Last week, the African startup ecosystem witnessed eight funding deals, with Apollo Agriculture’s $10 million debt and equity round being the most significant. Other notable fundraising deals include InspiraFarms raising EUR 1 million, DXwand with $4m, and Crealo with $1.42m. The other four companies also raised funds as discussed in details below.
Funding
Apollo Agriculture
Funding round: Debt and Equity Funding ($10 Million)
Investors: Swedfund, ImpactConnect
Founded: 2015
Founders: Eli Pollak, Benjamin Njenga, Earl St Sauver
Products: Apollo Agriculture creates digital solutions incorporating machine learning and automation to improve the operations and profitability of small-scale farmers.
What Next? : Having built a network of around 7,000 sales agents and over 350,000 farmers as customers, Apollo aims to transform small-scale agriculture through a comprehensive approach encompassing distribution, advice, insurance, and financing.
InspiraFarms
Funding round: (EUR 1 Million)
Investors: CEI Africa, KawiSafi, Factor[e]
Founded: 2012, Kenya
Founders: Julian Mitchell
Products: InspiraFarms specializes in developing, manufacturing, and installing efficient precooling and cold chain technology designed for preserving fresh produce, flowers, and animal protein through their transfer within supply chains in Africa
What Next? : InspiraFarms has already deployed hundreds of units across several countries. Fuelled by the funding, it plans to create and distribute even more units, thereby making cooling solutions more accessible, efficient, and sustainable for businesses of all sizes.
Sawa Energy
Funding round: Undisclosed
Investors: Renew Capital
Founded: 2021, Rwanda
Founders: Samuel Kaufman, Guillaume Charpenel
Products: Sawa Energy provides affordable energy efficiency solutions in East Africa by constructing, leasing, and operating solar systems for its clients. Its unique solution aims to eliminate financial and operational barriers to the adoption of solar power in the region. Thus it provides innovative options that allow individuals to access solar energy solutions without incurring hefty upfront costs.
What Next? : Following the company’s goals of reshaping how businesses access power, it is set to utilize the funds to expand its services and reach across East Africa.
DXwand
Funding round: Series A ($ 4 million)
Investors: Shorooq Partners, Algebra Ventures, Dubai Future District Fund
Founded: 2018, Egypt
Founders: Ahmed Mahmoud and Mahmoud Gomaa
Products: The company operates an AI-driven software that automates text and voice conversations between customers and businesses across various channels, including call centers, Facebook Messenger, WhatsApp, SMS, and websites.
What Next? : Fuelled by the newly acquired funds, DXwand is set to commence its expansion across MENA. Moreover, the investment will contribute to the acceleration of the startup’s research and development initiatives, particularly in the areas of generative AI, knowledge mining, and omnichannel conversational AI.
Crealo
Funding round: Seed ($1.42Million)
Investors: 212Founders programme, Kima Ventures, Evolem, Super Capital,
Founded: 2021, Egypt
Founders: Mohammed Belghiti and Najlae Zeitouni
Products: Creola develops copyright management solutions tailored to assist cultural and creative institutions to efficiently manage copyrighted material.
What Next? : The capital infusion is expected to propel Crealo’s operations, enabling the company to enhance the quality of its product, forge strategic partnerships, and expand its workforce.
Wanaut
Funding round: $200,000
Investors: Augustulus Ventures
Founded: 2019, Morocco
Founders: Ayoub Koutar
Products: Wanaut partners with leisure service providers to help them create comprehensive digital platforms for their operations. The platform typically includes various features such as a detailed dashboard, a user-friendly reservation management system, a customizable form creation module, as well as payment and billing tools.
What Next? : Wanaut initiated the fundraising effort with the aim of injecting new energy into the leisure sector and establishing a complete ecosystem. With the secured funding, the company is expected to commence work on implementing its plans.
Edura
Funding round: Pre-seed
Investors: Smart Zone Startups Studio
Founded: 2021, Egypt
Founders: Osama Abdelwahed
Products: Edura operates a pioneering educational platform that facilitates a dynamic exchange between educators and learners. The platform facilitates knowledge exchange through a combination of live and recorded interactive lessons, coupled with innovative features such as online assessments and evaluation test modules.
What Next? : Fuelled by the capital injection, the company is set to commence expanding its platform’s capabilities and strengthening its operational infrastructure to provide more reliable services to its users.
ProXalys
Funding round: $500,000
Investors: 216 Capital, Haskè Ventures, Fuze
Founded: 2022, Senegal
Founders: Thierno Sakho
Products: ProXalys operates “ProBoutik”, a digital solution designed to improve the operations of informal businesses by giving access to functionalities like invoicing, invoice tracking, financing offers, and a supply marketplace. What Next? : ProXalys intends to leverage the funding to implement the finding to accelerate its strategy with ProBoutik, expand its operations in Tunisia and Senegal, and generally establish a strong presence in MENA and Sub-Saharan Africa
