The winner will represent Africa at the global event in Tallinn, Estonia, next year, with a chance to win a share of the €1 million (US$1.1 million) prize pool.

Latitude59, Estonia’s premier startup and tech event, hosted its 12th edition in May.

The competition, now in its third year, continues to attract innovative startups from around the world.

It drew over 3,500 attendees, including more than 900 startup representatives and nearly 600 investors.

In September, Latitude59 launched its call for African early-stage startups to compete for a spot in its 2024 global pitch event.

A total of 382 applications were submitted from 37 African countries, highlighting the continent’s thriving entrepreneurial ecosystem.

The top 10 startups have now been selected to pitch at the African final, scheduled for November 28 in Kenya.

The selected Kenyan ventures include:

• Eco Nasi: Converts pineapple pulp waste into vegan leather.
• Grekkon: Develops moisture sensors for smallholder farmers.
• NoMa: Digitizes school transportation through a tech platform.
• Paycloud: Builds a neobank to support African MSMEs with payments, credit access, and aggregation.
• Roadrims: Offers reliable and cost-effective logistics solutions.
• Twiva: Operates as a social commerce platform.
• VunaPay: Provides instant payments to farmers.
• Zerobionic: Creates a robotic arm tailored for students with hearing impairments.

Nigeria and Tanzania Join the Race

Rounding out the top 10 are AcemyX from Nigeria, which provides a learning management system (LMS) offering personalized tools for exam preparation, and Afya Mama from Tanzania, which delivers maternal and reproductive health information through SMS and a web app.

The African winner will head to Estonia to pitch at next year’s Latitude59, competing for the lucrative prize pool and gaining global exposure among investors and industry leaders.

The funds will support Energenic’s expansion within South Africa and across the continent. It will focus on scaling its operations to meet growing energy demands.

Energenic specializes in delivering cost-effective and reliable energy solutions tailored to key sectors such as telecommunications, tourism, and commerce.

The company’s efforts are particularly timely, as Africa faces ongoing infrastructure challenges in the energy sector.

With electrification rates averaging only 30% in many regions, there is increasing demand for alternative power solutions, particularly renewable hybrid systems that address both energy access and environmental sustainability.

Sihle Gumede, a partner at Sanari Capital and leader of the investment, emphasized Energenic’s role in driving innovation.

“We are thrilled to partner with the management team at Energenic as we embark on an exciting journey to expand and scale the business across the African continent,” said Gumede.

“For decades, Energenic has pioneered energy solutions within the diesel generator space. Now, with over 20 years of expertise and a spirit of innovation, the focus is shifting to hybrid solutions that provide energy security, affordability, and environmental sustainability.”

This investment marks Sanari Capital’s first entry into the energy sector and positions Energenic as the fourth portfolio company within the Sanari 3S Growth Fund.

James van Wyk, founder and CEO of Energenic, welcomed the partnership with enthusiasm.

“Having seen Energenic and our principal brand, Generator Logic, through several transformations over the past 25 years, I am pleased to welcome Sanari Capital as partners. Our dedicated team, from steel fabricators to engineers working in remote locations across Africa, shares a commitment to innovation and excellence,” he said.

Van Wyk highlighted the alignment between Energenic’s vision and Sanari’s strategic expertise.

“We have been on a journey to find an investor that understands our vision and is willing to help us grow strategically during this changing time. Sanari’s track record in scaling companies in a technologically driven world makes them the ideal partner for our next phase of growth.”

Energenic’s expansion comes as the demand for hybrid energy solutions continues to rise, driven by the need for more reliable, affordable, and sustainable energy across the continent.

With Sanari Capital’s support, the company aims to solidify its position as a key player in addressing Africa’s energy challenges.

Now open for applications, the fund is actively seeking investment-ready infrastructure projects and growth companies developing scalable, climate-resilient water and sanitation solutions.

The fund prioritizes investments in Kenya and South Africa within Africa, with an additional focus on Brazil, India, Indonesia, Mexico, Peru, and the Philippines.

It aims to support projects that address critical water challenges exacerbated by climate change.

“Climate change is intensifying threats to health, productivity, and critical infrastructure, especially in regions already vulnerable to water stress,” stated Marlene Hormes, Chief Investment Officer at WaterEquity.

“This funding initiative will enable us to identify and support projects that leverage private sector investment to advance innovative and impactful water solutions. Our goal is to create sustainable water access, enhance community resilience, and foster long-term positive change in low-income communities across emerging markets.”

The Water & Climate Resilience Fund focuses on infrastructure projects and growth companies across the water value chain.

The fund targets equity and mezzanine investments, considering ticket sizes ranging from $2 million to $15 million. It prefers minority ownership stakes and has an investment horizon of five to seven years.

By mobilizing private investment in climate-resilient water infrastructure, WaterEquity aims to address global water challenges while driving sustainable development in vulnerable communities.

The initiative, spearheaded by the African Centre for Technology Studies (ACTS), aims to foster ethical AI development and strengthen international partnerships.

ACTS, a leading research organization known for driving sustainable development through science, technology, and innovation policies, is leading this groundbreaking collaboration between Kenya and the United Kingdom.

The fund focuses on advancing Kenya’s AI ecosystem by supporting projects that align with the country’s national AI strategy.

Target sectors include healthcare, agriculture, education, and public service delivery, with an emphasis on safety, ethics, equity, and inclusion.

Speaking at the fund’s launch, Ali Hussein Kassim, Board Chair at the Kenya ICT Action Network (KICTANet), highlighted the initiative’s twin objectives of policy alignment and institutional capacity building.

“Through this fund, our objective is clear: to strengthen UK-Kenya partnerships around AI to build Kenya’s AI ecosystem with a dual approach – policy and systems alignment on one hand, and institutional capacity building on the other,” Kassim stated.

The UK-Kenya AI Challenge Fund also prioritizes the development of ethical frameworks to ensure responsible innovation while empowering Kenyan institutions to enhance their AI expertise.

This dual focus aims to position Kenya as a leader in AI research and innovation across Africa.

Additionally, the fund is dedicated to addressing pressing societal challenges and fostering innovative, impactful solutions.

The initiative underscores the importance of inclusive growth and international collaboration.

The UK-Kenya AI Challenge Fund strengthens Kenya’s AI capabilities and serves as a model for sustainable AI development in Africa and beyond, paving the way for a future where technology benefits all sectors of society.

The funding aims to bolster Spouts’ mission of expanding clean water access across the region and enhancing its carbon credit program.

Spouts’ ceramic water filters are designed to provide an affordable and sustainable solution for safe drinking water.

The filters eliminate the need for boiling water, a widespread practice in Africa that relies heavily on firewood and charcoal, contributing to deforestation and carbon emissions.

“Incofin is proud to partner with Spouts, a team that has shown remarkable dedication to bringing safe drinking water to underserved communities,” said Wanjiru Waithaka, Incofin’s Regional Director for Africa.

“Through this collaboration, we aim to foster healthier and economically resilient communities. Our vision is a future where access to clean water is a universal right, empowering families to focus on education, livelihoods, and building brighter futures.”

Spouts CEO Daniel Yin expressed enthusiasm for the partnership, calling it a transformative milestone for the organization.

“Incofin’s investment is a pivotal moment for Spouts. It will allow us to double our reach in the next five years. We look forward to our collaboration as we enter this new phase of growth and impact,” he said.

Incofin ventured into the drinking water sector in 2023 and has been actively deploying its W2AF to support impactful initiatives.

This latest investment underscores the fund’s commitment to addressing water access challenges and promoting sustainable solutions in underserved regions.

This year’s program spotlights innovators tackling pressing challenges across fintech, health tech, and artificial intelligence, showcasing the continent’s diverse technological capabilities.

Launched in 2018, the accelerator has supported 106 startups from 17 African countries, collectively raising $263 million in funding and creating over 2,800 jobs.

By providing mentorship, equity-free support, and access to Google’s extensive network, the program equips startups with the tools to scale their solutions and drive transformative change across Africa’s digital economy.

The 2024 cohort features six startups:

• Aveade: A digital marketplace connecting buyers and sellers, enhancing accessibility and product diversity.
• Breaze Delivery: A platform facilitating real-time, efficient deliveries through a network of drivers.
• Mapha Logistics: A service enabling township and rural merchants with digital tools to optimize operations.
• Swagshack: An online streetwear marketplace linking emerging brands with customers for seamless transactions.
• Vuleka: An e-commerce and fintech solution bridging informal businesses to customers via online and offline channels.
• Wisi-Oi: A video-driven fashion resale platform revolutionizing the pre-owned clothing market.

These startups are well-positioned to address systemic challenges in African markets, including financial inclusion, healthcare access, and education. 

Google’s focus on leveraging artificial intelligence and advanced technologies ensures the cohort is equipped to make a meaningful impact in their respective sectors and the broader economy.

The program highlights Google’s dedication to supporting Africa’s tech entrepreneurs amidst a challenging venture funding environment.

With resources, mentorship, and a global network, the initiative provides a vital springboard for African startups to scale and bring innovative solutions to the continent’s most pressing issues. 

The fund aims to bolster debt funding for early-stage startups across the continent.

With a current portfolio exceeding $1 billion in loans to over 300 businesses, the organization is introducing its proven financing model to support Africa’s burgeoning entrepreneurial ecosystem.

Founded in 2015 by Fatou Diagne and Stephanie Heller, Bootstrap Europe manages a EUR250 million ($270 million) growth debt fund designed to provide non-dilutive financing options for high-growth companies.

The fund addresses a critical gap in the market by offering flexible, founder-friendly loans tailored for companies seeking sustainable scaling opportunities.

“We identified a market need for alternative financing that supports founders without dilution while offering strategic guidance,” Diagne explained.

Bootstrap Europe’s funding is backed by a diverse network of institutional investors, family offices, and organizations like the European Investment Fund, British Business Investment, and the Visa Foundation.

After closing its third fund last year, the organization is now incorporating African startups into its latest investment strategy and establishing a regional franchise.

Drawing from her African roots and investment expertise, Diagne emphasized the potential of African tech startups:

“Having worked in South Africa and observed the innovation emerging across the continent, I’ve seen firsthand the resilience and creativity of African entrepreneurs,” she said.

“We aim to empower these startups with financial support and help drive sustainable growth.”

The fund plans to target sectors such as fintech, e-health, and logistics, alongside smaller investments in agri-tech, renewable energy, and ed-tech.

A strong emphasis will be placed on scalable businesses with sound unit economics and clear paths to profitability.

Operating from its London office, Bootstrap Europe will leverage connections in key markets such as South Africa, Kenya, Senegal, and Morocco to gain local insights and foster strategic partnerships.

This move marks an exciting chapter in Bootstrap Europe’s mission to provide accessible and impactful funding solutions to entrepreneurs worldwide.

Founded by Heba Elgabaly, Efreshli offers convenient online furnishing and decorating services.

The platform features thousands of products from over 150 of Egypt’s leading brands, providing customers with a streamlined shopping experience.

The seed round was led by Algebra Ventures, with participation from 500 Startups, Dar Ventures, and angel investors.

The new capital will support Efreshli’s technological advancements and broaden its product range.

In addition to the funding, Efreshli has announced the appointment of Dina Elhaddad as co-founder and Chief Product Officer (CPO).

Elhaddad brings 15 years of experience in consumer technology, including eight years at Google, where she played pivotal roles in developing tools like Google Assistant and Google Shopping.

Expressing excitement about these developments, Elgabaly said:

“With new funding and Dina joining as co-founder and CPO, we can accelerate our tech-driven growth and bring Efreshli closer to its mission of making interior design accessible for everyone.”

Elhaddad shared her enthusiasm for her new role, stating:

“Efreshli’s vision goes beyond furniture; it’s about creating a holistic ecosystem. With initiatives like Efreshli Pro, we aim to connect customers and designers, making the furnishing process seamless.”

The investment reflects confidence in Efreshli’s ability to transform the industry. Laila Hassan, General Partner at Algebra Ventures, highlighted the startup’s potential, stating:

“Efreshli’s designer-first approach reimagines the customer journey. Egypt, as the region’s largest furniture exporter, stands at the heart of a vibrant industry, and Efreshli is well-positioned to lead this disruption across MENA.”

Hassan also acknowledged the leadership of Elgabaly and Elhaddad, emphasizing their combined expertise in furniture design and technology.

With this milestone, Efreshli is poised to scale its operations and continue revolutionizing the home furnishing experience in Egypt and beyond.

The agreement is expected to catalyze economic growth in these regions by increasing access to trade finance and liquidity.

This collaboration builds on a decade-long partnership between the two organizations.

Since the inception of their agreement in 2013, Standard Chartered and BII have facilitated over $10 billion in trade volumes across more than 10 countries, including Kenya, Tanzania, Nigeria, Bangladesh, Pakistan, and Nepal.

In the past year alone, the facility has supported approximately $450 million in trade.

The renewed agreement expands its scope to cover additional dynamic markets while focusing on key sectors such as agriculture, healthcare, technology, industrials, and infrastructure.

By addressing the global trade finance gap, this partnership aims to provide critical resources to businesses across diverse industries, promoting trade and economic transformation in these regions.

This initiative aligns with the United Nations’ Sustainable Development Goals (SDGs), particularly Decent Work and Economic Growth (SDG 8), Industry, Innovation, and Infrastructure (SDG 9), and Responsible Consumption and Production (SDG 12).

Commenting on the renewed partnership, UK Development Minister Anneliese Dodds emphasized its importance:

“I am delighted to see BII and Standard Chartered renew their facility to deliver trade finance throughout Africa and South Asia. This is an important partnership that will support SMEs and corporates to grow and deliver critical goods and services. Trade plays an important role in economic transformation, and this risk-sharing facility demonstrates how BII can work with financial institutions to support our shared development objectives.”

Nick O’Donohoe, CEO of BII, highlighted the significant impact of the partnership:

“We are proud of the positive impact that this long-standing trade finance facility with Standard Chartered has had in Africa and South Asia. By enabling over $10 billion in trade volumes, the facility continues to empower businesses and facilitate the vital flow of essential goods and services including food and healthcare. This is pivotal in supporting economic growth and creating new opportunities in these regions. It is also a step closer to narrowing the global trade finance gap.”

Saif Malik, CEO of Standard Chartered UK, underscored the bank’s commitment to driving global trade:

“As a leading international banking group, we play a vital role in enhancing access to the capital and liquidity that is essential for global trade. This strategic agreement will provide significant support to businesses with high potential but constrained access to finance. It aligns with our vision of connecting the world’s most dynamic markets in trade, investment, and capital flows.”

This renewed partnership reaffirms both organizations’ commitment to fostering sustainable economic growth, supporting SMEs, and delivering critical goods and services across Africa and South Asia.