The funding will support Qme’s expansion and further development of its AI-driven appointment booking solutions, which aim to improve efficiency and streamline operations across multiple industries.

Qme’s platform is designed to address persistent inefficiencies in appointment scheduling and queuing systems, particularly in the Middle East and North Africa (MENA) region.

Research indicates that individuals spend an average of six months of their lives waiting in queues, while 92% of appointments in the region are still booked over the phone—contributing to a 31% no-show rate and compounding operational challenges.

Since launching commercially in 2023, Qme has served over 100,000 customers across healthcare, banking, and government sectors.

The startup reports significant efficiency improvements, reducing average wait times from 116 minutes to just 14 minutes.

It has also helped lower phone booking no-show rates to under 1% and replaced traditional paper-based queuing systems with digital alternatives, saving an estimated 50,000 square meters of paper.

The fresh investment aligns with Qme’s participation in AHOY’s Startup Builder Initiative, a program committed to supporting 10,000 entrepreneurs and 30,000 software developers across MENA by 2030.

The initiative focuses on innovation in infrastructure sectors, including transportation, aviation, and smart cities.

Through its partnership with AHOY, which specializes in logistics, aviation, and traffic management, Qme will gain access to advanced technology and industry expertise to accelerate its growth in complex markets such as the Gulf Cooperation Council (GCC) and Africa.

Maged Negm, CEO and Co-Founder of Qme, emphasized the transformative potential of this collaboration.

He noted that AHOY’s expertise in operational excellence and advanced technology will be instrumental in scaling Qme’s solutions to optimize movement and enhance customer experiences in dynamic environments.

The announcement, made at the World Government Summit, signifies a major boost for African entrepreneurship, offering business training, mentorship, networking opportunities, and $5,000 in non-refundable seed capital to 1,000 emerging business owners across the continent.

The formal agreement was signed by Tony O. Elumelu, founder of TEF, and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation.

This collaboration underscores the commitment of both entities to fostering economic growth and supporting youth-led businesses in Africa, reinforcing economic ties between the two regions.

Since its launch in 2015, the TEF Entrepreneurship Programme has been instrumental in nurturing Africa’s entrepreneurial landscape. The initiative has:

• Provided training to over 2.5 million entrepreneurs through its digital platform, TEFConnect.
• Disbursed more than $100 million in funding to 21,000 businesses.
• Created over 1.5 million jobs, helping lift two million people out of poverty.

With the latest financial backing from the UAE, the foundation will further extend its reach, enabling an additional 1,000 African entrepreneurs to benefit from essential business resources and financial support.

The Khalifa Bin Zayed Al Nahyan Foundation, known for its extensive contributions to education, healthcare, economic empowerment, and enterprise development, is reinforcing its dedication to global economic progress through this initiative.  

Speaking on the partnership, Tony Elumelu emphasized the transformative potential of entrepreneurship in Africa:

“Empowering entrepreneurs is not just a moral imperative but also a strategic investment in Africa’s future. By providing access to capital, mentorship, and resources, we are unlocking the potential of Africa’s entrepreneurial talent, eradicating poverty, driving self-reliance, and paving the way for inclusive growth and prosperity on the continent.”

The fund is designed to support high-potential local businesses in various sectors, including agriculture, health, energy, water, industry, and services.

The EIB joins the West African Development Bank (BOAD) and Proparco as one of the first investors in IPAE 3, with the goal of attracting additional public and private sector contributors to expand the fund’s impact.

EIB Vice-President Ambroise Fayolle emphasized the significance of this investment, particularly in West Africa and Madagascar, where access to financial support for startups remains limited.

“This initiative aims to provide financing for startups and assist in their growth, fostering responsible entrepreneurship and empowering women entrepreneurs. By doing so, we are contributing to job creation and the development of future business leaders,” Fayolle stated.S

ébastien Boyé, Co-CEO of Investisseurs & Partenaires, expressed pride in the ongoing collaboration with the EIB, a partnership that has spanned nearly two decades.

“The EIB’s early commitment to IPAE 3 is instrumental in the success of this fundraising round. It underscores confidence in our approach and expertise. The fund aims to provide financial support to responsible and innovative businesses that tackle Africa’s most pressing challenges while promoting economic inclusion, particularly for women,” Boyé noted.

With this latest investment, IPAE 3 is set to drive economic development across Africa by funding enterprises that contribute to sustainable growth and social impact.

Each selected startup will receive $200,000 alongside an 18-month tailored investment programme to foster growth, innovation, and long-term sustainability.

The programme offers a highly personalized curriculum, hands-on mentorship, and executive coaching from industry leaders, including Yoeal Haile, co-founder of the fintech company Sava.

Additionally, founders will benefit from two-week, fully funded immersion trips to key entrepreneurial ecosystems in cities such as Cape Town and London.

The initiative is strategically designed to help startups scale, attract follow-on funding, and establish a solid foundation for future success.

The Four Startups Selected for Investment

1. Medikea (Tanzania) – Founded by Elvis Silayo and Desire Ruhinda, Medikea is a digital healthcare platform that integrates telemedicine and in-person facilities to enhance access to primary and specialized healthcare services.
2. Motherbeing (Egypt) – Led by Nour Emma and Yousef Elsamaa, Motherbeing leverages AI-driven technology to provide health and wellness solutions for Arab women, offering AI-assisted guidance, educational content, and diagnostic services.
3. Pixie Motors (Tunisia) – Founded by Anis Fekih and Wafa Dhifi, Pixie Motors focuses on sustainable urban mobility, offering eco-friendly electric vehicles for both city travel and last-mile delivery services.
4. ToumAI (Morocco) – Established by Odin Demassieux, Imade Benelallam, and Yousef Rhamani, ToumAI harnesses AI and large language model (LLM) voice analytics to provide multilingual customer insights and voice solutions. The startup recently secured an additional $1 million investment to enhance AI capabilities in Africa.

Madica’s Commitment to African Startups

Since its launch in 2022, Madica has played a pivotal role in supporting early-stage African startups by addressing key challenges such as access to funding, mentorship, and market expansion.

In its first year, the programme supported eight startups and secured six new investments.

The initiative has also surpassed its goal of achieving 50% gender diversity in leadership teams, backing female-led companies across eight countries and six different sectors.

Earlier in 2024, Madica invested $200,000 in three African startups—Kola Market, GoBEBA, and Newform Foods—as part of its first investment programme.  

Madica operates in collaboration with Flourish Ventures, a global fintech venture capital firm, with the shared mission of empowering African entrepreneurs through financial backing and world-class business support.  

Founded in December 2019, Taager operates as a social e-commerce marketplace, providing online sellers with a comprehensive suite of backend services.

The funding round was led by QED Investors, with additional support from Norrsken22 and continued investment from Ventures Platform, P1 Ventures, and Seedstars.

This latest equity-based investment brings Raenest’s total venture funding to $14.3 million.

Raenest’s retail product, Geegpay, provides freelancers with virtual accounts in USD, GBP, and EUR, allowing them to receive payments, manage multi-currency wallets, and perform currency conversions.

Additionally, users have access to both virtual and physical debit cards for seamless international transactions.

In March 2023, the company expanded its services to businesses under the Raenest for Business brand, streamlining international remittance processes for enterprises operating in Africa.

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially launched as an Employer of Record (EOR) service to help foreign companies pay African employees while ensuring compliance with local regulations.

However, the co-founders quickly identified a more pressing challenge: individuals struggling to receive payments efficiently.

“A U.S. company might not be affected by a five-day delay in payments, but for someone in Nigeria or Kenya, such delays can significantly impact their finances, especially when converting to local currency,” said CEO Victor Alade.

Since its inception, Raenest has processed over $1 billion in payments, marking a 160% growth over two years.
The platform currently supports more than 700,000 freelancers who receive payments from platforms such as Upwork, Fiverr, and Gusto.

Additionally, over 300 businesses, including Moniepoint, Helium Health, Fez Delivery, and Matta, use Raenest for cross-border transactions.

Commenting on the investment, Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, stated:

“At QED, we’re excited to support Raenest as they revolutionize cross-border banking for Africans. Their commitment to financial inclusion and seamless user experience makes them a transformative player in the fintech space.”

Lexi Novitske, General Partner at Norrsken22, also highlighted the importance of Raenest’s mission, noting:

“Africa’s gig economy is expanding by 20% annually, yet cross-border payment challenges remain. Raenest is addressing a critical gap, ensuring freelancers and businesses can efficiently receive and manage their funds.”

The investment aims to enhance connections between farmers and fast-moving consumer goods (FMCG) companies, strengthening Nigeria’s agricultural supply chains.

Agriarche plays a crucial role in addressing challenges within Nigeria’s fragmented commodity value chains.

The funding will enable the enterprise to expand its reach, ensuring stable pricing for farmers and optimizing the agricultural supply network for FMCG companies.

According to Deji Adebusoye, a partner at Sahel Capital, Agriarche is making a significant impact on smallholder farmers’ livelihoods by leveraging technology to reduce the distance between farmers and economic hubs.

This has led to fairer pricing and greater reinvestment opportunities for farmers.

“By partnering with Agriarche, FMCG companies can drive meaningful impact for smallholder farmers, who remain the backbone of Nigeria’s food system,” Adebusoye noted.

Sahel Capital manages multiple funds, including the Fund for Agricultural Finance in Nigeria (FAFIN), which supports SME agribusinesses in the country, and SEFAA, which provides structured debt financing to agribusiness SMEs across 13 sub-Saharan African countries.

The firm is also in the process of raising capital for a new investment initiative, the Sahel Capital Agribusiness Fund II, aimed at expanding agribusiness opportunities across West Africa.

Co-founded by Mikael Hajjar and Hisham Halbouny, P1 Ventures is a contrarian VC firm that aims to support early-stage tech entrepreneurs through strategic funding and mentorship.

With a portfolio spanning 34 companies in 10 countries, the firm has now attracted investment from a diverse group of backers, including African conglomerates, family offices, global VC partners, and the International Finance Corporation (IFC).

P1 Ventures’ total assets under management now exceed $60 million, reinforcing its commitment to fueling innovation on the continent.

The firm has backed startups in different sectors such as fintech and artificial intelligence (AI), focusing on businesses poised for high-impact growth.

“From game-changing fintech to pioneering AI applications, we’re uniquely positioned to identify opportunities and support their growth,” said Hisham Halbouny, managing partner at P1 Ventures.

“Great companies are often built in tough times, and today’s founders are more frugal, focused, and realistic about valuations. We believe this may be the greatest vintage ever.”

With this latest fund, P1 Ventures is set to play a pivotal role in shaping Africa’s tech landscape by supporting visionary founders in scaling their businesses across the continent.

The investment marks a significant milestone for the Moroccan-based company, which has gained a strong foothold in the eyewear market within just four years.

The startup, known for its stylish and affordable eyewear, leverages a fully digitized supply chain to serve a broad customer base.

Since raising $335,000 in 2021, LNKO has grown to serve over 100,000 customers, established 10 retail locations across Morocco, and built a robust online presence spanning 24 countries.

Beltone Venture Capital views this investment as a strategic move in its broader efforts to support high-potential businesses across Africa.

Ali Mokhtar, CEO of Beltone Venture Capital, underscored LNKO’s impressive growth and innovative business model, stating that the company aligns with Beltone’s commitment to backing transformative ventures in the region.

LNKO’s CEO and Founder, Maha Bennani, expressed enthusiasm about the partnership, emphasizing Beltone’s expertise in scaling D2C businesses.

With this investment, LNKO aims to accelerate its expansion and make high-quality, stylish eyewear accessible to more consumers across the continent.