This funding will allow them to expand their presence in Dakar, Senegal, and Kenya while focusing on high-growth sectors like AI-powered Software as a Service (SaaS).

The World Bank’s International Finance Corporation (IFC) joins P1 Ventures as its first public institutional investor.

This partnership aims to bridge the gap for early-stage African tech startups seeking growth capital for expansion and attracting further investment.

“We are excited to welcome the IFC as a key partner in our mission to empower Africa’s most promising entrepreneurs,” said a spokesperson for P1 Ventures.

“This investment demonstrates confidence in the African tech ecosystem, especially at a time when global venture capital is tightening.”

P1 Ventures is a pioneer in utilizing AI for deal sourcing, having hired its first data scientist in 2023. This approach allows them to identify promising talent and startups across the continent.

The firm is particularly interested in founders leveraging cutting-edge technologies like generative AI to revolutionize core industries like healthcare, finance, retail, and agriculture.

Founded in 2020, P1 Ventures focuses on backing experienced entrepreneurs with proven business models and strong software solutions.

Their strategy boasts a successful track record, with their portfolio companies raising 35 times more follow-on capital for every $1 invested by P1.

“We are committed to fostering a diverse portfolio that represents the vast potential of African innovation,” the spokesperson added.

“Unlike traditional investors concentrated in established markets, P1 Ventures actively seeks to support ventures across the continent.”

P1 Ventures’ current portfolio includes Yassir, an Algerian mobility platform, Money Fellows, an Egyptian savings app, Reliance Health, a Nigerian employee healthcare platform, and Chari, a Francophone-focused e-commerce and fintech app.

This round marks ride-hailing giant Uber’s first investment in an African tech startup and strengthens Moove’s position as a leader in providing vehicle financing solutions for mobility entrepreneurs.

The funding round, which confirms earlier reports from Bloomberg, comes on top of the $250 million Moove has already raised in equity financing and $210 million in debt financing.

This fresh injection of capital will fuel Moove’s ambitious expansion plans, targeting entry into 16 new markets by the end of 2025.

Currently, the Lagos-based company operates in six countries: Nigeria, South Africa, Ghana, the UK, India, and the UAE.

Sustainability is also a key focus for Moove. The company plans to expand its electric vehicle (EV) offerings across its markets, with India taking the lead.

Partnering with Uber, Moove aims to introduce over 20,000 electric vehicles to Uber’s Indian platform, supporting the ride-hailing company’s goal of achieving a zero-emission fleet by 2040.

“We want to be a frontrunner in electrification across all our markets,” said Ladi Delano, Moove’s co-CEO.

“While focusing on EVs in developed markets like the UK and UAE, for countries like Nigeria, we’ll prioritize compressed natural gas (CNG) vehicles as a stepping stone towards EVs.”

Delano further elaborated on Moove’s efforts to prepare the Nigerian market for CNG adoption, aiming to mitigate rising fuel prices for its customers.

“Africa presents immense potential, and we remain committed to investing in the continent,” said Delano.

“However, profitability remains crucial. We will continue to evaluate global opportunities, expanding only where we see a clear path to achieving financial sustainability.”

Founded in 2020 by Mohamed Mousa and Sherif Abdelaty, dKilo’s platform aims to connect brands with audiences outside the traditional digital advertising space.

This provides e-commerce businesses with fresh opportunities to boost brand awareness and conversions.

Upturn Ventures, a recently launched venture builder specializing in e-commerce, provided the funding in a combination of equity and debt financing.

dKilo will leverage this new capital to revolutionize the out-of-home advertising industry by introducing innovative approaches.

The collaboration between dKilo and Upturn Ventures aims to reshape how brands connect with audiences beyond the digital realm, ultimately benefiting e-commerce businesses in terms of brand awareness and conversions.

This funding round will reportedly provide 30Med with the resources needed to further develop its platform and expand its reach within the medical community.

Founded in 2023 by Ayman Ragab, 30Med operates in the B2B space, aiming to bridge the gap between pharmaceutical companies and physicians.

The company leverages interactive videos and conference events to showcase new medicines and facilitate continuous learning for medical professionals.

According to the company’s website, 30Med boasts a user base of over 2,000 doctors actively engaged with the platform, seeking to stay updated on the latest advancements in medicine and pharmaceuticals.

“This funding is a strong validation of our mission,” said Dr. Ayman Ragab, CEO of 30Med. “It allows us to accelerate our efforts in transforming medical education.”

The press release highlights 30Med’s existing partnerships with pharmaceutical companies in Egypt, underlining the startup’s commitment to reshaping the medical education landscape within the country.

This funding round follows a successful $1 million pre-seed funding secured in November 2023.

The fresh capital will be used to propel ORA’s launch of its e-wallet feature, enabling instant money transfers for users.

This functionality is being developed through a partnership with M2T, a subsidiary of Banque Centrale Populaire, ensuring secure and reliable transactions.

Founded in 2023 by Omar Alami, the ORA app boasts over 300,000 downloads and provides a comprehensive platform for Moroccans, including peer-to-peer transactions, and access to an e-commerce marketplace.

The upcoming e-wallet integration, facilitated by the M2T partnership, aims to further revolutionize financial services in Morocco.

This feature will allow users to seamlessly combine social interaction with financial transactions within the app.

“This development is a significant step towards expanding digital and financial inclusion in Morocco,” said Alami.

“We are committed to offering accessible e-commerce and digital payment solutions to all Moroccans, bridging the gap between traditional and modern commerce while fostering an inclusive digital economy.”

The investment comes courtesy of Elm, a Saudi Arabian investment firm known for supporting burgeoning technology ecosystems around the world.

Youverify aims to leverage this partnership to streamline Anti-Money Laundering (AML) compliance for businesses, bolster global risk assessment capabilities, and most importantly, expand its product offerings and delve into new markets.

Founded in 2018, Youverify caters to both individuals and businesses seeking verification solutions.

Individuals can utilize the platform to confirm their identities, registration status, and ownership details using reliable government data.

Businesses, on the other hand, benefit from Youverify’s extensive reach, with its services spanning over 145 jurisdictions in 48 countries – exceeding their initial target of covering 30 African nations.

Youverify’s impressive growth trajectory is further underlined by the sheer volume it handles – processing over 4 million applications monthly for a clientele exceeding 3,500 companies.

Their verification capacity has also witnessed a significant jump, growing from 400 million individuals to a staggering 5 billion.

This expansion extends to the business realm as well, with Youverify now boasting the ability to verify 600 million businesses across diverse sectors like telecoms, gaming, travel, and healthcare.

Youverify leverages the power of artificial intelligence (AI) and established mathematical models to analyze and assess risks.

This investment is one of the largest ever secured by a single Ethiopian startup.

Dodai, which translates to “foundation” in Japanese, was established in 2023 by Yuma Sasaki.

The company focuses on assembling and distributing electric motorbikes in Ethiopia.

The funding round attracted prominent investors, including Nissay Capital, the venture capital arm of a $500 billion Japanese asset management firm, marking their first investment in Africa. Musashi Seimitsu, a $3 billion revenue automotive parts supplier, also participated.

According to Yuma, 80% of the funds will be directed towards importing electric motorbike parts and lithium batteries.

The remaining capital will be allocated towards operational expenses and software development for a battery swapping system planned for launch by the end of 2024.

Driven by the goal of improving lives through large-scale solutions, Yuma identified e-mobility as a key area to address after exploring various sectors like electricity, finance, and real estate.

He believes electric motorbikes can significantly address transportation challenges in Addis Ababa, create employment opportunities, and reduce government reliance on fuel.

This funding round positions Dodai for further growth and potentially paves the way for future expansion into other African markets.