Global Innovation Initiative Group launches US$100m fund to fuel African tech investments

AFRICA – The Global Innovation Initiative Group (GIIG), has announced the launch of GIIG Africa Fund, a Curaçao-based private investment fund aimed at investing in early-stage tech innovation start-ups across Africa. The GIIG Africa Fund will invest annually in the winners’ pool of start-up participants from the African region of the Global Start-up Awards (GSA), an independent start-up ecosystem competition. Through its multi-platform venture-builders, GIIG says it seeks to develop the largest relationship infrastructure of mission-aligned African innovation stakeholders to accelerate the co-creation of disruptive African solutions. According to a statement, the…

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Fintech Pezesha closes 7-figure seed funding for Africa expansion

KENYA – Pezesha, a Kenyan fintech startup that is creating an expansible lending framework for Small and Medium Enterprises and institutions, has raised a seven-figure seed extension round in a bid to expand further across Africa and fulfill its mission of facilitating access to affordable working capital for SMEs. The extension round was piloted by GreenHouse Capital, with on-lending liquidity support from Venture Garden Group which is a sister company to GreenHouse Capital. Founded in 2016, Pezesha is working hard to solve the continent’s US$82 billion in working capital and…

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LG Electronics unveils a US$20m global competition for tech startups

WORLD – LG Electronics has launched Mission for the Future, a global contest for startups to unlock innovative technologies and business ideas into the future. The inaugural competition will be hosted by the company’s new Silicon Valley-based innovation center, LG NOVA, a strategic team within LG working with startups and entrepreneur communities to build new businesses and tap innovation from outside LG. The contest will be a nine-month annual challenge seeking the best ideas, concepts, and businesses for a greener, smarter, healthier, more connected future. The selected startups will begin working with the…

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E-logistics startup Ridelink secures US$150,000 Pre-seed funding to scale up

UGANDA – E-logistics startup Ridelink, has raised US$150,000 in pre-seed funding in a round jointly led by an investment advisory firm Ortus Africa Capital, Omidyar Network, an impact investment firm, and African Leadership Academy’s Young Entrepreneurs Fund, Anzisha. The pre-seed funding which Ridelink has raised brings its total investment to US$250,000, having drawn private investments from Seedstars in 2020. The company looks to drive down the cost of transport for Small and Medium Enterprises by connecting businesses to truck drivers through technology that facilitates the smooth running of business operations…

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Beyond Capital Ventures makes its maiden investment in health tech startup Viebeg Technologies

RWANDA – Newly launched impact venture capital firm Beyond Capital Ventures has announced its first investment in Viebeg Technologies, a health tech startup that deploys technology to offer medical supplies of high-quality medical supplies and equipment throughout Central and East Africa through an innovative data-driven procurement platform. Beyond Capital Ventures joins its co-investment partners Beyond Capital Fund and Eckenstein Geigy Stiftung in Viebeg’s pre-seed funding round. Beyond Capital Ventures General Partner Eva Yazhari will join Viebeg’s Board of Directors. Viebeg Technologies was founded in 2018 by Chief Executive Officer Tobias…

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Retail tech startup MarketForce raises yet another US$100,000 funding from Harambeans Prosperity Fund

KENYA – MarketForce, a Kenyan retail-tech startup had added an additional US$100,000 in funding from the Harambeans Prosperity Fund to the US$2 million pre-Series A round it announced in July 2021. Co-founded in 2018 by Tesh Mbaabu and Mesongo Sibuti, MarketForce enables consumer brands to optimise how they deliver essential goods and services to retailers and consumers by bridging the information gap in last-mile distribution, while maximizing efficiency across the sales and distribution value chain.  The start-up’s platform leverages mobile devices by enabling field agents to record all customer interactions…

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Fintech startup Kwara selected for Mastercard Start Path program

KENYA – Fintech startup Kwara is among the 11 start-ups that have been selected to join the Mastercard Start Path program. The program is a springboard to help the best and brightest fintech start-ups maximize their opportunity for success.  During the six-month program, the start-ups will learn from Mastercard experts and explore co-innovation opportunities.  “We are honored to join forces with Mastercard and work on our shared vision to create financial inclusion for 1 billion people. We have seen how companies such as Flutterwave and Revolut have expanded their services…

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Fintech Pngme closes US$15m Series A to increase customer base and expand team

AFRICA – Pngme, a platform that provides financial institutions and fintech start-ups with users data via its API and machine learning infrastructure, has announced a US$15 million Series A. The round was led by European VC firm, Octopus Ventures with other participants being RaptorGroup, Lateral Capital, EchoVC, Future Africa, Two Small Fish Ventures, and US-based early-stage VC firm for immigrant-founded start-ups, Unshackled Ventures.  The list concludes with several angel investors, including Hayden Simmons, Dan Kahn, Richard Talbot, and Kyle Ellicott of Intersect VC.  This investment follows a US$3 million seed announced in February 2021 and a US$500k…

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Fintech Uncap launches funding for early-stage founders

SSA – Uncap, a fintech that uses a digital solution to make funding accessible to every good entrepreneur across Sub-Saharan Africa has launched an innovative financing and growth platform to give early-stage entrepreneurs access to capital. The funding is open to registered limited companies in Kenya, Uganda, Rwanda, and Nigeria. Businesses seeking funding between US$10,000 and US$50,000 should be operational for more than 12 months and up to 4 years. The start-ups must have a product or service in the market with a track record of revenues for at least…

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Start-up Zoie launches digital health, wellness clinic for women

SOUTH AFRICA –  Zoie Health Technologies has launched a digital women’s health and wellness clinic, which allows users to get healthcare advice from professionals. The clinic, Zoie Health, provides virtual consultations with medical providers, group consultations and community forums, where users can interact with each other or get advice from health experts. Zoie Health founders Thato Schermer and Dr. Nonhlanhla Sitole say the platform was inspired by personal experiences and noticing the growing need for digital healthcare that is targeted at women. “We realized that although there is a lot of…

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