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

Issue #27: Africa’s Weekly Funding Review

Today’s episode of Africa’s Weekly Funding Review is exciting. As always, we recorded some fundraising, acquisition and other exciting announcements last week in the African tech & startup ecosystem.

If you missed it, here are the highlights:

  • ArabyAds raised a $30 million pre-Series B funding round
  • SubsBase raised a $2.4 million seed funding round
  • Taaply secured $500,000 in a funding round
  • OBM Education raised a second investment round


ArabyAds, an Egyptian ad-tech startup offering a full range of services, including online marketing, creative function, advertising and more, raised a $30 million pre-Series B funding round led by AfricInvest’s Maghreb Private Equity Fund IV.

Subsbase, an Egyptian startup that offers comprehensive subscription management and billing solutions that help businesses acquire and retain more customers, raised a $2.4 million seed funding round led by Global Ventures. Other investors participating in the round include HALA Ventures, P1 Ventures, Plus Venture Capital (+VC), Plug and Play, Ingressive Capital, Camel Ventures, and existing investors Falak Startups and Arzan Venture Capital.

OBM Education, an Egyptian edtech offering career development navigation tools for high school and university students, raised a second round of investment from EdVentures.

Taaply, a Cameroonian startup providing digital solutions for enterprises to facilitate and streamline their processes, raised $500,000 in a funding round from international investors.

Wami Agro Limited, a Ghanian AgriTech that solves challenges faced by smallholder farmers with technology, received a $227,000 investment from The Wangara Green Ventures.

The Cape Town Stock Exchange, South Africa’s stock exchange for small- and medium-sized businesses, raised a $5 million funding round led by Imvelo Ventures. Other investors participating in the round include Lebashe Investment Group, Pallidus Alternative Investments, Shaolin Investments Limited and Gary Stroebel.


valU, an Egyptian Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, has acquired 100% of Paynas, an Egyptian digital platform transforming how employers manage, pay, and guarantee financial wellness & wellbeing to their employees by unlocking the resources they need.

Venture Capital

🤑 The Algerian Startup Fund (ASF) has signed an agreement to launch a new $411 million fund to invest in local startups across the country’s 58 regional provinces.

AUS Highlights

💳 Google Wallet enters South Africa to tap digital payments growth | TechCrunch

🛒 Shoprite secures R3.5-billion in loans for solar, related projects – TechCentral

🚘 DriveMe x Envío, Partner to get more Professionally Trained & Tested Drivers into the e-hailing Market | TechCabal

🥽 Chivas Regal Elevates BNXN’s EP with Africa’s first listening party in the Metaverse

🔗 Binance Launches “First-of-its-Kind” Crypto Education Hub in Francophone Africa

🎊 15 African startups selected for next phase of UCT GSB’s e-Track programme – Disrupt Africa

💪 Bank of Ghana Goes Live on EMTECH’s Regulatory Platform | TechCabal

Roam launches first electric mass transit bus in Kenya

🚲 Logistics startup Kwik expands its delivery and e-commerce services to Ibadan, Nigeria | CEO Business Africa

📡 MTN’s 5G network is now active in Nigeria

🚀 Meet the 7 African startups that made Norrsken’s Impact100 list

👏 Ride-hailing firm Uber appoints Kagiso Khaole as new general manager for the Sub-Saharan Africa region


🎯 DigiFemmes opens applications for women entrepreneurs in Ivory Coast – Disrupt Africa

🎯 UN launches open call for climate tech innovators in MENA – Disrupt Africa

🎯 DigiFemmes opens applications for women entrepreneurs in Ivory Coast – Disrupt Africa

🎯 Ecobank Group Announces Fintech Challenge 2022 ($50k)

🎯 Application Open For Ford Fund Fellowship ($25k)

🎯 Netflix Scholarship (CESF) Application Open For West And Central Africa

That’s all for this week! Kindly share this with your friends.

Have a fantastic weekend.

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