The fund will focus on companies with a strong social and environmental impact, targeting those tackling climate change challenges, facilitating the region’s economic formalization, and improving agricultural productivity. Investments will range from pre-seed to Series A stages.

Ring Africa leverages the expertise of Mstudio, an Abidjan-based startup studio established in 2023.

Mstudio’s founders, Cedric Mangaud and Leslie Ossett, bring experience from co-founding Saviu Ventures and BuuPass, respectively.

They aim to adapt successful business models from English-speaking Africa to the Francophone market, focusing on solutions that empower the region’s vast informal sector, which employs an estimated 95% of the working population.

Mstudio has already invested in over eight startups across fintech, edtech, and social commerce.

“We are very pleased to partner with Ring Capital for their African fund, an initiative that marks a significant step forward for the Francophone Africa technology ecosystem,” said Mangaud.

“This partnership underscores our shared commitment to driving inclusive and sustainable economic development, recognizing the transformative potential of startups and technology in the sub-region.”

Ring Capital has also appointed Elisabeth Moreno, former French Delegate Minister for Gender Equality, Diversity, and Equal Opportunities, as President of its board.

Moreno will champion Ring Africa’s commitment to gender equality and inclusion while supporting the fund’s growth.

The funding round was co-led by Aruwa Capital Management and Newtown Partners, with participation from Ventures Platform.

MDaaS Global, co-founded in 2017, focuses on providing tech-enabled healthcare services to underserved communities in Nigeria.

The company operates 17 diagnostic centers across 10 states, offering services such as imaging, cardiac diagnostics, and laboratory testing.

With the new funding, MDaaS Global plans to establish a presence in all 36 Nigerian states through a combination of company-owned and franchised clinics.

This expansion aims to improve access to quality healthcare for millions of Nigerians, particularly those in underserved areas.

“This funding is a significant milestone for MDaaS Global,” said Oluwasoga Oni, CEO of MDaaS Global.

“It will allow us to reach more Nigerians with critical healthcare services and further our mission of making quality healthcare accessible and affordable for all.”

MDaaS Global also uses its SentinelX app to offer patients access to personalized care programs, including preventive healthcare options.

While the company initially focused on direct-to-consumer services, it has found success offering its services to businesses, providing them with employee health screenings and government-mandated testing.