What a way to start the new year! Only two weeks into 2024 and we have already witnessed several interesting startup funding deals in the African Ecosystem. While the details of many of these investments aren’t public information yet, it’s interesting to know that we are off to a great start in the African startup funding ecosystem for this year. Here are the deals from last week.
Funding
Octavia Carbon
Funding round: Undisclosed
Investors: Renew Capita
Founded: 2022, Kenya
Founders: Martin Freimüller
Products: Octavia Carbon builds and deploys Direct Air Carbon Capture (DACC) machines with the goal of harnessing natural resources to permanently remove CO2 from the atmosphere
What Next? : The company aims to utilize the newly secured funding to advance its Direct Air Capture (DAC) technology, with a primary focus on improving carbon dioxide (CO2) extraction from the atmosphere.
Dawa Mkononi
Funding round: Seed (Undisclosed)
Investors: Sanofi Global Health Unit Impact Fund, Pontem Ventures, Warioba Ventures, Villgro Africa, Axian Group
Founded: 2020, Tanzania
Founders: Joseph Paul, Asat Ayo, Clemence Exaudi
Products: Dawa Mkononi provides an easy platform for medical shops to conveniently purchase medicine and medical equipment. Customers get to access a variety of medicines and medical equipment via a Mobile application which is available on both iOS and Android.
What Next? : The funds raised will propel Dawa Mkononi’s expansion, aiding the startup to reach more locations and unlock access to medicines in the most remote African communities.
Bosta
Funding round: Undisclosed
Investors: Axian Group
Founded: 2017, Egypt
Founders: Mohamed Ezzat, Ahmed Gaber
Products: Bosta operates a digital infrastructure designed to optimize first, middle, and last-mile delivery for users. Bosta’s delivery solution uses a network of independent drivers and a fleet of leased vans.
What Next? : Fuelled by the funding, Bosta is set to further expand and consolidate its delivery services to include more solutions and also serve more locations.
Badili Africa
Funding round: Seed
Investors: E3 Capital’s Low-Carbon Economy Fund
Founded: 2021, Kenya
Founders: Rishabh Lawania
Products: Badili Africa operates an innovative pre-loved and refurbished gadgets retail outlet, enabling individuals to sell and buy quality devices at a fraction of the price of new models,
What Next?: The financial infusion will enhance Badili’s operational efficiency and facilitate its expansion into new markets beyond East Africa.
Opareta
Funding round: Undisclosed
Investors: Renew Capital
Founded: 2020, Uganda
Founders: Mike Schwartz.
Products: Opareta runs a digital operating system designed to facilitate cash reconciliation, float approvals and disbursements, and effective loan management. Opareta’s platform provides a suite of services, including performance analytics, field team management, KYC capture, and CRM services, ensuring enhanced efficiency and customer engagement.
What Next? : Fuelled by the funding, the startup is working on creating robust digital infrastructure and tools to significantly enhance the operational efficiency of mobile money operators and other digital financial services providers.
FriendyM
Funding round: $2 Million
Investors: Undisclosed
Founded: 2024, Egypt
Founders: Abdelrahman Elgamal
Products: FriendyM operates an innovative car management and maintenance application designed to assist vehicle owners by sending regular maintenance reminders, tracking necessary operations, and calculating average maintenance costs based on registered car data.
What Next? : The startup just launched and it’s set to pioneer car management and maintenance through its digital application
Zebra CropBank
Funding round: Undisclosed
Investors: Catalyst Fund
Founded: Nigeria
Founders:
Products: Zebra CropBank develops and leases out solar-powered micro-warehouses in farming communities. These facilities empower smallholder farmers to efficiently store and insure their harvests. The company also operates a USSD platform for storage tracking, ensuring the transparent storage and trading of produce
What Next? : The investment will fuel Zebra CropBank’s operations and expansion, assisting the company to deploy solar-powered micro-warehouses in new locations and also enhance its integrated trading platforms.
Cleva
Funding round: $1.5Million
Investors: 1984 Ventures, The Raba Partnership, Byld Ventures, FirstCheck Africa, Y Combinator
Founded: 2023, Nigeria
Founders: Tolu Alabi, Philip Abel
Products: Cleva operates a cross-border fintech platform that provides banking as a service for Africans. The platform enables Africans to open and own USD accounts with which they can receive international payments.
What Next? : Cleva is building a platform that will assist Africans in overcoming the effects of local currency devaluation, inflation, and the challenge of trading USD with global partners. Fuelled by the funding, Cleva is set to continue improving on its solutions to attain its goals.
ZeroComplex AI
Funding round: Pre-seed (Undisclosed)
Investors: Undisclosed
Founded: 2023, Nigeria
Founders: Kehinde Olateru, Adegbenga Agoro
Products: ZeroComplex provides AI API infrastructure for businesses that simplifies the AI integration process for their operations through its tailored AI workflows
What Next? : Fuelled by the financial backing, the company is set to advance its mission of facilitating the seamless integration of AI into digital infrastructures across the African continent.
Lapaire
Funding round: $3 Million
Investors: Investisseurs & Partenaires, AAIC, FINCA Ventures and Beyond Capital.
Founded: 2018, Cote D’Ivoire
Founders: Louis Gascoin
Products: Lapaire operates a one-stop shop for consumers to find eyeglasses and eyewear accessories. Individuals get access to a range of stylish quality eyeglasses at fair prices with Lapaire.
What Next? : The funds secured will be used to expand Lapaire’s operations across current and new African markets.
Opportunities
Call for applications for pitchers at BLUEINVEST AFRICA 2024, Kenya
