Issue #101: MoneyHash raises $4.5m, Cue secures $2m while Bfree also obtained $2.95m equity funding

We recorded three funding deals in the African startup ecosystem last week. Egyptian payment operating system provider, MoneyHash secured $4.5 million in seed funding, CRM solution provider, Cue, also obtained $2 million in seed funding while portfolio management solution provider, Bfree raised $2.95 million to improve its risk management solution. 



Funding round: Seed ( $4.5 Million)

Investors: COTU Ventures, Sukna Ventures, RZM Investment, Dubai Future District Fund (DFDF), VentureFriends

Founded:  2020, Egypt

Founders: Nader Abdelrazik, Mustafa Eid, and Anisha Sekar

Products:  MoneyHash offers a comprehensive payment operating system designed to address the various technological and product challenges enterprise merchants face.

What Next?:  The company will channel the new funding into improving its technology and expanding its business growth initiatives across the region.


Funding round: Seed (2 Million)


Founded:  2018, South Africa

Founders: Richard Nischk, Ryan Egnos

Products:  Cue operates an AI-powered customer service platform, empowering businesses with innovative customer service solutions on social media. Essentially, Cue enables businesses to attend to customers quickly and efficiently with chatbots and live chat on social channels.

What Next?: As part of their growth plans, Cue has announced leadership changes: Rhett Trickettl steps up as the Chief Product Officer, Ryan Egnos takes the reins as the Chief Revenue Officer, and Richard Nischk assumes the Chief Executive Officer (CEO) position. Going further, they aim to enable businesses to provide fast, personalized, and seamless customer service experiences.


Funding round: $2.95 Million

Investors: Capria Ventures, Angaza Capital, GreenHouse Capital, Modus Africa, Axian CVC,

Founded:  2020, 

Founders: Julian Flosbach, Chukwudi Enyi, Moses Nmor 

Products:  The company provides financial support services with relevant tech solutions and risk management tools incorporating AI technology for financial service providers to assist their customers achieve full financial health. 

What Next?: The capital infusion will enable BFREE to improve its risk management solutions tailored to banks and lenders. Though originally focused on credit collection automation software, BFREE is pivoting to incorporating datasets on non-performing loan portfolios to evaluate and structure portfolio acquisitions.


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