Ecosystem Insider

Issue #87:MNT-Halan raises $130 through Securitized Bond Issuance while BasiGo and Cloudfret secured significant funding.

November 13, 2023

Last week was a good one for Mobility startups in Sub-Saharan Africa. Two mobility startups – BasiGo and CloudFret, raised significant capital ranging in millions. Egyptian super-fintech MNT-Halan raised an additional $130 Million through security bond issuance, Jobjack secured $2.1 Million in its pre-series A funding round, while Maisha Meds secured $ 5 million from USAID Development Innovation Ventures.

Funding

BasiGo

Funding round: ($1.5 Million)

Investors: USAID

Founded: 2017, Kenya

Founders: Jit Bhattacharya

Products: BasiGo offers e-mobility solutions. The company assembles electric buses, develops charging depots, and also uses an innovative Pay-As-You-Go financing model that makes its buses affordable for interested buyers.

What Next? : The capital infusion is intended to support pilot testing and scale-up of electric vehicles in Rwanda. BasiGo is expanding its activities in the field of electromobility across East Africa, starting with Rwanda, and it has plans to deliver a total of 200 electrified vehicles to Rwanda by the end of 2024.

CloudFret

Funding round: ($2.1 Million)

Investors: AfriMobility and Azur Innovation Fund

Founded: 2021, Morocco

Founders: Driss Jabar

Products: CloudFret operates a Smart APP connecting Shippers to Carriers between Europe and Africa, aiming to eliminate empty truck returns. It incorporates artificial intelligence to detect empty cargo vehicles, directing them to available goods for transportation.

What Next? : CloudFret plans to expand its clientele among shippers and partner carriers. The company is also bolstering its team with plans to double its workforce by the end of 2024.

MNT-Halan

Funding round: Securitized Bond Issuance ($130 million)

Investors: Cl Capita

Founded: 2018, Egypt

Founders: Mounir Nakhla

Products: MNT-Halan offers a super app that includes a consumer-facing app, a merchant app, distributed loan and payment processing software, as well as a range of payment solutions.

What Next? : The startup will commence the implementation of its growth and development plan, scaling its products to meet the increasing demand for off=balance sheet funding in Egypt.

JOBJACK

Funding round: Pre-Series A ($2.5 Million)

Investors: NEXT176, Michael & Susan Dell Foundation

Founded: 2018, South Africa

Founders: Christiaan van den Berg and Heine Bellingan

Products: JOBJACK operates an online platform that assists job seekers in accessing premium entry-level employment opportunities. The platform also assists users with their CV creation process and allows applicants to apply directly from their mobile phones, with the added benefit of being data-free for MTN and Vodacom network users.

What Next? : Fueled by the capital infusion, the company will expand its operations, offering its services to more employers and driving accessibility and affordability for job seekers as well.

Maisha Meds

Funding round: $5.25 Million

Investors: USAID

Founded: 2017, Kenya

Founders: Jessica Vernon

Products: Maisha Meds provides medical inventory management solutions through its digital platform that connects remote pharmacists and healthcare providers with affordable, top-notch medicines

What Next? : The company will double down on its expansion plans. It aims to diversify its offering to encompass other healthcare services, including family planning and HIV prevention.

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