The funding round was led by a consortium of investors, supported by Rubicon Landing as the transaction advisor and KN Law as the legal advisor.

Lipa Later will use the funding to expand its operations in Kenya and other African countries. The company also plans to use the funds to develop new products and services.

Lipa Later was founded in 2018 and has since processed over $100 million in loans.

The company partners with merchants to offer BNPL financing to their customers. Customers can use Lipa Later to pay for goods and services in instalments, with no interest or late fees.

“We are excited about the opportunities this funding has unlocked for merchants and consumers. We would like to extend our heartfelt gratitude to the investors and supporters for their unwavering trust in our vision. These funds have enabled us to further invest in technology and infrastructure to make our financing solutions even more accessible and convenient for our customers,” Eric Muli, founder of Lipa Later, said.

The BNPL market is growing rapidly in Africa, with a recent study by McKinsey estimating that the market could reach $100 billion by 2025.

Lipa Later is one of a number of African fintech startups that are tapping into this growing market.

With the new funding, Lipa Later is well-positioned to expand its operations and become a leading player in the African BNPL market.

MultiChoice, a leading African media and entertainment company, led the funding round.

Other investors in the round include Sanlam, a financial services group, and “large commercial and development banks”.

The funding will accelerate Wetility’s expansion plans and grow its customer base.

The company plans to use the funds to install solar panels on more homes and businesses and to develop new products and services.

Wetility was founded in 2019 by Vincent Maposa and Johanna Hortz.

The company’s flagship product is a digital solar energy management system that allows users to manage their power usage remotely.

The system includes rooftop solar panels, a hybrid inverter, lithium-ion batteries, and switchgear and consists of a dashboard where users can monitor their energy usage and make payments.

Wetility’s solar energy solutions are designed to help South Africans reduce their reliance on the country’s unreliable power grid.

In recent years, Eskom, the state-owned power utility, has struggled to meet demand for electricity, leading to frequent power outages.

With the new funding, Wetility is poised to become one of the country’s leading solar energy solutions providers.

The investment round was led by Alitheia IDF, a women-led and women-focused private equity fund.

Other investors in the round include the Vumela Enterprise Development Fund, which focuses on fostering growth in black-owned SMEs.

The funding will be used to expand Rentoza’s product offering, grow its team, and enter new markets. The company plans to launch in Nigeria and Ghana in the coming months.

Rentoza is a disruptive force in the African e-commerce market. The company’s subscription service makes it easier and more affordable for Africans to access the latest products. This is especially important for women, who are often excluded from traditional lending channels.

“Our growth initiatives and expansion plans will drive transformative change in the South African economy and beyond, creating accessible and flexible shopping experiences for consumers across the continent. Real access is finally coming to the continent,” Aviraag Ramdhani, Co-Founder at Rentoza said.

With this funding, Rentoza is well-positioned to become a major player in the African e-commerce market.

This announcement marks a significant stride towards bolstering the continent’s resilience against climate change while supporting innovative financing mechanisms for sustainable development.

Strategic Investments to Foster Sustainability

FSDAi’s investments in Acre Impact Capital’s Export Finance Fund I, Catalyst Fund, and Camco’s Spark Energy Services reflect their strategic approach to collaborate with local asset managers and venture builders.

The primary objective is to inject much-needed funding into climate-smart projects that often struggle to secure financial backing.

Breaking Down the Investment:

$12 Million in Acre Impact Capital’s Export Finance Fund I

This fund addresses the challenge of obtaining commercial debt financing for sustainable infrastructure projects backed by official Export Credit Agencies (ECAs).

FSDAi’s investment is expected to facilitate the flow of ECA finance for social and green infrastructure, ultimately unlocking $67 million in funding.

This initiative is projected to improve access to essential services for over 500,000 people and create more than 2,000 jobs.

$4.5 Million in Catalyst Fund

The Catalyst Fund is a pre-seed venture capital fund and accelerator focused on tech start-ups dedicated to enhancing climate resilience in Africa.

The investment aims to demonstrate the viability of venture building as a model to accelerate the growth of climate-smart businesses in Africa, with a target of creating or advancing 40 such businesses and assisting 5 million individuals and households in adapting to climate change.

$3 Million in Spark Energy Services (Spark)

Managed by climate and impact fund manager Camco, Spark Energy Services seeks to provide financing to captive solar and energy efficiency developers in Sub-Saharan Africa.

This platform aims to address the financing challenges faced by smaller-scale projects by aggregating them to reduce transaction costs and diversify risk.

FSDAi’s investment in Spark is set to support a just transition, reducing greenhouse gas emissions by 0.61 million metric tons of carbon dioxide equivalent (MtCO2e), creating 1,400 jobs, and providing affordable, reliable, and clean power to commercial and industrial SMEs.

FSDAi’s Unique Approach

FSDAi specializes in investments that support innovative financial instruments, facilities, and intermediaries, accelerating finance’s role in Africa’s green economic growth.

It is funded through UK International Development from the Foreign, Commonwealth & Development Office (FCDO).

The round was led by A15 and Beltone Venture Capital, a subsidiary of Beltone Holding Company.

Sehatech was founded in 2022.

The startup’s platform aims to improve the efficiency and transparency of the healthcare insurance industry by digitizing the entire claims process.

This can save insurers time and money, and it can also help to prevent fraudulent claims.

The startup’s latest round of funding will be used to grow Sehatech’s team and expand its product offerings.

The startup plans to launch new features that will allow insurers to better manage their relationships with healthcare providers. Sehatech also plans to expand into new markets in the Middle East and Africa.

The investment in Sehatech is a sign of the growing interest in health-tech startups in Africa.

The continent’s healthcare system is facing a number of challenges, including a lack of access to quality care, high costs, and fraud.

Healthtech startups are using technology to address these challenges, and they are attracting increasing investment from both local and international investors.

The round was led by One Ventures, with participation from FMO, Susquehanna Private Equity Investments LLP, Autodesk Foundation and King Philanthropies.

Okra’s technology uses a mesh-based solar solution that re-apports excess energy based on proximity.

This means that rather than redirecting energy flow to a centralized area, it prioritizes neighboring homes. This helps increase efficiency while decreasing costs, which are especially important in developing markets.

The company plans to use the funding to expand its operations in India and Africa. It also plans to develop new products and services that will help to make solar power more affordable and accessible to people in developing areas.

Okra’s technology has the potential to make a significant impact on the global energy landscape.

The funding from One Ventures and other investors will help Okra to scale its operations and reach more people with solar power.

With this new funding, Okra is well-positioned to make a significant impact on the global energy landscape.

The company is poised to bring solar power to millions of people who currently lack access to electricity, and it is helping to make the future of energy clean and decentralized.

The first close was oversubscribed, with commitments from FSD Africa Investments (FSDAi), Cisco Foundation, USAID Prosper Africa, and Andrew Bredenkamp.

With the backing of JPMorgan Chase & Co and the Global Environmental Facility, Catalyst Fund also strives to deliver dedicated support for measuring and researching the impact on climate innovators.

Additionally, it aims to disseminate valuable insights and knowledge while facilitating partnerships through its Ecosystem Hub.

Focusing strategically on solutions within agri-tech, fishery management, food systems, insurtech, climate fintech, cold chain, waste management, and water management, Catalyst Fund is expediting sustainable green growth.

The primary emphasis is on solutions that empower communities to enhance their preparedness and management of shocks, adapt their livelihoods to climate impacts, and foster long-term resilience.

The $40m fund is set to back 40 pre-seed startups, with a particular focus on supporting mission-driven local and women founders.

It will provide crucial early-stage capital while offering tailored venture-building support to accelerate the growth of these startups.

Importantly, Catalyst Fund’s commitment extends beyond the initial stage, as it pledges to offer follow-on capital during the seed and Series A rounds.

By bridging this critical funding gap, Catalyst Fund addresses a significant hurdle for climate-focused ventures in Africa, positioning them for further funding at the growth stage, specifically Series B.

The Catalyst Fund is expected to have a major impact on the development of climate tech in Africa.

The fund will help to accelerate the growth of the climate tech ecosystem in Africa and create new opportunities for job creation and economic growth.

The investment round was led by prominent venture capital firms, including Goat Capital.

Founded in 2022, Anchor has quickly emerged as a prominent player in Nigeria’s burgeoning fintech sector.

The company specializes in providing embedded finance solutions to businesses, enabling them to integrate financial services into their platforms seamlessly.

These services include payment processing, lending, savings, and insurance, all aimed at empowering businesses to enhance their customer offerings.

“We are thrilled to have gathered such strong support from investors who share our vision of expanding access to financial choices through BaaS and embedded finance. This has been a significant journey for the Anchor team after our pre-seed raise last year. We have grown tremendously and increased our impact across various clients and customer segments in Africa,” said Segun Adeyemi, CEO and co-founder of Anchor after the raise.

The Nigerian fintech ecosystem has been rapidly evolving, driven by increasing smartphone penetration, a young and tech-savvy population, and a growing demand for digital financial services.

Anchor is well-positioned to tap into this demand by providing businesses with the tools they need to offer sophisticated financial solutions to their customers.

As part of its expansion plan, Anchor aims to launch new products, invest in its licensing and compliance infrastructure, and evaluate expansion markets.

The round was led by Fuze, a prominent player in funding Francophone African startups.

The company’s platform allows students to find tutors for a variety of subjects, including math, science, languages, and more.

Smartprof’s platform also provides students with access to learning resources, such as practice problems and study guides.

The funding will be used to expand Smartprof’s operations in Morocco and to grow its team.

The funding for Smartprof is a sign of the growing interest in Edtech in Africa.

The continent is home to a young and growing population, and there is a growing demand for quality education. Edtech has the potential to help African students access high-quality education, regardless of their location or socioeconomic status.

Smartprof’s latest round of investment is expected to help the startup make a significant impact on the education sector in Morocco and help African students achieve their educational goals.