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Issue #92: Copier Global obtained $20M, Divercity raised $29.8M, while Maka and two other startups secured significant funding.

December 18, 2023

We had more investors than startups and founders in action last week. At least twenty companies and individuals participated in five funding rounds. South African Proptech Divercity had the highest funding, raising just a little below $30 Million, Copier Global came close with $20 Million in funding; Maka and Tunl both raised Pre-seed funding of $2.65 Million and $1 Million, respectively.

Funding

Tunl

Funding round: Pre-seed ($1 Million)

Investors: Founders Factory Africa, Digital Africa Ventures, E4E Africa, and Jozi Angels

Founded: 2022, South Africa

Founders: Matthew Davey, Craig Lowman

Products: Tunl operates a parcel shipping platform designed to redefine cross-border shipping for e-commerce merchants. The company offers courier services through its platform to serve customers’ primary markets, including South Africa, the U.S., the U.K., Europe, and Australia.

What Next? : The investment is intended to support TUNL’s expansion within South Africa and commence plan implementation for its entry into other key African and emerging markets. TUNL plans to enhance sales processes and streamline onboarding for new merchants.

Susu

Funding round: $4.8 million

Investors: INCO Ventures, Al Mada Ventures, Janngo Capital, Open CNP

Founded: 2019, Ivory Coast

Founders: Bola Bardet

Products: The startup has deployed multiple innovative solutions to address the pressing healthcare challenges in Africa, Susu’s offerings include a comprehensive range of health services, a 360° digital platform, a high-quality medical network, and innovative health financing models.

What Next? : Fueled by the capital infusion, Susu is set to commence the expansion of its healthcare services in Africa, particularly in Côte d’Ivoire, Senegal, and Cameroon. The company also intends to further develop its health offers, including local and international health insurance coverage and tailor-made health bundles.

Maka

Funding round: Pre-Seed ($2.65 Million)

Investors: 4DX Ventures, Janngo Capital, Palm Drive Capital, Jonathan Shipman

Founded: 2021, Nigeria

Founders: Diana Owusu-Kyereko

Products: Maka operates an African-focused fashion and beauty e-commerce platform

What Next? : The funding secured in the pre-seed round will be utilized to expand the team, enhance technology, and deepen the platform’s presence in Ghana and Nigeria

Copia Global

Funding round: Series C Extension ($20 Million)

Investors: Enza Capital, LGT, Goodwell Investments, DFC, DEG, Elea, Perivoli Foundation, and Sorenson Foundation

Founded: 2013, Kenya

Founders: Tracy Turner

Products: Copia operates a B2C e-commerce and fintech platform designed to serve mid and low-income consumers in rural areas.

What Next? : The company is currently focused on expanding profitability in Kenya.

Divercity

Funding round: $28.7 Million

Investors: Proparco, 27four

Founded: 2017, South Africa

Founders: Carel Kleynhans

Products: Divercity is a proptech company that helps people invest in affordable rental housing in urban precincts. It also provides affordable rental housing with supporting amenities in densely populated areas.

What Next?: The capital infusion will help facilitate the expansion of the company’s portfolio as it plans to add 2,500 new apartments to the urban landscape in South Africa.