Ecosystem Insider

Issue #82: Stitch raises $25 million capital extension while Intella secures $3.4 Million Pre-Series A financing

October 9, 2023

We recorded only four funding rounds last week, which is one of the slowest we’ve seen recently. Of the four rounds, only two were made public, the other two opted to keep the details of their deals undisclosed. SA’s fintech SaaS provider, Stitch, raised an additional $25 Million to push its total Series A funding to $46 Million, while Intella secured $3.4 Million to fuel its expansion plans.

Funding

Stitch

Funding round: Series A Extension ($25 Million)

Investors: Ribbit Capital, CRE Ventures, PayPal Ventures, Raba Partnership

Founded: 2021, South Africa

Founders: Kiaan Pillay, Natalie Cuthbert, Priyen Pillay

Products: Stitch operates an end-to-end payment solution designed to assist businesses in creating, optimizing, and scaling financial products. Essentially, it provides API gateways for enterprise clients to enhance online payment conversions and streamline payment operations.

What Next?: Fuelled by the capital extension, stitch will further consolidate its operations in Southern Africa, reaching more customers while expanding into other parts of Africa.

Intella

Funding round: Pre-Series A ($3.4 Million)

Investors: HALA Ventures, Wa’ed Ventures, Sanabil 500 and INSEAD’s alumni angel network

Founded: 2021, Egypt

Founders: Nour Altaher, Omar Mansour

Products: Operates a deep tech solution that offers transcription services. It implements specialized Arabic voice technology to provide real-time, on-demand market research services to businesses across various sectors.

What Next: This new funding will support Intella’s expansion into the Saudi market and facilitate the development of AI models tailored specifically for the Middle East and North Africa (MENA) region.

Lengo AI

Funding round: Pre-Seed (Undisclosed)

Investors: Acasia Ventures, Ventures Platform, P1 Ventures, Launch Africa, Voltron Capital

Founded: 2022, Senegal

Founders: Max Smith, Roger Xavier Macia, Ismaila Seck

Products: SaaS startup Lengo AI offers a data-driven operating system for informal retail businesses in Africa. The company provides intelligence and insights for brands using a combination of field agents (Lengo Eagles ) and artificial intelligence to connect retailers and FMCG producers with real-time market data.

What Next?: Fuelled by the capital infusion, Lengo AI intends to begin the implementation of its expansion strategy. The company is set to commence action on growing its technology and sales teams, advancing the artificial intelligence (AI) component of its product, and entering into untapped African markets.

MoneyHash

Funding round: Seed (Undisclosed)

Investors: Tom Preston-Werner

Founded: 2020, Egypt

Founders: Nader Abdelrazik, Mustafa Eid, Anisha Sekar

Products: MoneyHash operates a fully integrated suite of products that enable businesses to incorporate multiple payment processors and methods, optimize payment workflows, mitigate fraud,

streamline reconciliation procedures, and efficiently manage diverse payment requirements.

What Next?: MoneyHash intends to use the funding raised from the round to improve its overall operation and spread its reach into new markets.

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