This fund aims to accelerate the decarbonization of Africa’s energy grid and drive impactful change in renewable energy development across the continent.

The initiative is backed by key investors, including the Green Climate Fund (GCF), Norfund, FMO, BIO, Ceniarth, and the UK-funded Renewable Energy Performance Platform (REPP).

REPP 2 is a blended finance vehicle to attract public and private investments in Sub-Saharan Africa’s distributed and small-scale renewable energy market.

This innovative approach supports decarbonization while addressing the $22 billion annual funding gap needed to achieve Sustainable Development Goal 7 (SDG7) — providing universal access to reliable electricity.

“This is Africa’s moment to redefine its energy future,” said Ben Hugues, REPP 2 Director at Camco.

“Investing in the businesses shaping a decentralized, renewable, and reliable African energy grid is paramount. The involvement of world-class investors underscores the importance of blended finance in scaling innovation and delivering both financial and climate impacts.”

Over its lifetime, REPP 2 is projected to add 330 MW of renewable energy capacity and mitigate over 12.7 million tons of carbon dioxide equivalent emissions. It aims to deliver clean energy access to more than 7.7 million people while enhancing the resilience of approximately one million beneficiaries.

The fund is further supported by a technical assistance facility, funded by the Norwegian Agency for Development Cooperation (Norad), to overcome financial and non-financial barriers impeding project development.

This support is expected to stimulate market growth and expedite investments in Africa’s renewable energy sector.

REPP 2 is a critical milestone in Africa’s energy transition, setting the stage for sustainable economic growth and impactful climate solutions across the continent.

The funding, which includes a €4.3 million ($4.5 million) initial round in April and support from key investors such as Janngo Capital, Southbridge Investments, Ciwara Capital, KJ Holding, Audentes Capital, DMG Promotion, and 150 O bter, was finalized with backing from Bpifrance.

This milestone solidifies LAfricaMobile’s mission to empower African businesses by enabling multichannel and inclusive customer interaction through mobile communication.

Malick Diouf, CEO of LAfricaMobile, highlighted the significance of this achievement:

“The finalization of this Series A of €6.5 million ($7 million) marks an important step for the development of LAfricaMobile,” he said.

“This demonstrates investors’ confidence in our value proposition for the Cloud Communication and AI market in Africa and underscores our ability to meet the needs of African companies for seamless customer interaction,” he added.

Diouf also emphasized the company’s commitment to delivering impactful solutions across various sectors, including banking, insurance, fintech, health, education, agriculture, public services, and environmental initiatives.

Raymond Mendy, Executive Director of LAfricaMobile, expressed enthusiasm about the company’s next phase:

“LAfricaMobile is at a crossroads in its development strategy. We face the dual challenge of expanding coverage in French-speaking Central Africa and the opportunity to support public and private organizations in their digital transformation processes.”

“Our tailored service offerings are designed to address the needs of these communities effectively.”

The Series A funding will be instrumental in accelerating the company’s expansion and enhancing its technological capabilities to maintain its leadership position in French-speaking Africa’s cloud communication and AI landscape.

Established in 2015 by Henri Ousmane Gueye, Eyone focuses on providing digital solutions to foster a connected healthcare ecosystem.

Its platform bridges patients with essential stakeholders, such as hospitals, clinics, insurers, international organizations, and governments, to ensure more efficient and coordinated healthcare delivery.

The funding round was primarily supported by the Sonatel Group, which contributed $855,000 through its investment arm, Véhicule d’Investissement et de Financing (VIF), alongside $145,000 from BICIS.

The financial boost will help Eyone refine its digital health services, broaden its reach, and introduce innovative healthcare solutions tailored for the African market.

Eyone’s vision is to transform healthcare on the continent by harnessing technology to close gaps in access and improve the quality of services available to patients and healthcare providers.  

This strategic move aims to boost trade and provide sustainable transport solutions in the Global South.

The agreement includes the deployment of OX Delivers’ all-electric truck fleet, along with access to its proprietary technology platform and vehicle maintenance services.

The franchise partner, OX East Africa, will build on the company’s existing success in Rwanda and expand operations to neighboring countries, including Uganda, Kenya, Tanzania, and Burundi.

Simon Davis, Co-Founder and CEO of OX Delivers, highlighted the importance of the partnership in scaling their business.

“This deal represents a significant milestone for OX Delivers and acknowledges the remarkable progress we’ve achieved with our electric trucks and services in Rwanda. It will enable us to explore new markets, introduce payment apps, and enhance the overall customer experience.”

Davis emphasized the broader mission of fostering economic growth by providing affordable and reliable transport services that empower local businesses to thrive.

Colin Tebbett, the newly appointed CEO of OX East Africa, will lead the franchise’s operations.

Tebbett reflected on the success of OX Delivers in Rwanda, where the company has supported over 5,000 customers, many of whom are smallholder farmers and traders.

“Our service has allowed customers to increase their sales fivefold, demonstrating the transformative impact of efficient, reliable transport. The franchise will expand this model to neighboring countries, creating a self-reinforcing cycle of economic and social growth,” Tebbett said.

Since its pilot launch in Rwanda in 2021, OX Delivers has experienced robust demand, generating over $920,000 in revenue from January to October 2024.

Customers have transitioned from inefficient methods like bicycles and buses to the OX service, which allows them to book space on trucks for faster, safer delivery of goods to markets.

The OX electric truck, originally conceptualized by Sir Torquil Norman and Professor Gordon Murray, has been redesigned by OX’s engineering team for maximum efficiency and affordability.

With operating costs 10 times lower than traditional alternatives, the trucks are tailored for the “as-a-service” business model.

This marks Renew Capital’s first investment in Tunisia.

Founded in 2021 and licensed by the Central Bank of Tunisia, Konnect provides businesses with a suite of digital payment tools, including seamless payment links, e-commerce plugins, and a robust API.

Its services aim to enhance the efficiency, security, and accessibility of online financial transactions, catering to businesses of all sizes.

The newly secured funding, the amount of which remains undisclosed, will enable Konnect to scale its operations and broaden its reach across North Africa.

The startup’s growth strategy includes key partnerships, such as a strategic collaboration with Visa, aimed at advancing the adoption of secure and efficient digital payment services in the region.

Amin Ben Abderrahman, the founder of Konnect, emphasized the company’s mission to revolutionize digital payments.

“We’ve built Konnect to make digital payments more accessible, secure, and user-friendly,” he said.

“Our platform supports both individuals and businesses, allowing them to manage their payments with ease. We’re excited to continue expanding across North Africa and providing innovative financial services that cater to the needs of underserved communities,” he added.

Renew Capital expressed strong support for Konnect’s vision and potential. 

Karim Ben Fadhel, the investment ecosystem development manager at Renew Capital, highlighted the startup’s role in fostering financial inclusion.

“Their platform not only simplifies financial transactions but also opens doors for greater financial inclusion,” he said.

“We’re proud to support Amin and his team as they lead the way in expanding access to secure and scalable payment solutions.”

This milestone, announced during the 2024 Africa Investment Forum in Rabat, highlights the growing commitment to fostering innovation, financial inclusion, and job creation across the continent.

Key investors in the fund include the African Development Bank (AfDB), EIB Global, supported by the European Union through the ACP Trust Fund, and Boost Africa.

The fund is targeting $80 million in total commitments, of which $50 million has already been secured.

Its focus areas include climate tech, financial inclusion, and digital innovation, to create over 10,000 formal jobs and address financing gaps in Africa’s underserved startup ecosystem.

Seedstars Africa Ventures I provides funding of up to $2 million for seed and Series A rounds, with follow-on investments of up to $5 million.

Earlier this year, the African Development Bank contributed $10.5 million to the fund, aiming to support high-growth startups and create nearly 9,000 jobs, half earmarked for women.

The fund is already delivering results, deploying $10 million into five innovative startups across sectors such as cleantech and financial inclusion.

These startups collectively serve over 60 million people in eight African countries, including:

• Beacon Power Services (Nigeria): A cleantech company improving electricity access for millions.
• Poa! Internet (Kenya): Providing affordable broadband to over 60,000 households.
• Xeno (Uganda): Offering sustainable financial products for savings.
• Bizao (Côte d’Ivoire, Senegal, France): Delivering payment aggregation solutions.
• Shamba Pride (Kenya): Empowering farmers through nearly 300 franchised shops offering tools, insights, and training.

Through these ventures, the fund has connected 60,000 households to the internet, supported 50,000 farmers, and empowered 30,000 individuals with financial services.

The fund is led by Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule, who bring 45 years of combined investment experience.

Seedstars Africa Ventures I is also committed to gender equity, aligning its portfolio with the 2X Challenge criteria to empower women entrepreneurs and professionals.

Founded in 2019 by Ashley Gaüzère, with Jean-Rémi Kouchakji joining as co-CEO in 2023, HUB2 provides a single API solution for digital businesses to process payments through mobile money, bank transfers, card payments, and cryptocurrency.

The startup has partnered with leading mobile money operators such as Wave, Orange, MTN, Moov, Free, T-Money, and Celtiis, ensuring comprehensive payment method coverage and seamless integration. Its platform serves prominent fintechs like Djamo, Onafriq, and Daba Finance.

“After two decades in telecom, I recognized the need for high-quality, interoperable payment solutions across Africa. HUB2 was built to address this gap and create a reliable infrastructure for the industry,” said Gaüzère.

The Series A round was led by TLcom Capital, with participation from FMO, Enza Capital, BPI France, AXIAN, DCG, African Fintech Collective, Eric Barbier, and ENL Corporate Ventures.

Gaüzère highlighted the significance of this diverse investor pool, stating it reflects the company’s ambition to scale continent-wide.

Currently operating in six Francophone African countries—Ivory Coast, Senegal, Burkina Faso, Benin, Togo, and Cameroon—HUB2 aims to expand from Senegal to Madagascar within the next two years.

Eloho Omame, partner at TLcom Capital, expressed confidence in HUB2’s mission:

“HUB2’s achievements in Francophone Africa, combined with TLcom’s experience in Anglophone markets, create a strong foundation for expanding digital payments across the continent. Ashley and Jean-Rémi’s leadership positions HUB2 to become the next payments champion in Francophone Africa.”

The funding will enable HUB2 to enhance its Francophone footprint and advance its vision of revolutionizing payment solutions across Africa.

The funding marks a significant milestone for the startup, which aims to redefine the freight forwarding industry in the Middle East and North Africa (MENA) region.

Founded in 2021 by Moataz Khamis (CEO), Mahmoud Khaled (CTO), and Ahmed Emara (COO), Nowlun offers an online platform that provides customers with instant access to competitive ocean freight rates, shipment management tools, and real-time cargo tracking.

By integrating with major shipping lines, the platform enables businesses to compare services, streamline their logistics processes, and make informed decisions more efficiently.

The newly secured funding will support Nowlun’s expansion plans and accelerate the development of its technology-driven solutions.

The platform’s capabilities, including its real-time visibility features and proactive issue management, aim to address inefficiencies in traditional freight forwarding practices.

Reflecting on the company’s journey, CEO and co-founder Moataz Khamis emphasized the team’s mission to simplify logistics through technology. 

“Throughout my decade in logistics, I’ve witnessed the daily inefficiencies shippers face. This funding will empower us to further simplify the shipping process and make shippers’ lives easier,” he said.

Mohammed Alzubi, founder and managing partner at Nama Ventures, praised the startup’s market traction and domain expertise.

“We were impressed by their deep domain expertise, strong traction in the Saudi market, and clear vision for disrupting the logistics space,” he remarked.

Since its launch, Nowlun has rapidly gained recognition in the MENA logistics sector, leveraging advanced tools to offer transparency and efficiency across supply chains. 

The funding was unveiled during President Biden’s visit to Angola, marking a significant commitment to supporting African nations in their fight against hunger and related challenges.

The aid package includes nearly $823 million administered by USAID, with over $202 million sourced from the U.S. Department of Agriculture’s Commodity Credit Corporation.

An additional $186 million will be distributed through the U.S. Department of State.

This announcement builds on the commitments made at the 2022 U.S.-Africa Leaders’ Summit, where President Biden reaffirmed the United States’ dedication to addressing food insecurity across the continent.

Africa remains the region most affected by hunger, with the United Nations estimating that one in five Africans—almost 300 million people—faced hunger in 2023.

The number of individuals experiencing acute food insecurity continues to rise, driven by factors such as armed conflict, extreme weather events, and natural disasters.

“Armed conflict, natural disasters, and other emergencies are exacerbating the humanitarian crisis,” the statement noted.

“This funding demonstrates our firm resolve to help save lives and alleviate suffering among the continent’s most vulnerable populations.”

The aid will enable U.S. humanitarian partners to deliver critical services, including emergency healthcare, water and sanitation initiatives, and programs to prevent infectious disease outbreaks.

It will also provide for other essential needs, such as protection, mental health services, education, and shelter.

A key portion of the funding, facilitated by the Commodity Credit Corporation, will support the purchase, shipping, and distribution of U.S. agricultural commodities.

These resources, sourced from American farmers, will directly address acute food insecurity in East and Central Africa.

Despite the United States providing nearly $6.6 billion in humanitarian assistance across sub-Saharan Africa in Fiscal Year 2024, President Biden emphasized that the scale of the crisis requires greater international collaboration.

“We urge other donors to step up in this time of historic need,” he said, calling for expanded efforts to address the growing demand for life-saving aid across the continent.