Posted on

Janngo Capital Raises $4.3 Million From ANAVA to Back Francophone African Startups and Women-Led Businesses

New Investments

Janngo Capital Raises $4.3 Million From ANAVA to Back Francophone African Startups and Women-Led Businesses

The Janngo Capital Startup Fund (JCSF), a venture capital fund focused on Africa, has secured €4 million (US$4.3 million) in equity investments from ANAVA, Tunisia’s first euro-denominated fund of funds.

This marks a significant development for both institutions, with ANAVA making its first investment in a pan-African fund and JCSF bolstering its commitment to supporting female-founded businesses and startups in French-speaking African countries.

The funding will allow JCSF to invest in early-stage technology-enabled ventures with high growth potential.

These startups are expected to create a positive impact on the African economy, society, and environment.

JCSF, established by Fatoumata Bâ, is known for prioritizing investments in companies led by women, with 56% of its current portfolio boasting female leadership.

“This investment is a testament to JCSF’s dedication to fostering innovation across Africa,” said Fatoumata Bâ, JCSF’s Executive Chair.

“The additional funding will empower us to support even more promising tech startups, particularly those led by women and operating in Francophone countries.”

JCSF’s €60 million target corpus aims to support approximately 25 startups.

Recent investments by JCSF include a $4.9 million co-investment in Ivorian healthtech startup Susu (December 2023) and a lead role in a $3 million pre-Series A round for Star News Mobile, a creator monetization platform (October 2023).

ANAVA, managed by Smart Capital, is a pioneering initiative in Tunisia’s startup ecosystem.

With a target size of €100 million, ANAVA seeks to connect Tunisian startups with a broader network of global investors.

“This partnership allows ANAVA to contribute to the growth of promising African ventures while fostering connections with key industry players across the continent,” said Alaya Bettaieb, Director General of Smart Capital.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

You may also like...

Posted on

Climate-Focused VC Firm Satgana Secures €8 Million for Early-Stage Startups in Africa and Europe

New Investments

Climate-Focused VC Firm Satgana Secures €8 Million for Early-Stage Startups in Africa and Europe

Satgana, a venture capital (VC) firm specializing in climate solutions, announced the final close of its first fund.

The fund, which will target up to 30 early-stage climate tech startups across Africa and Europe, raised €8 million (US$8.6 million).

While the initial target in 2022 was set at €30 million (US$32.4 million), Satgana’s founder and General Partner, Romain Diaz, attributed the final amount to challenging fundraising conditions, particularly for first-time funds.

Despite falling short of the initial target, Diaz emphasized the firm’s commitment to “getting this fund right” to establish a strong foundation for future investments.

The secured capital will allow Satgana to fulfill its goal of investing in 30 companies within the first fund, including potential follow-on investments.

The firm prioritizes early-stage startups working on climate change mitigation and resilience solutions across sectors like mobility, food and agriculture, energy, and the circular economy. They typically invest around €300,000 (US$325,000) per startup.

Satgana is among a growing list of VC firms backing African climate tech entrepreneurs.

Established in 2020 by Diaz, who has a decade of experience in the African venture space, Satgana recently appointed Anil Maguru as Partner to lead their African strategy.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

You may also like...

Posted on

IFC Invests $10.5 Million in 4DX Ventures to Boost African Tech Startups

New Investments

IFC Invests $10.5 Million in 4DX Ventures to Boost African Tech Startups

The International Finance Corporation (IFC) has announced a $10.5 million investment in 4DX Ventures, a venture capital firm supporting early-stage tech companies in Africa.

This move aims to fuel innovation and entrepreneurship across the continent’s rapidly growing tech sector.

The IFC’s investment comes from their $225 million venture capital platform launched in 2023.

The fund targets strengthening emerging VC ecosystems and early-stage startups in Africa, the Middle East, Central Asia, and Pakistan.

Despite Africa’s vast potential, a significant funding gap exists. The continent received only 2% of global venture capital deals in Q3 2023.

This lack of capital, combined with a global slowdown in venture capital investment, hinders tech ecosystem growth beyond established markets.

“IFC and 4DX Ventures share a commitment to empowering tech entrepreneurs driving innovation in crucial sectors like climate, healthcare, and education,” said Walter Baddoo, Co-Founder and General Partner at 4DX Ventures.

The partnership aims to support promising startups in building impactful businesses that contribute to Africa’s sustainable development.

4DX Ventures’ new fund, backed by IFC’s investment, will focus on companies offering tech solutions that improve productivity, efficiency, and competitiveness across Africa.

Their previous investments include prominent players like MaxAB (e-commerce, Egypt), mPharma (health tech, Ghana), and Wasoko (B2B e-commerce, Kenya).

Mohamed Gouled, IFC’s Vice President of Industries, highlighted the broader goals of their venture capital platform.

These include increasing access to essential services, boosting business competitiveness, and creating jobs through digital transformation.

He believes investments in funds like 4DX Ventures will equip African entrepreneurs with the resources needed to scale their innovations and drive sustainable growth.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

You may also like...

Posted on

Egyptian Edtech Startup Sprints Secures $3 Million to Fuel Global Expansion

New Investments

Egyptian Edtech Startup Sprints Secures $3 Million to Fuel Global Expansion

Sprints, a leading Egyptian provider of AI-powered education technology (edtech), has secured $3 million in a bridge funding round.

The round was led by Disruptech Ventures, with participation from EdVentures, CFYE, and other investors.

This new investment will empower Sprints to achieve its ambitious expansion goals.

The company plans to enter ten new markets and significantly scale its operations. These funds will also be used to equip over 200,000 learners with the in-demand skills needed to succeed in the tech industry.

Founded in 2020 by Ayman Bazaraa and Bassam Sharkawy, Sprints offers a unique end-to-end learning experience.

The company leverages AI to assess individual learner needs and then tailors personalized learning journeys. They even go a step further, guaranteeing graduates a top-paying job upon successful completion of the program, with tuition deferred until employment is secured (within 3 years).

Sprints claims to be the first edtech startup in the Middle East and Africa (MEA) region to offer such a comprehensive solution.

The company boasts a team of over 100 employees and 300 trainers representing 12 countries, fostering a truly global perspective.

Since its inception, Sprints has facilitated over 2.5 million learning hours and helped place more than 300 graduates in tech jobs worldwide.

In addition to individual development, Sprints partners with organizations to build strong tech teams in various fields, including AI, data science, mobile development, and cybersecurity.

“This investment is a powerful testament to the tireless efforts and unwavering commitment of our entire team,” said Bazaraa.

“We are incredibly proud of what we’ve accomplished together, and we’re excited for the future we will build.”

This bridge round follows a successful seed funding round of $1.2 million secured by Sprints in April 2022.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

You may also like...

Posted on

Kenyan Electric Bus Startup BasiGo Secures $3 Million Funding for East Africa Expansion

New Investments

Kenyan Electric Bus Startup BasiGo Secures $3 Million Funding for East Africa Expansion

BasiGo, a Kenyan electric mobility company, has secured KSh396 million ($3 million) in equity funding from CFAO Group.

This investment will fuel BasiGo’s expansion plans to increase electric bus production in Kenya and Rwanda.

The funding comes from a combined effort by CFAO Kenya and Mobility54, CFAO’s venture capital arm dedicated to supporting innovative mobility solutions.
 
BasiGo says the new funds will accelerate deliveries of their electric buses, for which they already have reservations for 600 units.

BasiGo aims to deliver 1,000 electric buses assembled locally within the next three years. This ambitious plan is expected to create 300 long-term manufacturing jobs in Kenya.

“This funding round represents a significant step forward in our mission to expand electric mobility across Africa,” said Jit Bhattacharya, BasiGo’s Co-Founder and CEO.
 
“We are confident that electric buses can transform African economies by providing cleaner and more sustainable transportation options.”

The investment aligns with CFAO Group’s commitment to promoting green energy solutions in Africa.
 
In February 2024, CFAO signed a strategic agreement with the Kenyan government to establish a green energy value chain, encompassing power generation and utilization.
 
Additionally, CFAO’s Mobility54 subsidiary is actively investing in green mobility startups across East Africa.

CFAO’s dedication to electric mobility extends beyond financial investment.  In January 2024, CFAO Mobility Rwanda launched the first BYD electric car dealership in Kigali, marking a first for East Africa.

BasiGo has already made significant strides in the Kenyan electric bus market.  As of March 2024, their existing fleet has covered over 1.5 million kilometers, transporting more than 2.1 million passengers and contributing to a reduction of approximately 680 tonnes of greenhouse gas emissions.

Share :

“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

You may also like...

Posted on

Egyptian Digital Marketplace Pharmacy Marts Secures Funding for Growth and Expansion

New Investments

Egyptian Digital Marketplace Pharmacy Marts Secures Funding for Growth and Expansion

Pharmacy Marts, a leading digital marketplace for pharmacies in Egypt, has secured a six-figure bridge round of funding from Acasia Ventures, an early-stage venture capital firm.

This new investment will fuel the company’s ambitious plans for growth and international expansion.

Founded in 2021, Pharmacy Marts aims to revolutionize the pharmaceutical supply chain in Egypt by connecting pharmacies with suppliers through a user-friendly online platform.

Recognizing the challenges pharmacists face in securing financing, Pharmacy Marts also offers access to working capital and long-term financing options, including “Buy Now, Pay Later.”

With this latest funding round, Pharmacy Marts has secured a total of US$2 million to date.

The company boasts an impressive reach, covering approximately 20% of Egypt’s pharmacies (over 12,000) and collaborating with more than 200 suppliers.

“The distribution of medication in Egypt has historically been unreliable,” said Ahmed Kadous, CEO and co-founder of Pharmacy Marts.

“Our goal is to improve patient access to medication by addressing inconsistent product availability across pharmacies. This not only benefits patients but also simplifies the lives of pharmacists.”

Kadous expressed his enthusiasm about Acasia Ventures’ involvement, highlighting their strong presence in targeted African markets and valuable network of industry experts.

Acasia Ventures managing partner Aly El Shalakany is confident in Pharmacy Marts’ future, recognizing them as a frontrunner in the digital healthcare space.

“We are impressed by the company’s strong team and their innovative solution that addresses a critical need,” said Shalakany.

“We believe Pharmacy Marts is well-positioned for continued success, improving the lives of pharmacists and patients across Egypt and beyond.”

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

You may also like...

Posted on

Pan-African Talent Cloud Company Gebeya Partners with O’Reilly to Upskill African Workforce

Key Developments

Pan-African Talent Cloud Company Gebeya Partners with O'Reilly to Upskill African Workforce

Gebeya, a leading Pan-African talent cloud company, has announced a strategic partnership with O’Reilly, a respected provider of technology and business learning solutions, to empower African professionals in the digital age.

This collaboration will grant users across Gebeya’s Talent Cloud platforms access to O’Reilly’s expansive library of over 5,000 tech-focused courses.

Developed by industry experts, these resources cover a wide range of in-demand skills, including data analytics, cloud computing, artificial intelligence, and more.

“We’re excited to partner with Gebeya on this impactful initiative,” said Alexia Pedersen, Senior Vice President International at O’Reilly.

“Our comprehensive learning solutions, offered in various formats like books, videos, and online courses, will equip African talent with the knowledge and expertise needed to thrive in the evolving tech landscape.”

Gebeya’s AI-powered talent cloud platform allows partners to curate talent ecosystems, source candidates, assess skills, and build communities.

This partnership empowers Talent Cloud owners to offer O’Reilly’s content at a reduced cost and in local currencies, expanding accessibility for African learners.

“By integrating O’Reilly’s resources, we’re arming African professionals with the skills to excel in the digital economy,” said Martin Ndlovu, Chief Growth Officer of Gebeya.

This collaboration further strengthens Gebeya’s existing partnership with Microsoft, aiming to establish the largest Microsoft Talent Cloud dedicated to Africa.

Launching next week, Microsoft.gebeya.com will leverage O’Reilly’s curated Microsoft-aligned courses to bolster skill development for sought-after tech roles.

Learners who complete these programs will earn industry-recognized badges certifying their Azure competencies.

Additionally, they will gain access to practical resources like Azure labs, sandbox environments, and practice exams, preparing them to meet the demands of Microsoft partner talent needs.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

You may also like...

Posted on

Nigerian Fintech LemFi Teams Up With Visa Partnership to Facilitate Cross-Border Transactions in Asia

Key Developments

Nigerian Fintech Startup LemFi Teams Up With Visa Partnership to Facilitate Cross-Border Transactions in Asia

Nigerian fintech company LemFi has signed a strategic deal with Visa’s Cross-Border Solutions division to fuel its international expansion into key markets like China, India, and Pakistan.

This partnership leverages Visa’s expertise in facilitating cross-border transactions, bolstering LemFi’s ability to serve its growing user base.

The collaboration comes on the heels of LemFi’s appointment of industry veteran Allen Qu, formerly COO of Opay, to spearhead its China expansion efforts.

The agreement strengthens LemFi’s existing relationship with Visa, which has provided debit and prepaid debit cards to over 250,000 of its users in the UK and EMEA region. Visa will also remain LemFi’s preferred partner for e-payments and foreign exchange services.

Founded in 2020 by Ridwan Olalere, LemFi, formerly known as Lemonade Finance, empowers immigrants with a multi-currency account solution.

This innovative platform allows users to manage, transfer, and receive funds seamlessly between their home and host countries’ currencies. LemFi currently facilitates money transfers to over 30 countries worldwide.

“Our combined expertise and robust technology platform position us perfectly for international expansion,” said Olalere. “Visa’s established network, transparency, and scalability will be instrumental in extending our services globally.”

LemFi’s international ambitions gained momentum in August 2023 with its U.S. launch, supported by an International Money Transfer Operator (IMTO) license obtained through its subsidiary, RightCard Payment Services Limited, from the Central Bank of Nigeria.

The company further bolstered its position that same month with a $33 million funding round aimed at streamlining remittance services for immigrants.

Continuing its strategic growth trajectory, LemFi partnered with ClearBank, a UK-based clearing and agency banking platform, in December 2023.

This collaboration aims to provide enhanced international payment services for immigrant communities across North America and Europe through agency banking solutions.

In February 2024, LemFi successfully resumed operations in Ghana, two months after a temporary suspension following regulatory clarifications by the Bank of Ghana.

With a robust partnership with Visa and a clear vision for global expansion, LemFi is set to become a leading player in the international money transfer market, empowering immigrants with seamless financial solutions.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

You may also like...

Posted on

Tunisian AI Startup ClusterLab Secures Pre-Seed Funding Led by Instadeep CEO

New Investments

Tunisian AI Startup ClusterLab Secures Pre-Seed Funding Led by Instadeep CEO

ClusterLab, a Tunisian-born artificial intelligence (AI) startup headquartered in the United Arab Emirates (UAE), has secured $600,000 in a pre-seed funding round.

The investment, led by Karim Beguir, CEO of fellow Tunisian AI firm InstaDeep, will fuel ClusterLab’s research and development of next-generation large language models (LLMs).

These advanced LLMs are expected to significantly improve ClusterLab’s natural language processing (NLP) capabilities.
 
This will allow the company to enhance user experiences within its AI-powered products, including Reedz, a mobile application that summarizes audiobooks, and Elm, an AI-driven learning app.

The funding marks a major step forward for ClusterLab’s mission to revolutionize how Arabic content is created and consumed.
 
The company aims to leverage the power of AI to make Arabic content more accessible and engaging for a global audience.

Founded in Tunisia in 2020 by Haithem Kchaou and Chehir Dhaouadi, ClusterLab specializes in AI and NLP technologies.
 
The company is committed to using AI for positive social and educational impact. Notably, ClusterLab collaborated with InstaDeep on a national AI initiative for Tunisia’s Ministry of Higher Education and was selected for the prestigious Nvidia Inception Program for AI startups.

“Our expertise goes beyond the limitations of current large language models,” said Kchaou, CEO of ClusterLab. “We were forerunners in using NLP for innovative content summarization well before it became mainstream.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

You may also like...