Ecosystem Insider

Issue #75: d.light Secures $30M in Debt Securitization Facility, While VitruvianMD Raises $1.25M in Seed Extension Round

August 21, 2023

Last week, debt financing dominated the funding rounds, accounting for 50% of all funding deals recorded. Meanwhile, despite the current funding climate, solar energy companies continue to raise significant amounts; this week, d.light raised $30 million in a debt securitization facility from TBD Group.

Funding

VitruvianMD

Funding round: Seed Extension II ($1.25 million)

Investors: 27four Investment Managers

Founded: 2020, South Africa

Founders: Frando Lin, Ifthakaar Shaik

Product: VitruvianMD is a biomedical technology company that develops solutions to improve Africans’ access to affordable diagnostics. The startup uses artificial intelligence in biomedical engineering processes to create low-cost, high-accuracy diagnostic tools for medical laboratories.

What next?: The secured funds will be used to boost the company’s expansion efforts. The key areas of focus for this utilization include expanding their workforce, obtaining international regulatory approvals, and directing growth into novel applications of their advanced technology.

Oyster Agribusiness

Funding round: Debt financing ($300,0000), Grant ($10,000)

Investors: Root Capital (Debt)

Founded: 2018, Ghana

Founders: Edmond Kombat

Product: Oyster Agribusiness empowers smallholder farmers by providing them with sustainable inputs, improved agronomic practices, and a consistent market for their produce. It accomplishes this by utilizing technology to power its input distributions and yield, as well as seeders for planting and drones for spraying.

What next?: The funding will allow the company to expand its reach, strengthen gender inclusivity initiatives, and invest in its team, all while supporting the vision of a thriving and sustainable agricultural sector.

Ed Partners

Funding round: Debt financing ($1.5 million)

Investors: Oikocredit

Founded: 2018, Kenya

Founders: David Fitzherbert, Lydia Koros

Product: Ed Partners offers financing options for critical components of the education system such as infrastructure, technology, and transportation. The startup makes infrastructure loans to educational institutions to help them build new classrooms, restrooms, laboratories, and dormitories, as well as purchase computers, buses, vans, and internet access.

What next?: This funding will significantly increase Ed Partners’ ability to provide loan facilities to low-income private schools. This will allow these schools to expand and upgrade their infrastructure in accordance with Kenya’s new education curriculum.

d.light

Funding round: Debt financing ($30 million)

Investors: TBD Group

Founded: 2007

Founders: Ned Tozun, Sam Goldman

Product: d.light specializes in the production and distribution of solar lighting and power products in Sub-Saharan Africa and Asia.

What next?: d.light will use the funds to expand its existing securitized financing facility in Tanzania and expand its low-cost Pay-Go personal finance service in the country, allowing more low-income people and households to purchase the company’s affordable, solar-powered household products.

Rology

Funding round: Undisclosed

Investors: Philips Foundation Impact Investments

Founded: 2017, Egypt

Founders: Amr Abou Derea, Bassam Khalaf, Mahmoud El Dafrawy, Moaz Hossam

Product: Patients can receive diagnosis and treatment plans through Rology’s platform in a timely and cost-effective manner, improving health outcomes and lowering the burden on healthcare systems.

What next?: Rology is poised to expand healthcare services across the Middle East and Africa as a result of this capital infusion, furthering its mission to catalyze a technological revolution in the healthcare sector.

GARA

Funding round: Undisclosed

Investors: Digital Africa

Founded: 2022, Senegal

Founders: Teddy Kossoko

Product: Gara is a gaming and comics Android marketplace dedicated to Africa, that enables gamers to purchase games and content for the first time and facilitate distribution across the continent.

What next?: Following the infusion of funds, GARA is preparing for a bold expansion, capitalizing on Africa’s digital wave.

Venture Funding

Founders Factory Africa has secured $114 million in additional funding from the Mastercard Foundation and Johnson & Johnson Impact Ventures.

The additional funding follows on from previous investments into Founders Factory Africa by Standard Bank, Small Foundation and Netcare.

The support will enable Founders Factory Africa to scale its model and better serve technology-led start-ups and founders across the African continent.

Antler has launched Antler MENAP, a $60 million fund focused on the Middle East, North Africa, and Pakistan.

Antler MENAP is set to begin operations in September 2023 with a 12-week program in Riyadh, Kingdom of Saudi Arabia. From a large pool of thousands of applications, the program hopes to identify and nurture more than 60 founders.

Following the completion of the program, the top-performing founders will be offered USD 130,000 in funding for an 11% equity stake in their startups, providing them with a solid financial foundation to propel their ventures forward.

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