The African startup ecosystem had a calmer pace of events last week as we only recorded five funding deals, two of whose details are not yet public information. The three other deals featured Revio raising $5.2 Million in Seed funding, Root also secured an additional $1.5 Million from Invenfin while SunCulture got a Debt financing of $12 Million.
Funding round: Seed ($5.2 Million)
Founded: 2020, South Africa
Founders: Ruaan Botha
Products: Revio operates an Africa-focused payment orchestration API which streamlines order-to-cash lifecycles for businesses. The API gives businesses access to over 70 payment methods and service providers, facilitating transaction routing, automated failover, and real-time customer engagement workflows.
What Next?: Revio intends to use the funding to double down on its efforts in addressing the fragmented payment landscape in Africa, unlocking new opportunities and expanding its customer base.
Funding round: ($1.5 Million)
Founded: 2016, South Africa
Founders: Louw Hopley
Products: Root operates a cloud-based, end-to-end insurance API infrastructure that helps companies build, sell and manage digital insurance products in Africa and Europe.
What Next?: Fuelled by the financing, Root seeks to capitalize on the evolving global insurance landscape by expanding into the United Kingdom and the broader European market.
Funding round: Debt ($12 Million)
Founded: 2012, Kenya
Founders: Samir Ibrahim
Products: SunCulture develops and maintains Internet of Things-enabled solar energy systems and irrigation equipment, as well as other productive agricultural tools and resources.
What Next?: The funding provides the necessary backing for SunCulture to deepen its footprint within Kenya, providing improved solutions for Agri-producers in the country while also expanding its customer base, with a particular emphasis on aiding smallholder farmers.
Funding round: Undisclosed
Investors: Beyond Capital Ventures
Founded: 2019, Rwanda
Founders: Josh Whale
Products: Ampersand develops electric motorcycles and transport energy solutions. The company operates a fleet of unique electric motorcycles and battery swap stations, managed through a user-friendly app and software backend.
What Next?: The funding will be used to support Ampersand’s mission to provide clean and affordable mobility solutions across East Africa.
Funding round: Pre-Seed (Undisclosed)
Investors: Eero Invest, Cozbaz Co
Founded: 2019, Ivory Coast
Founders: Jean Hontinfinde
Products: Arnio specializes in design engineering. The company develops electric vehicles and charging station technology with the aim of setting a new standard for intelligent electric mobility and fostering the adoption of more sustainable transportation in Africa.
What Next?: The company will use the funds raised for the final stages of development and testing for its electric vehicles and charging stations. Additionally, a portion of the funding will go into expanding its engineering team.
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