Issue #3: Union54 raised $12M seed extension, The Food Lab raised $4.5M pre-seed and more

This week, we recorded more fundraising announcements in the African startup ecosystem. In case you missed it, here are the highlights:

Zambian Startups

Union54, a Zambia-based card issuing startup that issues debit cards without needing a bank or third-party processor, raised a $12 million seed extension round led by Tiger Global. Other investors that participated in the round include Vibe VC,  Earl Grey Capital, Not Boring Capital and others.

Egyptian Startups

The Food Lab, an Egyptian startup that empowers restaurants to improve operational efficiencies through managed shared kitchens, raised a $4.5 million pre-seed funding round led by 4DX Ventures, Nuwa Capital and Shorooq Partners. Other investors that participated in the round include Al Faisaliah Group and Samurai Incubate.

Nigerian Startups

Etap, a Nigerian car insurance startup, raised a $1.5 million pre-seed funding round led by Mobility 54. Other investors that participated in the round include Tangerine Insurance, Graph Ventures, Newmont and other angel investors.

Syarpa, a Nigerian fintech that offers an easy way to send and receive money, pay bills, and buy and sell crypto quickly, raised a $500,000 pre-seed funding round from CrossFund, FirstFounders, and Yolo Investments and a strategic angel investor., a Nigerian platform that provides artisans/vendors with a dashboard that allows them to advertise and promote their services, raised a $150,000 pre-seed funding round.

BetDemand,  a Nigeria-based Decentralized Finance (DeFi) platform that offers a no-loss crypto staking service allowing users to predict the game’s outcome and earn cash rewards without losing their money, raised an undisclosed amount from Thrive Capital.

Moroccan startups

Nessiam, a Moroccan lingerie e-commerce platform, raised $306,000 in funding from CDG Invest after participating in the third edition of the 212 Founders programme.

And it is a wrap!

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