Tag: seed fund

Tech company Klasha raises US$2.4m seed fund to improve on its infrastructure

Frank

NIGERIA – Klasha, cross-border technology company, has announced that it has raised US$2.4 million in seed funding that it plans to use to build the necessary technology infrastructure for cross-border commerce in Africa. Greycroft led Klasha’s funding round, while Seedcamp, Berrywood Capital, AVG Basecamp Fund, Practical VC, Plug and Play, First Round VC, Expert Dojo, 2.12 Angels, MiLA Capital and several angel investors also participated in the effort. Klasha will use the new money to help international B2B and B2C businesses take in online payments in African currencies from consumers…

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Ad-tech startup AIfluence closes US$1m in seed funding round

Frank

KENYA – Nairobi-based influencer marketing platform, AIfluence Inc, has closed US$1 million in Seed funding round led by Dubai-based EQ2 Ventures, and joined by Antler East Africa, Nigerian VC OUI Capital, ArabyAds and a European family office. AIfluence was part of Antler’s inaugural Nairobi cohort in 2020. The startup says the funds will be used to expand into the rest of Africa, the Middle East & Asia by the end of 2021, and to further invest into AIfluence’s tech and SaaS platform. AIfluence leverages advanced machine learning algorithms to match influencers with a…

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E-health start-up TIBU raises seed funding round from Blue Haven Initiative to expand its product offering

Frank

KENYA – E-health start-up TIBU, a digital platform that decentralises primary outpatient care to bring it directly to patients in Kenya, has raised a seed funding round to help it scale its operations. Mooted in 2016, built in 2019, and launched to the public in early 2020, TIBU is an on-demand platform that connects people to healthcare workers in real-time, who deploy to a location and time of the patient’s choosing.  The start-up has served over 10,000 patients since its launch, rolled out a comprehensive home-based vaccination service alongside Amref Health Africa, launched…

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

Frank

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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NEXIM launches US$26m seed fund to support women and youth exporters

Frank

NIGERIA – The Nigerian Export-Import Bank (NEXIM) has launched N10 billion (US$26.23m) seed fund to support women and youth exporters under a new programme coined Women and Youth Export Facility (WAYEF).  Managing Director of the bank, Mr. Abubakar Bello, who spoke at the launch in Abuja, described empowering women as smart business, owing to the multiplying effects of women’s businesses on their families and the larger society. Bello explained that the bank has provided enormous support for many export-oriented industries that are high employers of women and youth such as…

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Kenya-based Savannah Fund launches US$25m Africa tech seed fund

Frank

KENYA – Seed capital fund Savannah Fund, has announced a US$25 million fund that will invest in early-stage startups across Sub-Saharan Africa with a focus on supporting women entrepreneurs and disruptive companies in high-growth sectors.  Savannah Fund is one of the earliest Sub-Saharan Africa-focused tech venture capital firms, starting its investment activities in 2012 when it launched its first accelerator programme in Kenya.   In 2016 and led by Mbwana Alliy and Paul Bragie, it transitioned completely to seed and Series A investments, and has to date invested in 31 companies across…

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PR software startup Plaqad raises US$1.5m in seed fund, launches marketing platform

Frank

NIGERIA – Plaqad, a marketing and public relations software start-up, has raised US$1.5 million in seed funding led by its parent company, BlackHouse Media (BHM) and launched a marketing platform that lets brands advance an affordable, data-driven campaign from start to finish. BHM is an international media and public relations company whose CEO is the founder of both companies. Plaqad is scheduled to release its automated communications platform, built to help brands, agencies and individuals run end-to-end social and web campaigns. According to the company, it is the first solution…

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South Africa’s auto-tech startup launches with $311k seed funding

Frank

SOUTH AFRICA – South African startup ServiceMyCar, which has developed an online marketplace for vehicle maintenance and repairs, has launched operations with US$311,000 in seed funding and plan a Series A round in January 2021. Founded by father and son duo Athol and Aidan Quin in January 2019, and launched to the public in August 2020, ServiceMyCar provides customers with numerous quotations for vehicle repairs or service from various workshops located in the customer’s vicinity, and allows them to book the vehicle in on the selected date at the selected workshop.  “We…

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Digital bank Kuda secures US$10M in seed fund to expand its services

Frank

NIGERIA – Kuda Bank, Nigeria’s first fully digital bank, has announced that it has raised US$10 million in seed funding representing the largest seed fund to be raised by a tech company in Africa. The funding round was led by Target Global,  the giant VC out of Europe, with Entrée Capital and SBI Investment (once part of SoftBank, now no longer) also participating, along with a number of other notable individual fintech founders and angels. The individuals include Raffael Johnen (founder of Auxmoney), Johan Lorenzen (founder of Holvi), Brandon Krieg/Ed…

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Logistics company ILLA raises US$500K seed fund to support its growth

Frank

EGYPT – ILLA, a fast-moving consumer goods (FMCG) delivery logistics marketplace, has successfully raised US$500,000 in seed fund from Averroes VC, AUC Angels and a consortium of local and regional strategic angel investors with follow-on funding from Flat6Labs Cairo. The new investment round will enable ILLA to further capitalize on its position as a leader in FMCG Delivery Logistics industry in Egypt, where delivery logistics is being constantly disrupted with new technology and market dynamics. “The ailing logistics and delivery sector is at a turning point, with Illa well-positioned due…

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