The Gateway to Africa's Startup Ecosystem
The Gateway to Africa's Startup Ecosystem

Issue #81: Revio gets $5.2 million in funding, Root raises $1.5 Million, while SunCulture secures in debt funding

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)

Investors: Speedinvest, Ralicap, Everywhere Ventures, QED Investors, Partech

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)

Investors: Invenfin

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)

Investors: Nithio,  Mirova SunFunder, Triodos Investment Management

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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WomHub Africa Innovation Fellowship Programme 2023 for Women-Owned Engineering Business

World Summit Award (WSA) Young Innovators Award 2023 for Young Digital Entrepreneurs

THRIVE Global Accelerator Program 2024 for Early to Growth-Stage Startups

The Mozilla Technology Fund (MTF) 2024 Call for Proposals: AI and Environment Justice

WFP Innovation Accelerator Digital Green Innovation Acceleration Programme (DGIx)

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