Ecosystem Insider

Issue #72: Terragon Raises $9 Million in Series B Funding to Enhance Platform; Clafiya Secures $610,000 in Seed Funding for Expansion

July 30, 2023

Last week, we recorded eight funding deals across the African startup ecosystem. Leading data and cloud martech startup, Terragon raised $9 million in Series B funding. Additionally, GoSolr received an investment from African Rainbow Capital to accelerate its operational targets and meet the increasing demand for affordable solar solutions.

Funding

Bohikor

Funding round: Angel funding ($20,000)

Investors: Mountain Angel Network

Founded: 2021, Cameroon

Founders: Effansa Simon Balemba

Product: Bohikor provides a comprehensive suite of financial management solutions, including budgeting, expense tracking, savings, early earned wage access, and personalized finance coaching.

What next?: Bohikor plans to utilize the funds to recruit software developers for creating new platform features such as earned wage access, savings, and financial coaching.

YeneHealth

Funding round: Pre-Seed (Undisclosed)

Investors: Jaza Rift Ventures (Lead)

Founded: 2021, Ethiopia

Founders: Kidist Tesfaye

Product: YeneHealth provides a variety of services centered around sexual and reproductive health, including menstrual cycle tracking, pregnancy monitoring, e-pharmacy with discreet options for ordering and delivery/pickup, telemedicine, and culturally sensitive educational content.

What next?: YeneHealth aims to expand its platform’s reach, improve product development, and forge strategic partnerships, propelling the startup to become a leading player in the femtech sector throughout Africa.

Clafiya

Funding round: Pre-Seed ($610,000)

Investors: Norrsken Accelerator, Acquired Wisdom Fund (AWF), Hustle Fund, Voltron Capital, Microtraction, Ajim Capital, HoaQ, Bold Angel Fund, and others

Founded: 2020, Nigeria

Founders: Jennie Nwokoye

Product: Clafiya offers in-person and virtual consultations, connecting patients with healthcare professionals for medical advice and treatment. The startup’s comprehensive healthcare service includes at-home collection of diagnostic testing samples for added convenience.

What next?: The company plans to continue growing in Nigeria and explore expansion opportunities beyond its borders.

Spiker

Funding round: Pre-Series A ($600,000)

Investors: Inclusion Japan, DG Incubation

Founded: 2020, Japan (Based in Rwanda)

Founders: Ayako Kasai

Product: Spiker has developed Alert-Monitor, an innovative combination of artificial intelligence (AI) technology and central monitoring software, specifically designed to analyze fetal heart rate labor chart data.

What next?: The recent funding will be used for sales activities in Africa, AI development, and obtaining medical device certifications.

FarmWorks

Funding round: Pre-Series A ($4.1 million)

Investors: Acumen Resilient Agriculture Fund (Lead), Livelihood Impact Fund, Vested World, and others

Founded: 2020, Kenya

Founders: Yi Li, Peter Muthee

Product: FarmWorks operates an out-grower scheme with over 2,000 smallholder farmers, offering farm inputs, pest control services, and purchasing their produce for export or local sales. It also provides farming equipment like drip irrigation kits on loan.

What next?: The funds will be used to enhance FarmWorks’ technological infrastructure and provide better support to farmers in their network.

Terragon

Funding round: Series B ($9 million)

Investors: Orange Ventures (Lead), TLcom Capital, LoftyInc, Sango Capital, VestedWorld and Western Technology Investment (WTI)

Founded: 2009, Nigeria

Founders: Elo Umeh, Deji Balogun

Product: Terragon offers a consumer insight and activation platform that collects, organizes, and enriches customer data from various sources, enabling marketers to gain a deeper understanding of African consumers.

What next?: The investment will enable Terragon to enhance its platform with stronger cloud-native capabilities, accelerate the development of localized ML and AI, and lay the groundwork for improved enterprise communication.

GoSolr

Funding round: Unknown

Investors: African Rainbow Capital

Founded: 2021, South Africa

Founders: Andrew Middleton

Product: GoSolr offers solar-as-a-service with fixed monthly fees, making residential solar solutions affordable, smart, and secure to accelerate the shift to solar energy in South Africa.

What next?: The investment will help GoSolr accelerate operational targets to meet the growing demand for quality, affordable solar solutions.