The financing will enable BURN to offer the cookers through its “Pay-As-You-Cook” model, a flexible payment solution designed to make clean cooking technology more accessible to households that cannot afford full upfront payments.

Founded and headquartered in Kenya, BURN has expanded its impact across nine countries, employing over 3,500 people.

Its ECOA Electric Induction Cooker, manufactured entirely in Kenya, is part of a three-piece stainless steel cookware set aimed at reducing indoor air pollution, cutting cooking time, and saving household fuel expenses.

BURN reports having distributed over five million clean cookstoves across Africa to date, helping households transition from traditional fuel sources such as firewood and charcoal to cleaner, more sustainable alternatives.

Peter Scott, Founder and CEO of BURN, emphasized the importance of the EIB investment, stating that it will enable BURN to scale its Pay-As-You-Cook electric solution, already launched in Kenya and Tanzania, to reach over a million low-income households.

The cookers are compatible with grids powered largely by renewable energy sources, which are estimated to supply 80-95% of the electricity for these communities.

This EIB investment follows a series of funding rounds for BURN. Recently, the company secured $9.2 million from Marex to boost the production, distribution, and monitoring of its clean cooking products in multiple African countries.

Marex’s funding also raised Key Carbon’s total investment in BURN’s carbon credit projects to $45 million across eight African nations.

Earlier in 2024, BURN received over $12 million in funding led by Key Carbon Ltd. and Cartesian to expand electric cookstove distribution in Kenya, Tanzania, Uganda, and Zambia, alongside biomass stoves in Nigeria, DRC, Tanzania, and Mozambique.

To meet growing demand, BURN inaugurated its first assembly plant in Kano, Nigeria, in Q2 2024, enhancing local access to affordable clean cooking solutions in the region.

Founded in 2015 by Lars Veul and Derk Hoekert in Cape Town, Pargo offers smart logistics solutions for e-commerce via its extensive network of 4,500 tech-enabled pickup points across Africa, linking major retailers such as Amazon, Bash, and Jumia with a customer base exceeding 10 million online shoppers.

The recent $4 million investment round was led by 3Capital Ventures, with participation from Endeavor, SAAD Investment Holdings, and UW Ventures.

This funding will help Pargo broaden its services and expand its logistical network, especially in Egypt, where it has already rolled out its Collect and Return service through partnerships with popular outlets like Fawry, Circle-K, and Basata.

The Middle Eastern e-commerce platform Noon is among the first prominent brands to adopt Pargo’s logistics services in Egypt.

CEO Lars Veul expressed enthusiasm about the company’s new foray into Egypt, highlighting the nation’s rapidly growing e-commerce market.

“Our goal is to offer affordable delivery solutions to tap into Africa’s vast e-commerce potential, reaching the 500 million online shoppers who currently face service limitations,” Veul said.

“This expansion marks a pivotal step in developing the largest smart logistics network in the region.”

After a successful 2023 pilot with 150 initial points in Egypt, Pargo introduced a Cash on Collection option, catering to the nation’s cash-preferred consumer base.

The trial received favorable adoption rates, validating demand for the company’s unique logistics services.

Pargo aims to establish 7,000 pickup points across Africa by 2026, solidifying its presence in Egypt and fostering partnerships with key local and regional players.

Abdelmalek Shamsi, Pargo’s managing director in Egypt, stated:

“By bringing our Collect and Return solution to Egyptian consumers, we’re committed to elevating the shopping experience. With partners like Noon and a robust interest pipeline, we are poised to harness Egypt’s immense market potential.”

This funding comprises $24 million in Series A equity and $17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC).

The equity round was led by Africa50, a pan-African infrastructure investor, representing the largest investment from an African fund into an e-mobility company.

Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation are co-investors in this round.

This investment unlocks a $10 million debt facility from DFC to support BasiGo’s operations in Kenya and an additional $7.5 million debt facility from BII to scale the company’s electric bus deployment in Rwanda.

Jit Bhattacharya, CEO of BasiGo, expressed enthusiasm for the investment, stating:

“Our mission since 2021 has been to transform public transport in Africa through clean, electric solutions. Africa50’s recognition of our potential and the combined equity and debt investment validates our business model. With BII’s backing, we are poised to expand our electric bus model across East Africa.”

The newly acquired capital will help BasiGo achieve its goal of delivering 1,000 electric buses to East Africa over the next three years.

In Kenya, the funds will be used to boost production at BasiGo’s E-Bus assembly line at Kenya Vehicle Manufacturers, expand the Pay-As-You-Drive service, and enhance the company’s technology platforms, including Jani, which aims to improve passengers’ access to electric buses.

Raza Hasnani, Managing Director at Africa50, highlighted the importance of the investment, saying:

“BasiGo is positioned to scale across East Africa and beyond. This investment supports the greening of public transport in Kenya and Rwanda, fostering sustainable development in the region.”

Novastar Ventures Managing Partner, Steve Beck, emphasized the team’s progress, noting:

“This funding round demonstrates strong investor confidence in BasiGo’s business model and value proposition, as the company leads the way in sustainable transportation across Africa.”

In late 2023, BasiGo expanded into Rwanda, where six pilot electric buses are already in operation, and over 300 reservations have been made by local bus operators.

The $7.5 million debt facility from BII will facilitate the commercial deployment of electric buses in Rwanda, furthering the company’s commitment to electrifying public transport across East Africa.

Seema Dhanani, BII’s Head of Office in Kenya, remarked:

“BII is proud to support BasiGo’s expansion into Rwanda. This effort aligns with our mission to foster sustainable economic growth by reducing pollution and addressing climate change.”

This innovative program aims to boost economic growth and job creation.

It serves as a collaborative platform for financial and non-financial partners, including Nigeria’s Ministry of Finance, the Nigeria Sovereign Investment Authority (NSIA), and the Development Bank of Nigeria (DBN).

In addition to the AfDB’s contribution, DBN and NSIA will provide $25 million and $5 million, respectively.

The initiative is divided into two key components.

The first involves setting up the YEIB Investment Management Company, which will oversee three special-purpose vehicles: the Equity Investment Fund (EIF), the Ecosystem Development Fund (EDF), and the Credit Guarantee Facility (CGF).

These vehicles will provide financial aid, grants, and risk management support for youth and women-led businesses.

The second component focuses on equipping young entrepreneurs with the services needed to turn their ideas into viable businesses, addressing challenges such as youth unemployment and gender inequality.

The project is expected to create more than 161,000 direct jobs, 40% of which will be allocated to women, and 1.4 million indirect jobs, 35% of which will benefit women.

Additionally, over 38,000 youth-led enterprises will receive both financial and non-financial support, with 40% of the beneficiaries being women.

Dr. Abdul Kamara, AfDB’s Director General for Nigeria, highlighted the initiative’s potential to bridge gender gaps and promote entrepreneurship.

This is the third YEIB initiative approved by AfDB, following similar programs in Liberia and Ethiopia.

This funding brings Aya Data’s total investment to $1.15 million, following a previous raise of $255,000 from investors such as Microtraction, Savannah Fund, and Scott Bell.

The company, founded in 2021 by Freddie Monk and Larbi-Siaw, specializes in data collection and annotation services, which are critical for the development of large language models (LLMs) like ChatGPT and Gemini.

With this fresh funding, Aya Data plans to expand its two flagship products: AyaGrow, an AI-powered precision agriculture tool, and AyaSpeech, a speech-to-speech solution enabling communication in local African languages.

Aya Data’s funding round consists of a mix of equity and debt, and part of the investment will be used to hire new talent to enhance its workforce.

The startup has already gained global recognition, working with notable clients such as MIT, Nvidia, Seedtag, and Unilever.

Aya Data reported $500,000 in revenue in 2023, attributed to its growing client base and expanding service offerings.

AyaGrow aims to assist smallholder and commercial farmers by providing AI-powered monitoring for crops and fields, while AyaSpeech offers businesses and governments the ability to interact with citizens using local languages.

Aya Data’s innovative approach is placing it at the forefront of Africa’s AI ecosystem, addressing key challenges in sectors like agriculture and communication.

Co-founder and COO, Larbi-Siaw, emphasized the company’s mission:

“We are dedicated to building local expertise that can leverage AI to tackle the continent’s most pressing challenges.”

According to Marketing and Strategy Officer Gillian Hammah, the startup is focused on helping African businesses adopt AI technologies to boost their competitiveness.

Hammah highlighted Aya Data’s commitment to supporting local enterprises while continuing to collaborate with international partners.

This strategic move comes at a time when the country is grappling with rising energy costs and an ongoing electricity crisis, exacerbated by Eskom’s proposed tariff increases, which could rise by up to 43.55% by mid-2025.

In April 2024, Eskom already implemented a 13% price hike, further escalating the pressure on both businesses and consumers.

To combat these rising costs, Grid Africa plans to develop solar energy solutions aimed at reducing dependency on the national grid.

According to Norman Moyo, CEO of Grid Africa, the current energy landscape presents a unique opportunity for businesses to adopt solar energy projects as a cost-saving measure.

“Recent changes in energy security in South Africa present a unique opportunity for businesses to deploy more solar energy projects, providing a buffer against escalating energy prices,” Moyo stated.

He also noted that with the declining costs of solar technology and lithium batteries, Grid Africa can offer more energy-efficient solutions, including peak shaving, which allows clients to avoid costly peak charges.

Founded in 2015, Grid Africa has played a key role in advancing renewable energy solutions across the continent.

The company has successfully developed hybrid energy projects in countries like Zimbabwe, Kenya, and Ivory Coast, showcasing its ability to operate in challenging environments.

Recently, it expanded into Zambia, a country facing frequent power outages, further emphasizing its commitment to providing reliable energy solutions across the region.

AfricInvest will provide $2.5 million in financing, while Proparco, through its Bridge by Digital Africa facility, will contribute EUR 450,000 (approximately $490,278).

This funding aims to enhance access to optical care in Africa, where the World Health Organization (WHO) estimates that 80% of visually impaired individuals do not receive proper treatment.

With this financial boost, Lapaire plans to strengthen its presence in the countries it already serves and expand its operations to new markets, including Senegal, the Democratic Republic of Congo, and Tanzania.

The investment comes just nine months after the startup raised $3 million for its previous expansion efforts across the continent.

Founded in 2018 by Swiss entrepreneur Jérôme Lapaire, the company has established itself as a key player in providing affordable eyewear in West and East Africa.

Lapaire operates over 80 optical stores in countries such as Ivory Coast, Benin, Togo, Mali, Burkina Faso, and Uganda.

It offers free eye tests and flexible payment options to make essential eye care more accessible to low- and middle-income populations.

The need for optical care in Africa is pressing. According to the WHO, one in six blind people globally resides in Africa, alongside 26 million individuals with varying levels of visual impairment.

Despite this, only 14% of those in need of cataract surgery receive treatment, and over 80% of individuals with short-sightedness go untreated.

Jérôme Lapaire highlighted the importance of the financial and technical support from AfricInvest and Proparco in expanding the startup’s optical network, with the goal of improving the lives of one million people by 2026.

Faisal Jiwa, Senior Partner at AfricInvest, expressed pride in supporting Lapaire through the Transform Health Fund, which is dedicated to making healthcare services more accessible and affordable for underserved populations in Africa.

AfricInvest’s Transform Health Fund, which raised $111 million in October 2024, focuses on scaling innovative healthcare models that provide affordable services to vulnerable communities across the continent.

The funding round was led by Blockchain Capital, with participation from notable investors such as Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.

This latest round brings Yellow Card’s total funding to $88 million.

The company previously raised $15 million in a Series A round in 2021, followed by $40 million in a Series B round in 2023.

The newly acquired funds will be used to further develop Yellow Card’s API and widget products, which act as gateways for international businesses, including Coinbase and Block, to enter African markets.

Additionally, Pan-African companies will benefit from these products by enabling international payments and treasury management using stablecoins.

Yellow Card has also announced its plans to introduce innovative new products, strengthen its team, enhance its systems, and maintain its leadership in regulatory engagement across Africa.

The company has a proven track record of establishing partnerships that strengthen its service offerings.

In January 2024, Yellow Card partnered with Coinbase, a major cryptocurrency exchange based in the United States, to provide easy access to USDC and digital assets across 20 African countries.

This integration allows Coinbase wallet users in Africa to make payments in their local currency via local bank transfers and mobile money, providing a seamless customer experience and streamlined KYC processes.

Founded in Nigeria in 2019, Yellow Card has expanded its operations to 20 countries and has facilitated over $3 billion in transactions across the continent.

The fintech company is recognized as Africa’s largest licensed stablecoin on-ramp/off-ramp, offering businesses secure and cost-effective methods to buy and sell stablecoins like USDT, USDC, and PYUSD through its local currency and Payments API.

In 2022, Yellow Card became the first cryptocurrency company in Africa to be granted a Virtual Asset Service Provider license in Botswana.

The technology permanently stores CO2 in geological formations, setting it apart from traditional carbon capture methods, which focus on emissions at their source.

Founded in 2022, Octavia Carbon is building and deploying DAC machines in Kenya, positioning the country to become the most cost-effective hub for CO2 removal by 2025.

The company’s pilot project, known as Project Hummingbird, will launch by the end of 2024, marking a significant milestone in its journey toward scalable carbon removal solutions.

The $5 million seed round was co-led by African venture capital firms Lateral Frontiers and E4E Africa, with additional contributions from Catalyst Fund, Launch Africa Ventures, Fondation Botnar, and Renew Capital.

Octavia Carbon also secured $1.1 million in non-dilutive carbon finance, underscoring the growing market demand for its carbon credits.

Martin Freimüller, co-founder and CEO of Octavia Carbon, highlighted the significance of the funding, stating:

“This allows us to soon become the world’s second DAC company to complete the full cycle of deploying both CO2 capture and geological storage.”

Samakab Hashi, general partner at Lateral Frontiers, praised Octavia Carbon’s impact, saying:

“Their groundbreaking technology is revolutionizing economic development in Africa, proving that Africans are at the forefront of building a sustainable future.”