This significant investment aims to drive the expansion of African cross-border trade and provide much-needed support to small and medium-sized enterprises (SMEs) operating in the sector.

Founded in 2021 by Moni Alli, a former McKinsey consultant with extensive experience in digital transformations for tier-one banks, FrontEdge specializes in catering to the financial needs of SME exporters and importers.

The company provides working capital and software tools to facilitate seamless cross-border and international transactions, addressing the prevalent financing gap faced by SMEs in the African region.

FrontEdge’s innovative approach distinguishes it from traditional banks.

Unlike conventional lenders, FrontEdge offers upfront capital to exporters based on transaction-based underwriting, eliminating the requirement for collateral.

This flexible approach allows exporters to access financing at critical stages of their transactions, often when goods are in transit or at the warehouse. By accelerating receivables, FrontEdge empowers exporters to engage in more trade opportunities.

Beyond its lending capabilities, FrontEdge has evolved into a comprehensive trade finance platform.

The company integrates with various databases to provide valuable insights into cross-border trading dynamics and underwrites offshore credits of buyers. Additionally, FrontEdge facilitates the setup of overseas offshore accounts, addressing the challenges associated with capital controls and high banking fees.

With the newly secured funding, FrontEdge plans to expand its operations and enhance its service offerings.

The company aims to hire additional talent, scale its financing product across Nigeria, Ghana, Ivory Coast, and Kenya, and launch new products to diversify its revenue streams beyond financing.

TLG Capital were among the lead investors in the startup’s latest funding round.

This funding will enable Ed Partners Africa to expand its reach and provide much-needed financial support to schools that are striving to offer quality education at affordable prices.

Founded in 2018, Ed Partners Africa has already made a significant impact on the Kenyan education landscape, reaching over 100,000 students across 350 schools.

The company provides infrastructural loans to schools to support the construction of new classrooms, washrooms, laboratories, and dormitories, as well as the acquisition of computers, buses, vans, and internet connectivity.

The loan guarantee from DFC will be instrumental in helping Ed Partners Africa expand its reach and provide essential financial support to even more schools.

This funding will enable the company to continue its mission of making quality education accessible to underserved populations in Kenya.

“This is an important transaction that will provide vital financing to support increased access to affordable, quality education, especially among underserved populations in Kenya,” said James Polan, Vice President of DFC’s Office of Development Credit.

“The investment reflects DFC’s commitment to improving access to education in Kenya and supporting sustainable development in the region.”

Ed Partners Africa’s CFO, Janet Waweru, expressed her gratitude for DFC’s support. “We are thrilled to partner with DFC in our efforts to expand educational opportunities in Kenya and East Africa.”

This partnership between Ed Partners Africa and DFC is a significant step towards ensuring that all Kenyan children have access to quality education, regardless of their socioeconomic background.

With the support of DFC, Ed Partners Africa will continue to play a vital role in improving educational outcomes and creating a brighter future for Kenyan students.

The investment comprises $3.2 million in equity and over $4 million in debt, led by Ventures Platform and MaC Venture Capital.

The funds will be instrumental in quadrupling Shekel Mobility’s current Annual Recurring Revenue (ARR) of slightly over $2 million.

The startup plans to leverage this financial infusion to strengthen its market position and seize opportunities in the rapidly evolving African automotive market.

In its 20 months of operation, Shekel Mobility has demonstrated substantial traction, facilitating over $56 million in auto dealer transactions and supporting the growth of more than 1,400 dealers across 7,000 cars.

This proven track record showcases the effectiveness of Shekel Mobility’s platform in driving real-world transactions within the African used car market.

Founded by Benjamen Oladokun and Sanmi Olukanmi, Shekel Mobility is driven by the vision of becoming the premier platform for launching and growing car dealerships in Africa.

With a target of reaching transactions amounting to $10 billion annually by 2025, Shekel Mobility is poised to play a transformative role in shaping the future of the African automotive landscape.

The program aims to promote economic growth, accelerate mitigation and adaptation efforts, and reduce the carbon footprint of the South African economy.

The AfDB loan will be used to support structural reforms aimed at restoring energy security, promoting private sector participation in the electricity market, and improving the operational efficiency of state-owned utility Eskom.

The loan will also support efforts to increase renewable energy production, direct businesses towards low-carbon activities, and improve the financing of green projects.

The AfDB loan is accompanied by a $629,800 grant co-financed by the Climate Insurance Fund.

The grant will support efforts to ensure that affected communities are not left behind, integrate more women into the decision-making process, and help young entrepreneurs, particularly women, to acquire skills and create jobs in the green economy.

In addition to the AfDB, the South African government’s Energy Governance and Climate Resilience Program is funded by the World Bank ($1 billion), Germany ($551 million), and Canada ($91 million).

The AfDB loan is a significant contribution to South Africa’s efforts to transition to a clean energy future and build a more climate-resilient economy.

The program will help to create jobs, reduce pollution, and improve the quality of life for all South Africans.

The investment will support GNA’s mission to empower approximately 30,000 smallholder farmers in southern Africa by providing access to inputs, input finance, climate-smart training, and a guaranteed market for high-value produce.

GNA’s business model is designed to help smallholder farmers professionalize their businesses and escape poverty.

The company focuses on the cultivation of drought-resistant, early-maturing legume seed varieties such as beans, cowpeas, soybeans, and groundnuts. This helps farmers to reduce their risk and improve their resilience to climate change.

GNA’s investors were drawn to the company’s innovative business model, its strong track record of success, and its commitment to social impact.

Goodwell Investments, Oikocredit, and GP SVF all have a mission to support African companies contributing to a more inclusive and sustainable society.

The new investment will enable GNA to expand its reach and impact.

The company plans to grow its client base to 50,000 farmers by 2027 and deepen its client engagement.

GNA will also use the funding to develop new genetics for greater yields and resilience and continue innovating in agricultural supply chains.

GNA’s success is a testament to the power of social enterprise to address complex challenges.

GNA is helping to create a more prosperous and sustainable future for Africa by providing smallholder farmers with the resources and support they need to succeed.

The investment will fuel the company’s expansion plans and enhance its ability to connect job seekers with life-changing employment opportunities.

Founded in 2018 by Christiaan van den Berg and Heine Bellingan, JOBJACK is a free-to-use web-based platform that empowers job seekers seeking entry-level positions.

The platform guides users through a seamless CV creation process, enabling them to apply directly from their mobile phones.

Notably, JOBJACK is data-free for MTN and Vodacom network users, further removing barriers for job seekers.

With nearly two million registered job seekers and a daily growth rate of 2,000, JOBJACK has established a strong presence in the South African recruitment landscape.

The newly secured funding will fuel the company’s operational expansion and network growth, allowing it to connect even more job seekers with promising career opportunities.

NEXT176 led the funding round, with participation from the Michael & Susan Dell Foundation.

This investment signals a strong belief in JOBJACK’s potential to transform the entry-level recruitment landscape and empower South Africa’s youth.

Ona Meyer, programme manager for youth employment at the Michael & Susan Dell Foundation, emphasized the organization’s commitment to supporting companies that provide innovative solutions to address the unemployment challenge faced by many South Africans.

The foundation’s investment in JOBJACK aligns with its mission to empower individuals and families through access to meaningful employment opportunities.

With its fresh injection of capital, JOBJACK is poised to make a significant impact on the South African recruitment landscape, particularly in the entry-level segment.

This funding will support Maisha Meds’ efforts to expand its mobile software platform to 7,500 pharmacies and clinics across Africa, providing subsidized malaria care to nearly 1 million patients.

Maisha Meds’ platform connects rural pharmacists and clinicians with affordable, quality medicines and provides them with incentives to follow best practices in malaria care.

The platform also offers discounted testing and treatment to patients, making it easier and more affordable for them to access essential healthcare services.

Stage 3 grants, DIV’s highest level of funding, are awarded to innovators who have demonstrated the ability to scale up their proven solutions to critical global challenges.

Maisha Meds has successfully used its platform to improve malaria care in Kenya and is now expanding its reach to other African countries.

In addition to the USAID DIV funding, Maisha Meds is also receiving support from the Bill & Melinda Gates Foundation.

This additional funding will help Maisha Meds to expand its reach and impact further.

About Maisha Meds

Maisha Meds is a leading digital health organization in Africa that provides affordable, high-quality healthcare services to rural communities.

The organization’s mobile software platform connects pharmacists and clinicians with affordable, quality medicines and provides them with incentives to follow best practices in malaria care.

Maisha Meds is also working to expand its platform to provide services for other health conditions, such as family planning and HIV prevention.

The proceeds from the bond will allow BURN to expand its manufacturing capacity and establish a new facility in Lagos, Nigeria.

This expansion will raise production from the current 400,000 units per month to 600,000 units, focusing on the production of life-saving biomass, electric, and LPG stoves.

BURN’s stoves have undergone rigorous independent verification by reputable institutions such as the University of Pennsylvania and the University of Chicago, as well as through comprehensive impact assessment surveys conducted by Yunus Social Business.

These studies have consistently demonstrated that BURN stoves provide substantial health, financial, and climate action benefits.

The funds raised through the Green Bond are expected to extend these benefits to an additional 2 million households in 2024.

“Our decision to issue the first green bond to support clean cooking underscores our strong belief in the power of financial innovation to drive positive environmental and social change,” said Peter Scott, CEO and Founder of BURN.

“Green bonds have gained considerable traction in recent years due to their appeal to investors seeking sustainable investment opportunities and the potential tax advantages they offer. BURN is excited to deploy this innovative instrument to catalyze sustainable development.”

The bond issuance was supported by DRY Associated Limited, acting as the Placement Agent. FSD Africa, a specialist development agency funded by UK International Development, played a key role in providing technical input on the bond framework and contributing technical assistance for the second-party opinion, which was conducted by Agusto & Co., the leading Pan-African Credit Rating Agency and Green Bond Verifier.

BURN’s green bond issuance marks a significant step forward in mobilizing capital to support clean cooking solutions in Africa.

By providing access to affordable and efficient cooking technologies, BURN is helping to improve the health and well-being of millions of households while also reducing greenhouse gas emissions and deforestation.

This latest funding brings the total amount raised by Inclusivity Solutions to nearly $4.5 million and will be used to support the company’s pan-African expansion plans.

Founded in 2015, Inclusivity Solutions designs, builds, and operates inclusive, embedded digital insurance solutions and delivers them through digital channels in partnership with mobile operators, insurance companies, and other distribution partners.

The company’s mission is to make simple and affordable insurance cover accessible to underserved and unserved communities across Africa.

Inclusivity Solutions has already achieved significant traction, serving over two million customers in eight African markets.

With the new funding, the company plans to expand its reach to at least 12 African markets by the end of 2024.

The company will also continue to invest in its no-code, open-API platform, which enables distribution partners and insurers to offer a full range of insurance products in a matter of hours.