Ecosystem Insider

Issue #71: Kasha Raises $21 Million for Expansion, and Wecyclers Secures $2.2 Million for New Recycling Plant Development

July 24, 2023

Last week was eventful, with ten funding deals announced, covering pre-seed rounds and multiple debt financing deals. Notably, two East African cleantech companies secured a combined $27.5 million in debt funding, with Rwandan female-focused ecommerce platform, Kasha’s $21 million Series being the most significant deal of the week.

Funding

Cayesh

Funding round: Prize ($50,000)

Investors: Visa

Founded: 2020, Egypt

Founders: Adel Boseli, Mahmoud Sameer Hassan

Product: Cayesh is a fintech enterprise that enables supply chain stakeholders to access, manage, and mobilize working capital through advanced technology and operational expertise.

gamp

Funding round: Pre-seed ($650,000)

Investors: Ingressive Capital, Future Africa, First Circle Capital, Kaleo Ventures, and Yemi Oshindero (Managing Partner at Uhuru Investment Partners)

Founded: 2021

Founders: Toluwani Famokunwa, Boluwatife Omotayo and Temitope Ige Isang

Product: gamp is a comprehensive platform that fulfills all your gadget needs in Africa, providing devices, device protection plans, trade-ins, repairs, and mobile device management (MDM) solutions in one place.

What next?: gamp has a vision of expanding its presence beyond Nigeria to other African regions, with a particular focus on francophone and East Africa.

MyCover.ai

Funding round: Pre-seed ($1.25 million)

Investors: Ventures Platform Fund & Founders Factory Africa (Lead), Techstars

Founded: 2021

Founders: Adebowale Banjo, Alexander Igwe-Ifendu, Fred Ebho

Product: Open insurance API that enables insurance companies to distribute products faster and more affordably, while innovators can integrate insurance into their offerings or launch new insurance verticals, providing excellent customer experiences. Its AI-powered claims management service streamlines processes, reduces fraud, and saves time and money for insurance companies.

What next?: With this funding, MyCover.ai aims to enhance operations in Nigeria and strategically expand into other African markets.

Wecyclers

Funding round: Convertible loan ($2.2 million)

Investors: Norfund

Founded: 2012, Nigeria

Founder: Olawale Adebiyi

Product: Wecyclers employs a unique approach, collecting recyclable materials directly from households and strategically located kiosks, incentivizing individuals to participate in recycling and increasing plastic waste collection.

What next?: The investments would support Wecyclers expansion and develop a new recycling plant in Nigeria’s Ogun State. The plant will specialize in recycling PET bottles, contributing to reducing plastic waste and promoting sustainable waste management practices.

Flash

Funding round: Seed ($6 million)

Investors: Addition (Lead), Flourish Ventures and other angel investors

Founded: 2021, Egypt

Founders: Erik Gordon, Sherine Kabesh

Product: Flash is a payment application providing cashless solutions for consumers and businesses through scan-and-pay.

Consumers can make purchases by adding their bank card or digital wallet to the app and scanning a QR code.
Businesses can accept direct payments from consumers without POS systems or technical integration.

What next?: This funding will be used to accelerate Flash’s product development and customer and business acquisition in Egypt.

MySol Grid Zambia

Funding round: Debt ($7.5 million)

Investor: Facility for Energy Inclusion (FEI)

Founded: Zambia

Founder: Subsidiary of Engie Energy Access

Product: MySol finances, installs, and operates solar panel systems integrated into containers with batteries for electricity storage, creating mini-electricity grids to supply power to local communities.

What next?: The debt secured from the FEI will be used to advance MySol’s operations in Zambia, constructing 60 solar photovoltaic mini-grids across the country and aiming for an installed capacity of 5 MW.

Starsight Premier Energy Group

Funding round: Debt ($20 million)

Investors: FMO, Global Climate Partnership Fund (GCPF)

Founded: 2021, Kenya

Founders: JV between Starsight Energy and Premier Solar Group

Product: The company specializes in financing and installing solar power plants for commercial and industrial (C&I) customers primarily in East Africa. The solar installations, including ground-mounted and rooftop systems, are leased to businesses for 12 to 15 years, and afterward, sold back to the customers.

What next?: The investment will enable Starsight to expand its financing of solar PV systems for the C&I sector in East Africa, helping clients reduce CO2 emissions, save costs, and enhance energy reliability.

Kasha

Funding round: Series B ($21 million)

Investors: Knife Capital (Lead), Finnfund, DFC, Beyond Capital Ventures, Altree Capital, Bamboo Capital’s BLOC Smart Africa Fund, Five35 Ventures, and Tim Koogle (ex-Yahoo CEO)

Founded: 2016, Rwanda

Founders: Joanna Bichsel

Product: Digital retail and last-mile distribution platform for pharmaceuticals and FMCGs, with a specific product focus on women’s healthcare needs and household items. Customers include individual consumers, small resellers, hospitals, pharmacies, and clinics, who order via website or USSD for products like sanitary pads, contraceptives, diapers, and cleaning supplies.

What next?: The investment aims to support Kasha’s expansion and growth plans into South Africa and West Africa, focusing on providing last-mile access to health products for women.

Kaco

Funding round: Undisclosed

Investors: UGFS North Africa

Founded: 2018, Tunisia

Founder: Salmi Med Ali

Product: As the local manufacturer of electric scooters known as the Orca, Kaco has a strong focus on innovative and sustainable mobility solutions, aiming to revolutionize the electric scooter industry.

What next?: The new round will allow Kaco to finalize the construction of a production facility with a capacity of manufacturing a thousand scooters per year.

Zuri Health

Funding round: Undisclosed

Investors: Five35 Ventures

Founded: 2020, Kenya

Founders: Daisy Isiaho, Ikechukwu Anoke and Titilola Olaolu-Hassan

Product: Zuri Health offers convenient and comprehensive healthcare services via its mobile app. Users can chat and consult with doctors, buy medications, book diagnostic tests, and secure an in-person appointment with a doctor all on the platform.

What next?: Five35 Ventures’ support positions Zuri Health to make substantial advancements in the digital health industry, revolutionizing healthcare delivery and enhancing outcomes globally.