Last week, the African startup ecosystem witnessed ten funding deals, with Nuru’s $40 million Series B round being the most significant. This funding round pushed the energy startup’s total funding to slightly over $49 million. Additionally, Raba Partnership was involved in two of the recorded funding deals during that period.
Pre-Seed
Revivo, a Kenyan B2B marketplace startup, has disclosed a pre-seed funding round of $635,000 raised from investors including Raba Partnership, Village Global, Musha Ventures, Satgana, and strategic business angels.
Founded in 2022 by Sarah Johnson, Revivo is an online marketplace dedicated to providing quality electronic spare parts, accessories, and repair tools. With a focus on serving small businesses that handle the majority of electronics repairs, Revivo aims to enhance access to affordable and reliable repair services in emerging markets.
The investment will support the company in expanding its operations and extending its reach to a broader market.
Seed
Masroofi, an Egyptian fintech startup, has successfully concluded an investment round, raising $1.5 million from undisclosed investors.
Founded in 2022 by Mostafa Abdel-Khabeer and Sayed Hosni, Masroofi specializes in digital payment services for children, aiming to provide innovative solutions for financial inclusion of children aged 5 to 15 in Egypt through tailored policies. The company focuses on offering advanced services and fostering growth opportunities in this market segment.
With the latest investment round, Masroofi will have the opportunity to grow its customer base and cater to the evolving needs of various market segments.
Pre-Series A
Agenz, a Morocco-based proptech startup, has successfully raised $1.3 million in a pre-Series A financing round from Azur Innovation Fund, Maroc Numeric Fund II, and Beenok.
Founded in 2021 by Malik Belkeziz and Badr Belkeziz, Agenz offers a comprehensive real estate experience, real estate estimation services, curated property listings and access to real estate credit.
With the funding, Agenz plans to enhance its service offerings, making real estate transactions more accessible and efficient for all stakeholders involved.
Series B
Nuru, a DRC-based renewable energy startup, has secured a successful Series B funding round of $40 million, led by the IFC, the Global Energy Alliance for People and Planet (GEAPP), the Renewable Energy Performance Platform (REPP), Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, GAIA Impact Fund, and the Joseph Family Foundation.
Founded in 2015 by Jonathan Shaw, Nuru focuses on addressing the significant energy gap in the eastern Democratic Republic of Congo (DRC) through utility-scale solar metrogrids. By integrating advanced technology and services, Nuru aims to provide reliable and renewable energy 24/7 to urban communities, contributing to climate resilience and sustainable development in an area where less than 20% of the population currently has access to energy.
The funding will be used to expand Nuru’s operating assets in eastern DRC by developing three mini-grids in Goma, Kindu, and the largest one in Bunia, effectively addressing the significant energy deficit in the country.
Others
Skrmiish, a South African gaming startup, has concluded a successful investment deal, raising $700,000 from Allan Gray E Squared Ventures and Blockchain Founders Fund. The deal was facilitated by Merge, a platform that connects entrepreneurs with investors.
Founded by Chris Heaton in 2021, Skrmiish is a gaming platform that enables gamers to earn cash by participating in personalized and on-demand challenges within their favorite games. Through the Skrmiish app, gamers of all skill levels have the opportunity to earn money in each match they play across a variety of games they enjoy.
Zuvy, a Nigerian fintech startup, has raised a significant $4.5 million investment round led by TLG Capital. Other notable participants in the round include Dunbar Capital, Next Chymia Consulting HK, David Mussafer, Khalil Osman, and various other investors. The funding consists of $4 million in debt funding and $500,000 in equity funding.
Founded in 2021 by Angel Onuoha and Ahmad Shehu, Zuvy specializes in offering upfront cash to retailers, ensuring their business needs are promptly met. Additionally, the startup provides free invoice and purchase order management software, simplifying procurement processes for large businesses and eliminating the inefficiencies of manual methods.
The debt obtained by Zuvy will be utilized to expand its loan book, allowing the company to cater to the increasing demand from vendors in Nigeria.
MyDAWA, a Kenyan healthtech startup, has successfully raised $20 million from private equity firm Alta Semper Capital. In addition, MYDAWA acquired Guardian Health in Uganda, marking the beginning of its expansion beyond Kenya and its plans for further acquisitions and collaborations.
Founded in 2016 by Neil O’Leary, MyDAWA is a technology-driven platform that allows consumers to purchase genuine medicines and health products, offering a track and trace system for product authenticity. Along with providing convenience and privacy, the platform offers various features like online consultations, HIV test result uploads, prescription submissions, and sexual wellness information.
MyDawa aims to use the investment to expand its network of pharmacies and health centers, enhance its technology infrastructure for telehealth services, and scale operations through collaborations with other health sector businesses.
Cloudline, a South African deep tech company, has secured an undisclosed amount in funding from Raba Partnership, 4Di, Enza Capital, and Schmidt Futures.
Founded by Spencer Horne in 2017, Cloudline specializes in the development of airships that offer distinct advantages across multiple sectors. The company’s airships provide efficient and cost-effective solutions for infrastructure monitoring, such as inspecting high-voltage transmission lines in remote locations, while also enabling high-resolution mapping and surveying for applications like urban planning and precision agriculture, surpassing satellite capabilities.
The investment will provide Cloudline with crucial support for the development and launch of its autonomous airship. The funds will specifically aid in facilitating the first three deployments of the airship, marking an important milestone for the company.
Moove, a Nigerian mobility fintech, has secured an investment of $8 million from Absa Corporate and Investment Banking (CIB). This funding adds to a previous investment from Absa, bringing Moove’s total funding from Absa to $28 million.
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove offers revenue-based vehicle financing to mobility entrepreneurs, aiming to make vehicle ownership more accessible throughout Africa. The company integrates its alternative credit-scoring technology into ride-hailing, logistics, and last-mile/instant delivery platforms, utilizing proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans and provide financial solutions.
The funding will be utilized to expand Moove’s vehicle fleet in Ghana, furthering the company’s mission of democratizing vehicle ownership and fostering employment opportunities within gig economies across the globe.
Mogo Kenya, a Kenyan asset financing subsidiary of the Eleving Group, has secured a $7 million investment from Verdant Capital in the form of a dual-tranche, including a subordinated loan and a senior secured loan.
Founded in 2018, Mogo Kenya offers a vehicle financing model that enables self-employed entrepreneurs and small business owners to generate income and acquire valuable assets, such as motorbikes, tuk-tuks, and cars, by providing financial support.
The investment received by Mogo Kenya will support the expansion of their vehicle financing services, specifically for motorbikes, tuk-tuks, cars, as well as car leaseback financing, across the country.
M & A
Kyosk Digital Services, a digital and data-led distribution platform, has completed the acquisition of KwikBasket, an agricultural produce distributor.
This acquisition marks the launch of Farm & Fresh, a venture that combines Kyosk’s digital-first approach and operational scale with KwikBasket’s agricultural expertise. Farm & Fresh aims to revolutionize the African fresh produce market by providing farmers with essential information, insights, agricultural inputs, financing options, and seamless connectivity to reliable market channels, fostering improved yields, fair pricing, and consistent market access.
Pinewood DMS South Africa, a provider of automotive dealer management software, and Ampersand Communications, a value-add services provider to automotive dealerships, have collaborated to introduce a consolidated offering known as Motify.
The merger between Pinewood and Ampersand enables the creation of a comprehensive solution for automotive dealerships. Through Motify, customers gain access to a broad range of value-added services, including consultancy, proactive workshop bookings, marketing campaigns, business intelligence, and API-integrated website development, enhancing their overall dealership experience.
Venture Funds
Invest International, an investment vehicle jointly owned by the Dutch Ministry of Finance and FMO, has committed €10 million to the uMunthu II fund.
Co-managed by Goodwell Investments and Alitheia Capital, and launched in November 2022, uMunthu II has already raised €57 million in its first closing and aims to reach a minimum of €150 million within two years.
This funding will support the expansion of the fund’s portfolio, allowing it to invest in 30 to 35 companies across the continent.
