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South African Fintech Startup Revio Raises $5.2M to Revolutionize African Payments

New Investments

South African Fintech Startup Revio Raises $5.2M to Revolutionize African Payments

Revio, a South African fintech startup, has raised $5.2 million in a seed round led by QED Investors and Partech.

The funding will be used to expand Revio’s team, launch new products, and enter new markets across Africa.

Revio provides businesses with a payment orchestration platform that makes it easy to accept payments from customers all over Africa.

The platform supports a wide range of payment methods, including mobile money, bank cards, and local payment schemes.

Revio’s platform is particularly useful for businesses that sell products and services to customers in multiple African countries.

The fintech startup is already working with a number of leading businesses in Africa, including MTN, Airtel, and Uber.

The company plans to use its new funding to expand its reach and help more businesses streamline their payment processes.

Revio’s latest investment is a sign of the growing interest in fintech in Africa.

Africa has a large and growing population, but many people do not have access to traditional banking services.

Fintech startups like Revio are making it easier for people to access financial services and make payments.

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South African VC Firm Secha Capital Closes $15.8 Million Fund to Invest in Early-Stage Startups

New Investments

South African VC Firm Secha Capital Closes $15.8 Million Fund to Invest in Early-Stage Startups

Secha Capital, a South African venture capital firm, has announced that it has raised $15.8 million in new funding.

The firm plans to use the funds to invest in early-stage startups in South Africa and other African countries.

Secha Capital was founded in 2020 by Rushil Valabh and Brendan Mullen, who have over 20 years of experience in investing and building businesses in Africa.

The firm focuses on investing in startups that are addressing large addressable markets and have the potential to create significant job growth.

Secha Capital has already invested in a number of successful South African startups, including SweepSouth, a digital platform for on-demand home cleaning services, and Luno, a cryptocurrency exchange.

The firm’s new funding round was led by the SA SME Fund, a jobs-focused fund of funds, and also included investments from the venture arm of Rand Merchant Bank, 27four Investment Managers, and Caleo Capital.

The investment by Secha Capital is a positive development for the South African startup ecosystem.

The firm’s focus on investing in early-stage startups is particularly important, as it can help to fill a gap in the funding landscape for South African startups.

The investment is also a sign of the growing interest in investing in African startups.

Africa is one of the fastest-growing regions in the world, with a booming startup ecosystem.

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SunCulture Gets Backing From Investment Energy Platform Nithio to Drive Solar Irrigation, Farming Innovations Across Africa

New Investments

SunCulture Gets Backing From Investment Energy Platform Nithio to Drive Solar Irrigation, Farming Innovations Across Africa

Nithio, a leading energy investment platform, has invested in SunCulture, a Kenyan solar irrigation company.
 
 

The investment will be used to expand SunCulture’s operations across Africa and to develop new farming innovations.

SunCulture provides farmers with affordable solar-powered irrigation systems, which can help to increase crop yields and reduce costs.

Solar irrigation is a particularly promising technology for Africa, as it can help farmers overcome the challenges of water scarcity and climate change.

The company also offers a variety of other farming services, such as training and support.

SunCulture has already helped over 50,000 farmers in Kenya, Tanzania, and Uganda to adopt solar irrigation. The company’s goal is to reach 1 million farmers by 2025.

The investment by Nithio in SunCulture is expected to have a significant impact on the agricultural sector in Africa.

SunCulture’s solar irrigation systems can help farmers increase their crop yields and reduce their costs, which can lead to higher incomes and improved livelihoods.

The investment is also expected to boost innovation in the agricultural sector.

Nithio’s investment, made through its investment vehicle, Nithio FI, is part of the Productive Use Appliance Financing Facility (PUAFF), which catalyzes the uptake of productive use appliances across Africa.

PUAFF is managed by CLASP, an international non-profit organization that improves the energy and environmental performance of appliances and equipment.

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Pan-African VC Firm P1 Ventures Completes First Close of Second Fund at $25 Million To Invest in African Startups

New Investments

Pan-African VC Firm P1 Ventures Completes First Close of Second Fund at $25 Million To Invest in African Startups

P1 Ventures, a Pan-African seed venture capital fund, has announced the first close of its second fund at $25 million.
 
 

The fund will invest in early-stage software startups across Africa, with a focus on fintech, e-commerce, healthtech, SaaS, and AI.

P1 Ventures was founded in 2020 by Mikael Hajjar and Hisham Halbouny, both of whom have extensive experience investing in and operating businesses in Africa.

The firm has a strong track record, having already invested in 29 early-stage companies across 10 countries, including Money Fellows in Egypt and Reliance Health in Nigeria.

The firm’s second fund is backed by a global group of investors, including institutional investors, family offices, and high-net-worth individuals.

The fund’s first close is a significant milestone, and it demonstrates the strong investor interest in Africa’s rapidly growing startup ecosystem.

P1 Ventures is a highly selective investor, and it takes a high-conviction approach to investing.

The firm typically invests between $500,000 and $2 million in early-stage startups, and it provides its portfolio companies with access to its deep network of mentors and advisors.

The firm’s investment in Africa’s startup ecosystem is timely, with the continent priding itself on the youngest and fastest-growing population in the world.

This presents a significant opportunity for software startups that can address the needs of Africa’s growing population and middle class.

The first close of P1 Ventures’ second fund is a positive development for the African startup ecosystem.

It demonstrates that global investors are increasingly interested in investing in early-stage software startups in Africa.

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Lupiya, Zambia’s Leading Neobank, Secures $8.25m in Series A Funding

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Lupiya, Zambia's Leading Neobank, Secures $8.25m in Series A Funding

Zambian fintech Lupiya has raised $8.25 million in a Series A funding round led by Alitheia IDF Fund, with participation from INOKS Capital SA and the German Investment Bank KfW DEG.
 
The company plans to use the funds to enhance its technological infrastructure, expand its range of financial products, and scale its operations to reach more customers.

Lupiya was founded in 2016 with the mission to close the financial inclusion gap in Zambia by providing simple, technology-driven financial solutions to the unbanked and underbanked.
 
The company offers a range of products and services, including mobile banking, online loans, and bill payments.

Lupiya has seen rapid growth in recent years. In 2022, the company processed over $200 million in transactions and grew its customer base by 200%.
 
The company is now one of the leading neobanks in Zambia, with over 1 million customers.

The Series A funding round is a significant milestone for Lupiya and validates its business model.
 
The company’s growth is being driven by the increasing demand for digital financial services in Zambia.
 
According to the World Bank, over 60% of Zambians are still unbanked or underbanked.

The Series A funding round will help Lupiya capitalize on these opportunities and further its mission to close the financial inclusion gap in Zambia.

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Gates Foundation Funds 29 Healthcare Supply Chain Startups in Africa Through i3 Program

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Gates Foundation Funds 29 Healthcare Supply Chain Startups in Africa Through i3 Program

The Bill & Melinda Gates Foundation has announced that it will fund 29 healthcare supply chain startups in Africa.
 

The startups were selected through the Investing in Innovation Africa (i3) program, which is a pan-African initiative to support the growth of early- and growth-stage healthcare supply chain companies.

The selected startups operate in 21 different African countries and are developing a wide range of innovative solutions, including online pharmacies, telemedicine platforms, inventory management systems, and data analytics tools.

The goal of these startups is to improve the efficiency and effectiveness of healthcare supply chains in Africa, which will help to ensure that more people have access to the essential medicines and medical supplies they need.

The i3 program provides selected startups with a grant of $50,000, as well as access to market opportunities and tailored investment readiness support.

The program is sponsored by Cencora (formerly AmerisourceBergen), Merck Sharpe & Dohme (MSD), Microsoft, and Chemonics.

The following is a list of the 29 healthcare supply chain startups selected for the second cohort of the i3 program:

  1. Afia Group Limited (Tanzania)
  2. Aimcare Health (Kenya)
  3. Bena Care (Nigeria)
  4. BioCertica (Ghana)
  5. Chari Pharma (Morocco)
  6. CheckUps Medical (Nigeria)
  7. Chefaa (Egypt)
  8. Dawa Mkononi (Tanzania)
  9. Drugstore Nigeria (Nigeria)
  10. Famasi Limited (Ghana)
  11. Field Intelligence, Inc. (Kenya)
  12. GICMED (Nigeria)
  13. Grinta (Rwanda)
  14. Healthtracka (Nigeria)
  15. Kapsule (Ghana)
  16. Medical Diagnostech (Nigeria)
  17. Medpharma Alliance International Limited (Kenya)
  18. Octosoft Technologies Limited (Nigeria)
  19. Pharmarun (Nigeria)
  20. Pharmaserv Health
  21. Project Nigeria Limited (Nigeria)
  22. Reductiona (South Africa)
  23. SASA Health Limited (Nigeria)
  24. Tech Care For All Eastern Africa (Kenya)
  25. Technovera – Pelebox Smart Lockers (Cameroon)
  26. Tibu Health (Kenya)
  27. UltraTeb (Algeria)
  28. Waspito (Rwanda)
  29. WellaHealth (Kenya)
    Welo (Senegal)

The Gates Foundation’s investment in these startups is a significant boost for the healthcare supply chain sector in Africa.

The startups are developing innovative solutions that have the potential to make a real difference in the lives of millions of people.

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Catalysts of Progress: Celebrating 30 VC Mavericks Pioneering African Tech Investment

Catalysts of Progress: Celebrating 30 VC Mavericks Pioneering African Tech Investment

Africa is a continent of youthful potential and boundless innovation.

With over 1.2 billion people, over half of whom are under the age of 25, Africa is home to the world’s fastest-growing young population.

This demographic dividend presents a unique opportunity to transform the continent’s economy and lift millions out of poverty.

Technology is playing a pivotal role in driving this transformation, with African startups leveraging technology to solve some of the continent’s most pressing challenges.

Tech venture capitalists (VCs) are playing a critical role in supporting these startups.

By providing them with the funding, mentorship, and resources they need to succeed, VCs are helping to bridge the poverty gap, drive innovation, and support dreams in Africa.

At Empower Africa, we believe that Africa is a continent brimming with untapped potential waiting to be unleashed.

We are thrilled to shine a spotlight on 30 incredible individuals who share our vision.

These remarkable venture capitalists have dedicated their time, expertise, and resources to invest in African tech entrepreneurs and startups, paving the way for a brighter, more prosperous continent.

1. Ken Njoroge – Co-Founder, Cellulant


2. Maya Horgan Famodu – Founder & Partner at Ingressive Capital


3. Danladi Verheijen – CEO, Verod


4. Zachariah George – Managing Partner, Launch Africa Ventures


5. Ido Sum – Partner at TLcom Capital


6. Tokunboh Ishmael, CFA – Managing Partner at Alitheia Capital


7. Yacob Berhane – Co-founder, CEO @Pariti


8. Sewu-Steve T. – Co-Founder & Managing Partner, Jaza Rift Ventures


9. Polo Leteka – Founder and Chairman @ IDF Capital


10. Biola Alabi – General Partner, acasia


11. Dhekra KHELIFI – Partner at 216 Capital Ventures


12. Eloho Omame – Partner, TLcom Capital


13. Luke Mostert – Co-Founder, CatalyzU


14. Darshan Chandaria – Founder & Managing Partner, Chandaria Capital


15. Eunice Ajim – Founding Partner at Ajim Capital


16. Anthony William Catt – Founder & Director, Ventures 54


17. Adesuwa Okunbo Rhodes – Founding Partner, Aruwa Capital Management


18. Sam Sturm – Chief Portfolio Officer, Founders Factory


19. Yele Bademosi – Founding Partner at Microtraction


20. Eghosa Omoigui – Investor at Kbox Global


21. Mia von Koschitzky-Kimani – Managing Partner at Future Africa


22. Maryanne Ochola – Managing Director at Endeavor Kenya


23. Hannah Subayi Kamuanga – Partner at Launch Africa Ventures


24. Ben Marrel – Co-Founder & CEO @ Breega


25. Ouis Abdessadok – VC investor @ Quona Capital


26. Nneka Eze – Managing Partner @ VestedWorld


27. Fadilah Tchoumba – Secretary General at ABAN


28. Johnathan Smit – Senior Investment Associate at Knife Capital


29. Bunmi Akinyemiju – Partner at GreenHouse Capital Africa


30. Maelis Carraro – Managing Partner @ Catalyst Fund

Each of these extraordinary individuals has played a pivotal role in fostering innovation, economic growth, and positive change across the African tech landscape.

Their unwavering commitment to investing in the dreams of our continent’s brightest minds has not only empowered countless entrepreneurs but has also propelled Africa onto the global stage of innovation.

At Empower Africa, we are profoundly grateful for their dedication and relentless pursuit of a brighter future for Africa.

They serve as beacons of inspiration for us all, reminding us that the key to unlocking Africa’s immense potential lies in collaboration, innovation, and unwavering belief.

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Ghanaian Agritech Startup, Complete Farmer, Raises $10.4 Million Pre-Series A Funding

New Investments

Ghanaian Agritech Startup, Complete Farmer, Raises $10.4 Million Pre-Series A Funding

Complete Farmer, a Ghanaian agritech startup, has secured $10.4 million in pre-Series A funding to streamline its operations and expand its reach.
 

Complete Farmer, a Ghanaian agritech startup, has secured $10.4 million in pre-Series A funding to streamline its operations and expand its reach.

The funding round was co-led by the Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital (via its uMunthu II Fund in partnership with Goodwell Investments).

Other participants in the round include Proparco, Newton Partners, VestedWorld Rising Star Fund, Sahel Capital’s SEFAA (Social Enterprise Fund for Agriculture in Africa) Fund, Alpha Mundi Group’s Alpha Jiri Investment Fund, and Global Social Impact Investments.

Complete Farmer is an end-to-end agricultural marketplace that provides African producers and industries across the globe with competitive markets, resources, and data.

It utilizes in-house cultivation protocols for crop production, ensuring that small and large-scale farmers can rear crops and other agricultural products that satisfy international market needs, reducing post-harvest losses.

The company was founded in 2017 by Desmond Koney, who was inspired to start the business after inheriting his father’s farm and discovering the many challenges faced by farmers in Ghana and across Africa.

Complete Farmer has since grown to become one of the leading agritech startups in Ghana, working with over 10,000 farmers and supplying buyers in over 10 countries.

The new funding will be used by Complete Farmer to expand its team, develop new products and services, and reach more farmers and buyers.

The company plans to launch a new finance solution that promotes remittances from buyers to farmers, as well as a vendor outlet that facilitates the purchase of fertilizers and commodities by farmers.

The investment in Complete Farmer is a sign of the growing interest in agritech in Africa.

The continent is home to over 60% of the world’s arable land, but its agricultural sector is still underdeveloped.

Agritech startups are playing a vital role in addressing this challenge, using technology to improve efficiency and productivity across the agricultural value chain.

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ANKA Secures $5M Pre-Series A Extension to Accelerate E-Commerce Growth in Africa

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ANKA Secures $5M Pre-Series A Extension to Accelerate E-Commerce Growth in Africa

ANKA, an Ivorian SaaS e-commerce platform for African businesses, has raised $5 million in a pre-Series A extension round led by the International Finance Corporation (IFC) with participation from Proparco and Bpifrance.

This brings the company’s total investment to date to $13.5 million.

ANKA provides a comprehensive e-commerce solution for African businesses, including website design and development, payment processing, and shipping.

The platform also offers a variety of features to help businesses grow their online sales, such as marketing tools and analytics.

ANKA plans to use the new funding to strengthen its product development and expand its services.

The investment in ANKA is a sign of the growing interest in African e-commerce.

E-commerce sales in Africa are expected to reach $30 billion by 2025, according to Statista.

ANKA is well-positioned to capitalize on this growth with its comprehensive e-commerce solution and focus on African businesses.

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