The announcement was made following a meeting between Nigerian President Bola Tinubu and senior executives of the soft drink giant.

The investment pledge comes as a boost to Nigeria’s economy, which has faced challenges attracting foreign investment due to factors such as forex shortages and bureaucratic hurdles.

John Murphy, President and Chief Financial Officer of Coca-Cola, and Zoran Bogdanovic, CEO of Coca-Cola HBC, met with President Tinubu to discuss the company’s expansion plans.

Bogdanovic highlighted Coca-Cola’s previous investments in Nigeria, totaling $1.5 billion since 2013, which have focused on expanding production capacity, improving the supply chain, and investing in training and development.

The additional $1 billion investment will further strengthen Coca-Cola’s presence in Nigeria, a market with a population of over 200 million.

The investment round was led by Al Mada Ventures, with participation from CDG Invest, Saviu Ventures, UM6P Ventures, Kalys VC, Plug & Play, and prominent business angels Philippe Limes and Thane Kuhlman.

Founded in 2018, Userguest offers an automated platform that enables hotels to curate personalized messages and incentives for website visitors, ultimately increasing direct bookings.

The startup’s technology has already been adopted by hotels in over 30 countries, generating more than $100 million in direct revenue since 2019.

The newly acquired funding will fuel Userguest’s expansion plans, including the development of new features and products and the expansion of its sales team.

The company aims to strengthen its market position as a leading provider of direct revenue optimization solutions for the hospitality industry.

“This investment validates our vision of creating an automated tool that helps hotels maximize their revenue,” said Hicham Benyebdri, co-founder of Userguest.

“With this funding, we can accelerate our growth and continue delivering exceptional value to our customers.”

Yassine Soual, from Al Mada Ventures, expressed enthusiasm for the investment, highlighting Userguest’s innovative approach and commitment to customer satisfaction.

“We are confident that this funding will enable Userguest to become a dominant player in the hospitality tech space,” he said.

This significant investment will fuel the startup’s expansion and solidify its position in the regional education market.

Farid, founded in 2024 by Mahmoud Hussein, is a platform dedicated to providing innovative educational solutions for children and adolescents aged 3 to 18.

The company focuses on character education, mental health support, and personal skills development, utilizing modern methodologies to foster well-rounded individuals.

With this new funding, Farid plans to expand its educational platform, develop new training content, and hire additional staff.

The startup also aims to enter new markets, including Saudi Arabia and the United Arab Emirates, building upon strategic partnerships with Egyptian schools.

“This investment will enable us to accelerate our growth and reach a wider audience,” said Mahmoud Hussein, the founder and CEO of Farid.

“We will use the funds to enhance our platform, develop new training programs, and expand our operations in key markets.”

The new fund, named Unconventional Capital, offers a non-dilutive, revenue-based financing model, providing early-stage businesses with capital without requiring them to give up equity.

This approach is designed to address the challenges faced by many African SMEs in securing traditional venture capital funding.

The fund will be co-led by Esther Ndeti and Franziska Reh, who will serve as Managing Partners.

Ndeti is currently Uncap’s Investment Principal, while Reh is the CEO of the firm.

Unconventional Capital will collaborate with strategic partners such as O-Farms and SAIS to identify and support promising African businesses.

Global institutions, including the Bill & Melinda Gates Foundation and the Bayer Foundation, have also expressed their support for the fund.

Uncap’s revenue-based financing model is expected to be particularly attractive to African SMEs that often struggle to raise capital while maintaining control over their operations.

Since its establishment in 2019, Uncap has invested in 87 companies across seven sub-Saharan African countries.

The firm plans to support each company with between $22,000 and $112,000 in funding. To be eligible, SMEs must be registered limited companies in Kenya, Rwanda, Uganda, or Nigeria, with at least two years in operation and a minimum revenue of $89,000 in the past 12 months.

In addition to launching the new fund, Uncap announced the separation of its financial operations from Level, a stand-alone SaaS platform designed to simplify investment management for funders and accelerators in Africa.

The investment, led by Shorooq Partners, will fuel the company’s expansion and platform enhancements.

SETTLE aims to streamline financial operations for businesses by providing real-time insights and automating payment processes.

The funding will enable the company to accelerate its growth in Egypt and expand into global markets.

In a market still dominated by traditional payment methods like paper checks, SETTLE offers a much-needed digital solution.

By integrating with ERP systems, the platform automates payments, receivables, and treasury management, leading to improved financial control and reduced operational errors.

“We’re excited to support SETTLE in their mission to revolutionize B2B payments in Egypt and beyond,” said Tamer Azer, partner at Shorooq Partners. “Their innovative platform has the potential to significantly improve efficiency and transparency for businesses of all sizes.”

With the backing of strategic investors, SETTLE is poised to become a leading player in the B2B payment space.

The company’s focus on automation and data-driven insights aligns with the growing demand for digital financial solutions.

The fresh capital will be used to bolster the company’s efforts to tackle food insecurity across the African continent.

Founded by Olushola Oladejo and Yosola Oke, Foodpreneurs Hub empowers African food entrepreneurs by providing training, mentorship, and access to strategic partnerships.

The platform aims to bridge the gap between food production and post-harvest losses, which account for over 40% of food waste in Africa.

“Our mission is to democratize food processing,” said Yosola Oke, COO of Foodpreneurs Hub. “We are building a community that empowers aspiring entrepreneurs to innovate, create jobs, and contribute to food security across the continent.”

The recent funding round follows a previous investment of $5 million from Fusen Funds, led by American billionaire Chris Klaus.

This additional capital will enable Foodpreneurs Hub to expand its reach and support more food entrepreneurs in their journey to success.

Through initiatives like the “FoodStars Business Scale-Up” program, Foodpreneurs Hub provides entrepreneurs with mentorship, access to capital, and opportunities to pitch their ventures for funding.

The funding round was led by E4E Africa and 4Di Capital, with participation from several other investors, including DotExe Ventures, Launch Africa, Equitable Ventures, Felix Strategic Investment, Gaingels, and local angel investors.

Happy Pay, founded in 2023, provides interest-free and deposit-free credit solutions to its users.

The company leverages AI-driven credit scoring to assess customer affordability quickly, ensuring a seamless checkout experience for both consumers and merchants.

With this new funding, Happy Pay plans to launch innovative products, boost its marketing efforts, and expand its merchant base.

The company also intends to strategically grow its team to support its rapid expansion.

“This funding will enable us to accelerate our growth and expand our innovative product offerings, ultimately providing more value to the customers and merchants we serve,” said Wesley Billett, co-founder and CEO of Happy Pay.

Happy Pay has experienced significant growth over the past year, attracting a 900% increase in user growth, primarily driven by millennials and Gen Zs.

The company has been driving growth for South African eCommerce merchants by offering access to new customers, higher average order values, and improved conversion rates.

Patrick Postrehovsky, Co-Founder and COO of Happy Pay, stated that the fintech provides consumers with zero-cost alternatives to high-interest credit, enabling customers to access the formal financial system using their own affordability data.

The BNPL market in South Africa is experiencing rapid growth due to the country’s large population of financially unserved and underserved consumers, increasing eCommerce activity, and challenging economic conditions.

The BNPL payments in the country are expected to reach $1.07 billion this year, with an anticipated annual growth rate of 10.6% from 2024 to 2029.