Insurtech start-up OKO raises US$1.2m to bring innovative products to smallholder farmers in Africa

UGANDA – Insurtech start-up OKO, a provider of inclusive agricultural insurance to secure farmers’ income across Africa, has closed a seed investment of US$1.2 million led by Newfund and ResiliAnce. Mercy Corps Venture, Techstars, ImpactAssets and RaSa also participated in the round. The start-up which currently operates in Uganda and Mali uses satellite data and mobile payments to create automated insurance products for farmers whose fields are affected adversely by weather occurrences primarily droughts and floods. With the new funding, OKO aims to strengthen its presence in Mali and Uganda…

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Mobile payment platform Zeal Reward closes six figure seed funding

EGYPT – Egypt-based mobile payments and loyalty platform Zeal Rewards has secured a six-figure seed investment from an angel investor to grow its team and scale its operations in the United Kingdom and Egypt. Founded in 2019 by Omar Ebeid, Bellal Mohamed, and Amr Mohamed, Zeal enables users to link different payment methods (e.g., bank debit cards — with their Zeal accounts) and then make in-store payments by presenting the app’s QR code to a scanner at the store. The scanner is provided (to merchants) by Zeal. The startup, incubated by UK-based…

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