This investment will fuel the program’s expansion into five additional African countries: Tanzania, Tunisia, Senegal, Zambia, Malawi, and Somalia.

Previously operating in 10 countries, Bimalab’s reach will now encompass 15 nations across the continent by 2025. This growth is anticipated with the continued support from the Swiss Re Foundation.

Launched in Kenya by FSD Africa in 2020, Bimalab offers practical assistance to insurtech startups.

These ventures focus on developing sustainable solutions for underserved communities and businesses particularly vulnerable to climate-related challenges.

The program fosters a collaborative environment where stakeholders like insurance innovators, technology partners, established insurance firms, investors, and regulatory bodies can work together.

“Bimalab Africa is creating an insurtech ecosystem that empowers startups to reach previously underserved markets,” said Elias Omondi, Bimalab Africa Programme Lead.

“This expansion will enable us to have a wider impact and contribute to a more resilient Africa.”

This funding will be used to pay off more expensive euro-denominated loans.

The recent investment adds to the $150 million Planet42 has raised to date, including $100 million secured in 2023.

Founded in 2017, the company uses data and algorithms to assess credit risk and offer customers flexible car rental or purchase options.

The company currently focuses on South Africa and Mexico, where they boast over 12,000 delivered vehicles.

Their 2023 funding round included $15 million in equity, $10 million in debt, and a $75 million credit facility.

This investment highlights a shift for Planet42, previously relying solely on foreign currency loans.

“Operating without local currency debt was extremely expensive,” stated the company’s CEO.

The Standard Bank funding signifies a potential “bigger strategic partnership” as per the CEO.

In Africa, Planet42 faces competition from companies like Autochek, which caters to individual car ownership needs, and Moove, which focuses on ride-hailing vehicles in parts of sub-Saharan Africa.

The investment comes from a consortium of European development finance partners.

The European Investment Bank, alongside the ACP Trust Fund, will contribute $16 million, while the Development Bank of Austria (OeEB) and the Belgian Investment Company for Developing Countries (BIO) will each provide $12 million.

This 10-year funding will enable TowerCo to install 506 new telecom towers in underserved areas currently lacking network coverage or experiencing congestion due to overloaded infrastructure.

With only 65% of Uganda boasting mobile network coverage, this investment comes at a crucial time.

The project aims to bridge the digital divide and propel the country closer to its goal of achieving 95% coverage nationwide.

The press release, published on TowerCo’s website on March 6, 2024, highlights the towers’ focus on sustainability.

Primarily powered by renewable energy, they will reduce reliance on fuels and generators, minimizing theft and promoting environmental responsibility.

The European-backed network expansion is expected to empower rural Ugandan communities.

Access to 4G and 5G data services will open doors to improved internet connectivity, while the infrastructure will also facilitate the adoption of mobile money solutions.

Several mobile network operators will share the 506 towers, fostering efficient network expansion into rural regions.

Geoffrey Donnels Oketayot, CEO of TowerCo of Africa Uganda, expressed his appreciation for the investment, highlighting the shared vision of connecting communities and stimulating economic growth across Africa.

Villgro Africa, the African arm of India’s Villgro Innovations Foundation, is searching for ventures with the potential to significantly improve healthcare equity and access across the continent.

Following its launch in Kenya in 2017, Villgro Africa has expanded across Africa, supporting dozens of healthcare and life sciences startups with over $1 million in seed funding.

“This call is part of our efforts to address the gender gap in healthcare innovation,” Villgro Africa said.

“We aim to empower female founders by providing a supportive environment, mentorship, and access to funding opportunities.”

Selected ventures will benefit from a comprehensive support network including mentors, technical expertise, sponsorship connections, and potential funding.

The call is open to startups developing solutions in any area of healthcare, from prevention and diagnosis to treatment and management.

Villgro Africa highlighted the challenges faced by female founders in the healthcare innovation space.

“Limited access to programs that cater to women’s leadership styles and a lack of support from traditional funding sources are just some of the barriers women entrepreneurs face,” the organization said.

By providing targeted support, Villgro Africa seeks to empower women and foster a more diverse and impactful healthcare innovation landscape in Africa.

The exact funding amount remains undisclosed, but it marks RecoMed’s largest funding round to date, exceeding their previous investment of $1.45 million in 2021.

RecoMed is a tech-driven platform that connects patients with healthcare providers, streamlining appointment booking and facilitating over 100,000 bookings monthly.

The platform has experienced impressive growth, boasting over 3,000 healthcare providers and witnessing a 150% revenue increase in 2023.

This new funding will fuel RecoMed’s mission to become the first digital platform specifically geared towards breast cancer care.

This initiative comes at a critical time, as breast cancer rates are on the rise in South Africa, potentially due to pandemic-related screening delays.

“We are deeply committed to improving the patient experience and overall health outcomes,” said Sheraan Amod, RecoMed’s CEO.

“This investment aligns perfectly with Eisai’s vision of leveraging digital tools to enhance patient care. We will use these funds to improve our technology, raise platform awareness, and build a robust digital healthcare journey for patients, with an initial focus on breast cancer.”

Eisai’s investment reflects their commitment to utilizing digital platforms to optimize patient care journeys throughout Africa.

Shin Ujiie, Eisai’s vice president of corporate strategy, emphasized the company’s goal to simplify healthcare access.

“We believe RecoMed’s innovative approach positions them as the ideal partner for this endeavor,” he concluded.

The investment round was led by Azur Innovation Fund, a prominent public-private seed capital fund based in Casablanca.

Tookeez plans to utilize the funds to fuel its expansion across Morocco and the wider Middle East and North Africa (MENA) region.

Additionally, a significant portion will be directed towards enhancing its core blockchain-based platform. With this strategic investment, Tookeez aims to establish itself as a leading force in Africa’s loyalty program landscape, targeting a reach of 4 million active users by 2028.

Founded by Hicham Amadi alongside sisters Wiam and Siham Elmejjad, Tookeez tackles a major pain point for both businesses and consumers: the inefficiency of traditional loyalty programs.

These programs often frustrate customers with slow point accumulation and limited redemption options. Conversely, businesses struggle with managing complex point conversion systems.

Tookeez offers a user-friendly solution by aggregating loyalty points from various programs into a single, secure digital wallet. This empowers users to seamlessly transact across a vast network of partner stores and brands using their accumulated points. Businesses, on the other hand, benefit from a streamlined system that allows them to offer point-based redemption options to their customers.

Azur Innovation Fund expressed strong support for Tookeez, recognizing its potential to revolutionize the customer loyalty landscape.

“We are proud to partner with Tookeez, a company redefining the way businesses and consumers interact through loyalty programs,” stated Adnane Filali, President of Azur Innovation Fund.

“Their vision perfectly aligns with our mission of supporting impactful entrepreneurs who are shaping the future.”

The fund will target early- and growth-stage startups with a focus on disruptive technologies demonstrating strong potential for global scalability.

Led by industry veterans Clive Butkow and Mitchan Adams, Conducive Capital aims to raise its initial $15 million by July 2024, with a final target of $50 million secured within two years.

Butkow, leveraging his experience as the former CEO of Kalon Venture Partners, and Adams, co-founder of the successful South African fintech firm Ozow, bring combined expertise in venture capital and cutting-edge technology to the table.

“There’s a significant demand for quality capital to propel emerging businesses in South Africa,” said Butkow.

“Our network bridges the gap between local startups and international players, mentors, and investors, facilitating access to crucial resources for their long-term success.”

Beyond financial backing, Conducive Capital is committed to promoting diversity within the venture capital landscape.

The firm places a particular emphasis on empowering black women to become the next generation of venture capitalists, addressing a critical underrepresentation in the industry.

“We need more women, particularly black women, in this space,” stated Adams. “Sharing knowledge and fostering the next generation of talent is a core principle for Conducive Capital.”

The combined disruptive influence of Kalon Venture Partners and Ozow’s pioneering spirit in the fintech sector positions Conducive Capital as a strong partner for African startups.

“We offer a unique blend of business acumen and technological expertise,” explained Adams. “Our support extends beyond capital; we provide strategic guidance, operational experience, and mentorship to help startups flourish into industry leaders.”

Conducive Capital’s launch signifies a significant boost for the African startup ecosystem, offering promising ventures the resources and guidance needed to thrive on the global stage.

The fund will focus on companies with a strong social and environmental impact, targeting those tackling climate change challenges, facilitating the region’s economic formalization, and improving agricultural productivity. Investments will range from pre-seed to Series A stages.

Ring Africa leverages the expertise of Mstudio, an Abidjan-based startup studio established in 2023.

Mstudio’s founders, Cedric Mangaud and Leslie Ossett, bring experience from co-founding Saviu Ventures and BuuPass, respectively.

They aim to adapt successful business models from English-speaking Africa to the Francophone market, focusing on solutions that empower the region’s vast informal sector, which employs an estimated 95% of the working population.

Mstudio has already invested in over eight startups across fintech, edtech, and social commerce.

“We are very pleased to partner with Ring Capital for their African fund, an initiative that marks a significant step forward for the Francophone Africa technology ecosystem,” said Mangaud.

“This partnership underscores our shared commitment to driving inclusive and sustainable economic development, recognizing the transformative potential of startups and technology in the sub-region.”

Ring Capital has also appointed Elisabeth Moreno, former French Delegate Minister for Gender Equality, Diversity, and Equal Opportunities, as President of its board.

Moreno will champion Ring Africa’s commitment to gender equality and inclusion while supporting the fund’s growth.

The funding round was co-led by Aruwa Capital Management and Newtown Partners, with participation from Ventures Platform.

MDaaS Global, co-founded in 2017, focuses on providing tech-enabled healthcare services to underserved communities in Nigeria.

The company operates 17 diagnostic centers across 10 states, offering services such as imaging, cardiac diagnostics, and laboratory testing.

With the new funding, MDaaS Global plans to establish a presence in all 36 Nigerian states through a combination of company-owned and franchised clinics.

This expansion aims to improve access to quality healthcare for millions of Nigerians, particularly those in underserved areas.

“This funding is a significant milestone for MDaaS Global,” said Oluwasoga Oni, CEO of MDaaS Global.

“It will allow us to reach more Nigerians with critical healthcare services and further our mission of making quality healthcare accessible and affordable for all.”

MDaaS Global also uses its SentinelX app to offer patients access to personalized care programs, including preventive healthcare options.

While the company initially focused on direct-to-consumer services, it has found success offering its services to businesses, providing them with employee health screenings and government-mandated testing.