The investment, led by the Ecosystem Integrity Fund (EIF) alongside Acumen and Hard Edged Hope Fund, includes $7.5 million in debt from the Africa Go Green Fund managed by Cygnum Capital.

This capital injection will fuel Ampersand’s growth in three key areas:

– Boosting production of electric motorcycle batteries: The company aims to ramp up battery production to meet the surging demand from delivery and taxi motorcycle riders transitioning to cleaner mobility solutions.

– Expanding battery swap station network: With a growing fleet of electric motorcycles, Ampersand will strategically expand its network of swap stations in Kigali and Nairobi, ensuring convenient battery replacements for riders.

– Accelerating R&D: Ampersand plans to invest in research and development, focusing on next-generation batteries, software enhancements, and improved battery-swap technology.

Since its 2016 launch, Ampersand was the first to deploy electric motorcycles in Africa (May 2019).

Ampersand’s motorcycles have covered a collective 180 million kilometers, reducing carbon emissions by 8,000 tons.

The company currently serves 1,700 riders and facilitates 140,000 monthly battery swaps in Kigali and Nairobi.

Founded in 2016, Ampersand is headquartered in Kigali, Rwanda. The company operates in Rwanda and Kenya, with 32 battery swap stations and a fleet of 1,700 electric motorcycles.

The company is recognized for its commitment to affordability and sustainability, with its African-made battery fleet leading in cost-effectiveness for light-electric vehicles.

With ambitious goals to serve one million vehicles daily by 2030, Ampersand is positioned to contribute significantly to a greener Africa and create green jobs.

This capital injection was led by the Land Degradation Neutrality (LDN) Fund from Mirova and the Regenerative Growth Fund 1 managed by Zebra Impact and Mirabaud.

The funding will fuel Koa’s ambitious plans to tenfold its current production, empower 10,000 additional cocoa smallholders, and champion regenerative agriculture practices.

By doing so, Koa aims to tackle the twin challenges of food waste and climate change, while simultaneously boosting farm incomes and carving a sustainable path for the future of cocoa.

Unlike the traditional model that discards the juicy cocoa fruit after extracting the beans, Koa sees hidden potential in it.

Through their newly inaugurated processing facility in Ghana, the company ingeniously transforms the fruit pulp into value-added ingredients for the food and beverage industry, creating everything from smoothies and juices to chocolates and snacks.

By collaborating with Ghanaian farmers and sharing its upcycling technology, Koa empowers local communities, generates additional income for families, and reduces food waste on farms.

Other notable investors include GMS Capital Partners LLC (US), Verod-Kepple Africa Ventures (Nigeria), and M3, Inc. (Japan).

This significant investment fuels Chefaa’s expansion, particularly in Saudi Arabia, where it recently began operating in eight cities.

Founded in 2017 by Rasha Rady and Doaa Aref, Chefaa is a female-led e-pharmacy platform dedicated to providing a seamless end-to-end healthcare experience.

Beyond medication delivery, the platform offers online consultations with doctors and tools for managing chronic diseases, all with a patient-centric approach.

The fresh capital will not only strengthen Chefaa’s Saudi Arabian presence but also bolster its mission to spearhead the safe digital transformation of healthcare.

Their plans include scaling operations across Saudi cities, developing further models for digitizing the healthcare supply chain, and investing in platform and service enhancements.

Investors were drawn to Chefaa’s proven success, innovative spirit, and dedication to improving healthcare accessibility. Key factors behind the investment include:

CEO Doaa Aref expressed gratitude for the investor support: “We are incredibly grateful for the trust and confidence that our investors have placed in us. This investment will enable us to accelerate our mission of making healthcare more accessible and convenient for everyone.”

Chefaa’s recent milestone, driven by its focus on innovation and positive impact, marks a significant step forward in its journey to transform healthcare delivery in the region.

This marks a new chapter in their mission to empower impactful startups across Sub-Saharan Africa.

Building on the success of their first fund, which backed prominent names like insurtech Pineapple and home services platform SweepSouth, E4E Africa continues its focus on high-potential businesses driving positive change.

Their expertise lies in fintech, education, job tech, e-health, and energy solutions, where they seek out exceptional entrepreneurial teams building scalable ventures.

E4E Africa’s commitment to founder-centric support goes beyond capital. They leverage their extensive network of experienced entrepreneurs to provide valuable guidance and mentorship, creating a nurturing environment for startups to thrive.

Fund II has already invested in three promising companies: Kwara, a Kenyan core banking platform, TUNL, a South African tech-enabled export shipping provider, and a disruptive player reshaping Kenya’s embedded finance landscape.

The investment, led by Founders Factory Africa, Digital Africa Ventures, E4E Africa, and Jozi Angels, will fuel TUNL’s expansion within South Africa and pave the way for entry into other key African and emerging markets.

Founded in 2022 by CEO Matthew Davey and COO Craig Lowman, TUNL was launched out of Davey’s firsthand experience with the inefficiencies and high costs of international shipping.

Recognizing the challenge faced by e-commerce merchants, particularly SMEs, TUNL aims to level the playing field with a transparent and democratized pricing model.

“Cross-border shipping in Africa results in an estimated annual loss of $50 billion for businesses,” Davey explains.

“Even high-quality goods like textiles and camera accessories can be priced out due to exorbitant shipping fees, despite the presence of major couriers. TUNL partners with these same couriers, like UPS and FedEx, but negotiates favorable rates and offers significant cost savings to our merchants – up to 50% to 75% for SMEs.”

On the TUNL platform, merchants can offer customers flexible shipping options at checkout. This includes an “economy” option with shipping costs built into the product price, enabling free delivery via TUNL’s courier service with a slightly longer timeframe.  

Since its launch, the platform has experienced a 35% month-on-month increase, boasting over 700 merchants and facilitating over 8,000 international parcels in 2023, representing R19.5 million worth of exports from South Africa.

With monthly revenue approaching $60,000, TUNL plans to utilize the funding to enhance merchant onboarding, streamline the platform’s user experience, and drive sales growth.  

This funding round, led by a consortium of renowned investors, including INCO Ventures, Al Mada Ventures, Janngo Capital, and Open CNP, will fuel Susu’s mission to revolutionize healthcare access in Francophone Africa.

Founded in 2019, Susu tackles the critical challenge of bridging the healthcare gap in Africa, where rapid population growth coincides with a rise in chronic diseases like diabetes and hypertension.

Their innovative solution lies in a comprehensive digital platform connecting beneficiaries, medical providers, financial contributors, and internal teams.

This 360° approach, coupled with partnerships with top healthcare providers, ensures a high-quality medical network at the fingertips of users.

Susu’s unique offerings extend beyond traditional healthcare.

They provide both local and international health insurance coverage alongside tailor-made “health bundles” catering to specific needs.

Importantly, the startup leverages innovative financing models, enabling third-party contributions from the African diaspora, relatives, employers, and even charities.

This news comes on the heels of a successful Series C extension round, further propelling Copia’s mission to empower mass market consumers across rural Africa.

Enza Capital, the Pan-African VC firm co-founded by Lazar, participated in the recent funding round, reflecting its confidence in Copia’s potential.

The investment in Copia aligns perfectly with the rapidly growing African consumer market.

The International Monetary Fund (IMF) projects that consumer spending in Africa will surpass $2 trillion within the next three years, primarily driven by the expanding middle class.

Copia, however, focuses on a segment often overlooked by traditional e-commerce platforms: mid and low-income consumers in rural areas.

These individuals face unique challenges in accessing goods and services, with limited choices, unreliable options, and cost concerns often hindering their purchases.

Despite these challenges, Copia sees immense potential in this underserved market.

With approximately 750 million potential customers across Africa, Copia’s hyperlocal strategy leverages a network of local agents to bridge the gap between rural consumers and essential products and services.