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

Issue #15: Africa Weekly Funding Update

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:

  • Fido raised $30 million in equity investment in its Series A funding round
  • ThePeer raised a $2.1 million seed funding round
  • Afropolitan raised a community-led  $2.1 million pre-seed funding round
  • Kibo School raised a $2 million seed funding round


Fido, a Ghana-based fintech building a neobank to deliver credit and other financial services for the unbanked in Sub-Saharan Africa, raised a $30 million equity investment and an undisclosed debt funding in a Series A round led by Fortissimo Capital, with participation from Yard Ventures.

Zenysis Technologies, a big data startup headquartered in San Francisco and Cape Town, that builds technology solutions that catalyse progress, build equity and improve lives everywhere, closed $13.3 million in a Series B funding round led by the Steele Foundation for Hope. Other investors that participated in the round include Peter Thiel and 500 Startups.

Moringa School, a Kenyan ed-tech startup focused on developing and nurturing high-potential individuals in software engineering and other tech-based skills, closed a pre-series A funding round from Proparco (AFD Group).

mTek, a Kenyan insurtech that provides end-to-end digital insurance solutions in less than five minutes, has secured an additional investment commitment from Finclusion Group totalling $3 million (debt and equity).

Afropolitan, a startup creating a Digital Nation to enable all Africans to build abundant lives, raised a community-led $2.1 million pre-seed funding round from Hashed, Atlantica Ventures, Microtraction, Cultur3 Capital, Shima Capital, Savannah Fund, Ingressive Capital, Audacity Fund and RaliCap. Angel investors also participating in the round include Balaji Srinivasan, Elizabeth Yin, Shola Akinlade, Ian Lee, Iyinoluwa Aboyeji, Olugbenga Agboola, Walter Baddoo, Jason Njoku, Tobenna Arodiogbu, Ngozi Dozie, Yele Bademosi, Nadayar Enegesi, Michael Ugwu, Dare Obasanjo and others.

ThePeer, a Nigeria-based fintech infrastructure startup connecting businesses’ wallets, raised a $2.1 million seed round led by the Raba Partnership. Other investors participating in this round include RaliCap, Timon Capital, BYLD Ventures, Musha Ventures, Sunu and Uncovered Fund. Also, Chipper Cash and Stitch invested in the round.

Kibo School, a startup building a new online university for students who want to solve problems with technology, starting in Sub-Saharan Africa, raised a $2 million seed funding led by Neo. Other investors participating in the round include Future Africa, Pledges, Brooklyn Bridge Ventures, Transcend Network and several angel investors.

XENO, a Ugandan investment startup that builds tools to help individuals and institutions plan, save, and invest for their financial goals, raised $2 million in seed funding led by Beyond Capital Ventures.

Synapse Analytics, an Egyptian data science, machine learning, and artificial intelligence company offering services and products that help organisations better use and monetise their data, raised $2 million in a pre-Series A funding round led by Egypt Ventures. Other investors participating in the round include Cloudera’s founder, Amr Awadallah, and Africa Platforms Founder, Simon Rowlands.

Healthtracka, a Nigerian healthtech startup that offers the best at-home health tests in Lagos with easy-to-read diagnostics test results, raised a $1.5 million seed funding round from Ingressive Capital, Hustle Fund, FirstCheck Africa and angel investors like Alumni Angel Alliance and Flying Doctors.

Tugende, an Uganda fintech platform that offers asset financing and digital services to small businesses, closed a pre-Series B investment round led by Partech Africa. Other investors participating in the funding round include Mobility 54, Enza, Global Partnerships, and Women’s World Banking Capital Partners II (WWBCP II).


MNT-Halan, an Egyptian fintech, acquired Talabeyah, a B2B e-commerce platform, for an undisclosed amount.

valU, an Egypt-based fintech, sold a minority stake of 4.99% to members of Saudi Arabia’s Alhokair family for $12.4 million.

Venture Capital

Disruptech, an Egypt-based and fintech-focused Venture Capital fund, secured funding from Madagascar-based AXIAN Group.

And it is wrapped for this week. Kindly share this newsletter with friends.

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