Issue #29: NowNow raises $13M in seed funding, BitMama raises $1.65M in pre-seed, and more

Welcome to this week’s review of all the funding rounds across the African startup ecosystem.

This week was a great one for African startups with a total of six funding rounds closed, with half of them being pre-seed rounds. Egypt dominated the news this week with two pre-seed funding rounds closed and the announcement of BII’s investment into two Egyptian VC funds. South Africa followed close behind with one venture round and one seed round. Nigeria which dominated the funding rounds last week had one startup closing a pre-seed round and another closing a seed round.

Let’s dive into the details.


Venture Round

De Novo Dairy, a South African company that produces animal-free dairy products that provides the same sensory experience and nutrition as their traditional dairy counterparts, has raised an undisclosed amount in venture funding from UM6P Ventures.

The startup specializes in the production of milk proteins using precision fermentation of yeast strains and is targeting a wide range of industries including food, health, sports nutrition, and baby formula.

De Novo Dairy will benefit from capital funding and scientific support as part of the Venture Builder support system provided by UM6P Ventures. UM6P Ventures will also assist in launching a De Novo Dairy subsidiary in the North Carolina region, in preparation for the startup’s growth and team expansion.

Pre Seed

Carzami, an Egyptian second-hand cars marketplace raised an undisclosed amount in a pre-Seed round led by Contact Financial Holding.

Carzami, which was founded in 2022 by Hussein Hosny and Adham Hosny, is an online platform for buying and selling used cars that offers its customers 360-degree virtual tours and inspection reports. Customers can order any car they like to be delivered to their doorstep to test drive, and then purchase with financing and insurance options provided by the platform.

With this investment from Contact, Carzami plans to launch its innovative model for a digital car dealership which includes offering crucial vehicle financing and insurance options. It also plans to multiply its revenues to $30M by 2024.

In the words of the Investor

“Our support to Carzami comes as a part of our continuous effort to connect with the startup scene in all aspects we can complement their work with. We believe in the ongoing digitization of services led by exciting startups like Carzami” – Said Zater, CEO of Contact Financial Holding

In the words of the Founders

“We aim to change the way people buy and sell used cars by providing a seamless one-stop-shop platform that offers online buying, selling, and high-quality financing options. Our experience is all about trust and transparency, allowing consumers to overcome the hassle of traditional dealerships”. – Hussein Hosny & Adham Hosny, Carzami Founders.

Bitmama, a Nigerian blockchain payments startup has raised an additional $1.65M in pre-seed funding in a round led by Unicorn Growth Capital and Launch Africa Ventures.

Customers use Bitmama exchange to trade several cryptocurrencies, utilize their debit cards for standard online payments, pay utilities, and perform transactions such as staking to hedge against currency depreciation. It also offers a social payment platform called Changera, which enables non-crypto-savvy users to send and receive money from anywhere in the globe.

The startup intends to use the new pre-seed round to grow its operational footprint, improve its workforce across different regions, consolidate its product offerings, and plot market penetration across Africa, while rapidly scaling new cryptocurrency use cases within the continent.

el-dokan, an Egyptian enterprise e-commerce solutions provider, has raised a $550,000 pre-Seed round led by a group of local and regional investors including HALA Ventures, Flat6Labs, EFG EV Fintech and 500 Global.

el-dokan provides e-commerce APIs for large- and medium-sized retailers as well as startups, enabling them to build highly customized and personalized e-commerce stores. The company which is the first of its kind to offer enterprise e-commerce technology in MENA was launched in 2020 by Ahmed Maher, Mohammed Shirt and Sherif Alaa. The company plans to use the investment to expand its operations.

Seed Round

NowNow Digital Systems, a Nigerian agency banking platform has raised $13 million in a seed round led by NeoVision Ventures, DLF Family Office and Shadi Abdulhadi.

Its flagship product provides Nigerians with financial services like sending and receiving money and paying bills, through a large network of agents all across the country. The fintech also has a consumer-facing product which enables users to send and receive money, pay bills and access value-added services such as insurance and lending via a debit card and a wallet in an app.

The startup which was launched in 2018 plans to use the capital raised to grow its platform, team and marketing and expand into African countries that fintechs from Nigeria rarely move to; Angola and Liberia.

BusyMed, a South African e-health startup has raised an undisclosed amount in a seed round led by E4E Africa.

The startup which was founded in 2018 offers users access to thousands of products offered by local independent pharmacies, which they can have delivered to their homes in 60 minutes. The platform also provides pharmacists with real-time stock information and performance data on best-selling items besides helping with inventory management.

BusyMed plans on using the investment to increase its pharmacy base to around 300 by the end of the year. The investment would also allow the team to expand its back-office capacity and automate systems to provide the best service possible from end to end.


PEG Africa, a Ghanaian pay-as-you-go solar company has been acquired by UK-based power company, Bboxx in a bid to expand its footprint in Africa.

PEG, a solar energy pioneer in West Africa has one of the broadest footprints in the region with operations in four countries, close to 100 service centres and more than 500 employees. The company rapidly expanded across West Africa, reaching one million people in Senegal, Ivory Coast, Ghana, and Mali with their solar home systems (SHS).

With over 35MW of installed solar power, the acquisition will help Bboxx in consolidating its position as a leading provider of sustainable energy solutions in Africa. It will also gain access to new customers and markets, as well as PEG’s significant operational expertise and credit capabilities, which has the best portfolio in the industry.

Venture Capital

Endure Capital, an Egyptian VC firm has closed the first round of its new $50 million fund, which will invest in early-stage startups across Africa. The fund’s limited partners are British International Investment (BII) and Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA).

Endure 21 is Endure Capital’s second early-stage venture capital fund with a focus on impact-driven startups in Africa and a selective approach to investing in growth-stage startups globally. The firm plans on adopting a sector-agnostic approach with Endure 21 and investing in 24 startups. It will also set aside half of the fund for follow-on investments in its portfolio’s top-performing companies.

The UK’s development financing institution (DFI) and impact investor, British International Investment (BII), has announced fresh investments in Algebra Ventures and Endure Capital.Algebra Ventures is an Egyptian venture capital firm that invests in technology startups that leverage innovation to disrupt large markets. Endure Capital is an early-stage investment firm led by entrepreneurs investing in growth-stage startup teams.

Endure Capital’s most recent fund, Endure21, which has funded high-impact startups such as Brimore, Pylon, and Cassbana will also be anchored by BII. Overall, BII stated that it intends to invest US$100 million in Egyptian startups all through its current strategy period.

Interesting Finds

Everything you need to know to make a great startup pitch deck ∣ TechCrunch

Investors detail their red (and green) flags for startups seeking venture dollars ∣ TechCrunch

6 ways to make sure your startup is using the right GTM model ∣ TechCrunch

How to fundraise a Series A ∣ TechCrunch

Fintech in Africa: The end of the beginning ∣ McKinsey report

The South African Startup Ecosystem Report 2022 & Full Startup List ∣ DisruptAfrica report


Lagos Innovates Idea Hub Incubation Program for Startups

The Lagos Innovates Idea Hub Program is a 12-week incubation program designed to support very early-stage tech-enabled ventures with relevant skills, networking opportunities and mentorship from seasoned industry experts to achieve a minimum viable product; geared towards building a competitive and sustainable brand. Apply Here

Rodenberry Prize 2022

A grand prize of US$1 million in non-dilutive financing, along with five US$100,000 finalist awards, will be granted to early-stage ventures—post-seed through series A—that have the potential to substantively change the world. Find Details Here

ASIP Accelerator Program

The ASIP Accelerator Program is in search of the next generation of African Tech Startups disrupting major industry sectors. These include AgriTech & Supply Chain, FinTech, IoT & Connectivity, Machine Learning (Data Analytics), Cybersecurity, Clean Tech and RegTech. They scout, skill, and scale early-stage startups through intensive coaching and opportunities for pilots and Proof of Concept projects that subsequently open the doors for longer-term commercial agreements. Apply Here (Closes November 11)

Bold Angel Fund

The Bold Angel Fund provides venture builders and entrepreneurs with pre-seed & seed investments ranging from $5k–$50k. Also, they are sector agnostic and deploy capital to founders building across a range of industries. Apply Here

AU-Startup Highlights

Meet Google for Startups Black Founders Fund in Africa 2022 Startups

Nigeria, Binance in early-stage talks for crypto-friendly economic zone

12 Kenyan Startups Make it for 2nd Cohort of Google for Startups Black Founders Fund for Africa

Mobility fintech company Moove partners MUFG and Suzuki to promote financial inclusion

Jumia deploys the use of drones in Ghana to stream logistic operations, cut emissions

Aptech Africa commissions kWp solar PV system for green mobility start-up Zembo

Mobility company Uber expands its services to major towns and cities in Kenya

Canada’s Neobank Be Mobile Africa launches its services in South Africa

Job Board


Digital Marketing Designer

Creative – Design · Africa, Remote

Quality Assurance Analyst (French speaking)

Customer Service · Africa, Remote

Backend Software Engineer

Engineering · Africa, Remote

DataOps Engineer

Engineering · Africa, Remote

DevOps Team Lead (FinTech/Cryptocurrency)

Engineering · Africa, Remote

Product Owner

Engineering · Africa, Remote

Corporate Communications Assistant (FinTech/Cryptocurrency)

Marketing · Nairobi, Nairobi

OTC Trader/Relationship Manager

OTC · Africa, Remote

Francophone Regional Manager (Fintech/Crypto)

Operations · Africa, Remote

That is all for the week.

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

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Issue #30: Turaco raises $10M in Series A funding, Kippa raises $8.4M in seed funding, and more

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