Today’s episode of Africa’s Weekly Funding Review is exciting. As always, we recorded some fundraising and acquisition announcements this week in the African tech & startup ecosystem.
If you missed it, here are the highlights:
- Cassava Technologies announced a $50 million strategic investment from C5 Capital
- Bloom raised a $6.5 million seed round
- Five African startups join YC Summer 2022 Batch
- Cathay AfricInvest Innovation Fund (CAIF) announced a final close of €110 million.
Funding News
Cassava Technologies, Africa’s first integrated tech company of continental scale, announced that it secured a $50 million investment from C5 Capital (C5).
Bloom, a Sudanese fintech that provides high-yield savings accounts and adjacent digital banking services to improve the lives of East African consumers, raised a $6.5 million seed round. Investors participating in the round include Visa, Y Combinator, Global Founders Capital (GFC), Goodwater Capital, VentureSouq, Arash Ferdowsi, Nicolas Kopp, former U.S. CEO of N26; footballers Blaise Matuidi and Kieran Gibbs; and early employees at Revolut and Tide.
Bizao, an Ivorian fintech developing a payments hub for local and international companies in Africa, raised €8 million in a Series A funding round led by AfricInvest Group, with the participation of Adelie and Seedstars Africa Ventures.
Stllr Network, an Egypt-based startup that offers instant access to stellar marketing experts and teams, closed a six-figure investment from 500 Global and angel investors through Women Spark and Falak Angels.
Y-Combinator 🚀🚀
Five African startups were selected to participate in the YC Summer 2022 Batch. The startups include;
- Patika is a Kenyan startup that offers simple receivable automation and payments for Africa’s small businesses.
- Moneco is a one-stop shop for all the financial needs of the African diaspora in Europe.
- Pivo Technologies is a Nigerian startup that provides credit-focused financial services for small supply chain businesses.
- Chowdeck is a Nigerian startup that allows users to get meals from their favourite restaurants delivered fast.
- Garage Mobility is a Ghanaian startup building an auto servicing network to power a greener Africa.
Acquisition
🤝 Mohamed El-Sewedy acquires Magma via Averroes Ventures – Wamda
Venture Capital
💲 AfricInvest and Cathay Innovation reach the final close of Pan-African fund at €110M | TechCrunch
💰 Kenyan VC firm FrontEnd Ventures unveils fund to back local founders | TechCrunch
💸 FMO announces $10 million commitment to Algebra Fund II – Wamda
That’s all for this week! Kindly share this with your friends.
Have a fantastic weekend!
