B2B startup Cartona closes US$4.5m Pre-Series A funding round to invest in new technology

EGYPT – Cartona, a business to business (B2B) startup connecting retailers to manufacturers and wholesalers, has closed a US$4.5 million Pre-Series A funding round to help it invest in new technology, launch new products and expand across the country. The funding round was led by Global Ventures, a Dubai-based, international venture capital firm, with participation from Kepple Africa Ventures, T5 Ventures and a group of angel investors. Proceeds will be used to invest in deepening the capabilities of the technology to further enhance the user experience and introduce embedded finance…

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Startup MarketForce raises US$2m Pre-Series A to scale its B2B retail marketplace

KENYA – MarketForce, a Kenyan B2B retail distribution platform has raised US$2 million Pre-Series A round to launch in Nigeria and to scale up its RejaReja to more towns in East Africa. The funding was raised from V8 Capital, Future Africa, Greenhouse Capital, Launch Africa, Rebel Fund, Remapped Ventures, and a couple of strategic angel investors as new investors. Y Combinator and existing investor P1 Ventures also participated in the oversubscribed round. The raise brings MarketForce’s total funding to date to US$2.5 million after it raised US$350,000 seed round last year and US$150,000…

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E-commerce marketplace Fatura secures US$3m pre-series A round to expand its services

EGYPT – Fatura, a Cairo-based ecommerce marketplace, has secured US$3 million in a pre-Series A round led by Sawari Ventures and Arzan Venture Capital. The round also included participation from Egypt Ventures, EFG-EV, Cairo Angels, and Khwarizmi Ventures. In July 2020, the company raised an unknown amount of money in a seed round. With this financing, Fatura will be able to expand its services beyond e-commerce and digital financing, allowing it to optimize the interchange of products, money, and information in the B2B environment while concentrating on ease and user…

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Nexford University completes US$10.8m Pre-Series A funding round led by Global Ventures

NIGERIA – Nexford University, a next-generation online university based in Washington D.C. and with offices in Nigeria, has announced the successful completion of a US$10.8 million Pre-Series A funding round led by Global Ventures, the UAE-based venture capital firm. Participating investors included Future Africa’s new thematic fund focused on education, which is led by Iyinoluwa Aboyeji, the co-founder of Flutterwave and Andela, plus angel investors, family offices and VCs from 10 countries including the US, UK, France, Dubai, Switzerland, Qatar, Nigeria, Egypt and Saudi Arabia. The global investor base reflects…

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