Issue #19: Africa Weekly Funding Recap

Today’s episode of Africa’s Weekly Funding Review is super packed 😉. As always, we recorded some fundraising and acquisition announcements from last week. We also shared the highlights of some news and stories that happened last week in the African tech & startup ecosystem.

If you missed it, here are the highlights:

  • Autochek acquired CoinAfrique for an undisclosed amount
  • Wave secured a €90 million syndicated loan from the IFC
  • Duhqa raised a $2 million seed round
  • Creditchek raised a $240,000 pre-seed funding round


Autochek, a Nigerian automotive startup that aims to build digital solutions, has acquired CoinAfrique, a mobile application which classifieds ads platform connects online sellers and buyers in 16 African countries, for an undisclosed amount to expand into francophone Africa.

Wave, a Senegalese fintech that provides an app-based financial solution to save, transfer, and borrow money, secured a €90 million syndicated loan from the International Finance Corporation (IFC), the investment arm of the World Bank, and other sources.

Duhqa, a Kenyan startup that enables retailers to connect with manufacturers and other supplies sources, locally & internationally, raised a $2 million seed round from CrosssFund, Roselake Ventures, Mo Angels, Techstars and other angels.

Winich Farms, a leading inventory organiser and supplier for small and mid factories to enable their production plant run effectively without any delays in accessing raw materials, raised a $790,000 seed funding round from Founders Factory Africa and other angel investor groups.

Creditchek, a Nigerian startup building an easy way for businesses to reliably assess and verify the creditworthiness of consumers in Africa, raised a $240,000 pre-seed funding round led by Atom Capital with participation from Aidi Ventures, Ham Serunjogi of Chippercash, Olumide Ogunsanwo of Adamantium Fund, Damola Adegboyega of Assembly Investors, Isaac Ewaleifoh of Launch Africa Ventures and Ogundiran Kayode.

Paymee, a Tunisian fintech that offers an online payment gateway, raised an undisclosed six-figure amount in a funding round led by P1 Ventures.

SolarTaxi, a Ghanian cleantech that provides modern eco-friendly mobility facilities, raised an undisclosed funding amount from Persistent.

Solar Panda, a Kenyan & Canadian-based cleantech startup, raised $8 million in a Series A funding round led by Oikocredit and the EU-funded Electrification Financing Initiative.

AUS Highlights

👀 Flutterwave denies money laundering and fraud allegations following accounts freeze by Kenyan court | TechCrunch

Pair with – Court freezes 56 bank accounts with Sh7bn

🎉 Mono is live in Kenya! – Mono Blog

💳 Zambia’s Union54 is bringing virtual debit and credit cards to the unbanked

👨‍👩‍👧‍👦 64 million people in Nigeria still unbanked: World Bank | Business Insider Africa

🚗 Bolt launch African headquarters in Kenya

👏 Olutosin Oni joins Gokada as CEO

Binance Partners Jokkolabs for Blockchain Awareness and Education in Francophone Africa

🏡 Nigerian Property tech Startup, RentSmallSmall rebrands to SmallSmall Technology, Set to Normalize Quality Living in Africa | TechCabal

🎈 South African fintech Stitch launches Stitch Payouts in South Africa

🤝MTN and ETAP wants to reward good driving behaviour in Nigeria

📱 realme and Jumia join forces to boost smartphone adoption in Africa | TechCabal

🎧 Universal Music Group signs licensing deal with African streaming service Mdundo | TechCrunch

💪 Open Access Data Centres appoints Ayotunde Coker as CEO

💳 Flocash and Visa Partner to Promote Digital Capabilities for African SMEs – Innovation Village | Technology, Product Reviews, Business

💲 Ghana is set to test its central bank-backed digital currency | TechCabal

💱 The President of the Central African Republic supports cryptocurrency despite setbacks

Med-Direct Africa launches e-Pharmacy to ease Last-mile Delivery of Drugs

Until next time, kindly share this newsletter with friends.

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