, launched in December 2022, is a $200 million fund of funds and receives support from Investisseurs & Partenaires (I&P), ESPartners (ESP), Criterion Institute, Genesis Analysis, and Africa Communications Group.

These partners provide business development services to portfolio companies and help with fund advisory, communications, and diversity/inclusion advisory.

Samuel Akyianu, Managing Director of the Mastercard Foundation Africa Growth Fund, said:

“We are excited to welcome Chui Ventures, Vested World, and SME Impact Fund to our expanding family of investment vehicles. These strategic partnerships represent our ongoing commitment to fostering sustainable development in Africa through impactful investments.”

SME Impact Fund is a Tanzanian fund manager that targets investments in the country’s agricultural sector.

So far, it has made 44 investments worth over $15 million. These investments have reached 23,000 smallholder farmers in Tanzania and created more than 3,000 jobs.