Tag: Funding

Commerce platform Rabawa raises US$163,000 to scale its operations

Frank

NIGERIA – Rabawa, Africa’s first social and video commerce platform, has announced that it has raised US$163,000 from Aptive Capital, a VC firm in USA that is focused on supporting early stage startups, to help it scale its operations. RABAWA’s social and video commerce solution offer resellers the opportunity to leverage social media for curating, promoting, and selling products from Manufacturers / Distributors to end-users. Rabawa gives resellers access to a virtual shop and thousands of products from trusted suppliers. Through the use of social and video commerce, heavily discounted…

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Fintech start-up Ensibuuko of Uganda raises US$1m funding round

Frank

UGANDA – Ensibuuko, a Ugandan fintech start-up, has raised a US$1 million funding round to help it scale at home and abroad. Founded in 2014, Ensibuuko operates a proprietary microfinance platform developed especially for African credit unions (SACCOs) and savings groups.  The software helps community-based microfinance entities automate their data, processes and payments so as to become efficient in delivering financial services in their communities. The platform is used by over 200,000 rural customers in Uganda, and is available in Zambia, Tanzania and Nigeria through partners. Ensibuuko now plans to scale both…

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Insurtech Lami Technologies raises US$1.8m to bolster API insurance adoption across Africa

Frank

KENYA – Insuretech company Lami Technologies has raised US$1.8 million to spur the growth of its digital insurance product to traditional insurance companies in Kenya. Lami offers its API to insurance companies who then can tailor their products to their customers using the digital platform. “Through its API, users can get a quotation for motor, medical, or other tailored insurance products in seconds, then customise the benefits and adjust the premium to suit their needs, get their policy documents instantly, and claims are paid in record time,” the company said.…

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Kenyan real estate company Stellar secures US$25m funding from IFC

Frank

KENYA – The International Finance Corporation (IFC), the private-sector development arm of the World Bank, has announced that it plans to lend US$25 million to Stellar Warehousing and Logistics Limited, a real estate development company based in Kenya. The funds will go toward the purchase of an industrial facility with vacant land in Mlolongo area, in the outskirts of Nairobi from its current owner Orbit Products Africa Limited (OPAL). In addition to acquiring the property, Stellar Warehousing and Logistics Limited will renovate the industrial facility, construct a new facility on…

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Real estate developer Maxim Development secures US$28 additional loan from NBE

Frank

EGYPT – Maxim Development, a real estate developer, has acquired has secured EGP 450 million (US$28.73m) syndication loan, a new one from the previously signed with the National Bank of Egypt (NBE), in cooperation with the Arab African International Bank (AAIB). The financing will go towards accelerating operations at the Bo Sidi Abdel Rahman development. The new portion will be directed to the project’s construction process, and to expedite the delivery of the contracted units, in addition to paying a new instalment of the land price. This is the third…

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SaaS startup Expensya raises US$20m fund to accelerate its product development

Frank

TUNISIA – Expensya, a Tunisian French automated spend management solution for businesses, has announced in a statement that it has raised US$20 million in fresh funds from Paris-based MAIF Avenir and Amman-based Silicon Badia. The startup will use the funding to accelerate its product development and international growth as it aims to become the leader for business expense management solutions. The Series B round takes Expensya’s total raise to date to over US$25 million, making it the best-funded Tunisian startup and one of the best-funded SaaS startups of the Middle…

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Three Ghanian startups to receive equity-free grant funding and support from MEST

Frank

GHANA – Three Ghanaian startups; Bosea, Wegoo, Motito, have been named top performers from the beta 2020 cohort of the MEST Express accelerator programme and will receive equity-free grant funding and support from MEST and the Mastercard Foundation. MEST Express is one of three new programmes, alongside Pre-MEST and MEST Scale, that MEST is currently running in partnership with the Mastercard Foundation through Young Africa Works, a 10-year strategy of the foundation to enable three million young people in Ghana to access dignified and fulfilling work. The programme aims to…

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Private equity fund ADP III secures US$26m from Finnfund to expand regionally across Africa

Frank

AFRICA – Finnfund, a Finnish development financier and impact investor, has announced a US$26 million commitment to African Development Partners III (ADP III), a pan-African private equity fund. ADP III aims to support established and growing consumer focused businesses to improve their processes and expand regionally across Africa. The fund provides companies with growth capital and know-how aiming to contribute to job creation, climate change mitigation, and gender balance. In addition, the fund will bring liquidity to developing markets, helping African businesses to recover from the economic and social consequences…

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Fintech startup Kashat secures funding from Cairo Angels for expansion plans

Frank

EGYPT – Kashat, a Cairo-based fintech startup which just launched out in 2020, has secured an undisclosed amount of funding from Cairo Angels, a global network of angel investors targeting startup opportunities in Egypt, the Middle East and Africa, to aid in its expansion plans. Founded by Sumair Farooqui and Karim Nour, Kashat is the first Nano lending mobile application in Egypt, offering short term loans from EGP 200 (US$12.73) to EGP 1500 (US$95.45) with a repayment plan up to 61 days. The product is designed to serve unbanked Egyptians,…

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South Africa’s online marketplace for home services Kandua raises funding from the Catalyst Fund to drive growth

Frank

SOUTH AFRICA – Online marketplace for home services that connects home service professionals to customers, tools, and digital financial services in South Africa Kandua, has received undisclosed funding from Global Catalyst Fund to drive growth in South Africa and increase its product portfolio. Just like the US-based marketplace Task Rabbit, Kandua hopes of ending the risk associated with hiring small, independent contractors who do home renovations, maintenance and repairs in South Africa and helps bring transparency in two-communication, invoicing and payments. Kandua was founded in 2015 by Arjun Khoosal and…

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