Issue #25: 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:

  • QED led a $50 million investment in TeamApt
  • DataProphet closed a $10 million Series A funding round
  • OneOrder secured a $6.5 million working capital facility
  • Convertedin raised a $3 million seed round



TeamApt, a Nigerian fintech company that develops digital banking and payment platform for financial transactions, received over $50 million in investment from QED, a U.S. fintech-focused venture capital firm. Other investors participating in the round include Novastar Ventures, Lightrock and BII.

DataProphet, a South African startup that provides AI-as-a-service software in the manufacturing sector, closed a $10 million Series A funding round led by Knife Capital, with IDC and Norican also participating in the round.

Zeepay Company Limited, a Ghanian cross-border payments company, raised $10 million in debt financing led by Symbiotics BV.

OneOrder, an Egyptian B2B e-commerce startup that provides food supplies to hotels, restaurants and cafes, secured a $6.5 million capital facility from Contact Factoring.

ConvertedIn, an Egyptian ad automation platform for ecommerce businesses using AI, raised a $3 million seed funding round led by Merak Capital, with participation from 500 Global and MSAS.

Sharwa, an Egyptian social e-commerce platform that offers the most affordable & quality household essentials to the masses via a gamified group buying experience, raised a $2 million pre-seed round co-led by Nuwa Capital and Hambro Perks Oryx Fund and other investors.

SociumJob, a Senegalese platform that connects African companies to local talents and those from the diaspora, raised 1 million euros in its first financing round from Breega, Evolem, Kima Ventures, Techmind, Teranga Capital, and other angel investors.

FinAccess, a Kenyan fintech startup building tools to digitise Savings and Credit Cooperative Organisations (SACCOs) and farming cooperatives in the East Africa region, raised $500,000 in funding from HAVAÍC. (Barclay Paul Okari)

Tripesa, a Ugandan startup automating and linking the tourism value chain in Africa by building a Payments first Business Process Management solution specific to the sector, raised an undisclosed pre-seed funding round.

Droppa, a South African logistics startup that makes it convenient and safer to transport your parcels, goods and furniture using their easy-to-use mobile app and interactive booking system, raised an undisclosed Series A funding round led by SkyNet Worldwide Express.

Bonbell, an Egyptian startup specialising in food ordering and digital solutions for table and meal reservations, closed an initial funding round for $350,000 through a Canadian Angel investor.

SodaWorld, an African startup that enables artists to earn revenue from within the Metaverse, secured investment from CV VC, a Swiss Venture Capital.

FaidiHR, a Kenyan payroll and HR startup that help businesses in Africa automate their manual and payroll processes, raised an undisclosed amount of funding from Sprintx.


💸 Ghanaian Float acquired Nigerian cloud-accounting startup Accounteer for an undisclosed amount.

🤝 Kenyan conversational e-commerce startup Elloe acquired Flo by Saada for an undisclosed amount.

AUS Highlights

😲 Kenyan B2B e-commerce platform Marketforce cut about 9% of staff in reorganisation strategy | TechCrunch

👏 Jumia shares rise as the company’s e-commerce business revs up in Q2 | TechCrunch

🥳 Sharon Rapetswa Emerges Winner Of Unilever, Global Alliance Africa Innovation Exchange Challenge

💪 Bluechip, an African systems integrator with partners like Microsoft and Oracle, is expanding to Europe | TechCrunch

🏆 In Africa, Kenyan startups have so far recorded the highest funding growth this year | TechCrunch

📚 African Edtech Platform, Snapplify, Highlighted As A Key Player In Global Higher Education Market

Recent Developments In African Technology Has Impacted 84.6% Of Africans About The Continent

👀 Nigerian connectivity startup Tizeti eyes pan-African expansion – Disrupt Africa

👏 NW Tech Capital Appoints Stella Damasus As Lead Talent Acquisition Consultant

🥳 African startups named winners of Migration Entrepreneurship Prize 2022 – Disrupt Africa

🚀 From zero to hero: Zimele backs 500 rural start-ups – Ventureburn

💪 Mdundo hits new milestone of 20 million active users across Africa

🥳 Five African startups selected for NINJA Accelerator Program’s 2nd Cohort

👏 WIOCC lands Google’s Equiano cable in South Africa

🤑 Airtel Africa signs $125m credit facility with Citigroup Inc

😃 Kuda bank appoints COO and CSO, set to expand across Africa

💰 African startups raised $239m in July 2022, a 43.77% decline from June

👀 Jumia launches quick commerce platform for 20 minutes delivery in Lagos

🥳 Grindstone announces 2022/23 cohorts for its accelerator program


Amidst fintech regulatory hurdles, Virtual Pay secures a payment service license in Kenya

👨‍💻 ARM Launches Innovation Workspace in Lagos | TechCabal


🎯 Rwandan startups invited to apply for 2nd Fintech Incubation Programme – Disrupt Africa

🎯 SA’s Anglo American launches incubator programme – Disrupt Africa

🎯 Applications open for $50k MEST Africa Challenge 2022

🎯 Cairo to host Africa Women Innovation and Entrepreneurship Forum conference

🎯 Womenpreneur? Apply for Access Bank Pitch-A-Ton Africa Competition 2022 (₦5M)

🎯 Application For The Tech African Women Program Closes Soon ($7000)

🎯 Apply for Tech African Women (More information here)

🎯 Apply – €100K Equity-Free Grant Available for Early-Stage Startup in Hello Tomorrow Global Challenge

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

Have a fantastic weekend!

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