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

Issue #58: Altech Raises $18M in Debt Financing, While Autochek Acquires a Majority Stake in AutoTager

Last week, we recorded five funding deals across Africa. Autochek, the Nigerian car financing platform, continues its acquisition spree with the acquisition of Autotager, its sixth in less than two years.


CoaChess, a Tunisia-based gaming platform, has raised a $191,000 (600,000 TND) pre-seed funding round from Omicrone.

Founded in 2021 by Iheb Kaabi, CoaChess enables chess players of all skill levels to play and learn the game using advanced learning techniques aimed at improving players’ skills. The company also allows players to apply what they’ve learned in highly competitive environments and analyze their games to determine their strengths and weaknesses.

The investment will assist CoaChess in bringing its innovative tools to market and improving the game.

Koree, a fintech startup based in Côte d’Ivoire, has received $22,000 (€20,000) in pre-seed funding from Cameroon Angels Network (CAN).

Founded in 2022 by Magalie Gauze-Sanga, Koree enables users to create digital loyalty cards that their favorite merchants can use to pay them cashback and change. Customers can earn cashback on any payment method, including cash, mobile money, and bank cards.

Koree will be able to begin operations in Cameroon, expand its workforce, and develop new financial services to empower its customers thanks to the new investment.


Chargel, a Senegal-based logistics startup, has raised $2.5 million in seed funding from Logos Ventures, with participation from Ventures Platform, Foundation Botnar, DFS Labs, and Seedstars, as well as $500,000 in debt. 

Founded in 2021 by brothers Moustapha and Alioune Ndoye, Chargel streamlines the entire transportation process by matching clients’ online requests with the best providers from its network of transporters, which includes independent truck drivers. Clients can also track their goods in real time while on the move and receive notifications when delivery is complete. Chargel is also in charge of the cargo, ensuring that it arrives on time.

Chargel expects to expand its platform to more shippers in Senegal as a result of the successful seed funding round, and it is looking into expanding into another Francophone African country.

Chekkit, a Nigerian product authentication  startup, has raised an undisclosed round of funding from Adaverse as well as existing investors such as RTA, HoaQ, Launch Africa Ventures, and Blockchain Founders Fund.

Founded in 2019 by Dare Odumade, Oluwatosin Adelowo and Samuel Ukhueleigbe, Chekkit uses blockchain to provide an end-to-end serialization and traceability solution for food and drug supply chain tracking.

This funding will help Chekkit onboard more manufacturers in Nigeria and other African countries, as well as expand into new markets in India, the United Kingdom, and the Middle East.

Debt financing 

Altech, a DRC-based energy company, has raised $18 million in debt financing and grants, with debt provided by Triple Jump‘s Energy Entrepreneurs Growth Fund (EEGF) and Rabobank, and grants provided by ANSER RDC and the Humanitarian Grand Challenge.

Founded in 2013 by Iongwa Mashangao and Washikala Malango, provides clean, renewable, and affordable energy to poor households both on and off the grid, with a presence in 22 DRC provinces.

With the funds raised, the startup intends to open 30 new rural sales outlets and distribute 180,000 solar products, providing clean energy access to 900,000 Congolese.


Autochek, a Nigeria-based car financing platform, has acquired a majority stake in Egypt’s used cars marketplace, AutoTager

The acquisition will allow Autochek to expand its presence in North Africa, beginning with Egypt, the continent’s second-largest automotive market. This is Autochek’s third acquisition in less than a year and its sixth in less than two years, with the company now present in nine countries across East, West, and North Africa.

Venture news

Amethis, an African-focused investment fund manager, is preparing to launch its third pan-African fund, Amethis Fund III, with a target size of $490 million.

Amethis Fund III will be a generalist fund with the goal of investing in 10 to 12 medium-sized African businesses. It will specifically target high-potential sectors such as health, finance, business services, manufacturing, and distribution throughout Africa, including Kenya, Côte d’Ivoire, Egypt, Morocco, and West Africa.

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