This investment marks the inaugural investment from Injaro’s Injaro Ghana Venture Capital Fund (IGVCF) and represents a significant step in Zeepay’s Series A.5 fundraising round.

Zeepay is a pioneering player in the digital termination of remittance (DTR) sector and the mobile money market, with a footprint in over 20 countries across the globe.

The company specializes in facilitating cross-border payments directly into mobile wallets, serving regions spanning Africa and the Caribbean.

Zeepay’s core vision is to foster financial inclusion and revolutionize cross-border payments, particularly in underserved, low-income markets.

Injaro’s investment is expected to fuel Zeepay’s expansion across multiple countries and reinforce its presence in these new markets.

The investment also aligns with IGVCF’s strategic approach of collaborating with Ghanaian small and medium-sized enterprises (SMEs), demonstrating credible growth potential.

Jerry Parkes, the Managing Director of Injaro Investment Advisors, expressed his enthusiasm about the partnership with Zeepay, which is spearheaded by Andrew Takyi-Appiah, a dynamic and visionary young Ghanaian entrepreneur.

Parkes described their joint aspiration to build a successful Ghanaian multinational and become a frontrunner in the fintech industry.

Parkes also emphasized the importance of financing Zeepay with Ghanaian capital, which ensures that the investment’s profits circulate within the local economy, fostering a virtuous cycle of economic development.

He added that this investment signifies a significant initial step towards establishing connections between Ghana’s pension funds and remarkable local businesses that are pivotal drivers of Ghana’s economic growth.

Injaro’s investment in Zeepay is a landmark event for Ghana’s fintech sector and demonstrates the growing confidence of local investors in the country’s entrepreneurial ecosystem.

The investment is expected to accelerate Zeepay’s growth and expansion, enabling the company to reach more underserved communities and promote financial inclusion across Africa and beyond.

REPP 2 is being developed by Camco, a climate and impact fund manager, and is designed to generate substantial climate, economic, and gender-related impacts while also ensuring sustainable returns for its investors.

Sub-Saharan Africa is facing a significant challenge, with approximately 590 million people lacking access to electricity.

The International Energy Agency estimates that $22 billion is required annually to provide reliable energy access throughout the continent by 2030.

Additionally, Africa is grappling with an escalating series of climate-related challenges, and its nations need an estimated $2.8 trillion by 2030 to fulfill their Nationally Determined Contributions under the Paris Agreement.

REPP 2 has been structured as an innovative blended finance facility, leveraging a combination of public, private, and commercial funding to invest in small-scale and decentralized renewable energy projects in sub-Saharan African countries.

Through its private sector approach and a strong focus on supporting communities vulnerable to climate change, the fund is expected to make 35 to 40 investments over its lifetime.

These investments will support the development of decentralized renewable energy sources and enhance the resilience of national grid infrastructure, thereby promoting economic development in sub-Saharan Africa.

It is anticipated that REPP 2 will provide new or improved access to clean, reliable, and affordable power to 7.7 million people across Africa.

This will not only increase economic opportunities but also enhance access to productive energy-related activities.

Furthermore, the fund aims to mitigate 12.7 million tonnes of carbon dioxide equivalent in greenhouse gas emissions over the lifetimes of its projects.

Additionally, it intends to invest $70 million in projects aligned with 2X’s gender lens investing criteria and mobilize $786 million in third-party funding to promote green growth in target countries.

The blended finance structure of REPP 2 represents an evolutionary advancement from the $120 million REPP facility, which was previously fully funded by the UK’s Foreign, Commonwealth, and Development Office.

This development follows the signing of an indicative term sheet by the REPP board for a junior equity investment of up to $50 million from REPP into REPP 2.

The program supports companies across the agri-food value chain, with a strong emphasis on companies creating a sustainable future through innovation.

It is a mix of virtual and in-person programming, with four months of virtual training and support followed by two in-person weeks of support and networking.

Selected ventures will gain access to corporates and farmers, as well as investment opportunities, expert mentorship, and brand exposure.

Applications are open until November 10, 2023, and the program will run from March to August 2024.

The THRIVE Global Accelerator Program is a significant development for the African agri-food startup ecosystem.

It provides startups with the resources and support they need to grow and scale their businesses, which can have a major impact on the African economy and food security.

The program’s focus on sustainability is also important, as African agriculture faces a number of challenges, including climate change and land degradation.

Startups that are developing innovative solutions to these challenges can play a vital role in transforming the African agri-food sector.

What are the benefits of the program for startups?

The THRIVE Global Accelerator Program offers a number of benefits for startups, including:

• Access to expert mentorship from experienced entrepreneurs and investors
• Investment opportunities from leading venture capital firms
• Brand exposure through the THRIVE network
  Networking opportunities with corporates and farmers
• Virtual and in-person training and support

How can startups apply for the program?

To apply for the THRIVE Global Accelerator Program, startups must complete an online application. The application includes questions about the startup’s business model, team, and impact on the agri-food sector.

The THRIVE Global Accelerator Program is a valuable opportunity for African agri-food startups to access the resources and support they need to grow and scale their businesses.

This funding round was led by CRE Venture Capital and saw participation from notable investors, including Antler, EQ2 Ventures, Goodwater Capital, Chandaria Capital, and several angel investors.

Established in 2021 by co-founders Ananth Gudipati (CEO) and Abhinav Solipuram (CTO), Sukhiba Connect initially embarked on its journey as a community commerce platform, streamlining buyer orders and simplifying bulk purchases for manufacturers.

However, the startup later transitioned to the conversational commerce sphere, primarily due to the capital-intensive nature of the initial model.

Sukhiba Connect has since developed a remarkable B2B conversational commerce tool that enables companies to engage with and sell products to their clients through Meta’s popular messaging service, WhatsApp.

With this innovative platform, sellers can seamlessly send notifications, categorize customers, manage orders, and accept local payment options like M-PESA, Kenya’s widely used mobile money service.

On the customer side, individuals can effortlessly browse product catalogs, add or remove items from their carts, and complete the entire checkout process, all without leaving the WhatsApp ecosystem.

Kenya boasts the distinction of being the leading African nation in WhatsApp usage, with a staggering 97% of Internet users in the country relying on the messaging service.

Notably, WhatsApp has become the preferred communication channel for internet users aged between 16 and 64, surpassing other social media platforms, as revealed by a survey conducted in the third quarter of 2022.

While WhatsApp offers several features to assist businesses in establishing in-app stores, certain gaps persist, and localization remains a challenge.

Sukhiba Connect, alongside other social commerce startups like Tushop and Kapu, has been diligently addressing these issues, but the co-founder, Ananth Gudipati, asserts that there is still a vast untapped potential in this space.

Sukhiba Connect’s B2B conversational commerce tool has enabled over 30 businesses to embrace WhatsApp commerce, the majority of which are prominent distributors and manufacturers serving nearly 15,000 micro, small, and medium-sized enterprises (MSMEs), including retailers.

Founded in 2020 by Omar El-Barbary and Ezz El-Din Farag, OBM Education specializes in guiding pre-university students in selecting their college majors and offers access to comprehensive career advice and training programs.

The cornerstone of OBM’s offerings is the Taleb Super App, a revolutionary tool that has had a transformative impact on high school students throughout the Middle East and North Africa (MENA) region.

The app provides students with carefully curated content, precise assessments, and premium services to assist them in making informed decisions about their educational and career paths.

OBM Education’s recent funding round has been made possible through a six-figure investment from Value Maker Studio (VMS), further accelerating the company’s expansion efforts in Saudi Arabia.

Omar El-Barbary, co-founder of OBM Education, emphasized the significance of this investment, stating: “Investment is more than capital – it embodies shared visions and unyielding commitment. With VMS, we’re solidifying our resolve to enrich every student’s educational journey.”

This recent funding round builds upon OBM’s previous success in securing a six-figure US dollar investment from EdVentures in August 2022, underscoring the growing recognition and support for the startup’s mission to empower students in their educational and career choices.

OBM Education’s innovative approach and commitment to enhancing the educational journey of students have positioned it as a noteworthy player in the ed-tech industry.

With the support of VMS, the company is well-equipped to expand its influence and provide valuable resources to students in Saudi Arabia, reinforcing its dedication to improving access to quality education and career guidance in the region.

This significant funding round comprises $43 million in equity investments and $60 million in debt financing, making it the largest equity raise of its kind in the mini-grid industry.

Husk Power Systems, known for its innovative solutions in renewable energy services, has been actively involved in rural electrification since its establishment in 2008.

The Series D equity investors include several distinguished names in the industry, such as STOA Infra & Energy, the US International Development Finance Corporation (DFC), Proparco, Shell Ventures, Swedfund, and FMO.

Simultaneously, the debt financing was secured from notable financial institutions, including the European Investment Bank (EIB) and the International Finance Corporation (IFC).

Husk Power Systems is celebrated for its AI-enabled platform for renewable energy services, which has played a pivotal role in providing clean energy to rural communities in South Asia and sub-Saharan Africa.

The mini-grid systems offered by the company have the potential to provide reliable, affordable, clean, and modern power to a vast number of people, particularly in regions with limited access to electricity.

In addition to expanding energy access, Husk Power Systems has ventured into the transition from fossil fuels to renewables, evolving into an integrated platform offering a wide range of low-carbon and climate-resilient energy services.

These services encompass energy-efficient appliance sales and financing, commercial and industrial rooftop solar, e-mobility, agro-processing, and cold storage solutions.

One of the company’s ambitious initiatives is the deployment of 500 solar mini-grids in Nigeria within the next five years.

To date, it has deployed over 200 mini-grids in Nigeria and India, serving over 10,000 micro, small, and medium-sized enterprises (MSMEs) and mitigating 25,000 tonnes of carbon dioxide emissions through its mini-grids.

With the freshly acquired capital, Husk Power Systems has set its sights on further expansion.

The company aims to grow its mini-grid footprint to 1,500 units, achieving an impressive compound annual growth rate (CAGR) of 60% while maintaining a retention rate of over 90%.

This funding will also increase the number of mini-grids in sub-Saharan Africa, aligning it with the deployment in India.

In its pursuit to provide clean energy to half a billion people by 2030, particularly in Africa, Husk Power Systems has unveiled the “Africa Sunshot” initiative.

This ambitious project seeks to install 2,500 mini-grids across six countries within five years, potentially mobilizing over $500 million in equity and debt financing for Husk Power Systems and paving the way for substantial growth.

CASH PLUS is one of the fastest-growing financial institutions in Africa.

The company provides various financial services, including online payment and transfer services, bill settlements, and other modern payment solutions.

The €57 million investment will support CASH PLUS as it continues to expand its network in Morocco and abroad and enhance its digital financial services offerings while boosting financial inclusion across Morocco.

“We are excited to partner with CASH PLUS, a leading fintech company in Morocco with a strong track record of innovation and growth,” said Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners.

“We believe CASH PLUS is well-positioned to capitalize on the growing demand for digital financial services in Morocco and across Africa. We look forward to working with the CASH PLUS team to support their expansion plans and help them achieve their mission of promoting financial inclusion.”

The investment in CASH PLUS is a testament to the growing interest in fintech companies in Africa.

The continent is home to a number of rapidly growing economies with a large young population.

This, combined with the low penetration of financial services in many African countries, presents a significant opportunity for fintech companies.

Meanwhile, the latest investment in CASH PLUS is also expected to boost financial inclusion in Morocco.

This investment marks EdVentures’ second investment round in Crafty Workshop.

The platform offers diverse courses, training programs, and workshops spanning creative domains such as crafts, design, photography, programming, game development, and animation.

Dalia Ibrahim, Chairwoman of the Board of Directors of Nahdet Misr Publishing and EdVentures Foundation, commented on the development, stating:

“Our strategic objective is to advance the educational technology sector and nurture the talents of entrepreneurs in this critical field.”

Crafty Workshop is one of four startups supported by EdVentures that have attracted fresh investments from Saudi and international backers due to their significant impact on the education sector.

The other three startups are OBM, an Egyptian company offering training and qualification programs, career counseling services, and guidance for students in university and specialization choices; Akhdar, another Egyptian enterprise that provides cultural book summaries via its digital application; and Jeel, a Saudi firm that offers an educational and entertaining mobile application for children.

EdVentures’ investment in Crafty Workshop is a positive development for the Egyptian edtech sector.

It demonstrates the company’s commitment to supporting innovative startups, transforming how people learn and develop new skills.

The program is run by 500 Global, one of the world’s most active venture capital firms, in partnership with the Egyptian Information Technology Industry Development Agency (ITIDA). It is dedicated to pre-Series A and Series A startups in Egypt.

The selected startups are:

• Birdnest
• Blnk
• Convertedin
• Dresscode
• FriendlyCar
• ILLA
• Khazenly
• MQR
• Nowlun
• NowPay
• O7 Therapy
• Orcas
• Rology
• Suplyd
• Sylndr

“Despite a challenging global and local macroeconomic backdrop, we found Egyptian founders proving that Egypt remains a thriving technology market in the Middle East and Africa,” said Amal Enan, Partner at 500 Global.

The Scale-Up program kicked off on October 1 at the Creativa Giza Hub, also known as The Factory, operated by ITIDA. It will culminate with the Scale Up Showcase on November 16.

The program is designed to empower founders through personalized mentorship and growth techniques, setting the stage for their future success.