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

Issue #21: Africa’s Weekly Funding Review

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.


🤝 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!

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