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.

The new funding aims to address the significant financial constraints women entrepreneurs face in Senegal and Côte d’Ivoire, focusing on supporting financial inclusion and economic development.

Established in 2019 by the Women’s Investment Club Senegal, Wic Capital dedicates its operations to supporting women-owned businesses navigating the challenging economic landscapes of Senegal and Côte d’Ivoire.

Its recent announcement revealed a strategic move to empower women entrepreneurs further through a substantial line of credit from FSD Africa.

The $1 million loan will be utilized by Wic Capital to provide innovative financial products specifically tailored to the unique needs of its target audience.

Beyond financial assistance, the fund aims to fortify women entrepreneurs by offering valuable mentoring and training sessions, acknowledging the multifaceted challenges faced by businesses led by women in the region.

Anne-Marie Chidzero, the Investment Director at FSD Africa, highlighted the significance of this loan in supporting Wic Capital’s expansion strategy in Senegal and Côte d’Ivoire.

She emphasized that the loan will serve as a catalyst, enabling Wic Capital to acquire additional funds to bolster its mission in the two West African countries.

The funding round was led by Y Combinator, with participation from Alan Rutledge, Heirloom VC, Tristan Walker, Entrée Capital, Voltron Capital, Unpopular VC, Kima Ventures, Mono CEO Abdul Hassan, and Dropbox co-founder Arash Ferdowsi.

Founded in 2022, Bujeti aims to help African businesses, from small and medium-sized enterprises (SMBs) to large corporations and startups, manage their finances more efficiently.

Bujeti’s platform provides businesses with a simple and fully integrated solution for managing expenses and issuing corporate cards to employees.

The platform targets businesses in various industries, including logistics, healthcare, agriculture, and construction.

It streamlines spending processes by managing the issuance of corporate cards to employees and contractors, allowing businesses to set spending limits, restrictions, and approval flows for various stakeholders.

Adding to its offerings, Bujeti is developing a multi-currency feature that will enable it to manage finances for businesses operating in different countries.

This expansion, coupled with the recent investment, positions Bujeti to become a leading provider of corporate card and expense management solutions in Africa.