Healthtech startup 54gene secures US$25m Series B round to advance its capabilities

NIGERIA – 54gene, a health technology company advancing African genomics research for improved global health outcomes, has secured US$25 million in a Series B round to advance its capabilities to contribute to global drug discovery. The round was led by Cathay AfricInvest Innovation Fund and also included participation from Adjuvant Capital, KdT Ventures, Plexo Capital, Endeavor Capital, Ingressive Capital and others, brings 54gene’s total investment to date to more than US$45 million. “It’s truly incredible to witness the impact of African scientists in global research and it is critical to…

Read More

Fintech startup Kuda Bank raises US$55m in Series B funding in its expansion plan

NIGERIA – Nigerian fintech startup, Kuda Bank has raised US$55 million in Series B funding as it looks to expand into other African countries and launch new product offerings for its Nigerian market. The funding was made at a US$500 million evaluation and comes after raising a US$25 million Series A in March 2021 and a US$10 million seed round in November 2020. With a US$1.6 million pre-seed raise in September 2019 and a US$15,000 pre-seed in 2018, its total raise comes to US$91.6 million. The round was co-led by…

Read More

E-health startup Yodawy raises US$7.5m Series B funding to expand its product offering

EGYPT – Yodawy, an e-health startup, has raised a US$7.5 million Series B funding round to help it expand its product offering and enter new markets. Yodawy plans to utilize the latest funds to launch new products and grow into other countries, according to a statement from the firm, which did not disclose the markets the startup is eyeing for expansion. Yodawy, according to Jad El Boustani, Managing Director of MEVP, is well positioned to automate the healthcare industry by seamlessly linking insurance companies, pharmacists, and patients. He also described…

Read More

Fintech startup TeamApt completes Series B funding to expand its B2C offering

NIGERIA – TeamApt, a fintech startup which provides financial services for the underserved mass market in Africa, has announced the completion of its Series B funding round as it looks to expand in the aftermath of switching its focus from B2C from B2B. The round was led by Novastar Ventures with participation from FMO, Global Ventures, CDC, Oui Capital, Kepple Africa Ventures, Soma Capital, and a syndicate of local angel investors including Gbenga Oyebode. The funding will see TeamApt extend its offerings directly to customers and micro-SMEs, giving them access…

Read More

Fintech company FairMoney raises US$42m Series B funding round to expand its services

NIGERIA – FairMoney, a mobile banking platform which aims to give underbanked people access to digital financial services, has raised US$42 million in Series B funding as it begins to expand into other emerging markets. The round led was by Tiger Global Management and also featuring existing investors DST, Flourish Ventures, Newfund, and Speedinvest. With the new funds, FairMoney plans to expand its services to further underline its position as a digital challenger bank for emerging markets. The company will invest the new capital to hire top global talent and…

Read More

Knife Capital receives US$10m commitment to African Series B expansion fund

SOUTH AFRICA – Venture capital firm Knife Capital has received a US$10 million commitment from the Mineworkers Investment Company (MIC) to its new African Series B expansion fund, Knife Fund III.  Knife Capital is a venture capital and growth equity investment manager focusing on innovation-driven ventures. The firm will use its latest fund to invest behind the aggressive expansion of African innovation-driven companies and fill a critical follow-on funding gap.  The Mineworkers Investment Company (MIC) is a 100 per cent Black-owned Investment Company established in 1995 by the Mineworkers Investment…

Read More

Solar company Daystar Power secures US$38m Series B investment led by IFU to grow its operation

NIGERIA – Daystar Power, a provider of hybrid solar power solutions to businesses in West Africa, has announced a Series B investment of US$38 million led by the Investment Fund for Developing Countries (IFU), the Danish development finance institution (DFI). With the fundraise, Daystar Power will grow its operations in its key markets of Nigeria and Ghana, while deepening its presence in other regional countries such as Côte d’Ivoire, Senegal and Togo. Daystar Power is on track to expand its installed capacity to over 100 megawatts, meeting demand from its…

Read More

Solar distributor Oulu closes US$8.5m Series B investment round led by RP Global

WEST AFRICA – Oolu, a leading solar distributor in West Africa, has closed a US$8.5 million Series B investment round led by independent renewable energy developer RP Global and other participating investors including Persistent Energy Capital, Shell-seeded impact investor All On, Gaia Impact Fund, and DPI Energy Ventures. Founded in 2015 by Nilmi Senaratna and Daniel Rosa, Oolu’s mission is to provide affordable energy access to rural and peri-urban customers in West Africa. Since its inception, the company has sold over 60,000 solar home systems to customers in the region.…

Read More