Tag: Investment News

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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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AI company Flapmax launches program to help African startups scale up and raise capital

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AI company Flapmax launches program to help African startups scale up and raise capital

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Flapmax, a pan-African technology company, has launched the second edition of its Fast Accelerator Program designed to empower African startups.

The program, which is open to startups from all over the continent, will provide participants with access to mentorship, training, and funding opportunities.

The program will be delivered by a team of experienced entrepreneurs and investors, including Flapmax CEO and Founder, Femi Kuteyi.

Participants will learn how to build and scale their businesses, as well as how to raise capital. They will also have the opportunity to pitch their businesses to a panel of investors at the end of the program.

Founded in 2016, Flapmax is on a mission to empower Africans to achieve their full potential through technology.

Headquartered in Lagos, Nigeria, the company has raised over $10 million in funding from investors such as Y Combinator, 500 Startups, and Golden Gate Ventures.

The launch of the Flapmax Fast Accelerator Program is a significant development for the African startup ecosystem.

The program provides startups with the opportunity to learn from experienced entrepreneurs and investors, as well as to access much-needed investment opportunities.

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Invest International injects $10.8M in uMunthu II Fund to support African SMEs

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Invest International injects $10.8 million in uMunthu II Fund to support African SMEs

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Invest International, a leading investment firm, has made an investment of $10.8 million in the Umunthu II Fund to support African Small and Medium Enterprises (SMEs).
 

The Umunthu II Fund specializes in identifying and investing in high-potential SMEs across various sectors.

By providing capital, strategic guidance, and mentorship, the fund aims to unlock the growth potential of African businesses and contribute to their long-term success.

Invest International’s investment in the Umunthu II Fund will significantly bolster its resources, enabling the fund to extend its support to a broader range of SMEs and fuel their expansion.

The funds will be utilized to provide equity investments, working capital, and capacity-building initiatives, enabling SMEs to scale, innovate, and create sustainable jobs.

The partnership between Invest International and the Umunthu II Fund showcases the commitment of both entities to fostering entrepreneurship and driving economic growth in Africa.

By channeling resources and expertise towards SMEs, the investment will play a pivotal role in addressing the financing gap faced by many African businesses, allowing them to seize opportunities, drive innovation, and contribute to the continent’s economic prosperity.

Invest International’s decision to invest in the Umunthu II Fund is rooted in the recognition of the immense potential and resilience of African SMEs and aligns with its mission to unlock opportunities, create value, and support sustainable development in emerging markets.

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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

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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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MYDAWA, a leading Kenyan e-health startup, has raised $20 million to fund its mission of becoming an all-in-one health platform for consumers

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MYDAWA, a Kenyan e-health startup with an all-in-one health platform for consumers has secured $20 million to fund its expansion in Africa

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MYDAWA, a leading Kenyan e-health startup, has raised $20 million to fund its mission of becoming an all-in-one health platform for consumers.

The investment was made by Alta Semper Capital LLP, a dedicated frontier-markets private equity firm investing in flexible and strategic capital in healthcare and consumer opportunities. MyDawa aims to provide convenient access to quality healthcare products and services through its innovative online platform.

 

The company has gained prominence by offering customers a seamless experience of ordering prescription medication, over-the-counter drugs, health supplements, and personal care products, which are then delivered directly to their doorstep. The startup’s innovative approach has played a pivotal role in addressing the challenges faced by traditional brick-and-mortar pharmacies, such as long wait times, limited inventory, and counterfeit medications.

 

The e-health industry has witnessed substantial growth in Kenya and across Africa, driven by increasing internet penetration, the rise of mobile technology, and the growing demand for accessible healthcare services. MyDawa’s success story highlights the potential of digital health platforms to transform the healthcare landscape, ensuring that individuals can easily access essential medications and healthcare products.

 

With the new funding, MyDawa aims to expand its network of partner pharmacies, strengthen its supply chain capabilities, and further invest in customer support and user experience. The company also plans to explore strategic collaborations with healthcare institutions and insurers to create a comprehensive ecosystem that caters to the holistic needs of patients.

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Nuru, a leading renewable energy company, has secured over $40 million in funding to expand its efforts in providing access to clean and sustainable energy solutions

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Nuru, has received funding of over $40 million to scale its renewable energy business in the DRC

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Nuru, a leading renewable energy company, has secured over $40 million in a Series B equity funding round. Nuru, a leading renewable energy company, has secured over $40 million in a Series B equity funding round.
 

This significant investment will empower Nuru to expand its efforts in providing access to clean and sustainable energy solutions in DR Congo, heralding a new era of progress and environmental stewardship. The funding round was led by prominent international investors, including the IFC – International Finance Corporation, The Global Energy Alliance for People and Planet (GEAPP), the REPP (Renewable Energy Performance Platform), Proparco, E3 Capital (formerly Energy Access Ventures), Voltalia, The Schmidt Family Foundation, Gaia Impact Fund, and the Joseph Family Foundation.

 

Founded in 2015, Nuru has emerged as a frontrunner in the renewable energy landscape, leveraging innovative technologies to deliver affordable and reliable energy solutions to underserved communities in the DRC. With this latest funding injection, Nuru is poised to accelerate its operations and make substantial strides in expanding renewable energy access, particularly in remote areas where traditional energy infrastructure is limited.

 

The investment will be utilized to bolster Nuru’s existing operations, including the deployment of additional solar power systems, the establishment of mini-grids, and the implementation of energy storage solutions. Nuru aims to address the diverse energy needs of communities, supporting households, businesses, and public institutions with reliable and sustainable power sources by adopting this multi-faceted approach,

 

As Nuru sets its sights on scaling up its operations, the Series B funding marks a turning point in the quest for widespread renewable energy access in the DRC. It serves as a beacon of hope, showcasing the potential of innovative solutions to address energy poverty while mitigating climate change’s adverse effects.

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Eastcastle, a telecom infrastructure provider, gets $60 million investment from IFC to accelerate digital connectivity in DRC

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Eastcastle, a telecom infrastructure provider, gets $60 million investment from IFC to accelerate digital connectivity in DRC

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EASTCASTLE INFRASTRUCTURE LIMITED, one of the leading telecom infrastructure providers, has secured a $60 million investment from the IFC – International Finance Corporation.
 

The funding will be utilized to expand EastCastle’s telecom towers network across the Democratic Republic of Congo (DRC), bolstering connectivity and improving access to telecommunications services in the country. EastCastle has been at the forefront of providing reliable and efficient telecom infrastructure solutions in the DRC, where access to telecommunications services remains a significant challenge due to geographical constraints and limited infrastructure.

 

With this new investment, EastCastle aims to bridge the digital divide by expanding its network of telecom towers, which will enhance connectivity and facilitate the delivery of affordable and high-quality telecommunications services to previously underserved areas. The $60 million investment from IFC comes at a critical time when the DRC is experiencing rapid growth in mobile phone usage and demand for reliable network coverage.

 

The expansion of EastCastle’s telecom towers network will contribute significantly to meeting this growing demand, especially in remote and rural areas where connectivity has traditionally been scarce. As EastCastle prepares to expand its telecom towers network, the company will collaborate closely with local communities, mobile network operators, and relevant stakeholders to ensure the efficient deployment and maintenance of the infrastructure.

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Digital-first and data-led distribution platform Kyosk Digital Services acquires KwikBasket to revolutionize the African fresh produce market

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Digital-first and data-led distribution platform Kyosk Digital Services acquires KwikBasket to revolutionize the African fresh produce market

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Kyosk aims to leverage its technological prowess to streamline the supply chain, enhance convenience, and improve access to high-quality fresh produce across the continent.
 

Kyosk Digital Services, a digital-first and data-driven distribution platform known for its innovative solutions in the digital retail space, has set its sights on the untapped potential of the African fresh produce market with the acquisition of e-grocery platform KwikBasket.

KwikBasket has earned a strong reputation for its user-friendly interface, wide product selection, and efficient delivery network. By joining forces with Kyosk, KwikBasket’s platform will benefit from advanced digital capabilities and a robust infrastructure, enabling it to scale rapidly and meet the evolving needs of customers. The acquisition aligns with Kyosk’s broader vision to transform Africa’s retail landscape through digital innovation.

 

By integrating KwikBasket’s operations into its existing ecosystem, Kyosk aims to offer consumers a seamless shopping experience, bridging the gap between local farmers and urban customers. One of the key objectives of the acquisition is to empower small-scale farmers by providing them with a reliable and transparent marketplace to showcase their produce.

 

Kyosk’s technological expertise will enable farmers to access a broader customer base, reduce post-harvest losses, and improve their overall profitability. The expansion into the African fresh produce market comes at a time when e-commerce and digital solutions are gaining momentum across the continent. Kyosk recognizes this trend and aims to become a dominant player in the African e-grocery landscape.

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