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
MoneyHash
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.
Cue
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.
Bfree
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.
Opportunities
Acumen Energy for Livelihoods Accelerator
@iBizAfrica Pitch Friday – An opportunity for Innovators to Present their Ideas in an Elevator pitch format to Investors
