Issue #88: Pineapple benefits from the Largest insurtech fundraising in Africa as Pricepally and others also secure significant financing

Last week saw a flurry of financing activities in Africa, with eight companies securing funds from multiple investors. Pineapple had the largest Insurtech funding round in Africa, as it raised $21.5 Million. Welltec also secured $5.4 Million, Pricepally got a seed funding of $1.3 Million while Shekel Mobility raised $7.2 Million in a mix of debt and equity.  



Funding round:  Seed ($1.3 Million)

InvestorsSamurai Incubate, SOSV, ELEA, Hi2 Global, Chui Ventures, David Mureithi.

Founded: 2019, Nigeria

Founders: Luther Lawoyin, Deepak Bansal, Mosun Lawoyin, and Jummai Abalaka

Products:  Principally operates an online grocery store through a mobile app and WhatsApp chatbot that facilitates same- or next-day delivery of fresh produce and packaged food to buyers.

What Next?  Fuelled by the funding, Pricepally intends to expand its operations across Nigeria and revive group buying to make food purchases more affordable for customers.


Funding round: Undisclosed

Investors: FUZE

Founded:  2022, Senegal

Founders: Mouhamadou Lamine KEBE

Products: Tolbi incorporates satellite imagery and artificial intelligence to deliver accurate insights for farmers, empowering them to optimize practices, increase yields, and reduce operational costs.

What Next? Tolbi is set to leverage the new partnership with Digital Africa through Fuze to facilitate its expansion throughout Africa and drive the development of advanced features for its digital solution. 


Funding round:  ($ 5.4 Million)

Investors: Legacy Africa Capital Partners’ (LACP) Fund 1 

Founded: 2020, South Africa

Founders:  Johannes Jonck, Richard Charrington, Gert Jonck, and Obed Tongoane

Products: Welltec provides tailored solutions to automate Organizations’ financial workflows and provide end customers with smart and secure financial applications for individual use.

What Next?: The funding aims to facilitate the expansion of Welltec’s customized financial wellness programs targeted at financial and fintech organizations.


Funding round: Undisclosed

Investors: UM6P Ventures,

Founded: 2018, Morocco

Founders:  Ismael Belkhayat, Sophia Alj

Products: Chari operates a B2B ecommerce marketplace platform for francophone Africa

What Next? Chari aims to digitize the entire distribution value chain through its B2B e-commerce application, and it intends to invest the acquired funds to further its vision.


Funding round: Seed ($1 Million)

Investors: Steyn Group, Rob Konterman, Luke Calcott-Stevens, and Jochem Wieringa. 

Founded: 2022

Founders: Rory Buckworth, Philip Hunter

Products: Bio-Logical’s Climate tech solution leverages cutting-edge technology to address social and environmental concerns. The company processes waste into biochar and fertilizers, which it provides for smallholder farmers, contributing to improved food production in Africa. 

What Next? The financial backing is intended to facilitate the establishment of Bio-Logical’s inaugural site in Kenya. The funds will be invested into the development of a 30,000-tonne capacity biochar production facility.


Funding round: ($21.5 Million) 

Investors: Futuregrowth, Talent10, and MIC,

Founded: 2018, South Africa

Founders: Marnus van HeerdenNdabenhle Ngulube

Products: Pineapple provides innovative underwriting insurance products covering different item categories, including vehicles, gadgets, and work equipment.

What Next?: Fuelled by the capital infusion, Pineapple intends to double down on its vision to transform the insurance landscape in Southern Africa.

Shekel Mobility

Funding round: Debt and Equity ($7.2 Million)

Investors: Ventures Platform, MaC Venture Capital, Zedvance, VFD Microfinance Bank, Zenith Bank, and Fluna,

Founded: 2021, Nigeria

Founders: Benjamen Oladokun, Sanmi Olukanmi

Products:  Shekel Mobility operates a B2B automobile marketplace. Its flagship product, Shekel Credit, provides immediate financing access for auto dealers, with credit limits of up to $200,000 for vehicle purchases. 

What Next? The funds are intended to fast-track Shekel Mobility’s growth and expand the company’s reach. The startup plans to leverage this financial infusion to propel itself toward its next priced round.


Funding round: Undisclosed

Investors:  Value Maker Studio

Founded: 2016, Egypt

Founders: Mohamed Osama, Shady Ahmed, Mohammed Sobhi, Abdulrahman Esmail, Ali Rabee

Products:  Akhdar provides unique Arabic audiobook summaries. The AKHDAR platform gives users access to concise 15-minute audio summaries of their favorite books in Arabic.

What Next?:  Akhdar intends to leverage its new partnership with Saudi Arabian Value Makers Studio to expand its operations into Saudi Area and other countries in MENA.

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