In the past week, several early-stage funding rounds took place across the continent, including Tofino Capital and Takeoff Fund’s investment in Caafisom, which is notable as the first recorded funding of a startup based in Somaliland.
Angel Funding
Twende, a mobility startup based in Côte d’Ivoire, has secured a €30,000 investment from The Business Angels Network of Côte d’Ivoire (CIBAN).
Established in 2017 by Kiptoo Magutt and Ramah Kipkorir, Twende provides a reliable, direct, and affordable transportation solution for employees. By leveraging existing mini-buses, Twende ensures that employees have access to a safe and convenient mode of transportation, ultimately improving their productivity, reducing commuting stress, and fostering a more sustainable and efficient workforce.
The investment from CIBAN will enable Twende to expand its operations and make a positive impact on the lives of many employees. With the additional resources, Twende will be able to enhance its services, reach a wider customer base, and continue driving positive change in the mobility sector in Côte d’Ivoire.
Pre-Seed
Menthum, a fintech startup based in Egypt, has successfully raised pre-Seed funding from Acasia Ventures, A15, and other angel investors.
Founded in 2021 by Himanshu Shrimali and Ismail Sarhank, Menthum operates as a digital savings platform for both individuals and companies. The platform facilitates investments in safe treasury bills (T-bills) through a money market fund, serving both B2B and B2C customers.
With the recent investment, Menthum plans to utilize the funds to expand its team, enhance its brand presence, and further develop its technological infrastructure.
Seed
Propel, a Nigerian-based HR tech startup, has successfully raised $2.74 million (€2.5 million) in seed funding to fuel the adoption and expansion of its innovative community-as-a-service platform. The funding round was led by No Such Ventures, with participation from APX, Golden Egg Check, and Future of Learning Fund.
Founded in 2020 by Sunkanmi Ola, Seun Owolabi, and Abel Agoi, Propel focuses on providing tools and services tailored to tech talent communities, including developer groups, talent incubators, and training schools. Additionally, Propel assists multinational corporations in mitigating risks associated with hiring remote workers from emerging markets, particularly in Africa.
With the €2.5 million investment, Propel plans to accelerate its growth strategies. This includes scaling its community platform, developing new tools to enhance its value stack, and expanding its network of communities.
Others
Caafisom, a Somaliland-based healthtech startup, has successfully raised $110,000 in funding, with participation from leading investors Tofino Capital and Takeoff Fund.
Established in 2021 by Mohamed Ismail Ahmed, Caafisom specializes in providing software and logistics services to hospitals, enabling them to digitize patients’ health records. Through their in-house app, users can conveniently book doctor appointments, access medical records, and consult with health experts.
The funding secured by Caafisom will be utilized to expand the company’s workforce, scale its operations, and onboard more users. The funding also marks a milestone as the first-ever into a startup in Somaliland.
Exits MENA, an Egyptian M&A advisory firm and investment platform, has recently secured an undisclosed amount of investment from US-based venture capital firm Practical VC. With this investment, the total raised by the startup now amounts to $1.25 million.
Founded in 2022 by Mohamed Aboul Naga, Ahella El Saban, and Ayman El Tanbouly, Exits MENA offers a unique combination of investment banking services to startups and medium-sized companies. The platform leverages its electronic platform, Exits.me, along with consulting services to assist in financing deals, mergers and acquisitions, and investments in emerging, medium, and small companies.
To date, Exits MENA has successfully facilitated six deals, with a combined value surpassing $10 million. Notably, earlier this year, the startup played a crucial role in facilitating an investment round for Helpoo, an Egyptian roadside assistance startup, on behalf of Saudi Arabia-based Morni.
Venture Funds
Knife Capital has successfully closed a $50 million fund, named Knife Capital (International) Fund III LP or “Knife III,” with a strong focus on pan-African investments. The fund has received support from the IFC, Standard Bank, the SA SME Fund, the Mineworkers Investment Company, and prominent family offices.
Knife III aims to invest in Series B stage high-growth technology companies primarily based in South Africa. The fund will target companies that demonstrate innovation, possess valuable intellectual property, and have significant potential for expansion in both the pan-African and global markets. Key areas of interest for investment include Platform Businesses, Software, Tech-enabled business services, and FinTech.
Tamwilcom has introduced the latest edition of the Innov Invest Fund (F2I), a program designed to provide financial support to innovative projects and startups. The initiative aims to fund a total of eight hundred startups over a span of five years.
The primary objective of F2I is to identify and select up to twenty support structures that operate in different stages, including ideation, incubation, and pre-acceleration. These support structures are expected to offer clear value propositions that cater to one or more of these segments. The ultimate goal is to increase the success rate of the supported startups, transforming them into entities that generate value and create employment opportunities.
To maximize the impact of this initiative, Tamwilcom plans to establish partnerships with key stakeholders in the ecosystem. The selection of these partnerships will be done through a competitive process based on calls for expression of interest. By collaborating with relevant stakeholders, Tamwilcom aims to create a thriving environment for startups and foster their growth and success.
Opportunities
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