Issue #26: Africa’s Weekly Funding Review

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

If you missed it, here are the highlights:

  • Omnibiz raised a $15 million pre-Series A funding round
  • iProcure raised $10.2 million in a series B funding round
  • Pastel raised a $5.5 million seed funding round
  • Koolboks closed a $2.5 million seed funding round


Omnibiz, a Nigerian B2B e-commerce platform that eliminates the inefficiencies of traditional trade by digitizing the retail chain, raised a $15 million pre-Series A funding round ($5 million equity and $10 million debt) led by Timon Capital. Other investors participating in the round Ventures Platform, Lofty Inc, Chapel Hill Denham, Chandaria and Musha Ventures.

iProcure, a B2B agritech company with a mission to lower the cost of production for farmers, through data-driven optimization of farm input distribution channels, raised $10.2 million (including $1.2 million in debt) in a series B funding round led by Investisseurs & Partenaires (I&P). Other investors participating in the round were Novastar Ventures, Ceniarth and British International Investment (BII).

Pastel, a Nigerian bookkeeping and digital platform for merchants, raised a $5.5 million seed round led by TLcom Capital. Other investors participating in the round include Global Founders Capital (GFC), Golden Palm Investments, DFS Labs, Ulu Ventures, Plug and Play and Soma Cap.

Koolboks, an African-focused startup that provides a storage technique due to the superior insulation and ice battery technology employed in the design, raised $2.5 million in seed funding led by Aruwa with participation from Acumen, Blue Earth Capital, All On, GSMA and other investors.

Lori Systems, an African logistics startup that seamlessly coordinates haulage across frontier markets, raised a pre-Series B funding round in which Google participated along with other existing investors.

Watu Credit, a Ugandan asset financing company for two and three-wheelers across Africa, received a $7 million investment from Verdant Capital.

Homefarm, a South African agritech startup that enables consumers, communities and businesses to grow more of their fresh food produce on-site where it is consumed, raised R1.7 million (about $104 000) in seed funding from CapaciTech and other investors.

Debt Financing

💰 International Development Finance Corporation (DFC) announced the first disbursement of $83 million of its up to $300 million loan to Africa Data Centres.

Venture Capital

🤑 Microtraction hits $15M first close on its second fund for pre-seed investment in African startups

💸 Toyota Tsusho has announced an investment in Verod-Kepple Africa Ventures (VKAV), managed by Verod-Kepple Africa Partners (VKAP).

💲 Investment company MIC Khulisani launched a $9 million fund for post-revenue startups

💰 Uhuru Investment Partners secured $20 million from IFC as growth capital

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

Have a fantastic weekend!

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Issue #25: Africa’s Weekly Funding Review

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Issue #28: Anchor raised $1 million pre-seed, Duplo raised $4.3 million seed, and more

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