Issue #6: Interswitch raised $110M funding, Paymob raised $50M Series B, Jambo raised $30M Series A, and more

African startups are still raising money despite the global market speculations. If you missed the funding announcements this week, here are the highlights:

Interswitch raised $110 million funding

Interswitch, a Nigerian integrated digital payments and commerce company designed to make payments an easy and enjoyable experience, raised $110 million from LeapFrog Investments and Tana Africa Capital. (Read more about the announcement here and here)

Paymob raised $50 million Series B

Paymob, an Egyptian payment service provider and payment aggregator that empowers businesses to get paid, raised a $50 million Series B funding round led by PayPal Ventures, Kora Capital and ClayPoint. Other investors that participated in the round include Helios Digital Ventures, British International Investment (formerly the CDC Group) and Nclude

Jambo raised $30 million Series A

Jambo, a Congolese startup building a Web 3 user acquisition platform, raised $30 million in a Series A funding round led by Paradigm Investment Group. Other investors that participated in the round include ParaFi Capital, Pantera Capital, Delphi Ventures, Kingsway Capital, Gemini Frontier Fund, BH Digital, Graticule Asset Management Asia, and Shima Capital, Morningstar Ventures, and more. ICYMI: Jambo raised a $7.5 million seed round in February

MARA raised $23 million seed round

MARA, a Pan-African crypto exchange platform, raised a $23 million seed round in equity and token sale from multiple investors. The investors include Coinbase Ventures, Alameda Research (FTX), Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures, Infinite Capital, DAO Jones, and about 100 other crypto investors

Mylerz raised $9.6 million funding

Mylerz, an Egyptian integrated e-commerce last-mile delivery and fulfilment startup, raised a $9.6 million funding round from Lorax Capital Partners and Fawry.


Kaltani, a Nigerian clean-tech plastic recycling and waste management company, raised a $4million seed funding round.

IdentityPass, a Nigeria-based verification startup that is building a compliance and security infrastructure for Africa, closed a $2.8 million seed funding round led by MaC Venture Capital.  Y Combinator, Soma Capital, True Capital Fund, Sherwani Capital and other investors participated in the round.

TopUp Mama, a Kenya-based platform that helps restaurants restock and manage their operations, closed a $1.7 million seed fund (in March) led by Ventures Platform and JAM fund. Other investors that Next Billion Ventures, Future Africa, Jedar Capital, HoaQ Fund, First Check Africa and DFS Labs.

TooMuchWiFi, a South African company that delivers low cost, super fast fibre-backed internet to Township Communities, closed a $1 million pre-Series A funding round led by BLOC Smart Africa with participation from Connectivity Capital, Atreyu Investments and a European Family Office together with other existing investors.

Bridgecard, a Nigerian fintech that merges all your cards, bank accounts and mobile wallets into one card and app, raised a $440,000 pre-seed funding round ABV funds, Ingressive Capital, Voltron Capital and other investors

Teegara, an Egyptian e-commerce startup that focuses on household and FMCG products, raised an undisclosed bridge round led by Alexandria Angel Network with the participation of other investors.


SnapScan, a South African mobile payments provider, has acquired Radar, a South African HR and payroll startup.

Venture Capital

Algeria Venture (A-Venture), an Algeria-based accelerator and the Algeria Investment Fund (AIF) have partnered to launch a $10 million VC fund to support Algerian startups.

And it is a wrap!

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