Month: December 2023

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Tunisian Team Collaboration Startup Cynoia Secures $930k in Funding for West African Expansion

New Investments

Tunisian Team Collaboration Startup Cynoia Secures $930k in Funding for West African Expansion

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Tunisian team collaboration startup Cynoia has announced a significant funding milestone, securing $930,000 to fuel its expansion into the West African Economic and Monetary Union (UEMOA), focusing on Senegal and Ivory Coast.
 

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.

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Mastercard Africa Growth Fund Invests $27  Million in Africa-Focused Investment Firms Chui Ventures, VestedWorld, and SME Impact Fund

New Investments

Mastercard Africa Growth Fund Invests $27 Million in Africa-Focused Investment Firms Chui Ventures, VestedWorld, and SME Impact Fund

| Article

The Mastercard Africa Growth Fund has announced investments in three Africa-focused investment firms: Chui Ventures, VestedWorld, and SME Impact Fund. 
 

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.

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London-based Fintech Verto Partners with UBA to Enhance Cross-Border Transactions in Kenya

Key Developments

London-based Fintech Verto Partners with UBA to Enhance Cross-Border Transactions in Kenya

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Verto, a leading London-based fintech and payment solution provider, has announced a strategic partnership with the United Bank of Africa (UBA) to streamline cross-border transactions for Kenyan entrepreneurs, small-scale businesses, and corporations.
 

This collaboration aims to address the growing demand for seamless and efficient international trade solutions in the East African region.

Verto’s comprehensive platform offers cutting-edge financial services, including foreign bank accounts, instant currency exchange, and international money transfers, empowering businesses to operate seamlessly across borders.

With the capability to hold funds in over 51 currencies, Verto’s platform caters to the diverse needs of businesses seeking global expansion.

“Verto’s partnership with UBA marks a significant milestone in our mission to simplify cross-border payments for businesses in East Africa,” stated Kevin Nganga, Country Director for Verto in Kenya.

“By aligning with UBA, we are strategically positioned to address the complexities of international trade and provide businesses with the tools they need to thrive in the global marketplace.”

Verto boasts an established financial ecosystem worth $3 billion, serving a growing customer base of over 3,000 businesses in Kenya, including industry leaders such as MTN, Yoco, and Interswitch.

The company’s focus on businesses in the travel & tourism, education, telecommunications, and import/export industries aligns with Kenya’s key economic sectors.

UBA, with its extensive pan-African presence and deep understanding of the region’s financial landscape, brings complementary expertise to the partnership.

Together, Verto and UBA are committed to bridging the gap in cross-border financial services and supporting the growth of businesses across East Africa.

Kenya’s fintech sector has witnessed remarkable growth in recent years, driven by increasing tech adoption and the transformative impact of mobile financial services.

The partnership between Verto and UBA further reinforces Kenya’s position as a hub for financial innovation and its commitment to facilitating cross-border trade within East Africa and beyond.

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Kenyan Climate-Tech Startup Amini Secures $4 Million in Seed Funding

New Investments

Kenyan Climate-Tech Startup Amini Secures $4 Million in Seed Funding

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Amini, a Kenyan climate-tech startup dedicated to bridging the environmental data gap in Africa, has secured $4 million in a seed funding round led by Salesforce Ventures and the Female Founders Fund.

Climate-tech VC Satgana also participated in the round alongside other investors, including Pale Blue Dot and Superorganism, which had previously backed the startup in its $2 million pre-seed round earlier this year.

Amini’s innovative platform utilizes satellite data, sensor data, research, and ground truthing to provide comprehensive insights on various environmental parameters, including biodiversity, soil health, crop health, farming progress, water usage, and fertilizer use.
 
This data-driven approach enables the creation of real-time monitoring tools and machine-learning models to support diverse actions, including flood detection.

“We are building a platform that will make environmental data on Africa easily accessible, empowering informed decision-making and fostering transparency in supply chains,” remarked Kate Kallot, Amini founder and CEO.
 
“Our goal is to hold brands accountable for their sustainability commitments and equip them with the data necessary to demonstrate their progress.”

Amini’s initial clientele includes enterprises in the agricultural and insurance industries, including Aon.
 
Moving forward, the company targets food and beverage companies and consumer packaged goods producers seeking to transform their supply chains sustainably.
 
This focus aligns with the growing demand for supply chain transparency, driven by new U.S. and European regulations that mandate corporate disclosure of climate risks in their supply chains.

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RESTOSPECT

Price: NLe 13,545

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RESTOSPECT

Size of the Paintings:  12 In by 16 In

Artist Bio

Ranya S. Nirvan

Born in Kenema, in the Eastern Province of Sierra Leone, West Africa. Ranya is a Glass Painting Artist who fell in love with Glass Painting in Jaipur, India. She has been creating glass painting for over a Decade, and She is inspired by all forms of African art and Passionate about elevating Sierra Leonean Art to the next level.
Ranya uses glass and solvent based liquid paint to create her art, which she paints directly onto the glass. A fan of bright colors, contrast, and abstract art, Ranya strives to add personal touches to each piece of Art she creates.
Ranya is proud to say she’s the only Glass painting Artist in her country Sierra Leone

Ranya is a National Award winner of the following for the best Female Artist.

1.The Sister’s Choice Award in 2018.

2. The imperial Kabalai award in 2019.

3. NEA Award( National Entertainment Award) in 2021

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POWER, LOVE AND DEVOTION

Price: NLe 27,090

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POWER, LOVE AND DEVOTION

Size of the Paintings:  16 In by 20 In

Artist Bio

Ranya S. Nirvan

Born in Kenema, in the Eastern Province of Sierra Leone, West Africa. Ranya is a Glass Painting Artist who fell in love with Glass Painting in Jaipur, India. She has been creating glass painting for over a Decade, and She is inspired by all forms of African art and Passionate about elevating Sierra Leonean Art to the next level.
Ranya uses glass and solvent based liquid paint to create her art, which she paints directly onto the glass. A fan of bright colors, contrast, and abstract art, Ranya strives to add personal touches to each piece of Art she creates.
Ranya is proud to say she’s the only Glass painting Artist in her country Sierra Leone

Ranya is a National Award winner of the following for the best Female Artist.

1.The Sister’s Choice Award in 2018.

2. The imperial Kabalai award in 2019.

3. NEA Award( National Entertainment Award) in 2021

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LOVE THYSELF POP ART

Price: NLe 13,545

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LOVE THYSELF POP ART

Size of the Paintings:  12 In by 16 In

Artist Bio

Ranya S. Nirvan

Born in Kenema, in the Eastern Province of Sierra Leone, West Africa. Ranya is a Glass Painting Artist who fell in love with Glass Painting in Jaipur, India. She has been creating glass painting for over a Decade, and She is inspired by all forms of African art and Passionate about elevating Sierra Leonean Art to the next level.
Ranya uses glass and solvent based liquid paint to create her art, which she paints directly onto the glass. A fan of bright colors, contrast, and abstract art, Ranya strives to add personal touches to each piece of Art she creates.
Ranya is proud to say she’s the only Glass painting Artist in her country Sierra Leone

Ranya is a National Award winner of the following for the best Female Artist.

1.The Sister’s Choice Award in 2018.

2. The imperial Kabalai award in 2019.

3. NEA Award( National Entertainment Award) in 2021

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How much do you estimate the price of this painting?

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The Map of Sierra Leone

Price: NLe 10,160

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The Map of Sierra Leone

Size of the Paintings:  12 In by 16 In

Artist Bio

Ranya S. Nirvan

Born in Kenema, in the Eastern Province of Sierra Leone, West Africa. Ranya is a Glass Painting Artist who fell in love with Glass Painting in Jaipur, India. She has been creating glass painting for over a Decade, and She is inspired by all forms of African art and Passionate about elevating Sierra Leonean Art to the next level.
Ranya uses glass and solvent based liquid paint to create her art, which she paints directly onto the glass. A fan of bright colors, contrast, and abstract art, Ranya strives to add personal touches to each piece of Art she creates.
Ranya is proud to say she’s the only Glass painting Artist in her country Sierra Leone

Ranya is a National Award winner of the following for the best Female Artist.

1.The Sister’s Choice Award in 2018.

2. The imperial Kabalai award in 2019.

3. NEA Award( National Entertainment Award) in 2021

Purchase Painting

How much do you estimate the price of this painting?

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Joseph

Artist Profile

Joseph Emmanuel Jalloh

Artist Name: Jozy

I’m a Sierra Leonean creative Artist and a model raised and schooled in the Gambia
I completed my degree in Applied Accounting in Sierra Leone at IPAM
I’m into adventure,basketball, hiking ,photography and reading novels

Exhibition Portfolio