Ecosystem Insider

Issue #89: Ed Partners and FrontEdge Secure $10 Million financing while Waspito raised $2.5 Million in Seed Extension funding

November 27, 2023

We had a moderate pace of events last week, which saw six funding deals executed in the African startup ecosystem. Ed Partners and Frontedge both secured $10 Million in financing. Aquarech obtained $1.7 Million to scale its digital fish farming solutions, Waspito had a $2.5 Million seed extension round, while Khula and WayUp had undisclosed deals.

Funding

Aquarech

Funding round: $1.7 Million

Investors: Aqua-Spark, Acumen, Katapult, and Mercy Corps Ventures.

Founded: 2019, Kenya

Founders: James Odede, Joseph Okoth, Dave Okech

Products: The startup operates an innovative mobile app platform that facilitates the trade of quality fish feed while also providing educational resources for aquaculture best practices to improve farmers’ profitability.

What Next? : The startup will use the capital infusion to expand its current team, procure additional feed, and develop infrastructure to facilitate greater vertical integration of its technology.

WayUp

Funding round: Undisclosed

Investors: Beltone Venture Capital, Index Sports Fund

Founded: 2021, Egypt

Founders: Omar Afifi, Basma Afifi, Mohamed Afifi

Products: WayUp Sports is an e-commerce platform that specializes in performance-based sports gear.

What Next?: WayUp Sports will utilize the new funding to advance its growth in three key areas: regional expansion, the launch of its WayUp Sports private brand, and the enhancement of user experiences on both its website and application.

Waspito

Funding round: Seed Extension($2.5 Million)

Investors: Newtown Partners, Saviu Ventures, AAIC Investment, Axian Ventures, and CFAO’s Health54

Founded: 2020, Cameroon

Founders: Jean Lobe Lobe,

Products: The startup operates a digital platform that connects users to available doctors online. The company also collaborates with partner laboratories and local hospitals to provide additional health services for businesses.

What Next? : Waspito anticipates its virtual consultation solutions adoption to grow as it rolls out its hybrid model. It aims to invest more effort into achieving this projection.

FrontEdge

Funding round: Debt/ Equity Seed ($10 Million)

Investors: TLG Capital, JP Morgan and Providus Bank

Founded: 2021, Nigeria

Founders: Moni Alli

Products: FrontEdge operates a fintech platform that offers financing services, cross-border payments, offshore accounts, and software tools to African importers and exporters.

What Next?: FrontEdge plans to expand its operations across Nigeria, Ghana, Ivory Coast, and Kenya, its goal is to diversify revenue streams and further contribute to the financial empowerment of African SMEs engaged in global trade.

Khula

Funding round: Undisclosed

Investors: PepsiCo Kgodiso Fund

Founded: 2016, South Africa

Founders: Karidas Tshintsholo, Jackson Dyora, Matthew Piper

Products: The startup operates three main products; “The Khula!” a fresh produce marketplace that connects farmers to suppliers and allows them to sell in bulk; “The Khula! Funder Dashboard,” connects investors with farmers; and “The Khula! Inputs App” connects local farmers to local and international suppliers and service providers.

What Next?: According to Khula’s CEO Karidas Tshintsholo, the investment will drive the company’s mission to revolutionize how emerging farmers access sustainable financing and scale their operations.

Ed Partners

Funding round: Debt ($10 Million)

Investors: US DFC

Founded: 2018, Kenya

Founders: Lydia Koros, David FitzHerbert, Amos Mwangi(CEO)

Products: The startup extends infrastructural loans to educational institutions, supporting the construction of new classrooms, washrooms, laboratories, and dormitories, as well as the procurement of computers, buses, vans, and internet connectivity.

What Next?: Fueled by the capital infusion, the company will expand its operations to include more schools and students to make quality education more accessible in East Africa.

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