The round, exceeding its target investment, was led by Norrsken22 with participation from First Circle Capital, Musha Ventures, Kara Ventures, and strategic angel investors.

Founded in January 2024 by Thalia Pillay and Carla Wilby, Orca equips banks and fintech companies in emerging markets with easy-to-use yet powerful fraud prevention tools.

The startup aims to empower fraud analysts and compliance officers to combat various financial threats effectively.

Orca plans to leverage the funding to expand its team and focus on building, validating, and iterating its fraud and compliance solutions.

Initially focusing on the South African market, the company will gather customer feedback to refine its offerings.

This investment highlights the growing need for robust fraud protection solutions in emerging markets, where financial institutions and fintechs navigate unique challenges.

Orca’s commitment to providing simple and effective tools positions them to play a significant role in safeguarding the financial landscape in these regions.

The announcement was made during President William Ruto’s State Visit to Washington in May 2024.

The DFC’s new investments include substantial loans and grants to five Kenyan companies: M-KOPA, BasiGo, Mogo Auto, Roam Electric, and Pezesha Africa Limited.

These investments are part of DFC’s broader strategy to support technological advancement and sustainable development in Kenya.

M-KOPA, a Nairobi-based digital financing company that caters to underbanked Africans, received a $51 million loan.

This investment will help M-KOPA expand digital connectivity across Kenya and provide underserved communities with affordable smartphones.

The commitment was officially signed by DFC CEO Scott Nathan and M-KOPA Co-Founder and CEO Jesse Moore.

M-KOPA has already produced over 1 million smartphones locally. With the new funding and support from both DFC and the Kenyan government, the company plans to further expand its local production facility.

This initiative is expected to significantly enhance digital access for many Kenyans.

In support of President Ruto’s Africa Green Industrialisation Initiative, DFC provided a $10 million loan to both Mogo Auto Kenya and BasiGo.

Mogo Kenya, known for its specialization in used vehicle loans, logbook loans, and motorcycle loans, will use the funds to promote e-mobility. BasiGo, a manufacturer of electric buses, recently inaugurated its production line in Kenya and will use the loan to boost its operations.

Roam Electric, another key player in Kenya’s e-mobility sector, received a $10 million loan to assist in the design and development of electric motorcycles, buses, and charging stations.

This investment is expected to propel Kenya’s transition to electric vehicles, reducing carbon emissions and fostering sustainable transport solutions.

Pezesha, a digital financial enabler for small and medium-sized enterprises (SMEs), was awarded a $500,000 Technical Assistance grant. This grant will enable Pezesha to enhance its credit scoring algorithms using advanced computing technologies, thereby improving financial inclusion for Kenyan SMEs.

These investments were announced during President Ruto’s State Visit to the United States, where he was welcomed by President Biden.

The visit, which marked 60 years of official US-Kenya partnership, underscored the deepening ties between the two nations.

According to a US government report, ‘FACT SHEET: Kenya State Visit to the United States,’ the visit celebrated key investments in Kenya’s digital and renewable energy sectors.

The investment, a mix of equity and debt, will propel the company’s expansion into the Gulf Cooperation Council (GCC) region later this year.

The funding round was led by Delivery Hero Ventures, with participation from Norrsken22, existing investors Nclude and A15.

This comes on the heels of OneOrder’s successful $3 million Seed round in December 2022.

OneOrder addresses inefficiencies in the hospitality industry’s supply chain across Africa and the Middle East and North Africa (MENA) region.

The company tackles challenges arising from fragmented supplier networks and manual processes that plague the hotel, restaurant, and catering (HoReCa) sector.

These issues lead to limited price transparency, difficulties in obtaining high-quality ingredients, excessive waste and storage costs, and restricted access to financing for business growth.

“Traditionally, restaurants and hotels juggle interactions with countless suppliers, receiving multiple deliveries daily, causing disruptions and inventory shortages,” explained Tamer Amer, CEO of OneOrder.

He further emphasized that existing solutions merely digitize the problem.

“Unlike basic Enterprise Resource Planning (ERP) systems, OneOrder acts as a comprehensive solution, streamlining the entire supply chain. We house a vast selection of ingredients in strategically located warehouses, catering to all restaurant needs,” Amer elaborated.

The Egyptian food service market is projected to reach $18.14 billion by 2029, reflecting a significant growth trajectory.

Founded in 2022 by Tamer Amer and Karim Maurice, OneOrder leverages technology to connect restaurants directly with local suppliers for their daily procurement needs.

The platform tackles issues including product availability, price fluctuations, consistency, delivery efficiency, and access to working capital.

Brendon Blacker, Managing Partner at Delivery Hero Ventures, expressed optimism about the investment’s impact. “This funding will empower OneOrder to expand its services geographically, replicating the success it has achieved in Egypt across the GCC region,” Blacker stated.

This partnership with the Department of Trade, Industry, and Competition (DTIC) aims to fuel innovation, create jobs, and prepare the country for the future of artificial intelligence (AI).

A significant portion of the investment, $34.6 million, will be directed towards an enterprise development program. This initiative prioritizes Black-owned tech startups and fosters disruptive technologies.

“The Fund will assist Black South Africans in harnessing the power of technology to be more competitive and expand their businesses,” said Ebrahim Patel, Minister of Trade, Industry and Competition.

The investment also includes a $18.9 million skills development program. This initiative will provide young Black South Africans with intensive training and leadership development opportunities to prepare them for the AI-driven workforce.

“We believe there’s a tremendous opportunity for those who acquire AI skills,” said Kalane Rampai, Microsoft SA MD. “Organizations that empower their employees with AI tools will attract top talent.”

An additional R160 million (US$8.7 million) will be allocated to research and development programs to further propel South Africa’s AI advancements.

This investment aligns with South Africa’s recent efforts to embrace AI. The country unveiled a draft national AI plan in April 2024, following the establishment of the AI Institute of South Africa (AIISA) and the Centre for Artificial Intelligence Research (CAIR).

“The digital revolution demands a skilled workforce,” said Rampai. “Microsoft’s investment aims to empower South Africans and propel the country’s SMMEs, the backbone of the economy, through technology and digital transformation.”

SMMEs contribute nearly 40% of South Africa’s GDP and employ roughly half of the workforce. However, many struggle to secure funding, often relying on personal savings or loans.

Microsoft’s investment offers a much-needed boost to South Africa’s burgeoning tech sector and its ambitions to become a leader in AI development.