The Gateway to Africa's Startup Ecosystem
The Gateway to Africa's Startup Ecosystem

Issue #91: Egyptian Mtor raises $2.8M and Basigo obtains a debt funding of $5M while seven other companies also secured financing from investors.

Last week was the busiest we’ve seen in a while in the African startup funding scenes.  There were nine deals, five of which details are yet to be declared publicly. Of the other four, Bujeti secured $2 Million in equity funding, Tappi raised $1.5 Million, Mtor also raised $2.8 Million, and Mobility startup BasiGo obtained debt funding of $5 Million from British International Investment.  



Funding round: Undisclosed


Founded: 2021, Ghana

Founders: Elijah Ocuopualor, Clinton Anani

Products: 3Farmate develops groundbreaking technology that incorporates computer vision, deep learning, and advanced state estimation algorithms in AI-powered electric robots designed to help boost crop production and increase profits for farmers. 

What Next? : 3Farmate Robotics aims to democratize access to advanced AI-powered robots, thereby equipping farmers with tools that improve their capabilities, enhance productivity, and fortify resilience against the evolving challenges of food production.


Funding round: Undisclosed

Investors: Adaverse

Founded: 2023, South Africa

Founders: Sean Sanders

Products: Altify operates a digital fintech infrastructure that facilitates savings and wealth-building, democratizing access to alternative investments, private credit, venture capital, real estate, crypto assets, and more. 

What Next? : Altify is set to broaden its range of alternative investment assets, harnessing the global network and expertise of Adaverse to enhance its offerings and reach. 


Funding round:  Seed ($2 Million)

Investors: Y Combinator, Entrée Capital, Voltron Capital, Unpopular VC, Kima Ventures, Arash Ferdowsi, Alan Rutledge, Tristan Walker 

Founded:  2022

Founders: Cossi Achille Arouko, Samy Chiba,

Products: The company produces corporate cards and expense management platforms designed for businesses in sectors such as healthcare, logistics, agriculture, and construction.

What Next? Fueled by the $2 million investment, Bujeti is set to expand its market presence and enhance its offerings, including the introduction of credit lines for SMBs and the development of new products tailored for enterprises.


Funding round: Undisclosed

Investors: Fuze

Founded: 2022, Cameroon

Founders: Magalie Gauze-Sanga,

Products: Koree operates an innovative platform that allows users to aggregate their loose change in a digital wallet, helping them optimize their currency management and enhance their purchasing power through cashback rewards.

What Next? : Fueled by the funding, the company is set to bolster its regional expansion through technical development and strategic partnerships.


Funding round: Undisclosed

InvestorsBaobab Network, Catalyst Fund

Founded: 2023, South Africa

Founders: Nneile Nkholise

Products:  Thola offers distributed compliance automation to small and medium-sized businesses in the agriculture and food industry, granting them easy access to affordable compliance certification.

What Next? : Thola is poised to extend its impact on a broader scale. The financial injection will fuel Thola’s technology-driven solutions, particularly its mobile-based system that matches companies with accredited local auditors. 


Funding round: 

InvestorsDisrupTech Fund

Founded: 2023, Egypt

Founders: Bassem Mahmoud

Products: BanknBox offers a variety of digital banking services and non-traditional payment technology for users, as well as end-to-end services to support banks and fintechs.

What Next? : Banknbox is poised to introduce previously unavailable innovative services and comprehensive solutions to local and regional banks and financial technology firms. Through this investment, Banknbox will commence its expansion into new markets while meeting evolving client needs


Funding round: Pre-seed ($1.5Million)

Investors: Mercy Corps Ventures, Chui Ventures, Digital Currency Group, SOSV, Resilience17, growX ventures, Orbit Startups, and Reflect Ventures.

Founded: 2022, Kenya

Founders: Kenfield Griffith, Louis Majanja

Products: Tappi provides a digital commerce Software-as-a-Service (SaaS) solution for small and medium-sized businesses, helping them receive customer feedback to establish online credibility.

What Next? : Tappi is on a mission to empower SMEs across Africa by enhancing their credibility in the digital commerce ecosystem. Fueled by the funding, the company is set to intensify its efforts towards achieving the goal.


Funding round: Pre-Seed (2.8 Million)

Investors: Algebra Ventures, Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital,

Founded: 2022, Egypt

Founders: Mohamed Maged, Khaled Kandil, Mohamed Altaf

Products: Mtor is an online auto parts marketplace created as a solution to streamline the fragmented automotive aftermarket supply chain in North Africa. It caters to the needs of mechanics and car owners, giving them access to a broad range of automotive spare parts at competitive prices.

What Next? : Mtor plans to strengthen partnerships with importers and parts suppliers, utilizing the new funding to enhance its product offerings and attract more mechanics.


Funding round: Debt ($5 Million)

Investors: British International Investment (BII),

Founded: 2021, Kenya

Founders: Jit Bhattacharya 

Products: BasiGo provides state-of-the-art electric buses and charging and maintenance services to bus operators, making these vehicles affordable through a financing model that allows operators to pay for the battery and charging separately from the bus via a pay-as-you-go financing arrangement.What Next? : BasiGo will utilize the funds to expand its electric bus assembly operations in Kenya, aiming to deliver a total of 100 buses within the country.

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