Category: New Investments

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MyCover.ai, a Nigerian startup specializing in insurance technology solutions, has secured $1.25 million to disrupt the traditional insurance industry in Africa

New Investments

MyCover.ai, a Nigerian startup specializing in insurance technology solutions has secured $1.25 million to disrupt the traditional insurance industry in Africa

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The investment was led by prominent venture capital firms led by Ventures Platform Fund, with participation from Founders Factory Africa and Techstars, who are making a follow-on investment.

Founded in 2021, MyCover.ai aims to disrupt the traditional insurance industry in Africa by leveraging cutting-edge technology to provide accessible, transparent, and personalized insurance products to individuals and businesses alike. This recent pre-seed funding will play a crucial role in supporting the startup’s expansion plans and advancing its mission of fostering financial inclusion across the continent.

MyCover.ai’s innovative approach to insurtech centers around harnessing the power of artificial intelligence (AI) and data analytics to create tailored insurance solutions that meet the unique needs of customers. Through their platform, users can easily access a range of insurance products, from health and life coverage to property and auto insurance, all at competitive and affordable rates.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Egyptian fintech startup Flash has raised $6 million in seed funding to expand its product offerings and accelerate its growth in Egypt and beyond

New Investments

Egyptian fintech startup Flash has raised $6 million in seed funding to expand its product offerings and accelerate its growth in Egypt and beyond

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The investment round was led by Addition Capital , a venture capital firm headed by former Tiger Global executive Lee Fixel, Flourish Ventures and strategic angel investors.

Founded in 2021, Flash offers cashless payment solutions through its scan-and-pay service, allowing consumers and businesses to make transactions conveniently using QR codes. The startup is on a mission to eliminate the need for cash and physical cards, providing an alternative to expensive NFC-enabled point-of-sale (POS) systems.

Flash’s flagship product is a mobile app that allows users to make and receive cashless payments at merchants across Egypt. Flash also offers a variety of other financial services, including loans, savings accounts, and insurance. With the new funding, Flash plans to expand its product offerings and accelerate its growth in Egypt and beyond. The company plans to launch new lending, savings, and insurance products.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Rensource Energy, one of the leading Nigerian distributed energy services companies, has secured $15 million in funding from Afrigreen Debt Impact Fund SLP

New Investments

Rensource Energy, one of the leading Nigerian distributed energy services companies, has secured $15 million in funding from Afrigreen Debt Impact Fund SLP

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The investment is set to fuel Rensource’s expansion plans and strengthen its position as a key player in the country’s solar energy market

The agreement also marks a major milestone in Nigeria’s transition towards sustainable and reliable energy sources. Rensource, known for its innovative approach to energy provision, has been at the forefront of Nigeria’s renewable energy sector. The company specializes in building and operating solar-powered micro-utilities and providing clean, affordable, and reliable electricity to underserved commercial and industrial customers.

 

The recent deal with Afrigreen Debt Impact Fund SLP signifies a significant boost for Rensource, as it will provide the necessary capital to fund the company’s expansion plans.

The $15 million investment will be utilized to scale up Rensource’s operations, improve its technological infrastructure, and strengthen its market presence across Nigeria. Afrigreen Debt Impact Fund SLP is a specialized investment vehicle focused on clean energy and sustainable development in Africa. The fund’s decision to partner with Rensource highlights the growing investor interest in the renewable energy sector in Africa.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Norfund makes the first two landmark direct investments in plastic recycling in Africa in Nigeria and Ghana

New Investments

Norfund makes the first two landmark direct investments in plastic recycling in Africa in Nigeria and Ghana

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Norfund, the Norwegian Investment Fund for Developing Countries, has announced its first-ever direct investments in plastic recycling initiatives in Africa.

The development finance institution is committing $2 million as a convertible loan to Wecyclers Corporation, a recycling company based in Lagos, Nigeria. Simultaneously, Norfund is investing $10.5 million in MINIPLAST Ghana Ltd, a leading plastics manufacturer located in Accra, Ghana, to enhance its recycling capabilities.

 

Norfund’s decision to support these ventures aligns with its commitment to showcasing successful models that can contribute to addressing the pervasive issue of plastic pollution while generating a significant number of employment opportunities. “By showcasing functioning models, we can enable the development of an industry that is crucial in tackling the challenges of plastic pollution while creating a large number of jobs,” stated Carl Johan Wahlund, Norfund’s Investment Director for Green Infrastructure.The EUR 2 million convertible loan provided to Wecyclers will be used to establish a new PET-bottle recycling plant in Ogun state, Nigeria.

 

The plant is expected to have an annual capacity of 12,000 tons and produce recycled PET materials for local use and export to Europe.

In addition to this, Norfund’s USD 10.5 million investment in MINIPLAST Ghana Ltd will be utilized to procure advanced manufacturing equipment and machinery. This injection of funds will significantly boost the company’s recycling capacity, allowing it to process 1,700 tonnes of plastic waste per month.

 

The increased use of locally sourced recycled materials will help minimize dependence on imported plastic resins and reduce production costs.

The urgency of combating plastic pollution cannot be understated, as current estimates indicate that more than 171 trillion pieces of plastic are now floating in the world’s oceans, with projections showing a potential tripling by 2040. Establishing effective plastic collection systems is crucial in addressing this issue. However, such methods are complex, even in high-income countries, and even more challenging in developing nations with inadequate waste regulations and limited enforcement of extended producer responsibility.

 

MINIPLAST Ghana Ltd ventured into in-house plastics recycling in 2020. The company utilizes locally sourced plastic waste, recycling it in their finished products and selling surplus recycled plastics to third parties.

Norfund’s investments in Wecyclers Corporation and MINIPLAST Ghana Ltd represent a significant step towards combatting plastic pollution and promoting sustainable practices in the recycling industry.

 

By funding these pioneering ventures, Norfund is supporting job creation and championing environmentally responsible solutions to one of the world’s most pressing challenges.

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Moroccan proptech startup Agenz has secured $1.3 million pre-Series A funding

New Investments

Moroccan proptech startup Agenz has secured $1.3 million pre-Series A funding

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Propel, a Nigerian talent-matching startup that builds sustainable talent pipelines for communities, has raised $2.74 million in seed funding.

The funding will be instrumental in scaling the startup’s AI-powered real estate platform, which leverages advanced technologies to streamline property transactions and deliver a seamless property search experience. The investment round attracted notable investors, including Azur Innovation Management Fund, MITC Capital – Maroc Numeric Fund Fund II, and beenok, an international investment fund.

 

Founded in 2021, Agenz incorporates artificial intelligence, machine learning, and data analytics to provide valuable insights and personalized recommendations to property professionals and prospective buyers. Agenz aims to simplify and optimize the property search process, making it more efficient, transparent, and user-friendly. Agenz’s AI-powered platform offers a range of features and benefits to property professionals and individuals seeking their dream homes.

 

The platform enables real estate agents to efficiently manage their property listings, automate tedious administrative tasks, and gain valuable market insights to better serve their clients. Agenz’s ambitious plans to scale its AI-powered real estate platform align with Morocco’s growing proptech landscape and the increasing demand for digital solutions in the property market.

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Propel, a Nigerian talent-matching startup that builds sustainable talent pipelines for communities, has raised $2.74 million in seed funding

New Investments

Propel, a Nigerian talent-matching startup that builds sustainable talent pipelines for communities, has raised $2.74 million in seed funding

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Propel, a Nigerian talent-matching startup that builds sustainable talent pipelines for communities, has raised $2.74 million in seed funding

The round was led by Amsterdam-based No Such Ventures, with participation from APX, Golden Egg Check, and Future of Learning Fund. Founded in 2020 by Sunkanmi Ola, Seun Owolabi, and Abel Agoi, the platform connects communities with global companies, helping to derisk the process of hiring remote talent from emerging markets, particularly in Africa.

 

Propel plans to use the investment to drive the roll-out and adoption of its community-as-a-service platform. Propel’s platform is currently used by over 100 communities in Africa and the Middle East. The company has seen strong growth in recent months, with the number of job postings on its platform increasing by 300%.

With this latest funding, Propel is well-positioned to continue its growth and become a leading platform for connecting communities with global companies.

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Nigerian mobility fintech startup Moove has secured $8 million in funding to fuel the expansion of its vehicle fleet in Ghana

New Investments

Nigerian mobility fintech startup Moove has secured $8 million in funding to fuel the expansion of its vehicle fleet in Ghana

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Nigerian mobility fintech startup Moove has secured $8 million in funding to fuel the expansion of its vehicle fleet in Ghana.

The investment will enable Moove to enhance its presence in the Ghanaian market, further revolutionizing the mobility sector and providing accessible and convenient transportation solutions to individuals and businesses. The innovative business model of Moove combines mobility solutions with fintech capabilities, providing affordable and reliable transportation options to individuals and businesses.

 

Leveraging technology and data analytics, Moove aims to bridge the transportation gap and revolutionize the mobility landscape in emerging markets. With the new funding from Absa Corporate and Investment Banking (CIB), Moove plans to expand its vehicle fleet in Ghana, allowing more people to benefit from its efficient and convenient transportation services.

The investment will enable the company to meet the growing demand for mobility solutions in Ghana and enhance its operational capacity to serve a wider customer base.

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Chari, a Moroccan e-commerce startup, raises $1.5 million to revolutionize the African retail industry

New Investments

Chari, a Moroccan e-commerce startup, raises $1.5 million with a goal to revolutionize the African retail industry.

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The startup secured the investment from Verod-Kepple Africa Ventures (“VKAV”).

Chari | YC S21 | Ecom and Fintech apps for retailers in Francophone Africa, a Moroccan startup aiming to revolutionize the African retail industry, has secured $1.5 million in funding to fuel its growth. Founded in 2020, Chari has developed an advanced e-commerce platform that aims to bridge the gap between traditional brick-and-mortar stores and online shopping experiences.

 

The startup’s cutting-edge technology and user-friendly interface provide customers with a seamless and personalized shopping experience while empowering local retailers to digitize their operations. The $1.5 million investment will be instrumental in supporting Chari’s expansion plans, which include scaling its operations.

 

In addition to financial backing, Chari will benefit from the extensive industry expertise and network of its investors following the appointment of Ryosuke (Rio) Yamawaki, a Partner at VKAV, as a Strategic Advisor to Chari.

 

 

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Nigerian fintech Zuvy secures $4.5 million debt funding to provide invoice financing for African SMEs

New Investments

Nigerian fintech Zuvy successfully secures $4.5 million in debt funding to provide African SMEs with invoice financing to fund its expansion in Africa

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Nigerian tech startup, Zuvy Technologies, has raised $4.5 million in a recent funding round to provide invoice financing for African SMEs.

Zuvy aims to bridge the gap between vendors and buyers by leveraging innovative digital solutions. The company’s platform provides a user-friendly marketplace that connects small-scale vendors with potential customers, enhancing accessibility and expanding the customer base for these entrepreneurs.

 

The startup’s latest funding round was led by TLG Capital, Dunbar Capital, David Mussafer (chairman of Advent International), Next Chymia Consulting HK Limited, Khalil Osman from Vicus Ventures, and others. The capital injection will enable Zuvy to scale its operations, improve its technology infrastructure, and drive customer acquisition efforts.

Zuvy aims to provide a platform that supports small-scale businesses’ growth while offering customers a superior shopping experience. Since its launch in 2021, Zuvy has steadily gained traction in the Nigerian market.

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