Over the past week, several companies in various sectors, including e-commerce, restaurant logistics, healthcare, cleantech, furniture, and fintech, received funding. The largest deal of the week was Sun King’s $70 million Series D extension round. Finclusion Group also rebranded as Fin.
Let’s get into the details.
Pre-Seed
Egyptian restaurant logistics start-up Suplyd has raised $1.6 million in a pre-seed round led by Endure Capital, Seedstars, Camel Ventures, and Falak Startups, with participation from Outlierz, Plus Ventures, Fort, Alex Angels, and a group of angel investors.
Founded in 2022 by Gohar Said, Karim Selima, and Ahmed ElMahdy, Suplyd digitalizes procurement supply chain processes for hotels, restaurants, and cafes by enabling restaurants to purchase stock directly from suppliers through its platform.
The funding will be used to refine the company’s tech stack, expand its team, and scale up operations.
Morocco-based e-commerce start-up Justyol has raised $350,000 in a pre-seed round from Earn Rocket Investment Holding.
Founded in 2022 by Ahmed Badran and Ahmed Rashed, Justyol is a cross-border fashion marketplace that connects the Turkish fashion market with MENA markets.
The company plans to use the investment to improve its technical capabilities, expand its marketing efforts, and prepare for future expansion in the region.
Seed
Kenyan healthcare platform MyHealth Africa has raised $1 million in a seed round led by the GIIG Africa Fund, with participation from Samurai VC and existing shareholders.
Founded in 2017 by Ryan Marincowitz, MyHealth Africa is a healthcare booking platform and medical management system that allows patients to access healthcare services virtually or in-person from doctors and providers around the world.
The company plans to use the funding to continue its rapid expansion across Africa and to launch in two new regions in 2023, including the Middle East and South Asia.
Cleantech start-up ScarabTech has raised an undisclosed amount in a seed funding round led by GIIG Africa Fund.
Founded in 2018 by Jeffrey Barbee, ScarabTech specializes in the production of small-scale, highly efficient plastic-to-energy units called “Beetles.” Using special software algorithms and design, these machines heat plastic waste to create a vapor that is captured and reconstituted into carbon-neutral fuel for generators and engines.
The funding will be used to test the technology in preparation for global distribution.
Series D
Kenyan off-grid solar energy company Sun King has raised $70 million in a Series D extension round led by LeapFrog Investments.
This round is an extension of the $260 million Series D round announced in April, which was led by BeyondNetZero. With this extension, Sun King has closed its Series D round at $330 million and has raised over $550 million in debt and equity since its inception.
Founded in 2007 by Patrick Walsh, Anish Thakkar, and Mayank Sekhsaria, Sun King sells, installs, and finances solar home systems for off-grid and under-electrified consumers in Africa and Asia, including Cameroon, Mozambique, and Togo.
The funds raised will be used to expand its pay-as-you-go solutions and introduce setups capable of powering energy-intensive appliances such as refrigerators.
Others
Nigerian furniture start-up Taeillo has raised $2.5 million in equity funding from Aruwa Capital, a Nigeria-based early-stage growth equity and gender-lens fund.
Founded in 2018 by Jumoke Dada, Taeillo is an online furniture seller that manufactures Afrocentric furniture pieces for individual customers and businesses.
With the new funding, Taeillo plans to improve the client experience, promote continental growth, launch new products, provide better services, and expand into additional markets such as East Africa and the diaspora.
South African fintech start-up Ukheshe has received equity funding from Development Partners International and Fireball Capital.
Founded in 2018 by Clayton Hayward, Ukheshe enables African fintech companies to deliver embedded finance in order to close the financial inclusion gap on the continent.
The funding will be used to accelerate the company’s international expansion into eight countries across Africa.
Mauritius-based fintech start-up Finclusion Group, now rebranded as Fin, has raised an additional $2 million in equity financing from existing investors Leonard Stiegeler, Sudeep Ramnani, and Jai Mahtani.
Launched in 2018 by Timothy Nuy and Tonderai Mutesva, Fin uses AI algorithms to provide African customers with financial services through a range of credit-centric products.
The funding will be used to add new, fully-integrated territories to the business and develop new offerings, specifically in support of microfinance banks seeking to offer more financial services with the help of Fin.
Mergers & Acquisitions
US-based PTS Investments Holdings has partially acquired Egyptian healthtech start-up EDAM in an undisclosed six-figure deal through its Egyptian operating company.
Founded in 2019, EDAM functions as a location-as-a-service (LaaS) start-up, connecting users to medical institutions and healthcare providers in their area and allowing them to pay for medical services provided by its partners in installments.
The investment will enable EDAM to accelerate the development of its platform and expand its user base to 2.5 million subscribers by the end of 2023. The acquisition is part of PTS Holding’s larger strategy to increase its digital investments targeting the Egyptian market.
Saudi grocery delivery start-up Jumlaty and Egyptian counterpart Appetito have announced their merger to form a new company called NOMU.
Jumlaty, founded in 2020 by Salman Attieh, is a grocery delivery platform that provides B2C and B2B services. Appetito, also founded in 2020, recently entered into a partnership with Saudi IT company Purity Information Technology to fund its expansion to Saudi Arabia.
NOMU will be headquartered in Saudi Arabia and will have a presence in Egypt, Tunisia, and Morocco.
AU-Startups Highlights
Visa to invest $1B in Africa over the next five years
Meta sued by Ethiopians and Kenyan rights group for fueling Tigray War
NALA expands into Europe to enable cross border payments
Interesting Finds
Digital cyber threats in Africa’s e-commerce and payment sectors
Technology trends affecting the security sector in 2023
A mixed bag: Ghana’s fintechs face a souring local market
Events, Opportunities and Jobs
And that’s all for this week. Remember to share this newsletter issue with your friends and colleagues at work, so they don’t miss out on the happenings in the African startup ecosystem.
