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Nigerian Auto-Tech Startup Fixit45 Raises $1.9 Million Pre-Series Funding For  Expansion

New Investments

Nigerian Auto-Tech Startup Fixit45 Raises $1.9 Million Pre-Series Funding For Expansion

Nigerian auto-tech startup Fixit45 has raised $1.9 million in a pre-seed funding round for expansion.

The round was supported by several notable investors, including Launch Africa Ventures, Soumobroto Ganguly, and David DeLucia, along with several angel investors.

Fixit45 is a mobile app that provides on-demand car maintenance and repair services.

The app allows users to schedule appointments with verified mechanics who come to their location to perform the necessary services.

Fixit45 also offers various other services, such as car wash, roadside assistance, and spare parts delivery.

The company was founded in 2022 by three entrepreneurs: CEO Olumide Soyombo, COO Tolulope Olanrewaju, and CTO Samuel Olatunji.

Soyombo is a former engineer at Google and Microsoft, while Olanrewaju and Olatunji have both worked in the Nigerian auto industry.

The pre-seed funding round will be used to expand Fixit45’s operations in Nigeria and other African markets.

The company also plans to use the funds to develop new products and services, such as a subscription-based car maintenance service.

The investment in Fixit45 is a sign of the growing interest in the African auto-tech sector.

In recent years, there has been a surge in the number of startups developing innovative solutions to address the challenges of car ownership in Africa.

According to a report by Disrupt Africa, the African auto-tech sector is expected to reach $5 billion by 2025.

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Nigerian Automotive Startup Mecho Autotech Raises $2.4M Pre-Series A for Expansion

New Investments

Nigerian Automotive Startup Mecho Autotech Raises $2.4M Pre-Series A for Expansion

Nigerian automotive startup Mecho Autotech has raised $2.4 million in pre-Series A funding to expand into wholesale spare parts distribution.
 
 
 
 
The round was led by Global Brain Corporation, with participation from Ventures Platform and Uncovered Fund.

Founded in 2021, the company provides a platform that connects vehicle owners with workshops that handle vehicle repairs and maintenance.
 
Mecho Autotech also offers a marketplace for spare parts, where workshops and vehicle owners can buy and sell spare parts.

The company’s pre-Series A funding will be used to expand its wholesale spare parts distribution business.
 
Mecho Autotech plans to build a network of warehouses across Nigeria to store spare parts. The company also plans to develop a logistics platform to deliver spare parts to customers quickly and efficiently.

The Nigerian automotive market is expected to grow at a CAGR of 10% over the next five years.
 
This growth is being driven by factors such as increasing disposable income, growing urbanization, and the rise of the middle class.
 

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Ugandan Agritech Startup Emata Secures $2.4 Million Seed Funding to Expand Agri-Loan Offerings

New Investments

Ugandan Agritech Startup Emata Secures $2.4 Million Seed Funding to Expand Agri-Loan Offerings

 
Ugandan agritech startup Emata has secured $2.4 million in seed funding to expand its agri-loan offerings across East Africa.
 
 
 

The round was led by African Renaissance Partners, with participation from Norrsken Accelerator, Zephyr Acorn, Marcus Boström, and Draper Richards Kaplan Foundation.

Emata was founded in 2020 by Bram van den Bosch and Ronald Lutwama. The company provides digital agricultural finance to smallholder farmers in East Africa.

Emata’s platform allows farmers to apply for loans quickly and easily, without the need for collateral. The loans are then disbursed directly to the farmers’ mobile money accounts.

Emata’s seed funding will be used to expand its operations across East Africa.

The company plans to focus on Uganda and Tanzania, but it also has plans to expand to other countries in the region.

Emata also plans to use the funding to develop new products and services, such as insurance and advisory services for farmers.

“We are thrilled to have secured this funding,” said Bram van den Bosch, CEO of Emata.

“This will allow us to scale our operations and reach more farmers across East Africa. We believe that digital agricultural finance is essential to help farmers increase their productivity and improve their livelihoods.”

The investment in Emata is a vote of confidence in the potential of agritech to transform the agricultural sector in Africa.

Agritech startups are developing innovative solutions to address the challenges faced by farmers, such as access to finance, inputs, and markets.

hese solutions have the potential to improve food security, reduce poverty, and boost economic growth in Africa.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Kenyan Fintech Lipa Later Secures $5 Million Debt Funding to Expand

New Investments

Kenyan Fintech Lipa Later Secures $5 Million Debt Funding to Expand

 
Lipa Later, a Kenyan fintech startup that provides buy now, pay later (BNPL) financing solutions, has secured $5 million in debt funding.
 
 
 

The funding round was led by a consortium of investors, supported by Rubicon Landing as the transaction advisor and KN Law as the legal advisor.

Lipa Later will use the funding to expand its operations in Kenya and other African countries. The company also plans to use the funds to develop new products and services.

Lipa Later was founded in 2018 and has since processed over $100 million in loans.

The company partners with merchants to offer BNPL financing to their customers. Customers can use Lipa Later to pay for goods and services in instalments, with no interest or late fees.

“We are excited about the opportunities this funding has unlocked for merchants and consumers. We would like to extend our heartfelt gratitude to the investors and supporters for their unwavering trust in our vision. These funds have enabled us to further invest in technology and infrastructure to make our financing solutions even more accessible and convenient for our customers,” Eric Muli, founder of Lipa Later, said.

The BNPL market is growing rapidly in Africa, with a recent study by McKinsey estimating that the market could reach $100 billion by 2025.

Lipa Later is one of a number of African fintech startups that are tapping into this growing market.

With the new funding, Lipa Later is well-positioned to expand its operations and become a leading player in the African BNPL market.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Ramez El-Serafy 

Ramez El-Serafy

Ramez El-Serafy has been actively involved in the entrepreneurship and innovation ecosystem in the MENA region and has played a significant role in supporting and mentoring startups.

He is the CEO of Flat6Labs, a leading seed and early-stage venture capital firm in the MENA region and has over 16 years of experience in technology, investments, entrepreneurship, and management. Before joining Flat6Labs, Ramez was responsible for building and managing the mobile app business at Sarmady, a Vodafone company.

Ramez is a board member of the Global Accelerator Network and a mentor at several startup accelerators and incubators. As CEO of Flat6Labs, Ramez has led the firm’s expansion into new markets, including Egypt, Saudi Arabia, the UAE, Tunisia, Bahrain, Lebanon, and Jordan and has helped to grow the firm’s portfolio.

Ramez is a passionate advocate for entrepreneurship and innovation in the MENA region. He believes that startups have the potential to create jobs, drive economic growth, and solve some of the region’s most pressing challenges.


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Samuel Alemayehu

Samuel is an Ethiopian entrepreneur and impact investor known for his work in Africa’s renewable energy and sustainable development sectors.

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Wale Ayeni

Wale Ayeni is a champion of Africa’s startup ecosystem and an advocate for venture capital and investment on the continent.

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Arunma (AEEM) Oteh

Arunma (AEEM) Oteh

Arunma Oteh is a trailblazing economist and leader who has made significant contributions to the financial sector in Nigeria and around the world.

She is a role model for women and girls everywhere, and she is making a positive impact in Africa and beyond. Oteh previously served as the Treasurer and Vice President of the World Bank from 2015 to 2018. She began her career in the private sector, working as a consultant for the Harvard Institute for International Development and Centre Point Investments Limited of Nigeria.

She joined the African Development Bank (AfDB) in 1992, where she held various senior positions, including Group Treasurer and Group Vice President.
In 2010, Oteh was appointed Director General of the SEC, Nigeria. In this role, she was responsible for regulating the country’s capital markets. She played a key role in rebuilding the Nigerian capital markets after the global financial crisis.

In 2015, Oteh was appointed Treasurer and Vice President of the World Bank. In this role, she was responsible for managing the World Bank’s debt portfolio and assets. She also played a leading role in the development of the World Bank’s financial instruments and policies.
Oteh is a recipient of numerous awards, including the Officer of the Order of the Niger (OON), the Africa Investor Capital Market Personality of the Year, and the New African Woman Award in Finance and Banking.

She is a passionate advocate for financial inclusion and economic development in Africa and a strong believer in the power of women to transform their communities and countries. 

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Toyin F Sanni

Toyin F. Sanni is a true force of nature in the African business world, having demonstrated remarkable leadership, innovation, and resilience in driving growth and transforming the financial landscape in Africa.

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Winnie Byanyima

Winnie Byanyima

Winnie Byanyima is a prominent Ugandan diplomat, politician, and human rights activist whose unwavering commitment to improving the world began at an early age.

In her early career, Byanyima was involved in political activism and later served as a Member of Parliament in Uganda. Her passion for global equity and social progress led her to helm Oxfam International, a global movement of people working together to end the injustice of poverty.

In 2019, Winnie took on the pivotal role of Executive Director at UNAIDS, where her efforts are transforming the fight against HIV/AIDS.
Her vision is also helping to break down barriers, reduce stigma, and ensure access to vital treatment for all.

Winnie’s tireless advocacy for gender equality has inspired countless individuals worldwide, and her work serves as a beacon of hope for women and girls, reaffirming that every voice matters and every dream is achievable.

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Shamim Nabuuma Kaliisa

Shamim is a Ugandan innovator, Social Entrepreneur, and the mastermind behind a popular cancer screening app helping thousands of African women detect the disease.

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Mark Mwangi

In the fast-paced world of logistics and transportation, innovative minds are constantly reshaping the industry’s landscape.

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Bridging The Gap: EdTech Leaders Transforming Literacy in Africa

Bridging The Gap: EdTech Leaders Transforming Literacy in Africa

The state of literacy in Africa is improving, but there is still a long way to go.

According to the UNESCO Institute for Statistics, the adult literacy rate in Africa was 61.6% in 2020. This means that about 38.4% of adults in Africa cannot read or write.

There is a significant gender gap in literacy rates in Africa, with the female literacy rate at 56.3%, while the male literacy rate at 66.7%.

This gap is widest in the Arab States region, where the female literacy rate is 42.6% and the male literacy rate is 77.7%.

Literacy rates also vary widely across countries in Africa. The highest literacy rates are found in Mauritius (92.7%), Seychelles (91.9%), and South Africa (91.4%).

There are a number of factors that contribute to low literacy rates in Africa. These include poverty, lack of access to education, and gender discrimination.

Educational technology (EdTech) companies and initiatives have been actively working to bridge the education gap in Africa and other regions facing similar challenges.

These efforts are aimed at improving access to quality education, addressing issues related to literacy, and enhancing overall educational outcomes.

At Empower Africa, we believe in the incredible, untapped potential that lies within the hearts and minds of people across this beautiful continent.

Last Friday, on World Literacy Day, we were reminded once again of the power of knowledge and the profound impact it can have on individuals and communities.

Today, we are thrilled to shine a spotlight on 30 exceptional individuals who are leading the charge in bridging the literacy gap in Africa.

These remarkable changemakers are at the forefront of the educational technology (edtech) sector, harnessing innovation and passion to empower countless lives through the gift of literacy.

Here’s to our EdTech Heroes, the champions of literacy in Africa!

1. Adewale Yusuf – Co-Founder at AltSchool Africa
2. Uche Onuora – Co-Founder @ HITCH
3. Betelhem Dessie – CEO, iCog Anyone Can Code
4. Claire Mongeau – Founder, M-Shule
5. Tonee Ndungu – Founder and C.E.O of Kytabu Inc.
6. Adrien Bouillot – Founder – Chalkboard Education
7. Sam Gichuru – Founder & CEO
8. Fred Swaniker – Founder of African Leadership Academy
9. Yahya Bouhlel – Founder & CEO – Go My Code
10. Sim Shagaya – Founder of uLesson
11. Eric Pignot – Founder and Chief Executive Officer at Enko Education
12. Hertzy Kabeya – Founder & CEO at The Student Hub
13. Ashley Immanuel – Co-Founder of Semicolon
14. Samy Mwamba – Co-Founder of itot Africa
15. Jennifer Cotter Otieno – Founder & CEO of Education Design Unlimited
16. Muliande Alex – Founder at EduOnline
17. Doris Ratego – Co-Founder at Koding & Kahawa Developers Community
18. Tsepo Ngwenyama – Portfolio Head at Injini
19. Grover Abrahams – EdTech Specialist
20. Maged Harby – GM at EdVentures
21. Toyosi Akerele-Ogunsiji – Founder at Passnownow
22. David De Villiers – CEO at Uni4 EdTech
23. Hossam Taher – Founder at Orcars
24. Afeez Olalekan – Founder, LACED Africa
25. Muhammad Gawish – Co-Founder, iSchool
26. Salim Addih – Co-Founder, AlgoSchool Morocco
27. Khadija El-Bedweihy – Founder, Praxilabs
28. Felix Malombe – Executive Director @STEAMLabs Africa
29. Dr. Adetola Salau – EdTech Expert
30. Precious Ajoonu – EdTech Thought Leader

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South African Solar Startup Wetility Raises $48 Million For Expansion

New Investments

South African Solar Startup Wetility Raises $48 Million For Expansion

Wetility, a South African startup that offers solar energy solutions for households and businesses, has raised R903 million (~$48 million) in debt and equity.
 
 
 
 

MultiChoice, a leading African media and entertainment company, led the funding round.

Other investors in the round include Sanlam, a financial services group, and “large commercial and development banks”.

The funding will accelerate Wetility’s expansion plans and grow its customer base.

The company plans to use the funds to install solar panels on more homes and businesses and to develop new products and services.

Wetility was founded in 2019 by Vincent Maposa and Johanna Hortz.

The company’s flagship product is a digital solar energy management system that allows users to manage their power usage remotely.

The system includes rooftop solar panels, a hybrid inverter, lithium-ion batteries, and switchgear and consists of a dashboard where users can monitor their energy usage and make payments.

Wetility’s solar energy solutions are designed to help South Africans reduce their reliance on the country’s unreliable power grid.

In recent years, Eskom, the state-owned power utility, has struggled to meet demand for electricity, leading to frequent power outages.

With the new funding, Wetility is poised to become one of the country’s leading solar energy solutions providers.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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