The Gateway to Africa's Startup Ecosystem
The Gateway to Africa's Startup Ecosystem

Issue #54: Rwazi Secures $4M in Seed Round, While Factor[e] Ventures Launches Africa-focused Venture Studio

We had three funding rounds, two notable venture news stories, and one acquisition last week. It might be useful to note that this was the third recorded acquisition transaction in three weeks.

Let’s get into the details.


Rwazi, a Mauritius-based market intelligence startup, has secured $4 million in a seed round led by Bonfire Ventures, with participation from Newfund Capital and Alumni Ventures.

Founded in 2021 by Joseph Rutakangwa and Eric Sewankambo, Rwazi collects data through an app, working with on-the-ground consumers who are compensated for sharing information about the products they purchase. This data is useful for global brands that use Rwazi’s customer dashboard to gain actionable insights.

With the new funding, Rwazi hopes to establish itself as the industry leader and capture a larger share of this expanding market.

Credable, an Africa-focused embedded fintech startup, has raised a $2.5 million seed round led by Ventures Platform. Launch Africa, MAGIC Fund, ACASIA Ventures, AAIC Investment, Adaverse, Emurgo Africa, and other strategic angel investors also participated in the round.

Founded in 2021 by Nadeem Juma, Jad Abbas, and Michael Tarimo, Credable provides a digital banking infrastructure that enables companies in emerging economies to offer financial products to their customers in a simple, quick, and secure manner.

Credable will use this funding to expand its team and market footprint throughout Africa and the MENA and South Asia region, where it currently has offices in Kenya, Tanzania, Uganda, and Pakistan.

Pre-Series A

TIBU Health, a Kenyan healthtech startup, has received an undisclosed amount of pre-Series A funding from Health54, with participation from Boost VC, Google for Startups, and Founders Factory Africa.

Founded in 2017 by Jason Carmichael and Peter Gicharu, TIBU Health is an omnichannel digital health company that offers health services where people live, work, and click. To provide patients with a convenient and integrated end-to-end healthcare experience, the company employs cutting-edge health and logistics technology.

The funds will be used to improve chronic illness treatments and expand the company’s virtual care platform.


Thuthukani, a South African fintech firm, has been acquired as part of the development plans of South African neobank Fin.

Thuthukani’s housing finance service will be rebranded to Fin Home Loans and incorporated into Fin’s South African portfolio, with the goal of providing middle- to lower-income Fin clients with access to affordable financing.

The Thuthukani acquisition is part of Fin’s ongoing strategy, according to the neobank, which includes looking for partners in other industries that have this need. The purchase also gives Thuthukani a solid chance to advance within Fin’s ranks.


Verod-Kepple Africa Ventures, a venture capital fund focused on Africa, has received $43 million in funding from the Japan International Cooperation Agency (JICA) and Sumitomo Mitsui Trust Bank (SMTB).

The fund was established in 2022 as a collaboration between Verod Capital Management Ltd. and Kepple Africa Ventures. The fund will assist African entrepreneurs by investing in scalable, tech-enabled, post-revenue companies tackling difficult issues across multiple industries on the continent.

Moove Africa, NowPay, Koko Networks, Ceviant, Shuttlers, Nawy, and Julaya are among VKAV’s current investments.

Factor[e] Ventures, a team of venture builders that invests in early-stage companies in sub-Saharan Africa and Southeast Asia, has launched a new venture studio, Delta40 dedicated to African startups.

Delta40 has received early funding and strategic support from the Autodesk Foundation, the Global Energy Alliance for People and Planet (GEAPP), the IKEA Foundation, the Bezos Earth Fund, Wilson Sonisi, and other government, private sector, and financial institutions.

Delta40 is committed to improving incomes and combating climate change in Africa by establishing and investing in technology firms. The venture studio will be based in Kenya, with operations in Nigeria, and will invest $100,000 to $600,000 in African energy, agriculture, and mobility startups.

Share this article
Shareable URL
Prev Post

Week 11: Funding and Grant Opportunities for African Startups

Next Post

Ivorian Government Launches Startup Act to Boost Tech Ecosystem Growth

Leave a Reply
Read next