Backed by an initial investment of $11 million from the Bill & Melinda Gates Foundation, the initiative leverages Field’s proprietary technology, distribution network, and financing services to deliver innovative therapies to communities in need.

Field’s service currently supports over 40,000 healthcare providers in Kenya and Nigeria, providing them with the tools and resources necessary to improve patient outcomes.

The company’s CEO and Founder, Michael Moreland, highlighted the importance of utilizing digital technology to enhance access to quality care, emphasizing that the partnership with the Bill & Melinda Gates Foundation will accelerate progress in maternal and child survival.

According to data, women in sub-Saharan Africa face a disproportionately high risk of maternal mortality, with a rate that is significantly higher than in developed regions.

To address this urgent issue, Field’s service will provide expectant mothers with access to emerging therapies such as heat-stable carbetocin and calibrated drapes, which can help prevent and treat postpartum hemorrhage.

Despite advancements in healthcare delivery, economic challenges can hinder progress in improving maternal and child health.

Field is committed to overcoming these obstacles by providing coordinated systems and processes that support the implementation of innovative interventions.

Founded in 2015, Field has established itself as a leading pharmaceutical supply chain provider in Nigeria and Kenya.

The company’s distribution service, Shelf Life, reaches over 2,500 pharmacies and hospitals across the two countries, ensuring access to essential medicines and healthcare products.

Additionally, Field offers trade financing solutions to address working capital constraints and facilitate investments in new medical interventions.

This brings the total amount raised in the round to $72 million, following a $50 million investment in 2022.

The latest round was led by the European Bank for Reconstruction and Development (EBRD) Venture Capital, with participation from PayPal Ventures, Endeavor Catalyst, British International Investment (BII), FMO, A15, Nclude, and Helios Digital Ventures (HDV).

Paymob plans to use the fresh capital to expand its operations across the Middle East and North Africa (MENA) region, focusing on enhancing its product suite and services.

Since receiving the initial portion of its Series B funding, the company has already made significant strides, launching an app for small and medium-sized businesses (SMBs) and introducing new payment methods like embedded checkout experiences and products such as lending and advanced settlements.

Founded in 2015 by college friends Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob started as a solution to Egypt’s growing eCommerce market, addressing the lack of suitable payment infrastructure for digital businesses.

Today, the company offers a comprehensive omnichannel payment gateway, enabling over 350,000 merchants to accept online and offline payments across five countries in the MENA region, including Egypt, Pakistan, Oman, Saudi Arabia, and the UAE.

Paymob has achieved notable success, becoming profitable in Egypt for the first time in the second quarter of 2024.

Revenue in Egypt has surged sixfold since mid-2022, driven by the company’s ability to cross-sell additional services to its expanding merchant base.

Despite its relatively recent entry into the UAE market, Paymob has already seen significant growth. Transaction volume in the Middle Eastern nation now matches that of its entire Egyptian business.

This rapid expansion can be attributed to the UAE’s higher purchasing power, stronger currency, and widespread adoption of digital payments.

This strategic move aims to bolster the growth of early-stage financial technology companies in Africa.

First Circle Capital, co-founded by Selma Ribica and Agnes Aistleitner Kisuule, is a specialized venture capital firm focused on insurtech, financial infrastructure, and climate fintech.

The fund’s portfolio includes 13 investments across seven African markets, showcasing its commitment to supporting innovative fintech solutions.

Anne-Marie Chidzero, Chief Investment Officer at FSDAi Nyala Facility, expressed enthusiasm for backing the “remarkable female investors” leading First Circle Capital.

She highlighted the fund’s expertise in the fintech sector and its potential to catalyze further institutional investments.

With Africa’s fintech industry poised for exponential growth, First Circle Capital’s investment aligns with the continent’s increasing demand for accessible and affordable financial services.

The fund’s focus on underserved populations and SMEs is crucial for fostering economic development and social resilience.

Selma Ribica and Agnes Kisuule emphasized the importance of expanding financial services in Africa, noting that the majority of fintech funding has been concentrated in payments.

By investing in the next layer of financial products, First Circle Capital aims to empower individuals and SMEs across the continent.

The fund’s team, with offices in Kampala and Casablanca, brings a wealth of operational experience and a strong network to support portfolio companies.

First Circle Capital Africa Fund I is backed by FSDAi Nyala Facility, Axian Group, and several serial entrepreneurs and investors.

The fund, which is expected to invest in companies demonstrating strong environmental, social, and governance (ESG) principles, will focus on unlocking mergers and acquisitions (M&A), market expansion, management buyouts (MBOs), and other growth strategies.

Launch Africa Ventures, founded in 2020 by Zachariah George and Janade du Plessis, has a successful track record of investing in African technology startups. The firm closed its inaugural fund, Launch Africa Ventures Fund 1, in 2022 at US$36.3 million.

Anthony Moore, a former managing director and head of investment banking at Goldman Sachs, has been appointed as executive chairman of the Mezzanine Impact Fund.

Moore, along with a new debt solutions team, will be responsible for identifying and funding high-growth technology companies across Africa, with a particular focus on the Africa-GCC corridor.

“The mission of the Mezzanine Impact Fund is to ensure that we continue to build a generation of innovators who own their businesses commercially,” said Launch Africa Ventures.

“We aim to support founders by pioneering a more tailored financial solution suitable to the African entrepreneurial ecosystem.”

The program is seeking startups with scalable, defendable solutions that leverage technology to address critical healthcare challenges and contribute to the Sustainable Development Goals (SDGs).

The Timbuktoo HealthTech Accelerator Program aims to foster a thriving ecosystem of startups developing innovative solutions in areas such as AI-driven diagnostics, locally manufactured medical devices, and biotechnology tailored to African needs. 

Criteria for Applicants:

• Technology-enabled solution: Startups must have a digital-first approach to their solutions.
• Contribution to SDGs: Solutions should align with and contribute to one or more of the UN SDGs.
• Scalability: Startups must have a clear path to growth and expansion.
• Defensibility: Startups should have a competitive advantage, such as intellectual property or domain expertise.
• Innovation: Startups must offer a novel approach to solving health challenges.
• Monetization strategy: Startups should have a clear plan for generating revenue.

Areas of Interest:

• Disease prevention
• Clinical preventive frameworks and community advocacy
• Vaccine and medicine production
• Medical robotics and automation
• Genomics
• Biomedical systems
• Patient care journey
• Pandemic/health emergencies management
• Malnutrition and stunting

Benefits for Selected Startups:

• Membership in the Timbuktoo HealthTech Hub ecosystem
• Mentorship from industry experts
• Equity-free funding of up to $100,000 USD
• Networking opportunities
• Access to investor networks
• Resources and support to accelerate growth

Application Process:

Interested startups can apply online at [https://forms.office.com/pages/responsepage.aspx?id=Xtvls0QpN0iZ9XSIrOVDGUX3Ay1r98ZLhR07OQNsAPxUMlNIMERKNjBMSFUwUktHUDM0UktWUjVPNy4u&origin=lprLink&route=shorturl] by October 6, 2024.

Founded in 2019, Omnisient offers a unique solution that enables businesses to extract valuable insights from consumer data without compromising privacy.

The platform protects over 160 million consumer profiles and is currently used to assess credit risk and facilitate access to financial services for millions of underserved individuals.

The investment, led by Arise, a company focused on African financial services and fintech, will support Omnisient’s expansion into new markets and partnerships.

The company aims to create the world’s largest repository of alternative consumer data, empowering banks and insurers to extend financial services to a broader population.

“This investment aligns with our vision of using innovative fintech solutions to drive growth in Africa’s financial services sector,” said Gavin Tipper, CEO of Arise.

“Omnisient’s technology will help banks and data providers identify new customers, unlock new revenue streams, and foster financial inclusion.”

Omnisient’s co-founder, Jon Jacobson, expressed gratitude for the investment and emphasized the company’s commitment to creating a more inclusive financial ecosystem.

“We are excited to partner with Arise to expand our reach and make a positive impact on people’s lives,” he said.

The fresh capital will be used to expand the company’s operations into other East African countries.

Investors in the funding round included AHL Venture Partners, Everstrong Capital, and Beyond Capital Ventures.

The investment will support Ampersand’s goal of deploying 5 million electric motorcycles by 2033.

“This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market,” said Josh Whale, Ampersand CEO.

“We are closer than ever to achieving our goal of providing affordable, sustainable transportation solutions to millions of people across East Africa.”

Founded in 2016, Ampersand assembles and finances electric motorcycles in Rwanda. The company’s motorcycles are claimed to be 45% cheaper to operate and produce 75% fewer emissions than petrol alternatives.

Ampersand is now preparing for a Series B funding round to further scale its operations and increase production in Rwanda and Kenya.

The company recently announced a partnership with Chinese electric vehicle manufacturer BYD to build 40,000 electric motorcycles in these countries by the end of 2026.

Led by EQ2 Ventures, the funding round also saw participation from Accion Venture Lab, Musha Ventures, Quona Capital, and existing investor CRE Ventures.

This latest investment follows a $1.5 million seed round raised in 2023.

Founded in 2021 by Ananth Raj Gudipati and Abhinav Reddy, Sukhiba Connect leverages WhatsApp as a primary operating system to provide a conversational commerce and CRM platform for medium and large enterprises.

The platform enables businesses to connect with customers, manage orders, accept payments, and provide customer service all within the popular messaging app.

The new funding will be used to accelerate Sukhiba Connect’s expansion into new markets and enhance its platform’s capabilities.

The startup aims to become the leading CRM and sales force automation tool in emerging markets, competing with other social commerce players like Kapu and MarketForce’s Chpter.

Sukhiba Connect has already experienced significant growth since its initial seed round, with operations in eight markets across Africa and India.

It has partnered with leading manufacturers, distributors, retail chains, and direct-to-consumer brands, serving over 35,000 small and medium-sized enterprises (SMEs).

“This seed extension marks a significant milestone for us,” said Gudipati. “It will enable us to scale our operations and enhance our SaaS platform to better serve our growing customer base.”