Last week saw a flurry of activities on the African startup funding scenes. Seven startup companies received funding, with five of them raising upwards of a million dollars. See the details of all the deals, as well as other interesting ecosystem news, below.
Funding
Linebooker
Funding round: ($3.5 Million)
Investors: African Rainbow Capital Investments
Founded: 2017, South Africa
Founders: Naudé Rademan
Products: Linebooker operates an online freight logistics marketplace connecting customers seeking to transport large goods with trucks and other transportation services.
What Next? Linebooker will invest a large portion of the investment in technology development and product improvement. A smaller portion will go into the company’s efforts to bolster personnel strength.
Tripplo
Funding round: Seed Extension ($1.8 Million)
Investors: Futuregrowth Asset Management, Galloprovincialis
Founded: South Africa
Founders: Victor Chaitezv
Products: Tripplo operates a logistics software platform that helps businesses across various sectors to streamline their road-freight supply chains, electronically process trips, optimize routes, track vehicles in real-time, manage documents, and make data-driven decisions aimed at enhancing overall efficiency.
What Next?: Tripplo will implement the funds to further its overarching goal of establishing itself as the premier global logistics platform and revolutionizing the African logistics industry by promoting innovation and operational efficiency in logistics.
Pearl Semiconductor
Funding round: Seed ($4.5 million)
Investors: Shorooq Partners, Sawary Ventures, QBN Capital
Founded: 2020, Egypt
Founders: Ayman Ahmed
Products: Pearl Semiconductor manufactures reference clocks, timing ICs, integrated circuits, and generators based on piezoelectric MEMS-based resonators built on top of CMOS and ultra-low noise phase-locked loops (PLLs) architectures.
What Next?: Pearl Semiconductor is yet to disclose its future plans after securing the funding.
Momint
Funding round: Seed ($1.25 million)
Investors: Untapped Global, Outlier Ventures, Adaverse, Mountain Partners, simple Capital, Raj Kulasingam, Vishal Agarwal, and Crossfin Ventures (Pty) Ltd
Founded: 2020, South Africa
Founders: Ahren Posthumus, Adam Romyn
Products: Momint operates a digital assets management platform offering users the opportunity to invest in solar projects and earn from electricity generation. The company’s flagship product, the SunCash initiative, is aimed at providing cost-effective solutions to the widespread energy crisis in Africa
What Next?: Fuelled by the funding, Momint is set to improve its solutions and expand its reach into other parts of Africa.
Amenli
Funding round: ($1 million)
Investors: Alter Global, Digital Venture Partners
Founded: 2020, Egypt
Founders: Adham Nauman, Omar Ezz El Din, and Shady ElTohfa
Products: Amenli tailors insurance plans for individuals, families, and SMEs in alignment with their specific needs.
What Next?: Fuelled by the funding, the company is set to amplify its workforce, enhance its product portfolio, and bolster its brand presence in the market. Amenli is also gearing up to introduce new products that cater to both existing and emerging customer segments, addressing previously unmet insurance requirements.
Cue
Funding round: ($500,000)
Investors: Undisclosed
Founded: 2015, South Africa
Founders: Rhett Trickett, Ryan Egnos, Richard Nischk
Products: Cue develops AI-backed solutions that help businesses improve their customer service channels by incorporating chatbots and live chat on platforms like WhatsApp, Facebook Messenger, Telegram and Web Chat
What Next?: Backed by the funding, Cue plans to expand its operations in Africa and Europe, further enhancing its AI capabilities across various self-service channels.
Access Afya
Funding round: Undisclosed
Investors: Philips Foundation, UBS Optimus Foundation
Founded: 2012, Kenya
Founders: Melissa Menke
Products: Access Afya operates a combination of walk-in clinics and a digital health app to provide affordable healthcare services including family planning, lab tests, vaccinations, prenatal and postnatal care, routine check-ups, and emergency care for clients. The company’s mDaktari app enables virtual doctor consultations, health coaching, and access to healthcare information.
What Next?: Access Afya will invest the capital into expanding its reach and impact, bringing greater access to essential healthcare services for more people in emerging economies.
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Other Funding News
Cameroonian Startup Koree Wins USD 50k Top Prize At Ecobank Fintech Challenge
Cameroonian fintech startup Koree has received a cash prize of USD 50 K after emerging as the winner of the annual Ecobank Fintech Challenge.
The fintech startup is also the first-ever female-led company to win the challenge. Wolf Technology from the Democratic Republic of Congo (DRC) came in second, winning USD 10 K, while Kenya’s Flexpay Technologies was the second runner-up. The three companies along with five other finalists, have been inducted into the Ecobank Fintech Fellowship.
Opportunities
Call For Applications: ChangeMakers Seed Funding Contest 2024 ($1,500 seed funding)
Call For Applications: Make-IT In Africa Growth Hacking program (For SMEs and Startups)
Call For Applications: Villgro Africa Million Lives Collective For Startups
Call For Applications: Because Accelerator 2024 (free entrepreneur accelerator program)
