There were four funding rounds in the African tech startup ecosystem last week. Most notably, Agri-insurance company Pula secured $20 Million in its series B funding round. B2B ecommerce platform provider, Folklore also secured seed funding of $3.4 Million while Mozambique’s Roscas and Egypt’s Potcast production had undisclosed funding.

Funding 

Folklore

Funding round: Seed ($3.4 Million)

Investors: Benchstrength, Slauson & Co., Techstars, and Black Tech Nation Ventures.

Founded:  2018

Founders: Amira Rasool

Products: The company operates an e-commerce B2B digital infrastructure designed to connect African fashion designers with global economic opportunities. The company also manages Folklore Capital, offered by its partners, which gives brands access to credit facilities of up to USD 1 M as working capital. 

What Next?: The capital injection will strengthen the company’s efforts in building its B2B platform, connecting brands worldwide with retailers. The company is also launching Folklore 2.0 which provides additional functionalities for users  including talent sourcing, educational resources, and funding access for its community members 

Roscas

Funding round: Undisclosed

Investors: Renew Capital

Founded:  2023, Mozambique

Founders:  Aldo Tembe

Products: The company operates digital financial products designed to digitize traditional savings for users by integrating digital tools and financial products tailored to the informal sector’s needs.

What Next?: The company aims to provide underserved individuals and MSMEs with the resources and tools to better manage their finances and improve their livelihoods. The company is set to implement a robust multichannel strategy embracing platforms such as WhatsApp, USSD, and mobile applications to ensure its suite of financial products reaches its target audience with unparalleled ease.

Pula

Funding round: Series B ($20 Million)

Investors:  BlueOrchard, International Finance Corporation (IFC), the Bill & Melinda Gates Foundation, and Hesabu Capital.

Founded:  2015

Founders:  Rose Goslinga,  Thomas Njeru

Products: Pula provides insurance services to protect smallholder farms worldwide. The company also utilizes digital technology to help improve agricultural practices, help producers earn more income, and protect farmers from risks associated with floods, droughts, and other climate-related events.

What Next?: The funding will be channeled into the company’s efforts to expand its offerings to farmers throughout Africa, Asia, and LatAm

Potcast Productions

Funding round: Undisclosed

Investors: Shark Tank

Founded:  2020, Egypt

Founders:  Islam Adel

Products: Potcast creates interesting informative podcast content tailored to various target demographics.

What Next?: The funding round will fuel Potcast’s plan to expand into regional markets, beginning with Saudi Arabia and the United Arab Emirates. This expansion is aimed at reinforcing the company’s position as a leading and innovative podcasting entity in the region.

Others

Finca Ventures Prize Awarded 400k Grants to 12 African Startups.

12  African entrepreneurs have benefited from the first edition of the FINCA ventures prize for change-making enterprises in sub-Saharan Africa. The 12 finalists which are representatives from the agriculture and healthcare sectors were selected by a panel of judges after a pitching round. They all received a share of the $400,000 prize money. 

The following are the 12 enterprises that won the prize money 

Rio Fish – An agricultural systems-focused company that aims to improve profitability for smallholder fish farms by preventing exploitations.

Kazi Yetu – An Agri-business that sources and processes teas, spices, and herbs in Tanzania

Bena Care – A healthcare company that connects patients in Kenya with healthcare service providers

Neopenda – Distributes wearable health tech products that enable users to monitor their vitals and alert healthcare providers to patients in distress.

CheckUps – Provides microfinance and digital finance tools to enable people to access healthcare services and products

Technovera – A health startup that develops products for improving healthcare efficiency in the Southern Africa region.

Baobaby – An agricultural enterprise that empowers women farmers in Togo

Sprout – A tech startup that utilizes artificial intelligence to help coffee farmers in Kenya mitigate the effects of climate change on their production.

Emergency Response Africa – A healthcare startup that offers users access to the largest network of First Responders, emergency vehicles, and verified emergency-ready hospitals.

OneHealth – A healthcare startup that provides online pharmacy and medical solutions for Africans

Koolboks – The company provides cooling solutions for farmers to preserve their products.

Sommalife – A tech startup digitizing agricultural supply chain operations in Africa.