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Issue #73: Remedial Health Raises $12M in Series A, Emtech Secures $4M Seed to Advance CBDC Stack Development

August 7, 2023

In the past week, the African startup ecosystem saw a moderate pace, with five funding deals making headlines. One notable highlight was Remedial Health’s successful Series A round, securing $12 million in funding, co-led by QED Investors and Ventures Platform. Ventures Platform also notably led two of the five funding rounds recorded during this period.

Funding

SOUK Farms

Funding round: Undisclosed

Investors: Goodwell Investments

Founded: 2019

Founders: Seun Rasheed

Product: SOUK Farms engages in farming operations and collaborates with outgrowers to cultivate and export high-quality exotic horticultural produce. They also serve the local Rwanda market, focusing on innovation and supporting local farms against climate change and disruptive rainfall patterns.

What next?: With this investment, SOUK Farms aims to expand its operations, improve the productivity of Rwandan farmers, and further enhance its success in the agricultural sector.

Patricia

Funding round: Angel funding (Undisclosed)

Investors: Oluwaseun Dania (CEO, Tradefada)

Founded: 2017, Nigeria

Founders: Benjamin Oyemonlan, Fejiro Hanu Agbodje

Product: Patricia is an Africa-centric integrated alternative payment and e-commerce company that enables the use of digital currencies like Bitcoin, Ethereum, and other digital assets for everyday transactions.

What next?: Oluwaseun Dania’s investment is a significant show of confidence in Patricia Technologies, supporting its growth and development, and enabling the company to continue pioneering the financial evolution of Africa.

Emtech

Funding round: Seed ($4 million)

Investors: Matrix Partners India (Lead), BTN.vc, VestedWorld, Alumni Ventures, LoftyInc Capital, Level Up Ventures and Collide Capital

Founded: 2019

Founders: Carmelle Cadet

Product: Emtech offers the Central Bank Digital Currency (CBDC) Innovation Kit, designed for fintechs and financial service providers seeking to explore digital currency solutions and business models based on central banks’ pioneering initiatives.

What next?: Emtech’s plan includes advancing the development of its CBDC stack and regtech solution.

Traction

Funding round: Seed ($6 million)

Investors: Multiply Partners & Ventures Platform (Lead), P1 Ventures and others

Founded: 2020, Nigeria

Founders: Mayowa Alli, Dolapo Adejuyigbe

Product: Traction offers merchants a comprehensive platform for payment processing, account management, and access to various tools like a retail POS system, E-commerce, invoicing, and funding solutions to support SMEs.

What next?: Traction plans to utilize the new funding to fuel expansion, accelerate growth, and bolster its team.

Remedial Health

Funding round: Series A ($12 million)

Investors: QED Investors & Ventures Platform (Lead), Y Combinator, Tencent and Gaingels

Founded: 2021, Nigeria

Founders: Samuel Okwuada, Victor Benjamin

Product: Remedial Health provides technology solutions to facilitate healthcare providers’ access to affordable and genuine retail medicines, consumables, and medical devices, while also offering real-time market intelligence to manufacturers for informed production and distribution decisions.

What next?: The new funding will help expand Remedial Health’s services across Nigeria, increasing its reach to cover more states in the country.