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.

The round was led by Fedgroup Private Capital, with participation from angel investors.

Founded in 2022, LeaseSurance’s platform uses data and machine learning to assess the risk of a tenant defaulting on their lease. If the risk is low, LeaseSurance will provide the landlord with a guarantee, which will cover the cost of the security deposit.

The startup’s latest funding will be used to expand LeaseSurance’s operations in South Africa and to grow its team.

The company also plans to develop new features for its platform, such as a payment system and a dispute resolution mechanism.

LeaseSurance is well-positioned to make a significant impact on the rental real estate market in South Africa and to help make it more accessible and affordable.

The funding for LeaseSurance is a sign of the growing interest in insurtech in Africa.

The continent is home to a young and growing population, and there is a growing demand for innovative insurance solutions. Insurtech has the potential to make insurance more accessible and affordable and to improve the customer experience.

The funding round was led by Beyond Capital Ventures and Variant Investments.

The round also saw participation from other investors, including Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and existing investor Launch Africa.

This brings the total debt-equity funding raised by the startup to $12.7 million.

Zanifu’s inventory financing product provides MSMEs with access to working capital to purchase inventory.

The company uses a proprietary credit scoring model to assess the risk of each borrower and offers loans with terms of up to 12 months.

The new funding will be used to scale Zanifu’s operations in Kenya and to launch new products and services.

The company also plans to use the funding to hire more staff and build its technology platform.

Zanifu is on a mission to provide affordable and accessible inventory financing to MSMEs in Kenya.

The startup’s inventory financing product has already helped over 1,000 MSMEs in Kenya to grow their businesses.

Zanifu’s latest investment is a positive development for the fintech sector in Kenya and will help to promote financial inclusion and to support the growth of MSMEs.

The funding will be used to develop Anka’s digital lending platform and to increase its reach to underserved borrowers in Ivory Coast.

Founded in 2016, Anka is on a mission to provide affordable and accessible financial services to micro, small, and medium-sized enterprises (MSMEs) in Ivory Coast.

Anka’s digital lending platform allows businesses to apply for loans online and to receive funds within 24 hours.

The IFC funding will help Anka to expand its reach to more MSMEs in Ivory Coast.

The company plans to use the funding to develop its digital lending platform and to hire more staff.

Anka also plans to use the funding to research the needs of MSMEs in the Ivory Coast and develop new products and services to meet those needs.

IFC, a member of the World Bank Group, provides loans, equity, and technical assistance to private companies in developing countries.

The IFC’s investment in Anka is part of its commitment to supporting Africa’s financial sector growth.

The funding will further enhance and expand the company’s innovative agri-tech solutions, enabling increased productivity and sustainability within the agricultural sector.

The investment was in the form of grant and debt funding.

Founded in 2018, Oyster Agribusiness is on a mission to empower farmers through cutting-edge technology.

The startup has developed a range of digital tools and services that address critical challenges faced by farmers, including access to real-time weather data, crop monitoring, pest prediction, and market insights.

These solutions aim to improve crop yields, reduce losses, and ultimately increase farmers’ income.

The new investment will enable Oyster Agribusiness to accelerate its product development, expand its market reach, and further invest in research and development to refine its solutions continually.

The startup also aims to establish strategic partnerships with local agricultural organizations, cooperatives, and government agencies to foster knowledge exchange and collaborative initiatives.

As Oyster Agribusiness embarks on this exciting phase of growth, it holds the promise of transforming how farmers approach agriculture in Ghana, potentially serving as a model for innovation in agri-tech across the continent.

Ed Partners received the funding by partnering with the renowned international social impact investor.

This collaboration has been strategically designed to amplify educational opportunities for marginalized communities in Kenya and empower them through enhanced access to quality education and cutting-edge technology.

Oikocredit, distinguished for its unwavering dedication to fostering positive social and economic transformations, has established its position as a trailblazer in impact investing.

This partnership with Ed Partners is a testament to Oikocredit’s commitment to driving change within the educational sector and, by extension, the lives of individuals living in underserved communities.

Ed Partners’ focus on leveraging technology and forming strategic partnerships underscores its commitment to overcoming the multifaceted challenges faced by students in low-income areas.

The primary objective of Ed Partners is to ensure equitable access to high-quality education, effectively dismantling the barriers that often hinder educational progress.

The substantial $1.5 million investment from Oikocredit will be strategically allocated across several key initiatives, all poised to drive tangible change within the Kenyan education landscape.

A considerable portion of the funding will be dedicated to infusing technology into the learning experience.

With plans to equip schools with computers, tablets, and internet connectivity, Ed Partners envisions a future where students can seamlessly access online educational resources and platforms.

Social impact venture capital (VC) fund, The Nebula Fund, led the funding round.

The investment is set to catalyze the growth and expansion of VirtruvianMD’s cutting-edge medical technologies, with the potential to revolutionize healthcare services in South Africa and beyond.

The startup’s achievement follows a growing trend of African startups securing funding for groundbreaking initiatives.

The funding injection is expected to accelerate VitruvianMD’s efforts to address critical healthcare challenges by leveraging advanced technologies.

The company’s core focus lies in developing innovative solutions that enhance patient care, diagnostics, and medical data management.

These endeavors align with the global shift towards technology-driven healthcare solutions.

VitruvianMD’s flagship products include state-of-the-art medical devices that integrate artificial intelligence, data analytics, and user-friendly interfaces to improve patient outcomes and streamline medical processes.

As part of its expansion plans, VitruvianMD aims to further collaborate with medical institutions, research centers, and healthcare providers to integrate its technologies into existing healthcare systems.

The MedTech sector in South Africa has witnessed significant growth over the past few years, driven by a combination of factors, including an increasing demand for advanced healthcare services.

The substantial investment underscores the confidence in the continent’s burgeoning tech ecosystem and its potential to drive innovation and economic progress.

Founders Factory’s funding will be strategically distributed across a diverse portfolio of startups spanning various sectors, including fintech, health tech, agritech, edtech, and more.

This approach reflects the company’s commitment to nurturing innovation across multiple industries, focusing on harnessing technology for positive societal impact.

The significance of Founders Factory’s approach extends beyond monetary investment.

Selected startups will receive financial support and access to a network of seasoned mentors, industry experts, and successful entrepreneurs.

This comprehensive support system aims to accelerate the growth trajectory of these companies and position them as leaders in their respective fields.

“We are excited to have new and dynamic funding, which follows on from previous investments into Founders Factory Africa by Standard Bank Group, Small Foundation and Netcare Group,” Founders Factory Africa co-founder Alina Truhina said.

The Ksh.16 billion funding milestone marks a significant leap forward for Founders Factory and the African tech ecosystem, emphasizing the value of strategic investment in nurturing innovation and fostering sustainable development on the continent.

Since its inception in 2018, Founders Factory has catalyzed over 55 African tech startups.