Inspiring Sustainable Business in Africa
KENYA – Kenyan startup Crew HR &Payroll has rebranded to FaidiHR after it received an undisclosed amount of funding from SprintX, a US-based Venture Capitalist (VC) for early-stage startups. The startup, which offers digital human resource solutions to African companies, said they would use the investment to expand their business in East Africa, eyeing entry into Uganda, Tanzania and DRC.…
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EGYPT – Qurious Labs, a Web3-focused venture studio, has raised funding from Openner as it bids to back bold entrepreneurs in the MENA region building Web3 companies that utilise blockchain, digital currencies, NFTs, and gaming to explore the Metaverse. Openner is a venture capital firm operating in Egypt, and according to it, is confident more VCs will realise the value…
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SENEGAL – Outsource Monetic Group, an American and Senegalese fintech based in Atlanta, has announced the closing of a pre-seed fundraising round with 500 Global, a startup accelerator company based in San Francisco, USA. The fintech also announced the launch of the pilot phase, in Senegal and Côte d’Ivoire, of its private ATM network branded KaliSpot. The KaliSpot network is…
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KENYA – FrontEnd Ventures, a Kenya-focused venture capital fund has closed its initial US$1 million VC fund to provide funding for early-stage founders in the East African country. Founded by Njeri Muhia and Steven Wamathai in 2021, FrontEnd Ventures, is backed by a US$5 million fund—likely to extend to US$10 million. The VC firm is issuing a US$100,000 cheque size…
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GHANA – SolarTaxi, a local Ghanaian EV mobility business, has partnered with and raised cash from Persistent to expand its product line. Launched by Jorge Appiah in 2018, SolarTaxi is an e-mobility company that designs, locally assembles, and distributes electric two-wheel (e-2Ws) and four-wheel (e-4Ws) vehicles for transportation and delivery services. Notable customers in Ghana include e-commerce companies like Jumia…
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TUNISIA – Paymee, a fintech startup offering online payment gateway, has closed a six-figure funding round led by P1 Ventures. The startup will be utilising the funds to accelerate its product development and grow its enterprise offering. It specializes in digitising payment flows that offer online payment acceptance solutions through cards. Its solution can be integrated into any website and…
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NIGERIA – Nigerian credit lending startup Creditchek, that enables both digital and traditional leaders reliably verify identity and assess the creditworthiness of potential customers, has raised US$240,000 in pre-seed funding. The funding was led by Atom Capital with participation from Aidi Ventures, Ham Serunjogi of Chippercash, Olumide Ogunsanwo of Adamantium Fund, Damola Adegboyega of Assembly Investors, Isaac Ewaleifoh of Launch…
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KENYA – Solar Panda, a startup based in Canada and Kenya that designs, manufactures, and sells pay-as-you-go (PAYGo) solar household systems in Kenya, has received US$8 million in Series A funding. The funding round was led by impact investors Oikocredit and the EU-funded Electrification Financing Initiative (EDFI ElectriFI). This investment will be used to increase the company’s product offerings, expand…
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AFRICA – YAP, the fintech revolutionizing the digital banking experience in the Middle East, Africa, and South Asia, has announced that it had raised US$41 million to fund its operations and growth. The latest investment comes from Saudi Arabia’s Aljazira Capital alongside notable investments from Abu Dawood Group, Astra Group, and Audacia Capital. It plans to complete its Series A…
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SOUTH AFRICA – Futuregrowth Asset Management, a South African manager of R193 billion (US$11.85bn) in fixed-income assets, is launching a fund to invest in startups with a significant developmental impact. According to a statement from Futuregrowth, the business intends to raise as much as R600 million (US$36m) by the end of the year for the Futuregrowth High Growth Development Equity…
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