This marks a significant development for both institutions, with ANAVA making its first investment in a pan-African fund and JCSF bolstering its commitment to supporting female-founded businesses and startups in French-speaking African countries.

The funding will allow JCSF to invest in early-stage technology-enabled ventures with high growth potential.

These startups are expected to create a positive impact on the African economy, society, and environment.

JCSF, established by Fatoumata Bâ, is known for prioritizing investments in companies led by women, with 56% of its current portfolio boasting female leadership.

“This investment is a testament to JCSF’s dedication to fostering innovation across Africa,” said Fatoumata Bâ, JCSF’s Executive Chair.

“The additional funding will empower us to support even more promising tech startups, particularly those led by women and operating in Francophone countries.”

JCSF’s €60 million target corpus aims to support approximately 25 startups.

Recent investments by JCSF include a $4.9 million co-investment in Ivorian healthtech startup Susu (December 2023) and a lead role in a $3 million pre-Series A round for Star News Mobile, a creator monetization platform (October 2023).

ANAVA, managed by Smart Capital, is a pioneering initiative in Tunisia’s startup ecosystem.

With a target size of €100 million, ANAVA seeks to connect Tunisian startups with a broader network of global investors.

“This partnership allows ANAVA to contribute to the growth of promising African ventures while fostering connections with key industry players across the continent,” said Alaya Bettaieb, Director General of Smart Capital.

The fund, which will target up to 30 early-stage climate tech startups across Africa and Europe, raised €8 million (US$8.6 million).

While the initial target in 2022 was set at €30 million (US$32.4 million), Satgana’s founder and General Partner, Romain Diaz, attributed the final amount to challenging fundraising conditions, particularly for first-time funds.

Despite falling short of the initial target, Diaz emphasized the firm’s commitment to “getting this fund right” to establish a strong foundation for future investments.

The secured capital will allow Satgana to fulfill its goal of investing in 30 companies within the first fund, including potential follow-on investments.

The firm prioritizes early-stage startups working on climate change mitigation and resilience solutions across sectors like mobility, food and agriculture, energy, and the circular economy. They typically invest around €300,000 (US$325,000) per startup.

Satgana is among a growing list of VC firms backing African climate tech entrepreneurs.

Established in 2020 by Diaz, who has a decade of experience in the African venture space, Satgana recently appointed Anil Maguru as Partner to lead their African strategy.

This move aims to fuel innovation and entrepreneurship across the continent’s rapidly growing tech sector.

The IFC’s investment comes from their $225 million venture capital platform launched in 2023.

The fund targets strengthening emerging VC ecosystems and early-stage startups in Africa, the Middle East, Central Asia, and Pakistan.

Despite Africa’s vast potential, a significant funding gap exists. The continent received only 2% of global venture capital deals in Q3 2023.

This lack of capital, combined with a global slowdown in venture capital investment, hinders tech ecosystem growth beyond established markets.

“IFC and 4DX Ventures share a commitment to empowering tech entrepreneurs driving innovation in crucial sectors like climate, healthcare, and education,” said Walter Baddoo, Co-Founder and General Partner at 4DX Ventures.

The partnership aims to support promising startups in building impactful businesses that contribute to Africa’s sustainable development.

4DX Ventures’ new fund, backed by IFC’s investment, will focus on companies offering tech solutions that improve productivity, efficiency, and competitiveness across Africa.

Their previous investments include prominent players like MaxAB (e-commerce, Egypt), mPharma (health tech, Ghana), and Wasoko (B2B e-commerce, Kenya).

Mohamed Gouled, IFC’s Vice President of Industries, highlighted the broader goals of their venture capital platform.

These include increasing access to essential services, boosting business competitiveness, and creating jobs through digital transformation.

He believes investments in funds like 4DX Ventures will equip African entrepreneurs with the resources needed to scale their innovations and drive sustainable growth.

The round was led by Disruptech Ventures, with participation from EdVentures, CFYE, and other investors.

This new investment will empower Sprints to achieve its ambitious expansion goals.

The company plans to enter ten new markets and significantly scale its operations. These funds will also be used to equip over 200,000 learners with the in-demand skills needed to succeed in the tech industry.

Founded in 2020 by Ayman Bazaraa and Bassam Sharkawy, Sprints offers a unique end-to-end learning experience.

The company leverages AI to assess individual learner needs and then tailors personalized learning journeys. They even go a step further, guaranteeing graduates a top-paying job upon successful completion of the program, with tuition deferred until employment is secured (within 3 years).

Sprints claims to be the first edtech startup in the Middle East and Africa (MEA) region to offer such a comprehensive solution.

The company boasts a team of over 100 employees and 300 trainers representing 12 countries, fostering a truly global perspective.

Since its inception, Sprints has facilitated over 2.5 million learning hours and helped place more than 300 graduates in tech jobs worldwide.

In addition to individual development, Sprints partners with organizations to build strong tech teams in various fields, including AI, data science, mobile development, and cybersecurity.

“This investment is a powerful testament to the tireless efforts and unwavering commitment of our entire team,” said Bazaraa.

“We are incredibly proud of what we’ve accomplished together, and we’re excited for the future we will build.”

This bridge round follows a successful seed funding round of $1.2 million secured by Sprints in April 2022.

This new investment will fuel the company’s ambitious plans for growth and international expansion.

Founded in 2021, Pharmacy Marts aims to revolutionize the pharmaceutical supply chain in Egypt by connecting pharmacies with suppliers through a user-friendly online platform.

Recognizing the challenges pharmacists face in securing financing, Pharmacy Marts also offers access to working capital and long-term financing options, including “Buy Now, Pay Later.”

With this latest funding round, Pharmacy Marts has secured a total of US$2 million to date.

The company boasts an impressive reach, covering approximately 20% of Egypt’s pharmacies (over 12,000) and collaborating with more than 200 suppliers.

“The distribution of medication in Egypt has historically been unreliable,” said Ahmed Kadous, CEO and co-founder of Pharmacy Marts.

“Our goal is to improve patient access to medication by addressing inconsistent product availability across pharmacies. This not only benefits patients but also simplifies the lives of pharmacists.”

Kadous expressed his enthusiasm about Acasia Ventures’ involvement, highlighting their strong presence in targeted African markets and valuable network of industry experts.

Acasia Ventures managing partner Aly El Shalakany is confident in Pharmacy Marts’ future, recognizing them as a frontrunner in the digital healthcare space.

“We are impressed by the company’s strong team and their innovative solution that addresses a critical need,” said Shalakany.

“We believe Pharmacy Marts is well-positioned for continued success, improving the lives of pharmacists and patients across Egypt and beyond.”

This new investment will fuel mTek’s expansion plans within Kenya and across East African insurance markets.

The company aims to leverage this funding to solidify its position at the intersection of insurance and technology.

This follows a previous $3 million investment secured by mTek in 2022 from Finclusion Group. Those funds were used to propel growth initiatives including expansion into new African markets, development of digital insurance products, and user base growth.

Founded in 2019 by Bente Krogmann and Christopher Osore, mTek seeks to revolutionize how people in Africa interact with the insurance sector through technology.

The Kenyan startup champions a paperless approach, streamlining processes and improving efficiency by eliminating traditional insurance paperwork.

Their mission is to increase insurance penetration across Africa and provide a user-friendly platform for accessing various insurance products.

mTek allows users to directly purchase insurance policies from insurers, compare plans using their devices, and conveniently submit claims online.

The company plans to further enhance the customer experience and streamline the insurance value chain by incorporating artificial intelligence (AI) and machine learning into its processes.

Following the funding announcement, mTek CEO Bente Krogmann emphasized the company’s vision of building Africa’s leading platform-as-a-service for the insurance ecosystem.

Krogmann highlighted plans to solidify partnerships with key players in the industry, including underwriters, regulatory bodies, banks, intermediaries, enterprises, and stakeholders.

“We are excited to further strengthen our strategic partnerships with underwriters, regulatory bodies, banks, intermediaries, enterprises and other stakeholders in the industry,” said Krogmann.

“This collaboration will foster innovation, expand access to insurance solutions, and ultimately create value for both end-users and the wider insurance ecosystem.”

Despite the current low insurance adoption rate in Africa, mTek remains confident that its solutions can bridge the gap and revolutionize the industry.

Ory Okolloh, Partner at Verod-Kepple Africa Ventures, shared optimism, believing mTek has the potential to address the insurance penetration challenges in Africa.

This funding will be used to accelerate the rollout of Float’s card-linked installment platform, which allows shoppers to split purchases into manageable installments without additional fees or interest.

Launched in November 2021, Float integrates with existing Visa and Mastercard credit cards, offering pre-approved users the option to spread payments over up to 24 months.

Consumers can enjoy greater flexibility in managing their finances, while merchants can potentially increase sales by enabling customers to buy higher-value items.

“The support from Standard Bank comes at a critical time for our growth,” said Float founder and CEO Alex Forsyth Thompson. “This funding will be instrumental in scaling our business and meeting the rising demand for our services.”

Float has already established a significant presence in South Africa, working with nearly seven million pre-approved credit cards.

They report a significant increase in customer conversion rates and a 134% jump in average order value for partnered merchants.

With this new funding, Float expects to significantly expand its merchant network in the coming years.

The funding agreement is structured as a revolving credit facility, providing Float with long-term financial security and flexibility.