Last week was a little slower than previous weeks, with only five funding deals recorded. We did, however, record the year’s second mega-deal, with South African-based car subscription startup Planet42 raising $100 million in a mix of debt and equity.
Seed
Envisionit Deep AI, a South African medtech startup, has raised $1.65 million in seed funding from New GX Ventures SA, a joint venture between New GX Capital, RMB Ventures, and GIIG Africa.
Founded in 2019 by Terence Naidu, Jaishree Naidoo and Andrei Migatchev, Envisionit’s Radify AI platform provides rapid, precise, high-quality, and affordable medical imaging diagnostics that are critical for identifying and treating diseases.
Using the funds raised, the startup intends to expand its product suite beyond South Africa.
Jumba, a Kenyan B2B construction tech startup, has received $4.5 million in seed investment led by LocalGlobe. Enza Capital, Foundamental, Seedstars International Ventures, Logos Ventures, SpeedInvest, First Check Africa, and Alumni Angel Network also participated in the round.
Founded in 2022 by Kagure Wamunyu and Miano Njoka, Jumba makes it easier for merchants and developers to acquire building materials by providing a centralized marketplace that eliminates the hassle of dealing with multiple suppliers.
For the time being, the startup intends to concentrate on the Kenyan market, expanding its customer base before expanding into other markets.
Pre-Series A
Workpay, a Kenyan HR-tech startup, has secured $2.7 million in pre-Series A funding from Launch Africa, Saviu Ventures, Acadian Ventures, Proparco, Fondation Botnar, Kara Ventures, Axian, P1 Ventures and Norrsken.
Launched in 2019 by Paul Kimani and Jackson Kungu, Workpay provides tools that allow its clients to pay salaries in local currencies across Africa (and beyond through the startup’s partners), file taxes, and process employee benefits. Employers can also track and manage employees’ time and attendance, as well as leave days, using its tools.
Following the investment round, the company plans to expand its services to 40 African countries, nearly doubling its current reach.
Others
Hollydesk, an Egypt-based expense management platform, has raised $1 million in venture debt financing from unknown investors.
Founded in 2020 by Mahmoud Moussa, Hollydesk assists businesses in managing expenses, automating approval workflows, and generating reports to analyze spending patterns.
The funds will be used to broaden Hollydesk’s offerings and reach out to more businesses in need of efficient expense management solutions.
Planet42, a South Africa-based car subscription startup, has raised $100 million in equity and debt from a number of investors. Naspers Foundry and ARS Holdings co-led the $15 million equity round, with Rivonia Road Capital providing a $75 million credit facility. A group of private investors also provided $10 million in debt funding.
Founded in 2017 by Eerik Oja and Marten Orgna, Planet42 uses proprietary algorithms and data points to assess a customer’s risk level and generate an offer to buy a car from the startup’s dealership network in minutes. The company then purchases the vehicle and rents it to the customer on a subscription basis.
The funds will be used to expand the company’s operations in South Africa as well as to accelerate its entry into the Mexican market.
