Fintech startup Infibranches Technologies secures US$2m funding to provide energy solutions

NIGERIA – Infibranches Technologies Limited, a fintech startup, has secured US$2 million funding from All On, an investment company backed by oil and gas giant, Shell to provide energy solutions to communities across Nigeria. Founded in 2019 by Olusola Owoyemi, Infibranches is a startup that aims to provide digital financial services for service providers in the energy sector. It made the final cut for Nigeria’s First Resilience Digital Startup Accelerator Program by Forbes and Global Startup Ecosystem. Through its flagship products – OmniBranches and Green Energy Plug – Infibranches helps…

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Cairo-based startup Shiphaly raises funding round to expand its online marketplace

EGYPT – Shiphaly, a Cairo-based startup connecting shoppers and travellers, has raised an undisclosed six-figure round from angel investors in Saudi Arabia and Egypt. The round is led by Faisal Abdulsalam the founder of Purity, and active investor in Saudi Arabia and Egypt, with the participation of well-known angel investors in Saudi Arabia. The new investment will be used to expand the online marketplace’s storefronts to Africa and other Middle Eastern nations, as well as to introduce new product features. “We are very proud of the traction that Shiphaly has…

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Automotive marketplace Contactcars.com acquires Sa3ar Technology Solutions

EGYPT – Contactcars.com, an automotive marketplace, has announced the acquisition of Sa3ar Technology Solutions, a platform that provides car valuation technology and a dealer-specific auction platform. Contactcars.com, a subsidiary of Contact Financial Holding, continues to evolve and look for new opportunities to provide the automotive ecosystem with innovative value-added services. With the acquisition of Sa3ar Technology, founded by Adham Hosny and Hussein Hosny, contactcars.com aims to further enhance the user experience by providing one holistic pricing tool that will cater to both the end-user and dealers allowing the market to…

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B2B startup Cartona closes US$4.5m Pre-Series A funding round to invest in new technology

EGYPT – Cartona, a business to business (B2B) startup connecting retailers to manufacturers and wholesalers, has closed a US$4.5 million Pre-Series A funding round to help it invest in new technology, launch new products and expand across the country. The funding round was led by Global Ventures, a Dubai-based, international venture capital firm, with participation from Kepple Africa Ventures, T5 Ventures and a group of angel investors. Proceeds will be used to invest in deepening the capabilities of the technology to further enhance the user experience and introduce embedded finance…

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Vodacom eyeing additional stake in Safaricom Telecommunications Ethiopia

ETHIOPIA – Vodacom Group has signed a deal that could see it buy an additional 10.9 percent stake in Safaricom Telecommunications Ethiopia from UK’s sovereign wealth fund CDC Group at a cost of US$1.74 billion in the coming years. The deal, if completed, will raise Vodacom’s interest in the newly formed telco to 17.1 percent. The South African telco currently owns a 6.2 percent stake in the Ethiopian firm through the Netherlands-registered investment vehicle Vodafamily Ethiopia Holding Company. “As part of the transaction agreements, Vodacom has granted a put option…

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Construction-tech startup ConDigital raises pre-seed funding round

EGYPT – ConDigital, an Ethiopian construction-tech startup, has raised an undisclosed amount in pre-seed funding round to help it cement its presence at home and expand into the wider East African region. The pre-seed funding round was piloted by an angel investor in the United States of America and included other angel investors from East Africa, Asia and Europe. “We created ConDigital to serve real issues that have dire effects on our country and continent. Infrastructure is at the heart of the African renaissance; we envision that ConDigital will play…

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Amped Innovation secures US$6m working capital facility from EDFI ElectriFI

NIGERIA – EDFI ElectriFI, an impact investment facility funded, is injecting a US$6 million revolving working capital facility to Amped Innovation, a company designing and supplying high efficiency, lower-cost solar home systems (SHS) and appliances for distributors across the world. US$4 million will come from EDFI EectriFI’s global facility and US$2 million from the Nigeria Country Window. Amped Innovation focuses on solar equipment with integrated pay-as-you-go functionality such as high-performance lighting, televisions, cold-chain appliances and DC-AC inverters. The company’s products offer high quality, reliable technology solutions that are also affordable…

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Swvl partners various Egyptian banks to fund the provision of 14-passenger vehicles

EGYPT – Swvl, an Egyptian ridehailing startup, has announced a partnership with various Egyptian banks to fund the provision of 14-passenger vehicles to independent drivers working on Swvl’s unfixed transportation routes. This would help young people earn more money while also supporting the state’s efforts in this area. It will also help the transportation sector, which is expanding rapidly. Swvl’s head of city trips, Ahmed El-Demerdash, said the company has achieved an agreement with Nasser Social Bank to finance passenger vehicles of various brands and models in the Egyptian market…

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LEAP Africa partners Ford, MacArthur foundations on US$5m Nigeria Youth Futures Fund

NIGERIA – The Ford Foundation and MacArthur Foundation have announced the launch of the Nigeria Youth Futures Fund (NYFF), a new US$5 million fund that will support and strengthen the youth leadership ecosystem in Nigeria. In close partnership with LEAP Africa, who will be managing the fund, NYFF will build on momentum in the region inspired by the youth-led #EndSARS movement. Young people under the age of 30 comprise more than 70 percent of Nigeria’s population, with projections that this figure will continue to grow over the next few decades.…

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CrossBoundary Energy partner Zoodlabs to develope off-grid hybrid solar power plant

KENYA – CrossBoundary Energy, a Nairobi based electricity access provider, has signed a partnership with Zoodlabs, a digital and technology services provider, to equip its fibre optic facilities with an off-grid hybrid solar power plant. CrossBoundary Energy is embarking on a new project in West Africa. The solar photovoltaic energy provider has signed a partnership with digital service provider Zoodlabs, the US Agency for International Development (USAID), the Shell Foundation, PowerHive and Netis. The agreement covers the installation of an off-grid solar power plant with a battery storage system to…

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