Fintech startup CreditFins secures Pre-Seed funding round

EGYPT – CreditFins, Credit Card management platform and fintech startup, has successfully acquired an undisclosed amount in a Pre-Seed funding round led by Flat6Labs, AUC Angels, TA Telecom Holding, and other strategic angel investors with backgrounds in technology and investment. This latest funding round adds to the 10PP growth in early-stage investments (of ticket sizes lower than US$500,000) Egypt observed in H1 2021 YoY. Fintech startup CreditFins helps users repay their Credit Card debt while saving money. It is a cheaper, more convenient solution for debt repayment through fixed, lower…

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Solar distributor MyJouleBox completes US$3.54m Series A round

WEST AFRICA – MyJouleBox, a solar distributor & operator, has completed a €3 million (US$3.54m) Series A round aimed at strengthening its positions as a leading energy specialist in Benin and accelerate its expansion in Burkina Faso, Senegal and Togo. The company, operating under the trade brand ARESS, has developed a competitive one-stop-shop approach to service complementary segments of clients (retail, SMEs, communities) in their decentralized, renewable energy needs. “After 10 years with only our sweat and our desire to change things, we are very happy to welcome such a…

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Tech startup SmartHotel closes US$2m Pre-series A round to expand its services

NIGERIA – SmartHotel, a startup that develops software for the hospitality industry, has closed a US$1 million Pre-series A round from existing investor Smok Ventures to expand its services across Africa and Europe. The round also saw participation from LT Capital Ventures, Next Road Ventures, Wiktor Schmidt – co-owner of Netguru (one of the biggest software developing companies in Europe), and Mirosław Janik – former Vice President at Wincor Nixdorf Group. The new investment will go into the development and expansion of its innovative software that enables contact-free and easy…

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REGMIFA secures US$10m additional funding from FMO to support growth of MSME

AFRICA – Dutch-based entrepreneurial development bank FMO has invested a further US$10 million in REGMIFA, the Regional MSME Investment Fund for Sub-Saharan Africa and a public-private partnership advised by Symbiotics SA. This additional funding will support the growth of Africa’s MSME sector and foster economic development through employment creation, income generation and poverty alleviation. The investment will finance loans to businesses and low- and middle-income households via more than 50 selected financial institutions. The investment in class B-Shares for a maturity of seven years will increase the fund’s total assets…

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EIB gives US$94.3m towards geothermal power production in SSA

SSA – A total of seven Sub-Saharan Africa nations are set to benefit from €80 million (US$94.3 million) funding from the European Union investment arm European Investment Bank (EIB) to increase geothermal power production. The European Investment Bank (EIB) approved the funding on 17th July 2021targeting private sector-led geothermal power projects in East Africa. The funding will benefit projects in Kenya and 17 other countries, including Ethiopia, Rwanda, Tanzania, Uganda, Mauritius, Mozambique, and Madagascar. “Eligible projects will typically include greenfield development and brownfield expansions, with proven geothermal resources,” said EIB.…

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Fintech startup Chaka raises US$1.5m pre-seed funding to expand its footprint

NIGERIA – Chaka, a fintech startup, has raised a US$1.5 million pre-seed funding round as it aims to expand its footprint to Ghana and other West African markets. The funding round was led by Breyer Capital and also featuring 4DX Ventures, Golden Palm Investments, Future Africa, Seedstars, and Musha Ventures. The funding will enable Chaka to continue on its mission to enable borderless investments across Africa and deliver digital investments solutions for African businesses. It will also be used towards the expansion of the startup’s footprint in West Africa to…

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Health-tech startup Estshara raises US$500,000 seed funding round to expand its user base

EGYPT – Estshara, a teleconsultations health-tech startup, has announced that it has raised US$500,000 in a Seed funding round led by Egypt Ventures. The Cairo-based healthtech startup plans on employing its newly acquired fund to expand its current user base from two million to six million by the end of the year, as well as further develop its offerings and customer care activities. The funding will allow the startup to grow faster, expand beyond its current offerings and scale up the organization with the fitting team and resources. Estshara also…

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Food delivery platform Elmenus raises US$10m pre-Series C funding for its expansion plans

EGYPT – Elmenus, the Cairo-based food discovery, ordering, and delivery platform, has announced that it raised US$10 million in pre-Series C funding round lead by Egyptian payments firm Fawry. New York-based hedge fund Luxor Capital, and Egyptian property developer Marakez, also participated in the deal. Luxor has previously backed companies like Zomato, Glovo, and Gopuff. Elmenus is their first investment in the Middle East. Elmenus aims to use the funds to expand to more cities in Egypt and personalize the ordering and delivery experience for its customers. A part of…

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E-health startup Yodawy raises US$7.5m Series B funding to expand its product offering

EGYPT – Yodawy, an e-health startup, has raised a US$7.5 million Series B funding round to help it expand its product offering and enter new markets. Yodawy plans to utilize the latest funds to launch new products and grow into other countries, according to a statement from the firm, which did not disclose the markets the startup is eyeing for expansion. Yodawy, according to Jad El Boustani, Managing Director of MEVP, is well positioned to automate the healthcare industry by seamlessly linking insurance companies, pharmacists, and patients. He also described…

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Moroccan Mosaiclab raises US$225,000 for its invoice processing platform

MOROCCO – The Moroccan fintech start-up Mosaiclab has raised 2 million DH (US$225,000) for the Konta invoice processing platform. Based in Casablanca, this startup launched Konta, a platform for automating invoicing to payment in SAAS operating on 100% Moroccan artificial intelligence technology. Founded in 2019 by Issam Dahman (CEG), Mehdi Zirari (CP01, and Elarbi Aboussouror, Konta quickly consolidates its product and signs a multitude of first clients in Africa and Europe before carrying out its first fundraising in Seed DE from the investment company WITAMAX, jointly created by Southbridge A&I…

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