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

Issue #93: E-Mobility, Ampersand secures $19.5M in a mix of debt and equity financing as four other startups also raised significant funding.

Last week’s funding activities saw a couple of big-money investments and a few more respectable funding rounds. Rwandan e-mobility startup Ampersand obtained $19.5 million to scale its EV charging solutions, while agri-food tech Koa had a series B funding round of $15 million. In addition, Cloudline raised seed funding of $6 million,  iSchool secured $4.5 million, and health tech company Chefaa received $5.25 million.



Funding round:  Seed ($6 Million)

Investors:  Schmidt Futures, Raba Partnership, Verod-Kepple Africa Ventures, 4Di,

Founded: 2016, South Africa

Founders: Spencer Horne 

Products: Cloudline operates an aerospace technology that allows for comprehensive data capture. Through its  autonomous airships, the company brings real-time data capture to hard-to-reach locations

What Next? : Fuelled by the funding, cloudline aims to lead the global frontier of carbon emissions-free autonomous flight


Funding round:  $4.5Million

Investors: VentureWave Capital, OneStop Capital UK, Webit Investment Network, and Oraseya Capital

Founded: 2018, Egypt

Founders: Muhammad Gawish, Ebrahim Youssef, Mustafa Abdelmoneim, and Osama Ghareb

Products: iSchool is an Edtech that implements advanced technology to provide highly interactive, gamified learning modules for students seeking to gain coding and programming skills. It offers a curriculum that covers AI, VR, App Dev, game dev and web development.

What Next? : Buoyed by the funding, iSchool aims to expand its operations into six additional countries in the MENA region. The capital infusion will also support technological scaling for the company’s learning platform and extending its service throughout Sub-Saharan Africa.


Funding round:  Debt and Equity ($19.5Million)

Investors:  Africa Go Green Fund,  

Founded: 2016, Rwanda

Founders: Josh Whale, Alp Tilev

Products: Ampersand develops electric vehicles and electric vehicle fueling solutions, including electric bikes, cars and battery swap stations.

What Next? Ampersand will utilize the equity funds to expedite product development, ramping up battery production as well as expanding swap stations and accelerating Research and development on battery tech.


Funding round: $5.25 Million

InvestorsNewtown Partners, Global Brain, GMS Capital Partners, Verod-Kepple Africa Ventures and M3, Inc. 

Founded: 2017,  Egypt

Founders: Rasha Rady, Doaa Aref

Products: Chefaa operates an e-pharmacy platform that provides end-to-end healthcare experience for customers in MENA.

What Next? : The company intends to  strengthen its presence in Saudi Arabia and scale its business models to improve healthcare supply chain digitization in MENA


Funding round:  Series B ($15 Million) 

Investors: Zebra Impact, Haltra Group, Mirova, IDH, Landscape Resilience Fund

Founded: 2017, Ghana

Founders: Benjamin Kuschnik, Anian Schreiber

Products: KOA offers a variety of food and beverage products predominantly produced from upcycled cocoa fruits. It uses the often discarded cocoa pulp to develop innovative products. Through its solutions, Koa reduces on-farm food waste and generates additional income for farmers.

What Next? : Koa intends to share its upcycling technologies with smallholder cocoa farmers, addressing the challenges of food waste and fostering sustainability within the cocoa industry.


Chat for Women’s Livelihoods Accelerator 2024

CcHub/Mastercard Foundation EdTech Fellowship Program 2024 (Cohort 2)

Just IMAGINE if… Research Grant 2024 For Budding Entrepreneurs

THRIVE Academy IV for Agri-food Tech Startups 2024

Share this article
Shareable URL
Prev Post

Funding and Grant Opportunities for African Startups – Week 33

Next Post

Issue #94: Huge Start to the new year as 10 startups secure funding within the first two weeks of January.

Leave a Reply
Read next