The Gateway to Africa's Startup Ecosystem
The Gateway to Africa's Startup Ecosystem

Issue #13: Africa’s Weekly Funding Review

In today’s episode of Africa’s Weekly Funding Review, we recorded some fundraising and acquisition announcements that we found this week in the African startup ecosystem.

If you missed it, here are the highlights:

  • MFS Africa raised an additional $100M Series C round
  • Launch Africa closed a $36.3 million fund
  • Gozem received a $10M investment from IFC
  • Khazenly raised a $2.5M seed funding round
  • Jumba raised $1m pre-seed round


MFS Africa, an African leading digital payments company, raised $100 million (equity & debt) additional funding that took its Series C round to $200 million. The investment round was led by Admaius Capital Partners, with participation from  AfricInvest FIVE, CommerzVentures, Vitruvian Partners and AXA Investment Managers. In comparison, the debt financing came from Stanbic IBTC Bank and Symbiotic.

Gozem, a Francophone Africa super app that provides on-demand transportation, delivery, and financial services, received $10 million from International Finance Corporation (IFC).

Khazenly, an Egyptian on-demand digital warehousing and fulfilment management platform, closed a $2.5 million seed funding round. The investment round was co-led by Arzan Venture Capital and Shorooq Partners, with participation from Camel Ventures, Averroes Ventures and other angel investors.

Jumba, a Kenyan construction tech platform that simplifies B2B purchase and financing of construction materials, raised a $1 million pre-seed funding round. Enza Capital led the investment with participation from Seedstars International Ventures, Chandaria Capital, Future Africa, Logos Ventures, First Check Africa and other angel investors.

DXwand, an omnichannel conversational AI and digital assistant platform, closed a $1 million pre-Series A funding round led by Huashan Capital and SOSV with participation from angel investors Mohsen Abulleil and Ahmed Bakeer.

Jodop, a Morocco-based on-demand temporary staffing platform, raised $1 million in a seed round led by Azur Innovation Fund with participation from Plug & Play, and other angel investors.

Greenage Technologies, a Nigerian energy startup based in Enugu state, secured a $500,000 investment (mix of equity and convertible debt) from All-On to expand its solar energy facility.

VeendHQ,  a Nigeria startup that enables financial institutions and merchants to embed credit into various ecosystems profitably easily and at scale, closed a $330,000 pre-seed funding round from Magic Fund, The Oak Capital, Future Africa, Berrywood Capital and other angel investors.

Boyot, an Egyptian startup that provides an end-to-end operating system for payments and financial services focused solely on the real estate market, secured a six-figure pre-seed round led by a Kuwait-based real estate firm.

CredPal, a Nigerian startup that allows consumers to buy anything across various online and offline merchants and pay for it in instalments, received an undisclosed investment from The Cairo Angels Syndicate Fund (CASF).

T40 Technologies, a Nigerian end-to-end digital platform for intercity transportation and logistics services across Africa,  raised an undisclosed pre-seed funding round led by Reflect Ventures with participation from Startup Wise Guys, Roselake Ventures, and select angel investors.

Vetwork, an Egypt-based startup that connects pet parents with pet care service providers on time and conveniently at home, raised an undisclosed bridge round from several investors from Saudi Arabia and members of the Alexandria Angel Network, along with financial support from Nestlé Purina.


Tanmeyah acquired Fatura, a B2B e-commerce marketplace provider and digital financing services, for an undisclosed amount.

JaSure, a South African insurtech that enables customers to choose what they want to insure, when they need to insure it, was acquired by Santam, a South Africa’s leading short-term insurer.

Venture Capital

Launch Africa, a Pan-African venture capital fund, announced the close of its $36.3 million fund to invest in B2B and B2B2C startups across Africa.

And it is a wrap for this week. Kindly share this newsletter with others.

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